##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-K


For Annual and Transition Reports


Pursuant to Section 13 or 15(d)


of the Securities Exchange Act of 1934


|           |  |                                                                                              
|---------- |  | ---------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                              
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934.    
|          
|           |  | For the fiscal year ended March 31, 2005                                                     
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934.
|          
|           |  | For the transition period
    from           to                                              

|            |  |                                                                                                                   |  |                   
|----------- |  | ----------------------------------------------------------------------------------------------------------------- |  | ------------------
|Commission  |  | Registrant, State of Incorporation                                                                                |  | I.R.S. Employer   
|File Number |  | Address and Telephone Number                                                                                      |  | 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        |  |                   

Securities registered pursuant to Section 12(b) of the
Act:


|                           |  |                                        |  |                               
|-------------------------- |  | -------------------------------------- |  | ------------------------------
|                           |  |                                        |  | Name of Each Exchange on Which
|Registrant                 |  | Title of Class                         |  | Registered                    
|                           |  |                                        |  |                               
|AMERCO                     |  | Series A
    81/2%
    Preferred Stock |  | New York Stock Exchange       
|U-Haul International, Inc. |  | None                                   |  |                               

Securities registered pursuant to Section 12(g) of the
Act:


|                           |  |                |  |                               
|-------------------------- |  | -------------- |  | ------------------------------
|                           |  |                |  | Name of Each Exchange on Which
|Registrant                 |  | Title of Class |  | Registered                    
|                           |  |                |  |                               
|AMERCO                     |  | Common         |  | NASDAQ                        
|U-Haul International, Inc. |  | None           |  |                               

þ o


o


þ o




þ o
















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TABLE OF CONTENTS


|         |  |                                                                                                                            |  |          |       | 
|-------- |  | -------------------------------------------------------------------------------------------------------------------------- |  | -------- | ----- | 
|         |  |                                                                                                                            |  | Page No. |      
|         |  |                                                                                                                            |  |          |      
|PART I  
|Item 1.  |  | Business                                                                                                                   |  |          | 2     | 
|Item 2.  |  | Properties                                                                                                                 |  |          | 8     | 
|Item 3.  |  | Legal Proceedings                                                                                                          |  |          | 8-9   | 
|Item 4.  |  | Submission of Matters to a Vote of Security
    Holders                                                                    |  |          | 10    | 
|        
|PART II 
|Item 5.  |  | Market for the Registrants Common
    Equity, Related Stockholder Matters and Issuer Repurchases of
    Equity Securities |  |          | 10    | 
|Item 6.  |  | Selected Financial Data                                                                                                    |  |          | 11-12 | 
|Item 7.  |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                  |  |          | 12-38 | 
|Item 7A. |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                             |  |          | 38    | 
|Item 8.  |  | Financial Statements and Supplementary
    Data                                                                            |  |          | 38    | 
|Item 9.  |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                                   |  |          | 39    | 
|Item 9A. |  | Controls and Procedures                                                                                                    |  |          | 39-40 | 
|        
|PART III
|Item 10. |  | Directors and Executive Officers of the
    Registrants                                                                    |  |          | 42    | 
|Item 11. |  | Executive Compensation                                                                                                     |  |          | 42    | 
|Item 12. |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters                         |  |          | 42    | 
|Item 13. |  | Certain Relationships and Related
    Transactions                                                                         |  |          | 42    | 
|Item 14. |  | Principal Accountant Fees and Services                                                                                     |  |          | 42    | 
|        
|PART IV 
|Item 15. |  | Exhibits and Financial Statement
    Schedules                                                                             |  |          | 42-49 | 
|EX-21   
|EX-23.1 
|EX-23.2 
|EX-31.1 
|EX-31.2 
|EX-31.3 
|EX-32.1 
|EX-32.2 
|EX-32.3 







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##### Table of Contents






PART I







|        |         
|------- | --------
|Item 1. | Business

Company Overview














Products and Rental Equipment








2



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##### Table of Contents



sm sm sm




















3



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##### Table of Contents









Description of Operating Segments




Moving and Storage Operating Segment
















4



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##### Table of Contents















Property and Casualty Insurance Operating Segment




Life Insurance Operating Segment




SAC Holdings Operating Segment




Employees




5



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##### Table of Contents



Sales and Marketing






Competition




| |                                     
| | ------------------------------------
| | Moving and Storage Operating Segment















| |                             
| | ----------------------------
| | Insurance Operating Segments



Corporate Governance








| |                                     
| | ------------------------------------
| | Board Responsibilities and Structure



6



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##### Table of Contents







| |                 
| | ----------------
| | Board Committees



Audit Committee.




Executive Finance Committee.


Compensation Committee.


Independent Governance Committee.


Advisory Board Members.


7



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##### Table of Contents





Recent Developments




| |                          
| | -------------------------
| | Preferred Stock Dividends

1 2




| |            
| | -----------
| | Refinancing









| |                                                                                
| | -------------------------------------------------------------------------------
| | Abatement of State of Arizona Department of Insurance
    Order for Supervision








|        |           
|------- | ----------
|Item 2. | Properties










|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings



| |       
| | ------
| | Kocher

Charles
Kocher v. Oxford Life Insurance Co.


8



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##### Table of Contents







| |      
| | -----
| | Shoen





| |                      
| | ---------------------
| | Securities Litigation





| |                                   
| | ----------------------------------
| | Securities and Exchange Commission





| |      
| | -----
| | Other



9



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##### Table of Contents








|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                                                                         
|------- | ------------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for the Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities





|               |  |                               |       |  |      |   |       |      |  |   |       |  |  |   |       | 
|-------------- |  | ----------------------------- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | - | ----- | 
|               |  | For the Years Ended March 31, |      
|               |  |                               |      
|               |  | 2005                          |       |  | 2004 |  
|               |  |                               |       |  |      |  
|               |  | High                          |       |  | Low  |   |       | High |  |   | Low   | 
|               |  |                               |       |  |      |   |       |      |  |   |       | 
|First quarter  |  | $                             | 29.50 |  |      | $ | 19.76 |      |  | $ | 9.12  |  |  | $ | 3.10  | 
|Second quarter |  | $                             | 38.03 |  |      | $ | 21.00 |      |  | $ | 26.66 |  |  | $ | 6.85  | 
|Third quarter  |  | $                             | 46.54 |  |      | $ | 36.89 |      |  | $ | 28.90 |  |  | $ | 16.35 | 
|Fourth quarter |  | $                             | 48.23 |  |      | $ | 41.50 |      |  | $ | 24.34 |  |  | $ | 21.05 | 





| |          
| | ---------
| | Dividends











10



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|        |                        
|------- | -----------------------
|Item 6. | Selected Financial Data



|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |            |           |           |   |            |           |           |  
|------------------------------------------------------------ | ------------------------------------------------------- | ---------------------------------------------- | ---------- | --------- | --------- | - | ---------- | --------- | --------- | - | ---------- | --------- | --------- | ---- | ---------- | --------- | --------- | - | ---------- | --------- | --------- | -
|                                                             |                                                         | For the Year Ended March 31,                   |           
|                                                             |                                                         |                                                |           
|                                                             |                                                         | 2005                                           |            |           | 2004      |   |            | 2003      |           |   | 2002       |           |           | 2001 |           
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|                                                             |                                                         | (In thousands except share and per share data) |           
|Summary of Operations:                                       |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |            |           |           |   |            |          
|                                                             | Self-moving equipment rentals                           |                                                | $          | 1,437,895 |           |   | $          | 1,381,208 |           |   | $          | 1,293,732 |           |      | $          | 1,253,887 |           |   | $          | 1,221,416 |          
|                                                             | Self-storage revenues                                   |                                                |            | 114,155   |           |   |            | 247,640   |           |   |            | 238,938   |           |      |            | 223,135   |           |   |            | 192,572   |          
|                                                             | Self-moving and self-storage products and service sales |                                                |            | 206,098   |           |   |            | 232,965   |           |   |            | 223,677   |           |      |            | 225,510   |           |   |            | 215,695   |          
|                                                             | Property management fees                                |                                                |            | 11,839    |           |   |            | 259       |           |   |            | 89        |           |      |            | 88        |           |   |            | 229       |          
|                                                             | Life insurance premiums                                 |                                                |            | 126,236   |           |   |            | 145,082   |           |   |            | 158,719   |           |      |            | 157,371   |           |   |            | 111,192   |          
|                                                             | Property and casualty insurance premiums                |                                                |            | 24,987    |           |   |            | 92,036    |           |   |            | 149,206   |           |      |            | 253,799   |           |   |            | 216,916   |          
|                                                             | Net investment and interest income                      |                                                |            | 56,739    |           |   |            | 38,281    |           |   |            | 40,731    |           |      |            | 47,343    |           |   |            | 53,797    |          
|                                                             | Other revenue                                           |                                                |            | 30,172    |           |   |            | 38,523    |           |   |            | 36,252    |           |      |            | 38,283    |           |   |            | 32,078    |          
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|                                                             |                                                         | Total revenues                                 |            |           | 2,008,121 |   |            |           | 2,175,994 |   |            |           | 2,141,344 |      |            |           | 2,199,416 |   |            |           | 2,043,895 |  
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|Operating expenses                                           |                                                         |                                                | 1,122,197  |           |           |   | 1,179,996  |           |           |   | 1,182,222  |           |           |      | 1,212,403  |           |           |   | 1,127,903  |          
|                                                             | Commission expenses                                     |                                                |            | 172,307   |           |   |            | 147,010   |           |   |            | 138,652   |           |      |            | 137,806   |           |   |            | 136,205   |          
|                                                             | Cost of sales                                           |                                                |            | 105,309   |           |   |            | 111,906   |           |   |            | 115,115   |           |      |            | 122,694   |           |   |            | 126,506   |          
|                                                             | Benefits and losses                                     |                                                |            | 140,343   |           |   |            | 217,447   |           |   |            | 248,349   |           |      |            | 376,673   |           |   |            | 290,558   |          
|                                                             | Amortization of deferred policy acquisition costs       |                                                |            | 28,512    |           |   |            | 39,083    |           |   |            | 37,681    |           |      |            | 40,674    |           |   |            | 36,232    |          
|                                                             | Lease expense                                           |                                                |            | 151,354   |           |   |            | 160,727   |           |   |            | 166,101   |           |      |            | 164,075   |           |   |            | 175,460   |          
|                                                             | Depreciation, net                                       |                                                |            | 121,103   |           |   |            | 148,813   |           |   |            | 137,446   |           |      |            | 102,957   |           |   |            | 103,807   |          
|                                                             | Restructuring expense                                   |                                                |            |          |           |   |            | 44,097    |           |   |            | 6,568     |           |      |            |          |           |   |            |          |          
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|                                                             |                                                         | Total costs and expenses                       |            |           | 1,841,125 |   |            |           | 2,049,079 |   |            |           | 2,032,134 |      |            |           | 2,157,282 |   |            |           | 1,996,671 |  
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|Earnings from operations                                     |                                                         |                                                | 166,996    |           |           |   | 126,915    |           |           |   | 109,210    |           |           |      | 42,134     |           |           |   | 47,224     |          
|                                                             | Interest expense                                        |                                                |            | (73,205   | )         |   |            | (121,690  | )         |   |            | (148,131  | )         |      |            | (109,465  | )         |   |            | (111,878  | )        
|                                                             | Litigation settlement income, net of costs              |                                                |            | 51,341    |           |   |            |          |           |   |            |          |           |      |            |          |           |   |            |          |          
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|Pretax earnings (loss)                                       |                                                         |                                                | 145,132    |           |           |   | 5,225      |           |           |   | (38,921    | )         |           |      | (67,331    | )         |           |   | (64,654    | )        
|                                                             | Income tax benefit (expense)                            |                                                |            | (55,708   | )         |   |            | (8,077    | )         |   |            | 13,935    |           |      |            | 19,891    |           |   |            | 22,544    |          
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|                                                             |                                                         | Net earnings (loss)                            |            |           | 89,424    |   |            |           | (2,852    | ) |            |           | (24,986   | )    |            |           | (47,440   | ) |            |           | (42,110   | )
|Less: Preferred stock dividends                              |                                                         |                                                | (12,963    | )         |           |   | (12,963    | )         |           |   | (12,963    | )         |           |      | (12,963    | )         |           |   | (12,963    | )        
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|Earnings (loss) available to common shareholders             |                                                         | $                                              | 76,461     |           |           | $ | (15,815    | )         |           | $ | (37,949    | )         |           | $    | (60,403    | )         |           | $ | (55,073    | )        
|                                                             |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |           
|                                                             | Net earnings (loss) per common share basic and diluted  |                                                | $          | 3.68      |           |   | $          | $(0.76    | )         |   | $          | (1.82     | )         |      | $          | (2.87     | )         |   | $          | (2.56     | )        
|Weighted average common shares outstanding basic and diluted |                                                         |                                                | 20,804,773 |           |           |   | 20,749,998 |           |           |   | 20,824,618 |           |           |      | 21,063,720 |           |           |   | 21,518,025 |          
|Cash dividends declared and accrued                          |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |            |           |           |   |            |          
|                                                             | Preferred stock                                         |                                                | $          | 12,963    |           |   | $          | 12,963    |           |   | $          | 12,963    |           |      | $          | 12,963    |           |   | $          | 12,963    |          
|Balance Sheet Data:                                          |                                                         |                                                |            |           |           |   |            |           |           |   |            |           |           |      |            |           |           |   |            |          
|Property, plant and equipment, net                           |                                                         |                                                | 1,354,468  |           |           |   | 1,451,805  |           |           |   | 1,946,317  |           |           |      | 1,936,076  |           |           |   | 1,882,010  |          
|Total assets                                                 |                                                         |                                                | 3,103,622  |           |           |   | 3,394,748  |           |           |   | 3,832,372  |           |           |      | 3,732,317  |           |           |   | 3,599,658  |          
|Capital leases                                               |                                                         |                                                |           |           |           |   | 99,607     |           |           |   | 137,031    |           |           |      |           |           |           |   |           |          
|AMERCOs notes and loans payable                             |                                                         |                                                | 780,008    |           |           |   | 862,703    |           |           |   | 940,063    |           |           |      | 1,045,801  |           |           |   | 1,156,849  |          
|SAC Holdings notes and loans payable                        |                                                         |                                                | 77,474     |           |           |   | 78,637     |           |           |   | 466,781    |           |           |      | 561,887    |           |           |   | 376,146    |          
|Stockholders equity                                         |                                                         |                                                | 572,839    |           |           |   | 503,846    |           |           |   | 327,448    |           |           |      | 381,524    |           |           |   | 446,354    |          

11



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|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |           |           |           |   |           |           |           | 
|---------------------------------- | ------------------------------------------------------- | ---------------------------- | --------- | --------- | --------- | - | --------- | --------- | --------- | - | --------- | --------- | --------- | ---- | --------- | --------- | --------- | - | --------- | --------- | --------- | 
|                                   |                                                         | For the Year Ended March 31, |          
|                                   |                                                         |                              |          
|                                   |                                                         | 2005                         |           |           | 2004      |   |           | 2003      |           |   | 2002      |           |           | 2001 |          
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|                                   |                                                         | (In thousands)               |          
|Summary of Operations:             |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |           |           |           |   |           |          
|                                   | Self-moving equipment rentals                           |                              | $         | 1,437,895 |           |   | $         | 1,380,991 |           |   | $         | 1,293,686 |           |      | $         | 1,253,695 |           |   | $         | 1,221,182 |          
|                                   | Self-storage revenues                                   |                              |           | 94,431    |           |   |           | 118,335   |           |   |           | 109,985   |           |      |           | 130,691   |           |   |           | 115,690   |          
|                                   | Self-moving and self-storage products and service sales |                              |           | 191,078   |           |   |           | 182,327   |           |   |           | 174,853   |           |      |           | 201,006   |           |   |           | 197,722   |          
|                                   | Property management fees                                |                              |           | 14,434    |           |   |           | 12,974    |           |   |           | 12,431    |           |      |           | 8,036     |           |   |           | 6,472     |          
|                                   | Net investment and interest income                      |                              |           | 22,030    |           |   |           | 21,504    |           |   |           | 29,358    |           |      |           | 22,686    |           |   |           | 25,846    |          
|                                   | Other revenue                                           |                              |           | 27,489    |           |   |           | 35,580    |           |   |           | 18,378    |           |      |           | 27,795    |           |   |           | 20,876    |          
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|                                   |                                                         | Total revenues               |           |           | 1,787,357 |   |           |           | 1,751,711 |   |           |           | 1,638,691 |      |           |           | 1,643,909 |   |           |           | 1,587,788 | 
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|Operating expenses                 |                                                         |                              | 1,100,737 |           |           |   | 1,062,695 |           |           |   | 1,029,774 |           |           |      | 1,088,390 |           |           |   | 1,062,097 |          
|                                   | Commission expenses                                     |                              |           | 181,315   |           |   |           | 176,165   |           |   |           | 166,334   |           |      |           | 150,691   |           |   |           | 148,256   |          
|                                   | Cost of sales                                           |                              |           | 98,877    |           |   |           | 87,430    |           |   |           | 93,735    |           |      |           | 110,449   |           |   |           | 116,601   |          
|                                   | Lease expense                                           |                              |           | 151,937   |           |   |           | 159,869   |           |   |           | 165,020   |           |      |           | 171,656   |           |   |           | 167,290   |          
|                                   | Depreciation, net                                       |                              |           | 114,038   |           |   |           | 125,093   |           |   |           | 112,815   |           |      |           | 92,351    |           |   |           | 87,539    |          
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|                                   |                                                         | Total costs and expenses     |           |           | 1,646,904 |   |           |           | 1,611,252 |   |           |           | 1,567,678 |      |           |           | 1,613,537 |   |           |           | 1,581,783 | 
|Earnings from operations           |                                                         |                              | 140,453   |           |           |   | 140,459   |           |           |   | 71,013    |           |           |      | 30,372    |           |           |   | 6,005     |          
|                                   | Interest (expense) income                               |                              |           | 15,687    |           |   |           | 8,560     |           |   |           | (9,991    | )         |      |           | (11,675   | )         |   |           | (17,094   | )        
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|Pretax earnings (loss)             |                                                         |                              | 156,140   |           |           |   | 149,019   |           |           |   | 61,022    |           |           |      | 18,697    |           |           |   | (11,089   | )        
|                                   | Income tax benefit (expense)                            |                              |           | (59,160   | )         |   |           | (52,992   | )         |   |           | (21,211   | )         |      |           | (6,117    | )         |   |           | 4,921     |          
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|                                   | Net earnings (loss)                                     |                              | $         | 96,980    |           |   | $         | 96,027    |           |   | $         | 39,811    |           |      | $         | 12,580    |           |   | $         | (6,168    | )        
|                                   |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |          
|Balance Sheet Data:                |                                                         |                              |           |           |           |   |           |           |           |   |           |           |           |      |           |           |           |   |           |          
|Property, plant and equipment, net |                                                         | $                            | 796,361   |           |           | $ | 875,729   |           |           | $ | 736,499   |           |           | $    | 750,779   |           |           | $ | 731,074   |          
|Total assets                       |                                                         |                              | 1,503,335 |           |           |   | 1,452,361 |           |           |   | 1,235,497 |           |           |      | 1,099,195 |           |           |   | 935,254   |          
|Capital leases                     |                                                         |                              |          |           |           |   | 99,607    |           |           |   | 14,793    |           |           |      | 14,793    |           |           |   |          |          
|Stockholders equity               |                                                         |                              | 701,198   |           |           |   | 601,514   |           |           |   | 499,380   |           |           |      | 458,639   |           |           |   | 449,586   |          






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations

General






12



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##### Table of Contents





Description of Operating Segments




Overall Strategy










Moving and Storage Operating Segment












13



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##### Table of Contents







Property and Casualty Insurance Operating Segment




Life Insurance Operating Segment




Critical Accounting Policies and Estimates






Principles of Consolidation




14



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##### Table of Contents



















Recoverability of Property, Plant and Equipment




15



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##### Table of Contents









Insurance Reserves






Investments




16



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##### Table of Contents



Recent Accounting Pronouncements








17



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Results of Operations


AMERCO and Consolidated Entities




| |                                      
| | -------------------------------------
| | Fiscal 2005 Compared with Fiscal 2004



|                                                       |                      |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | -------------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                      | Year Ended March 31, |          
|                                                       |                      |                      |          
|                                                       |                      | 2005                 |           |           | 2004 |  
|                                                       |                      |                      |           |           |      |  
|                                                       |                      | (In thousands)       |          
|Self-moving equipment rentals                          |                      | $                    | 1,437,895 |           |      | $ | 1,381,208 |          
|Self-storage revenues                                  |                      |                      | 114,155   |           |      |   | 247,640   |          
|Self-moving and self-storage product and service sales |                      |                      | 206,098   |           |      |   | 232,965   |          
|Property management fees                               |                      |                      | 11,839    |           |      |   | 259       |          
|Life insurance premiums                                |                      |                      | 126,236   |           |      |   | 145,082   |          
|Property and casualty insurance premiums               |                      |                      | 24,987    |           |      |   | 92,036    |          
|Net investment and interest income                     |                      |                      | 56,739    |           |      |   | 38,281    |          
|Other revenue                                          |                      |                      | 30,172    |           |      |   | 38,523    |          
|                                                       |                      |                      |           |           |      |  
|                                                       | Consolidated revenue |                      | $         | 2,008,121 |      |   | $         | 2,175,994 | 
|                                                       |                      |                      |           |           |      |  













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|                                |                          |                      |   |           |      |  |   |           |  
|------------------------------- | ------------------------ | -------------------- | - | --------- | ---- |  | - | --------- | -
|                                |                          | Year Ended March 31, |  
|                                |                          |                      |  
|                                |                          | 2005                 |   |           | 2004 | 
|                                |                          |                      |   |           |      | 
|Moving and storage              |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      | $ | 1,791,667 |      |  | $ | 1,768,872 |  
|                                | Earnings from operations |                      |   | 165,985   |      |  |   | 93,593    |  
|Property and casualty insurance |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 41,417    |      |  |   | 114,941   |  
|                                | Earnings from operations |                      |   | (14,814   | )    |  |   | (35,950   | )
|Life insurance                  |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 159,484   |      |  |   | 177,812   |  
|                                | Earnings from operations |                      |   | 2,065     |      |  |   | 11,253    |  
|SAC Holdings                    |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 43,172    |      |  |   | 218,955   |  
|                                | Earnings from operations |                      |   | 10,466    |      |  |   | 64,693    |  
|Eliminations                    |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | (27,619   | )    |  |   | (104,586  | )
|                                | Earnings from operations |                      |   | 3,294     |      |  |   | (6,674    | )
|Consolidated Results            |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 2,008,121 |      |  |   | 2,175,994 |  
|                                | Earnings from operations |                      |   | 166,996   |      |  |   | 126,915   |  















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Fiscal 2004 Compared With
Fiscal 2003




|                                                       |                      |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | -------------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                      | Year Ended March 31, |          
|                                                       |                      |                      |          
|                                                       |                      | 2004                 |           |           | 2003 |  
|                                                       |                      |                      |           |           |      |  
|                                                       |                      | (In thousands)       |          
|Self-moving equipment rentals                          |                      | $                    | 1,381,208 |           |      | $ | 1,293,732 |          
|Self-storage revenues                                  |                      |                      | 247,640   |           |      |   | 238,938   |          
|Self-moving and self-storage product and service sales |                      |                      | 232,965   |           |      |   | 223,677   |          
|Property management fees                               |                      |                      | 259       |           |      |   | 89        |          
|Life insurance premiums                                |                      |                      | 145,082   |           |      |   | 158,719   |          
|Property and casualty insurance premiums               |                      |                      | 92,036    |           |      |   | 149,206   |          
|Net investment and interest income                     |                      |                      | 38,281    |           |      |   | 40,731    |          
|Other revenue                                          |                      |                      | 38,523    |           |      |   | 36,252    |          
|                                                       |                      |                      |           |           |      |  
|                                                       | Consolidated revenue |                      | $         | 2,175,994 |      |   | $         | 2,141,344 | 
|                                                       |                      |                      |           |           |      |  













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|                                |                          |                      |   |           |      |  |   |           |  
|------------------------------- | ------------------------ | -------------------- | - | --------- | ---- |  | - | --------- | -
|                                |                          | Year Ended March 31, |  
|                                |                          |                      |  
|                                |                          | 2004                 |   |           | 2003 | 
|                                |                          |                      |   |           |      | 
|Moving and storage              |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      | $ | 1,768,872 |      |  | $ | 1,649,683 |  
|                                | Earnings from operations |                      |   | 93,593    |      |  |   | 68,861    |  
|Property and casualty insurance |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 114,941   |      |  |   | 174,936   |  
|                                | Earnings from operations |                      |   | (35,950   | )    |  |   | (7,983    | )
|Life insurance                  |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 177,812   |      |  |   | 183,220   |  
|                                | Earnings from operations |                      |   | 11,253    |      |  |   | (1,426    | )
|SAC Holdings                    |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 218,955   |      |  |   | 216,795   |  
|                                | Earnings from operations |                      |   | 64,693    |      |  |   | 68,776    |  
|Eliminations                    |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | (104,586  | )    |  |   | (83,290   | )
|                                | Earnings from operations |                      |   | (6,674    | )    |  |   | (19,018   | )
|Consolidated Results            |                          |                      |   |           |      |  |   |          
|                                | Revenues                 |                      |   | 2,175,994 |      |  |   | 2,141,344 |  
|                                | Earnings from operations |                      |   | 126,915   |      |  |   | 109,210   |  













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Moving and Storage




| |                                      
| | -------------------------------------
| | Fiscal 2005 Compared with Fiscal 2004



|                                                       |                 |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | --------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                 | Year Ended March 31, |          
|                                                       |                 |                      |          
|                                                       |                 | 2005                 |           |           | 2004 |  
|                                                       |                 |                      |           |           |      |  
|                                                       |                 | (In thousands)       |          
|Self-moving equipment rentals                          |                 | $                    | 1,437,895 |           |      | $ | 1,381,208 |          
|Self-storage revenues                                  |                 |                      | 96,202    |           |      |   | 121,204   |          
|Self-moving and self-storage product and service sales |                 |                      | 191,078   |           |      |   | 182,388   |          
|Property management fees                               |                 |                      | 14,434    |           |      |   | 12,974    |          
|Net investment and interest income                     |                 |                      | 29,902    |           |      |   | 38,459    |          
|Other revenue                                          |                 |                      | 22,156    |           |      |   | 32,639    |          
|                                                       |                 |                      |           |           |      |  
|                                                       | Segment revenue |                      | $         | 1,791,667 |      |   | $         | 1,768,872 | 
|                                                       |                 |                      |           |           |      |  









| |                                      
| | -------------------------------------
| | Fiscal 2004 Compared with Fiscal 2003



|                                                       |                 |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | --------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                 | Year Ended March 31, |          
|                                                       |                 |                      |          
|                                                       |                 | 2004                 |           |           | 2003 |  
|                                                       |                 |                      |           |           |      |  
|                                                       |                 | (In thousands)       |          
|Self-moving equipment rentals                          |                 | $                    | 1,381,208 |           |      | $ | 1,293,732 |          
|Self-storage revenues                                  |                 |                      | 121,204   |           |      |   | 112,755   |          
|Self-moving and self-storage product and service sales |                 |                      | 182,388   |           |      |   | 174,909   |          
|Property management fees                               |                 |                      | 12,974    |           |      |   | 12,431    |          
|Net investment and interest income                     |                 |                      | 38,459    |           |      |   | 41,211    |          
|Other revenue                                          |                 |                      | 32,639    |           |      |   | 14,645    |          
|                                                       |                 |                      |           |           |      |  
|                                                       | Segment revenue |                      | $         | 1,768,872 |      |   | $         | 1,649,683 | 
|                                                       |                 |                      |           |           |      |  

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U-Haul International, Inc.




| |                                      
| | -------------------------------------
| | Fiscal 2005 Compared with Fiscal 2004



|                                                       |                 |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | --------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                 | Year Ended March 31, |          
|                                                       |                 |                      |          
|                                                       |                 | 2005                 |           |           | 2004 |  
|                                                       |                 |                      |           |           |      |  
|                                                       |                 | (In thousands)       |          
|Self-moving equipment rentals                          |                 | $                    | 1,437,895 |           |      | $ | 1,380,991 |          
|Self-storage revenues                                  |                 |                      | 94,431    |           |      |   | 118,335   |          
|Self-moving and self-storage product and service sales |                 |                      | 191,078   |           |      |   | 182,327   |          
|Property management fees                               |                 |                      | 14,434    |           |      |   | 12,974    |          
|Net investment and interest income                     |                 |                      | 22,030    |           |      |   | 21,504    |          
|Other revenue                                          |                 |                      | 27,489    |           |      |   | 35,580    |          
|                                                       |                 |                      |           |           |      |  
|                                                       | Segment revenue |                      | $         | 1,787,357 |      |   | $         | 1,751,711 | 
|                                                       |                 |                      |           |           |      |  







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| |                                      
| | -------------------------------------
| | Fiscal 2004 Compared with Fiscal 2003



|                                                       |                 |                      |           |           |      |   |           |           | 
|------------------------------------------------------ | --------------- | -------------------- | --------- | --------- | ---- | - | --------- | --------- | 
|                                                       |                 | Year Ended March 31, |          
|                                                       |                 |                      |          
|                                                       |                 | 2004                 |           |           | 2003 |  
|                                                       |                 |                      |           |           |      |  
|                                                       |                 | (In thousands)       |          
|Self-moving equipment rentals                          |                 | $                    | 1,380,991 |           |      | $ | 1,293,686 |          
|Self-storage revenues                                  |                 |                      | 118,335   |           |      |   | 109,985   |          
|Self-moving and self-storage product and service sales |                 |                      | 182,327   |           |      |   | 174,853   |          
|Property management fees                               |                 |                      | 12,974    |           |      |   | 12,431    |          
|Net investment and interest income                     |                 |                      | 21,504    |           |      |   | 29,358    |          
|Other revenue                                          |                 |                      | 35,580    |           |      |   | 18,378    |          
|                                                       |                 |                      |           |           |      |  
|                                                       | Segment revenue |                      | $         | 1,751,711 |      |   | $         | 1,638,691 | 
|                                                       |                 |                      |           |           |      |  







Republic Western Insurance Company




| |                        
| | -----------------------
| | 2004 Compared with 2003













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| |                        
| | -----------------------
| | 2003 Compared with 2002















25



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##### Table of Contents





Unpaid Loss and Loss Adjustment Expenses


|                                         |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|---------------------------------------- | ------------------------ | ----------------- | ------- |  | ------- | - | ------- | ---- | ------- | - | ------- | - | ------- | ---- | ------- | - | ------- | - | -------- | ---- | ------- | - | -------- | - | ------- | ---- | -------- | - | ------- | - | ------- | ---- | ------- | - | -------- | - | ------- | - | ------- | - | ------- | - | ------- |  |  | 
|                                         |                          | December 31       |        
|                                         |                          |                   |        
|                                         |                          | 1994              |         |  | 1995    |   |         | 1996 |         |   | 1997    |   |         | 1998 |         |   | 1999    |   |          | 2000 |         |   | 2001     |   |         | 2002 |          |   | 2003    |   |         | 2004 |        
|                                         |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |        
|                                         |                          | (In thousands)    |        
|Unpaid Loss and Loss Adjustment Expenses |                          | $                 | 329,741 |  |         | $ | 341,981 |      |         | $ | 332,674 |   |         | $    | 384,816 |   |         | $ | 344,748  |      |         | $ | 334,858  |   |         | $    | 382,651  |   |         | $ | 448,987 |      |         | $ | 399,447  |   |         | $ | 416,259 |   |         | $ | 380,875 | 
|                                         | Paid (Cumulative) as of: |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  | 
|                                         |                          | One year later    |         |  | 86,796  |   |         |      | 89,041  |   |         |   | 89,336  |      |         |   | 103,752 |   |          |      | 82,936  |   |          |   | 117,025 |      |          |   | 130,471 |   |         |      | 130,070 |   |          |   | 100,851 |   |         |   | 73,384  |   |         |  |  | 
|                                         |                          | Two years later   |         |  | 139,247 |   |         |      | 150,001 |   |         |   | 161,613 |      |         |   | 174,867 |   |          |      | 164,318 |   |          |   | 186,193 |      |          |   | 203,605 |   |         |      | 209,525 |   |          |   | 164,255 |   |         |   |         |   |         |  |  | 
|                                         |                          | Three years later |         |  | 173,787 |   |         |      | 195,855 |   |         |   | 208,168 |      |         |   | 216,966 |   |          |      | 218,819 |   |          |   | 232,883 |      |          |   | 255,996 |   |         |      | 266,483 |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Four years later  |         |  | 198,434 |   |         |      | 226,815 |   |         |   | 232,726 |      |         |   | 246,819 |   |          |      | 255,134 |   |          |   | 264,517 |      |          |   | 299,681 |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Five years later  |         |  | 219,425 |   |         |      | 243,855 |   |         |   | 250,312 |      |         |   | 269,425 |   |          |      | 274,819 |   |          |   | 295,997 |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Six years later   |         |  | 231,447 |   |         |      | 254,204 |   |         |   | 263,645 |      |         |   | 282,598 |   |          |      | 297,354 |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Seven years later |         |  | 237,118 |   |         |      | 264,120 |   |         |   | 274,249 |      |         |   | 300,814 |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Eight years later |         |  | 242,450 |   |         |      | 273,205 |   |         |   | 289,614 |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Nine years later  |         |  | 250,475 |   |         |      | 286,708 |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Ten years later   |         |  | 263,095 |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|Reserve Reestimated as of:               |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         | 
|                                         |                          | One year later    |         |  | 338,033 |   |         |      | 353,508 |   |         |   | 354,776 |      |         |   | 357,733 |   |          |      | 339,602 |   |          |   | 377,096 |      |          |   | 433,222 |   |         |      | 454,510 |   |          |   | 471,029 |   |         |   | 447,524 |   |         |  |  | 
|                                         |                          | Two years later   |         |  | 340,732 |   |         |      | 369,852 |   |         |   | 342,164 |      |         |   | 361,306 |   |          |      | 371,431 |   |          |   | 432,714 |      |          |   | 454,926 |   |         |      | 523,624 |   |          |   | 508,180 |   |         |   |         |   |         |  |  | 
|                                         |                          | Three years later |         |  | 349,459 |   |         |      | 328,445 |   |         |   | 346,578 |      |         |   | 369,598 |   |          |      | 429,160 |   |          |   | 437,712 |      |          |   | 517,361 |   |         |      | 545,836 |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Four years later  |         |  | 302,808 |   |         |      | 331,897 |   |         |   | 349,810 |      |         |   | 398,899 |   |          |      | 413,476 |   |          |   | 480,200 |      |          |   | 533,067 |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Five years later  |         |  | 300,180 |   |         |      | 339,665 |   |         |   | 376,142 |      |         |   | 398,184 |   |          |      | 443,696 |   |          |   | 489,384 |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Six years later   |         |  | 307,306 |   |         |      | 347,664 |   |         |   | 369,320 |      |         |   | 428,031 |   |          |      | 456,797 |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Seven years later |         |  | 332,762 |   |         |      | 344,451 |   |         |   | 396,197 |      |         |   | 435,972 |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Eight years later |         |  | 311,682 |   |         |      | 360,149 |   |         |   | 397,363 |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Nine years later  |         |  | 323,241 |   |         |      | 362,369 |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|                                         |                          | Ten years later   |         |  | 325,690 |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         |  |  | 
|Cumulative Redundancy (Deficiency)       |                          | $                 | 4,051   |  |         | $ | (20,388 | )    |         | $ | (64,689 | ) |         | $    | (51,156 | ) |         | $ | (112,049 | )    |         | $ | (154,526 | ) |         | $    | (150,416 | ) |         | $ | (96,849 | )    |         | $ | (108,733 | ) |         | $ | (31,265 | ) |         |   |         | 
|Retro Premium Recoverable                |                          |                   | 878     |  |         |   | 623     |      |         |   | 1,582   |   |         |      | 3,037   |   |         |   | (1,879   | )    |         |   | 6,797    |   |         |      | 5,613    |   |         |   | 21,756  |      |         |   | 7,036    |   |         |   | 374     |   |         |   |         | 
|                                         |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |        
|Reestimated Reserve:                     |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |         |   |          |   |         |   |         |   |         |   |         | 
|Amount (Cumulative)                      |                          | $                 | 4,929   |  |         | $ | (19,765 | )    |         | $ | (63,107 | ) |         | $    | (48,119 | ) |         | $ | (113,928 | )    |         | $ | (147,729 | ) |         | $    | (144,803 | ) |         | $ | (75,093 | )    |         | $ | (101,697 | ) |         | $ | (30,891 | ) |         |   |         | 
|                                         |                          |                   |         |  |         |   |         |      |         |   |         |   |         |      |         |   |         |   |          |      |         |   |          |   |         |      |          |   |         |   |         |      |        

26



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|                           |                              |                         |         |         |      |   |         |         |  |   |         |         | 
|-------------------------- | ---------------------------- | ----------------------- | ------- | ------- | ---- | - | ------- | ------- |  | - | ------- | ------- | 
|                           |                              | Year Ended December 31, |        
|                           |                              |                         |        
|                           |                              | 2004                    |         |         | 2003 |   |         | 2002    | 
|                           |                              |                         |         |         |      |   |         |         | 
|                           |                              | (In thousands)          |        
|Balance at January 1       |                              | $                       | 416,259 |         |      | $ | 399,447 |         |  | $ | 448,987 |        
|                           | Less reinsurance recoverable |                         |         | 177,635 |      |   |         | 146,622 |  |   |         | 128,044 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Net balance at January 1   |                              |                         | 238,624 |         |      |   | 252,825 |         |  |   | 320,943 |        
|Incurred related to:       |                              |                         |         |         |      |   |         |         |  |   |         |        
|                           | Current year                 |                         |         | 17,960  |      |   |         | 56,454  |  |   |         | 112,284 | 
|                           | Prior years                  |                         |         | 21,773  |      |   |         | 53,127  |  |   |         | 16,396  | 
|                           |                              |                         |         |         |      |   |         |         | 
|Total incurred             |                              |                         | 39,733  |         |      |   | 109,581 |         |  |   | 128,680 |        
|Paid related to:           |                              |                         |         |         |      |   |         |         |  |   |         |        
|                           | Current year                 |                         |         | 13,570  |      |   |         | 22,931  |  |   |         | 66,728  | 
|                           | Prior years                  |                         |         | 73,384  |      |   |         | 100,851 |  |   |         | 130,070 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Total paid                 |                              |                         | 86,954  |         |      |   | 123,782 |         |  |   | 196,798 |        
|                           |                              |                         |         |         |      |   |         |         | 
|Net balance at December 31 |                              |                         | 191,403 |         |      |   | 238,624 |         |  |   | 252,825 |        
|                           | Plus reinsurance recoverable |                         |         | 189,472 |      |   |         | 177,635 |  |   |         | 146,622 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Balance at December 31     |                              | $                       | 380,875 |         |      | $ | 416,259 |         |  | $ | 399,447 |        
|                           |                              |                         |         |         |      |   |         |         | 



Oxford Life Insurance Company




| |                        
| | -----------------------
| | 2004 Compared with 2003











27



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| |                        
| | -----------------------
| | 2003 Compared with 2002













SAC Holdings




| |                                      
| | -------------------------------------
| | Fiscal 2005 Compared with Fiscal 2004



|                                                       |                 |                      |        |        |      |   |         |         | 
|------------------------------------------------------ | --------------- | -------------------- | ------ | ------ | ---- | - | ------- | ------- | 
|                                                       |                 | Year Ended March 31, |       
|                                                       |                 |                      |       
|                                                       |                 | 2005                 |        |        | 2004 |  
|                                                       |                 |                      |        |        |      |  
|                                                       |                 | (In thousands)       |       
|Self-moving rental                                     |                 | $                    | 9,008  |        |      | $ | 29,155  |        
|Self-storage rental                                    |                 |                      | 17,953 |        |      |   | 126,436 |        
|Self-moving and self-storage product and service sales |                 |                      | 15,020 |        |      |   | 50,577  |        
|Other revenue                                          |                 |                      | 1,191  |        |      |   | 12,787  |        
|                                                       |                 |                      |        |        |      |  
|                                                       | Segment revenue |                      | $      | 43,172 |      |   | $       | 218,955 | 
|                                                       |                 |                      |        |        |      |  

28



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| |                                      
| | -------------------------------------
| | Fiscal 2004 Compared with Fiscal 2003



|                                                       |                 |                      |         |         |      |   |         |         | 
|------------------------------------------------------ | --------------- | -------------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                                       |                 | Year Ended March 31, |        
|                                                       |                 |                      |        
|                                                       |                 | 2004                 |         |         | 2003 |  
|                                                       |                 |                      |         |         |      |  
|                                                       |                 | (In thousands)       |        
|Self-moving equipment rentals                          |                 | $                    | 29,155  |         |      | $ | 27,680  |        
|Self-storage revenues                                  |                 |                      | 126,436 |         |      |   | 126,183 |        
|Self-moving and self-storage product and service sales |                 |                      | 50,577  |         |      |   | 48,768  |        
|Other revenue                                          |                 |                      | 12,787  |         |      |   | 14,164  |        
|                                                       |                 |                      |         |         |      |  
|                                                       | Segment revenue |                      | $       | 218,955 |      |   | $       | 216,795 | 
|                                                       |                 |                      |         |         |      |  









| |                                
| | -------------------------------
| | Liquidity and Capital Resources





|                                    |               |                      |          |         |      |   |         |        |  |   |         |        | 
|----------------------------------- | ------------- | -------------------- | -------- | ------- | ---- | - | ------- | ------ |  | - | ------- | ------ | 
|                                    |               | Year Ended March 31, |         
|                                    |               |                      |         
|                                    |               | 2005                 |          |         | 2004 |   |         | 2003   | 
|                                    |               |                      |          |         |      |   |         |        | 
|                                    |               | (In thousands)       |         
|Cash flow from operating activities |               | $                    | 220,719  |         |      | $ | (62,833 | )      |  | $ | 118,133 |       
|Cash flow from investing activities |               |                      | 36,176   |         |      |   | 60,187  |        |  |   | (81,113 | )     
|Cash flow from financing activities |               |                      | (282,497 | )       |      |   | 17,369  |        |  |   | (11,632 | )     
|                                    |               |                      |          |         |      |   |         |        | 
|                                    | Net cash flow |                      |          | (25,602 | )    |   |         | 14,723 |  |   |         | 25,388 | 
|Cash at the beginning of the period |               |                      | 81,557   |         |      |   | 66,834  |        |  |   | 41,446  |       
|                                    |               |                      |          |         |      |   |         |        | 
|Cash at the end of the period       |               | $                    | 55,955   |         |      | $ | 81,557  |        |  | $ | 66,834  |       
|                                    |               |                      |          |         |      |   |         |        | 

29



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1 2




Liquidity and Capital Resources and Requirements of Our
Operating Segments




| |                        
| | -----------------------
| | Moving and Self-Storage





30



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##### Table of Contents







| |                                
| | -------------------------------
| | Property and Casualty Insurance







| |               
| | --------------
| | Life Insurance





SAC Holdings




Cash Provided from Operating Activities by Operating
Segments




| |                        
| | -----------------------
| | Moving and Self-Storage





| |                                
| | -------------------------------
| | Property and Casualty Insurance





31



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| |               
| | --------------
| | Life Insurance





SAC Holdings




Liquidity and Capital Resources  Summary






32



---



##### Table of Contents



Disclosures about Contractual Obligations and Commercial
Commitments




|                                                       |                               |                |         |                                              |          |   |          |          |  |          |          |         |               |                |         |         |  |   |         |         | 
|------------------------------------------------------ | ----------------------------- | -------------- | ------- | -------------------------------------------- | -------- | - | -------- | -------- |  | -------- | -------- | ------- | ------------- | -------------- | ------- | ------- |  | - | ------- | ------- | 
|                                                       |                               |                |         | Payment Due by Period (as of March 31, 2005) |         
|                                                       |                               |                |         |                                              |         
|                                                       |                               |                |         | Prior to                                     |          |   | 04/01/06 |          |  | 04/01/08 |          |         | April 1, 2010 |               
|Contractual Obligations                                |                               | Total          |         |                                              | 03/31/06 |   |          | 03/31/08 |  |          | 03/31/10 |         |               | and Thereafter |        
|                                                       |                               |                |         |                                              |          |   |          |          |  |          |          |         |               |                |        
|                                                       |                               | (In thousands) |        
|Revolving credit facility, senior secured first lien   |                               | $              | 84,862  |                                              |          | $ |         |          |  | $        |         |         |               | $              | 84,862  |         |  | $ |        |        
|Interest portion on Revolving credit facility          |                               |                | 10,492  |                                              |          |   | 2,623    |          |  |          | 5,246    |         |               |                | 2,623   |         |  |   |         |        
|Senior amortizing notes, secured, first lien, due 2009 |                               |                | 346,500 |                                              |          |   | 3,500    |          |  |          | 7,000    |         |               |                | 336,000 |         |  |   |        |        
|Interest portion on Senior amortizing notes            |                               |                | 76,232  |                                              |          |   | 19,058   |          |  |          | 38,116   |         |               |                | 19,058  |         |  |   |         |        
|Senior notes, secured second lien, 9%, due 2009        |                               |                | 200,000 |                                              |          |   |         |          |  |          |         |         |               |                | 200,000 |         |  |   |        |        
|Interest portion on Senior notes                       |                               |                | 72,000  |                                              |          |   | 18,000   |          |  |          | 36,000   |         |               |                | 18,000  |         |  |   |         |        
|Senior subordinated notes, secured, 12% due 2011       |                               |                | 148,646 |                                              |          |   |         |          |  |          |         |         |               |                |        |         |  |   | 148,646 |        
|Interest portion on Senior subordinated notes          |                               |                | 107,028 |                                              |          |   | 17,838   |          |  |          | 35,676   |         |               |                | 35,676  |         |  |   | 17,838  |        
|AMERCOs operating leases                              |                               |                | 357,200 |                                              |          |   | 102,116  |          |  |          | 134,360  |         |               |                | 63,893  |         |  |   | 56,831  |        
|Private Mini Support Agreement                         |                               |                | 2,888   |                                              |          |   |         |          |  |          |         |         |               |                |        |         |  |   | 2,888   |        
|Other obligations                                      |                               |                | 17,559  |                                              |          |   |         |          |  |          |         |         |               |                |        |         |  |   | 17,559  |        
|Interest portion on Other obligations                  |                               |                | 5,502   |                                              |          |   | 917      |          |  |          | 1,834    |         |               |                | 1,834   |         |  |   | 917     |        
|SAC Holding II Corporation notes and loans*            |                               |                | 152,562 |                                              |          |   | 1,331    |          |  |          | 2,751    |         |               |                | 3,464   |         |  |   | 145,016 |        
|Elimination of SAC Holding II obligations to AMERCO    |                               |                | (75,088 | )                                            |          |   |         |          |  |          |         |         |               |                |        |         |  |   | (75,088 | )      
|                                                       |                               |                |         |                                              |          |   |          |          |  |          |          |         |               |                |        
|                                                       | Total contractual obligations |                | $       | 1,506,383                                    |          |   | $        | 165,383  |  |          | $        | 260,983 |               |                | $       | 765,410 |  |   | $       | 314,607 | 
|                                                       |                               |                |         |                                              |          |   |          |          |  |          |          |         |               |                |        








|  |                                                                                                                                                     
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------
|* | These notes and loans represent obligations of SAC
    Holding II Corporation issued to third party lenders and
    AMERCO through its subsidiaries.

Off Balance Sheet Arrangements






33



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##### Table of Contents















| |                    
| | -------------------
| | Fiscal 2006 Outlook











CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS




34



---



##### Table of Contents





Quarterly Results (unaudited)




|                                                             |  |                                                     |            |   |              |   |            |               |  |   |            |  |  |   |            | 
|------------------------------------------------------------ |  | --------------------------------------------------- | ---------- | - | ------------ | - | ---------- | ------------- |  | - | ---------- |  |  | - | ---------- | 
|                                                             |  | Quarter Ended                                       |           
|                                                             |  |                                                     |           
|                                                             |  | March 31,                                           |            |   | December 31, |   |            | September 30, |  |   | June 30,   | 
|                                                             |  | 2005                                                |            |   | 2004(a)      |   |            | 2004          |  |   | 2004       | 
|                                                             |  |                                                     |            |   |              |   |            |               |  |   |            | 
|                                                             |  | (In thousands, except for share and per share data) |           
|Total revenues(b)                                            |  | $                                                   | 411,442    |   |              | $ | 462,066    |               |  | $ | 581,074    |  |  | $ | 553,539    | 
|Earnings (loss) from operations                              |  |                                                     | (28,676    | ) |              |   | 291        |               |  |   | 104,193    |  |  |   | 91,188     | 
|Net earnings (loss)                                          |  |                                                     | (29,600    | ) |              |   | 21,546     |               |  |   | 53,059     |  |  |   | 44,419     | 
|Earnings (loss) available to common shareholders             |  |                                                     | (32,840    | ) |              |   | 18,305     |               |  |   | 49,818     |  |  |   | 41,178     | 
|Weighted average common shares outstanding basic and diluted |  |                                                     | 20,824,296 |   |              |   | 20,813,805 |               |  |   | 20,801,525 |  |  |   | 20,788,074 | 
|Earnings (loss) per common share basic and diluted           |  | $                                                   | (1.57      | ) |              | $ | 0.88       |               |  | $ | 2.39       |  |  | $ | 1.98       | 








35



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|                                                             |  |                                                     |            |   |              |   |            |               |  |   |            |  |  |   |            | 
|------------------------------------------------------------ |  | --------------------------------------------------- | ---------- | - | ------------ | - | ---------- | ------------- |  | - | ---------- |  |  | - | ---------- | 
|                                                             |  | Quarter Ended                                       |           
|                                                             |  |                                                     |           
|                                                             |  | March 31,                                           |            |   | December 31, |   |            | September 30, |  |   | June 30,   | 
|                                                             |  | 2004                                                |            |   | 2003         |   |            | 2003          |  |   | 2003       | 
|                                                             |  |                                                     |            |   |              |   |            |               |  |   |            | 
|                                                             |  | (In thousands, except for share and per share data) |           
|Total revenues(b)                                            |  | $                                                   | 458,387    |   |              | $ | 506,356    |               |  | $ | 629,185    |  |  | $ | 582,066    | 
|Earnings (loss) from operations                              |  |                                                     | (46,605    | ) |              |   | (1,030     | )             |  |   | 98,990     |  |  |   | 75,560     | 
|Net earnings (loss)                                          |  |                                                     | (52,946    | ) |              |   | (21,667    | )             |  |   | 44,025     |  |  |   | 27,736     | 
|Earnings (loss) available to common shareholders             |  |                                                     | (56,186    | ) |              |   | (24,908    | )             |  |   | 40,784     |  |  |   | 24,495     | 
|Weighted average common shares outstanding basic and diluted |  |                                                     | 20,774,689 |   |              |   | 20,757,297 |               |  |   | 20,744,692 |  |  |   | 20,732,086 | 
|Earnings (loss) per common share basic and diluted           |  | $                                                   | (2.70      | ) |              | $ | (1.20      | )             |  | $ | 1.97       |  |  | $ | 1.18       | 






|    |                                                                                                     
|--- | ----------------------------------------------------------------------------------------------------
|(b) | Quarterly amounts include certain reclassifications to conform
    with current period presentation.

Risk Factors




| |                                             
| | --------------------------------------------
| | We operate in a highly competitive industry.









| |                                                                  
| | -----------------------------------------------------------------
| | Control of AMERCO remains in the hands of a small
    contingent.



36



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##### Table of Contents





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







| |                          
| | -------------------------
| | Our business is seasonal.





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





| |                                                                                
| | -------------------------------------------------------------------------------
| | Our property and casualty insurance business has suffered
    extensive losses.





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





| |                                                                                                            
| | -----------------------------------------------------------------------------------------------------------
| | Notes receivable and interest from the SAC entities are a
    significant portion of AMERCOs total assets.



37



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##### Table of Contents







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










|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk



Interest Rate Risk




Foreign Currency Exchange Rate Risk









|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data



38



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##### Table of Contents








|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures



Evaluation of Disclosure Controls and Procedures










Management Report on Internal Control Over Financial
Reporting




39



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##### Table of Contents











Inherent Limitations on Effectiveness of Controls




40



---



##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON
INTERNAL CONTROL OVER FINANCIAL REPORTING






















| |                     
| | --------------------
| | /s/ BDO Seidman, LLP





41



---






PART III







|         |                                                    
|-------- | ---------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrants










|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation








|         |                                                                   
|-------- | ------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management








|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions








|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services






PART IV







|         |                                                                     
|-------- | --------------------------------------------------------------------
|Item 15. | Exhibits, Financial Statement Schedules, and Reports on
    Form 8-K








|                                                                                                   |                                                                                                                  |          |  |             | 
|-------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------- | -------- |  | ----------- | 
|                                                                                                   |                                                                                                                  | Page No. | 
|                                                                                                   |                                                                                                                  |          | 
|Financial Statements:                                                                              |                                                                                                                  |          |  |            
|                                                                                                   | Report of Independent Registered Public
    Accounting Firm                                                      |          |  | F-1         | 
|                                                                                                   | Independent Auditors Report                                                                                     |          |  | F-2         | 
|                                                                                                   | Consolidated Balance Sheets 
    March 31, 2005 and 2004                                                        |          |  | F-3         | 
|                                                                                                   | Consolidated Statements of
    Operations  Years Ended March 31, 2005, 2004 and
    2003                        |          |  | F-4         | 
|                                                                                                   | Consolidated Statements of Changes in
    Stockholders Equity  Years Ended March 31,
    2005, 2004 and 2003   |          |  | F-5         | 
|                                                                                                   | Consolidated Statements of Other
    Comprehensive Income (Loss)  Years Ended
    March 31, 2005, 2004 and 2003 |          |  | F-6         | 
|                                                                                                   | Consolidated Statement of Cash
    Flows  Years Ended March 31, 2005, 2004 and
    2003                         |          |  | F-7         | 
|                                                                                                   | Notes to Consolidated Financial
    Statements                                                                   |          |  | F-8 - F-52  | 
|Additional Information:                                                                            |                                                                                                                  |          |  |            
|                                                                                                   | Summary of Earnings of Independent Rental
    Fleets                                                             |          |  | F-53 - F-54 | 
|Financial Statement Schedules required to be filed by
    Item 8 and Paragraph(d) of this Item 15: |                                                                                                                  |          |  |            
|                                                                                                   | Condensed Financial Information of
    Registrant  Schedule 1                                                   |          |  | F-55 - F-58 | 
|                                                                                                   | Supplemental Information (For
    Property-Casualty Insurance Underwriters) 
    Schedule V                     |          |  | F-59        | 



42



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|        |    |             |  |                                                                                                                                                        |  |                                                                                                                                       
|------- | -- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------ |  | --------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                                                                       
|Number  |    | Description |  | Page or Method of Filing                                                                                                                              
|        |    |             |  |                                                                                                                                                       
|        | 2  | .1          |  | Joint Plan of Reorganization of AMERCO and AMERCO Real Estate
    Company                                                                              |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed October 20, 2003, file no. 1-11255                         
|       
|        | 2  | .2          |  | Disclosure Statement Concerning the Debtors Joint Plan of
    Reorganization                                                                          |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed October 20, 2003, file no. 1-11255                         
|       
|        | 2  | .3          |  | Amended Joint Plan of Reorganization of AMERCO and AMERCO Real
    Estate Company                                                                      |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended December 31, 2003, file no.
    1-11255 
|       
|        | 3  | .1          |  | Restated Articles of Incorporation of AMERCO                                                                                                           |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, file no. 333-114042                                        
|       
|        | 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              
|       
|        | 4  | .1          |  | Indenture, dated as of March 1, 2004, among AMERCO, the
    subsidiary guarantors listed therein, and Wells Fargo Bank, N.A.                           |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        
|       
|        | 4  | .2          |  | Indenture dated as of March 15, 2004, among AMERCO, the
    subsidiary guarantors listed therein and The Bank of New York                              |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        
|       
|        | 4  | .3          |  | Indenture dated as of March 15, 2004, among SAC Holding
    Corporation and SAC Holding II Corporation and Law
    Debenture Trust Company of New York |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        
|       
|        | 4  | .4          |  | Rights Agreement, dated as of August 7, 1998                                                                                                           |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended June 30, 1998, file no.
    1-11255     
|       
|        | 10 | .1*         |  | AMERCO Employee Savings, Profit Sharing and Employee Stock
    Ownership Plan                                                                          |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1993, file no. 1-11255              
|       
|        | 10 | .1A*        |  | First Amendment to the AMERCO Employee Savings, Profit Sharing
    and Employee Stock Ownership Plan                                                   |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2000, file no. 1-11255              
|       
|        | 10 | .2          |  | Loan and Security Agreement among AMERCO and Wells Fargo
    Foothills, Inc., dated as of March 1, 2004                                                |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        

43



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|        |    |             |  |                                                                                                                                                                                                                                  |  |                                                                                                                                       
|------- | -- | ----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                                                                                                                                                 
|Number  |    | Description |  | Page or Method of Filing                                                                                                                                                                                                        
|        |    |             |  |                                                                                                                                                                                                                                 
|       
|        | 10 | .3          |  | SAC Participation and Subordination Agreement, dated as of
    March 15, 2004 among SAC Holding Corporation, SAC
    Holding II Corporation, AMERCO, U-Haul International, Inc.,
    and Law Debenture Trust Company of New York |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        
|       
|        | 10 | .4          |  | Intercreditor Agreement, dated as of March 1, 2004, between
    Wells Fargo Bank, N.A. and Wells Fargo Foothill, Inc.                                                                                                            |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K filed on March 26, 2004, file no. 1-11255                        
|       
|        | 10 | .5          |  | U-Haul Dealership Contract                                                                                                                                                                                                       |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year end March 31, 1993, file no. 1-11255                
|       
|        | 10 | .6          |  | Share Repurchase and Registration Rights Agreement with Paul F.
    Shoen                                                                                                                                                        |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1993, file no. 1-11255              
|       
|        | 10 | .7          |  | ESOP Loan Credit Agreement                                                                                                                                                                                                       |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1990, file no. 1-11255              
|       
|        | 10 | .8          |  | ESOP Loan Agreement                                                                                                                                                                                                              |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1990, file no. 1-11255              
|       
|        | 10 | .9          |  | Trust Agreement for the AMERCO Employee Savings, Profit
    Sharing and Employee Stock Ownership Plan                                                                                                                            |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1990, file no. 1-11255              
|       
|        | 10 | .10         |  | Amended indemnification Agreement                                                                                                                                                                                                |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1990, file no. 1-11255              
|       
|        | 10 | .11         |  | Indemnification Trust Agreement                                                                                                                                                                                                  |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1990, file no. 1-11255              
|       
|        | 10 | .12         |  | Management Agreement between Three SAC Self-Storage Corporation
    and subsidiaries of AMERCO                                                                                                                                   |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1997, file no. 1-11255              
|       
|        | 10 | .13         |  | Management Agreement between Four SAC Self- Storage Corporation
    and subsidiaries of AMERCO                                                                                                                                   |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1997, file no. 1-11255              
|       
|        | 10 | .14         |  | Agreement, dated October 17, 1995, among AMERCO, Edward J.
    Shoen, James P. Shoen, Aubrey K. Johnson, John M. Dodds and
    William E. Carty                                                                                  |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 1995, file no.
    1-11255
|       
|        | 10 | .15         |  | Directors Release, dated October 17, 1995, executed
    by Edward J. Shoen, James P. Shoen, Aubrey K. Johnson, John M.
    Dodds, and William E. Carty in favor of AMERCO                                                       |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 1995, file no.
    1-11255
|       
|        | 10 | .16         |  | AMERCO Release, dated October 17, 1995, executed by AMERCO
    in favor of Edward J. Shoen, James P. Shoen, Aubrey K. Johnson,
    John M. Dodds, and William E. Carty                                                           |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 1995, file no.
    1-11255
|       
|        | 10 | .17         |  | Management Agreement between Five SAC Self- Storage Corporation
    and subsidiaries of AMERCO                                                                                                                                   |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1999, file no. 1-11255              

44



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##### Table of Contents



|        |    |             |  |                                                                                                    |  |                                                                                                                                       
|------- | -- | ----------- |  | -------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                   
|Number  |    | Description |  | Page or Method of Filing                                                                          
|        |    |             |  |                                                                                                   
|       
|        | 10 | .18         |  | Management Agreement between Eight SAC Self-Storage Corporation
    and subsidiaries of AMERCO     |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1999, file no. 1-11255              
|       
|        | 10 | .19         |  | Management Agreement between Nine SAC Self-Storage Corporation
    and subsidiaries of AMERCO      |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1999, file no. 1-11255              
|       
|        | 10 | .20         |  | Management Agreement between Ten SAC Self- Storage Corporation
    and subsidiaries of AMERCO      |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 1999, file no. 1-11255              
|       
|        | 10 | .21         |  | Management Agreement between Six-A SAC Self-Storage Corporation
    and subsidiaries of AMERCO     |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2000, file no. 1-11255              
|       
|        | 10 | .22         |  | Management Agreement between Six-B SAC Self-Storage Corporation
    and subsidiaries of AMERCO     |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2000, file no. 1-11255              
|       
|        | 10 | .23         |  | Management Agreement between Six-C SAC Self-Storage Corporation
    and subsidiaries of AMERCO     |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2000, file no. 1-11255              
|       
|        | 10 | .24         |  | Management Agreement between Eleven SAC Self-Storage Corporation
    and subsidiaries of AMERCO    |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2000, file no. 1-11255              
|       
|        | 10 | .25         |  | Management Agreement between Twelve SAC Self-Storage Corporation
    and subsidiaries of AMERCO    |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             
|       
|        | 10 | .26         |  | Management Agreement between Thirteen SAC Self-Storage
    Corporation and subsidiaries of AMERCO  |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             
|       
|        | 10 | .27         |  | Management Agreement between Fourteen SAC Self-Storage
    Corporation and subsidiaries of AMERCO  |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             
|       
|        | 10 | .28         |  | Management Agreement between Fifteen SAC Self-Storage
    Corporation and subsidiaries of AMERCO   |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended December 31, 2000, file no.
    1-11255 
|       
|        | 10 | .29         |  | Management Agreement between Sixteen SAC Self-Storage
    Corporation and subsidiaries of AMERCO   |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended December 31, 2000, file no.
    1-11255 
|       
|        | 10 | .30         |  | Management Agreement between Seventeen SAC Self-Storage
    Corporation and subsidiaries of AMERCO |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2001, file no. 1-11255              
|       
|        | 10 | .31         |  | Management Agreement between Eighteen SAC Self-Storage
    Corporation and U-Haul                  |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .32         |  | Management Agreement between Nineteen SAC Self-Storage Limited
    Partnership and U-Haul          |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .33         |  | Management Agreement between Twenty SAC Self-Storage Corporation
    and U-Haul                    |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255

45



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##### Table of Contents



|        |    |             |  |                                                                                                                                                                  |  |                                                                                                                                       
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                                                                                 
|Number  |    | Description |  | Page or Method of Filing                                                                                                                                        
|        |    |             |  |                                                                                                                                                                 
|       
|        | 10 | .34         |  | Management Agreement between Twenty-One SAC Self-Storage
    Corporation and U-Haul                                                                              |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .35         |  | Management Agreement between Twenty-Two SAC Self-Storage
    Corporation and U-Haul                                                                              |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .36         |  | Management Agreement between Twenty-Three SAC Self-Storage
    Corporation and U-Haul                                                                            |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .37         |  | Management Agreement between Twenty-Four SAC Self-Storage
    Limited Partnership and U-Haul                                                                     |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .38         |  | Management Agreement between Twenty-Five SAC Self-Storage
    Limited Partnership and U-Haul                                                                     |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .39         |  | Management Agreement between Twenty-Six SAC Self-Storage Limited
    Partnership and U-Haul                                                                      |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file
    no. 1-11255
|       
|        | 10 | .40         |  | Management Agreement between Twenty-Seven SAC Self-Storage
    Limited Partnership and U-Haul                                                                    |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file no.
    1-11255
|       
|        | 10 | .41         |  | Promissory Note between SAC Holding Corporation and Oxford Life
    Insurance Company                                                                            |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file no.
    1-11255
|       
|        | 10 | .42         |  | Promissory Note between SAC Holding Corporation and Oxford Life
    Insurance Company                                                                            |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended September 30, 2002, file no.
    1-11255
|       
|        | 10 | .42A        |  | Amendment and Addendum to Promissory Note between SAC Holding
    Corporation and Oxford Life Insurance Company                                                  |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 373-114042                                             
|       
|        | 10 | .43         |  | 2003 AMERCO Support Party Agreement for the benefit of GMAC
    Commercial Holding Capital Corp.                                                                 |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2003, file no. 1-11255              
|       
|        | 10 | .44         |  | State of Arizona Department of Insurance Notice of
    Determination, Order of Supervision and Consent Thereto                                                   |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2003, file no. 1-11255              
|       
|        | 10 | .45         |  | Fixed Rate Note between SAC Holding Corporation and U-Haul
    International, Inc.                                                                               |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             
|       
|        | 10 | .46         |  | Promissory Note between SAC Holding Corporation and U-Haul
    International, Inc.                                                                               |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             
|       
|        | 10 | .47         |  | Amended and Restated Promissory Note between SAC Holding
    Corporation and U-Haul International, Inc. (in an aggregate
    principal amount up to $21,000,000) |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                             

46



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|        |    |             |  |                                                                                                                                                                  |  |                                                                                                                                        
|------- | -- | ----------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                                                                                 
|Number  |    | Description |  | Page or Method of Filing                                                                                                                                        
|        |    |             |  |                                                                                                                                                                 
|       
|        | 10 | .48         |  | Amended and Restated Promissory Note between SAC Holding
    Corporation and U-Haul International, Inc. (in an aggregate
    principal amount up to $47,500,000) |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                              
|       
|        | 10 | .49         |  | Amended and Restated Promissory Note between SAC Holding
    Corporation and U-Haul International, Inc. (in an aggregate
    principal amount up to $76,000,000) |  | Incorporated by reference to AMERCOs Form S-4
    Registration Statement, no. 333-114042                                              
|       
|        | 10 | .50         |  | Property Management Agreement                                                                                                                                    |  | Incorporated by reference to AMERCOs Annual Report on Form
    10-K for the year ended March 31, 2004, file
    no. 1-11255           
|       
|        | 10 | .51         |  | Property Management Agreements among Three-A through Three-D SAC
    Self-Storage Limited Partnership and the subsidiaries of U-Haul
    International, Inc.     |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended June 30, 2004, file
    no. 1-11255      
|       
|        | 10 | .52         |  | U-Haul Dealership Contract between U-Haul Leasing &
    Sales Co., and U-Haul Moving Partners, Inc.                                                              |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended June 30, 2004, file
    no. 1-11255      
|       
|        | 10 | .53         |  | Property Management Agreement between Mercury Partners, LP,
    Mercury 99, LLC and U-Haul Self-Storage Management (WPC), Inc.                                   |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended June 30, 2004, file
    no. 1-11255      
|       
|        | 10 | .54         |  | Property Management Agreement between Three-SAC Self-Storage
    Corporation and U-Haul Co. (Canada), Ltd.                                                       |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended June 30, 2004, file
    no. 1-11255      
|       
|        | 10 | .55         |  | Settlement and Release Agreement among PricewaterhouseCoopers
    LLP, AMERCO, and SAC Holding Corporation                                                       |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended December 31, 2004, file
    no. 1-11255**
|       
|        | 10 | .56         |  | Property Management Agreement among subsidiaries of U-Haul
    International and Galaxy Storage Two, L.P.                                                        |  | Incorporated by reference to AMERCOs Quarterly Report on
    Form 10-Q for the quarter ended December 31, 2004, file
    no. 1-11255  
|       
|        | 10 | .57         |  | Kocher Settlement and Release Agreement                                                                                                                          |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed on March 8, 2005                                           
|       
|        | 10 | .58         |  | Merrill Lynch Commitment Letter (re first mortgage loan)                                                                                                         |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed on May 13, 2005                                            
|       
|        | 10 | .59         |  | Notice of Early Termination (re Wells Fargo Loan and Security
    Agreement)                                                                                     |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed on May 13, 2005                                            
|       
|        | 10 | .60         |  | Notice of Redemption (re 9% Senior Secured Notes due 2009)                                                                                                       |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed on May 13, 2005                                            
|       
|        | 10 | .61         |  | Morgan Stanley Commitment Letter                                                                                                                                 |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed May 13, 2005                                               
|       
|        | 10 | .62         |  | Merrill Lynch Commitment Letter (re loan to Amerco Real Estate
    Company)                                                                                      |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed May 13, 2005                                               
|       
|        | 10 | .63         |  | Notice of Redemption (re 12% Senior Subordinated Notes due
    2011)                                                                                             |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed May 13, 2005                                               
|       
|        | 10 | .64         |  | Refinance Closing Docs                                                                                                                                           |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                                              

47



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##### Table of Contents



|        |    |             |  |                                                                                                                                                                                                                                                                                                                                        |  |                                                                                                             
|------- | -- | ----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------
|Exhibit |    |             |  |                                                                                                                                                                                                                                                                                                                                       
|Number  |    | Description |  | Page or Method of Filing                                                                                                                                                                                                                                                                                                              
|        |    |             |  |                                                                                                                                                                                                                                                                                                                                       
|       
|        | 10 | .65         |  | Amended and Restated Credit Agreement, dated June 8, 2005,
    among Amerco Real Estate Company, Amerco Real Estate Company of
    Texas, Inc., Amerco Real Estate Company of Alabama Inc., U-Haul
    Co. of Florida, Inc., U-Haul International, Inc. and Merrill
    Lynch Commercial Finance Corp.                                 |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .66         |  | Security Agreement, dated June 8, 2005, by Amerco Real
    Estate Company, Amerco Real Estate Company of Texas, Inc.,
    Amerco Real Estate Company of Alabama, Inc., U-Haul Co. of
    Florida, Inc., U-Haul International, Inc. and the Marketing
    Grantors named therein in favor of Merrill Lynch Commercial
    Finance Corp. |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .67         |  | Guarantee, dated June 8, 2005, by U-Haul International,
    Inc. in favor of Merrill Lynch Commercial Finance Corp.                                                                                                                                                                                                                    |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .68         |  | Promissory Note, dated June 8, 2005 by Amerco Real Estate
    Company, Amerco Real Estate Company of Texas, Inc., Amerco Real
    Estate Company of Alabama, Inc., U-Haul Co. of Florida, Inc. and
    U-Haul International, Inc.                                                                                                      |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .69         |  | Form of Mortgage, Security Agreement, Assignment of Rents and
    Fixture Filing, dated June 8, 2005, in favor of Morgan
    Stanley Mortgage Capital Inc.                                                                                                                                                                             |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .70         |  | Form of Promissory Note, dated June 8, 2005, in favor of
    Morgan Stanley Mortgage Capital Inc.                                                                                                                                                                                                                                      |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .71         |  | Form of Mortgage, Security Agreement, Assignment of Rents and
    Fixture Filing, dated June 8, 2005, in favor of Merrill
    Lynch Mortgage Lending, Inc.                                                                                                                                                                             |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .72         |  | Form of Promissory Note, dated June 8, 2005, in favor of
    Merrill Lynch Mortgage Lending, Inc.                                                                                                                                                                                                                                      |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .73         |  | Press Release dated June 9, 2005 (regarding closing of
    refinancing).                                                                                                                                                                                                                                                               |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 10 | .74         |  | Press Release dated June 9, 2005 (regarding Arizona
    Department of Insurance release).                                                                                                                                                                                                                                              |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed June 14, 2005                   
|       
|        | 14 |             |  | Code of Ethics                                                                                                                                                                                                                                                                                                                         |  | Incorporated by reference to AMERCOs Current Report on
    Form 8-K, filed on May 5, 2004, file no. 1-11255
|       
|        | 21 |             |  | Subsidiaries of AMERCO                                                                                                                                                                                                                                                                                                                 |  | Filed herewith                                                                                              
|       
|        | 23 | .1          |  | Consent of BDO Seidman, LLP                                                                                                                                                                                                                                                                                                            |  | Filed herewith                                                                                              
|       
|        | 23 | .2          |  | Consent of Semple & Cooper (re: SAC II)                                                                                                                                                                                                                                                                                                |  | Filed herewith                                                                                              
|       
|        | 24 |             |  | Power of Attorney                                                                                                                                                                                                                                                                                                                      |  | See signature page                                                                                          

48



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##### Table of Contents



|        |    |             |  |                                                                                                                                                                                 |  |               
|------- | -- | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------
|Exhibit |    |             |  |                                                                                                                                                                                
|Number  |    | Description |  | Page or Method of Filing                                                                                                                                                       
|        |    |             |  |                                                                                                                                                                                
|       
|        | 31 | .1          |  | Rule 13a-14(a)/15d-14(a) Certification 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) Certification of Jack A. Peterson,
    Chief Financial 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          |  | Certification of Edward J. Shoen, President and Chairman of the
    Board of AMERCO and U-Haul International, Inc. pursuant to
    Section 906 of the Sabanes-Oxley Act of 2002 |  | Filed herewith
|       
|        | 32 | .2          |  | Certification of Jack A. Peterson, Chief Financial Officer of
    AMERCO pursuant to Section 906 of the Sabanes-Oxley Act of
    2002                                           |  | Filed herewith
|       
|        | 32 | .3          |  | Certification of Robert T. Peterson, Chief Financial Officer of
    U-Haul International, Inc. pursuant to Section 906 of
    the Sabanes-Oxley Act of 2002                     |  | Filed herewith






| |   |                                         
| | - | ----------------------------------------
| | * | Indicates compensatory plan arrangement.



|   |                                                                                                 
|-- | ------------------------------------------------------------------------------------------------
|** | A portion of this exhibit has been omitted pursuant to a request
    for confidential treatment.

49



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##### Table of Contents






REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




















| |                     
| | --------------------
| | /s/ BDO Seidman, LLP





F-1



---



##### Table of Contents



INDEPENDENT AUDITORS REPORT
















| |                             
| | ----------------------------
| | /s/ Semple & Cooper, LLP    
| | Certified Public Accountants





F-2



---



##### Table of Contents






AMERCO AND CONSOLIDATED ENTITIES


CONSOLIDATED BALANCE SHEETS




|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |   |            |           |       | 
|-------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------- | --------- | ---- | - | ---------- | --------- | ----- | 
|                                                                                             |                                                                                                                                                      | March 31,                                                                                                                                                             |           
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |           
|                                                                                             |                                                                                                                                                      | 2005                                                                                                                                                                  |            |           | 2004 |  
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                             |                                                                                                                                                      | (In thousands)                                                                                                                                                        |           
|ASSETS                                                                                      
|Cash and cash equivalents                                                                    |                                                                                                                                                      | $                                                                                                                                                                     | 55,955     |           |      | $ | 81,557     |          
|Trade receivables, net                                                                       |                                                                                                                                                      |                                                                                                                                                                       | 236,817    |           |      |   | 268,386    |          
|Notes and mortgage receivables, net                                                          |                                                                                                                                                      |                                                                                                                                                                       | 1,965      |           |      |   | 3,300      |          
|Inventories, net                                                                             |                                                                                                                                                      |                                                                                                                                                                       | 63,658     |           |      |   | 52,802     |          
|Prepaid expenses                                                                             |                                                                                                                                                      |                                                                                                                                                                       | 19,874     |           |      |   | 13,172     |          
|Investments, fixed maturities                                                                |                                                                                                                                                      |                                                                                                                                                                       | 635,178    |           |      |   | 709,353    |          
|Investments, other                                                                           |                                                                                                                                                      |                                                                                                                                                                       | 345,207    |           |      |   | 349,145    |          
|Deferred policy acquisition costs, net                                                       |                                                                                                                                                      |                                                                                                                                                                       | 52,543     |           |      |   | 76,939     |          
|Other assets                                                                                 |                                                                                                                                                      |                                                                                                                                                                       | 85,291     |           |      |   | 61,405     |          
|Related party assets                                                                         |                                                                                                                                                      |                                                                                                                                                                       | 252,666    |           |      |   | 326,884    |          
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       | 1,749,154  |           |      |   | 1,942,943  |          
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|Property, plant and equipment, at cost:                                                      |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |   |            |          
|                                                                                             | Land                                                                                                                                                 |                                                                                                                                                                       |            | 151,145   |      |   |            | 158,594   |      
|                                                                                             | Buildings and improvements                                                                                                                           |                                                                                                                                                                       |            | 686,225   |      |   |            | 874,985   |      
|                                                                                             | Furniture and equipment                                                                                                                              |                                                                                                                                                                       |            | 265,216   |      |   |            | 293,115   |      
|                                                                                             | Rental trailers and other rental equipment                                                                                                           |                                                                                                                                                                       |            | 199,461   |      |   |            | 159,586   |      
|                                                                                             | Rental trucks                                                                                                                                        |                                                                                                                                                                       |            | 1,252,018 |      |   |            | 1,219,002 |      
|                                                                                             | SAC Holding II Corporation  property, plant and
    equipment                                                                                       |                                                                                                                                                                       |            | 77,594    |      |   |            | 78,363    |      
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       | 2,631,659  |           |      |   | 2,783,645  |          
|Less: Accumulated depreciation                                                               |                                                                                                                                                      |                                                                                                                                                                       | (1,277,191 | )         |      |   | (1,331,840 | )        
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                             | Total property, plant and equipment                                                                                                                  |                                                                                                                                                                       |            | 1,354,468 |      |   |            | 1,451,805 |      
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                             | Total assets                                                                                                                                         |                                                                                                                                                                       | $          | 3,103,622 |      |   | $          | 3,394,748 |      
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|                                                                                            
|LIABILITIES AND STOCKHOLDERS EQUITY                                                        
|Liabilities:                                                                                 |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |   |            |          
|                                                                                             | Accounts payable and accrued expenses                                                                                                                |                                                                                                                                                                       |            | 206,763   |      |   |            | 311,989   |      
|                                                                                             | Capital leases                                                                                                                                       |                                                                                                                                                                       |            |          |      |   |            | 99,607    |      
|                                                                                             | AMERCOs notes and loans payable                                                                                                                     |                                                                                                                                                                       |            | 780,008   |      |   |            | 862,703   |      
|                                                                                             | SAC Holding II Corporation notes and loans payable,
    non-recourse to AMERCO                                                                       |                                                                                                                                                                       |            | 77,474    |      |   |            | 78,637    |      
|                                                                                             | Policy benefits and losses, claims and loss expenses payable                                                                                         |                                                                                                                                                                       |            | 805,121   |      |   |            | 820,738   |      
|                                                                                             | Liabilities from investment contracts                                                                                                                |                                                                                                                                                                       |            | 503,838   |      |   |            | 574,745   |      
|                                                                                             | Other policyholders funds and liabilities                                                                                                           |                                                                                                                                                                       |            | 29,642    |      |   |            | 21,732    |      
|                                                                                             | Deferred income                                                                                                                                      |                                                                                                                                                                       |            | 38,743    |      |   |            | 53,150    |      
|                                                                                             | Deferred income taxes                                                                                                                                |                                                                                                                                                                       |            | 78,124    |      |   |            | 63,800    |      
|                                                                                             | Related party liabilities                                                                                                                            |                                                                                                                                                                       |            | 11,070    |      |   |            | 3,801     |      
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|Total liabilities                                                                            |                                                                                                                                                      |                                                                                                                                                                       | 2,530,783  |           |      |   | 2,890,902  |          
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|Commitments and contingencies (notes 9, 15, 16, 17 and
    19)                               |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |   |            |          
|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 March 31, 2005 and 2004               |            |           |     |   |            |           |      | 
|                                                                                             |                                                                                                                                                      | Series B preferred stock, with no par value,
    100,000 shares authorized; none issued and outstanding as
    of March 31, 2005 and 2004                             |            |           |     |   |            |           |      | 
|                                                                                             | 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 and
    5,662,496 shares issued as of March 31, 2005 and 2004,
    respectively |            |           | 929  |   |            |           | 1,416 | 
|                                                                                             | Common stock of $0.25 par value, 150,000,000 shares
    authorized; 38,269,518 and 36,323,205 issued as of
    March 31, 2005 and 2004, respectively |                                                                                                                                                                       |            | 9,568     |      |   |            | 9,081     |      
|Additional paid-in-capital                                                                   |                                                                                                                                                      |                                                                                                                                                                       | 350,344    |           |      |   | 349,732    |          
|Accumulated other comprehensive loss                                                         |                                                                                                                                                      |                                                                                                                                                                       | (30,661    | )         |      |   | (21,446    | )        
|Retained earnings                                                                            |                                                                                                                                                      |                                                                                                                                                                       | 671,642    |           |      |   | 595,181    |          
|Cost of common shares in treasury, net (20,701,096 shares
    as of March 31, 2005 and 2004) |                                                                                                                                                      |                                                                                                                                                                       | (418,092   | )         |      |   | (418,092   | )        
|Unearned employee stock ownership plan shares                                                |                                                                                                                                                      |                                                                                                                                                                       | (10,891    | )         |      |   | (12,026    | )        
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|Total stockholders equity                                                                   |                                                                                                                                                      |                                                                                                                                                                       | 572,839    |           |      |   | 503,846    |          
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  
|Total liabilities and stockholders equity                                                   |                                                                                                                                                      | $                                                                                                                                                                     | 3,103,622  |           |      | $ | 3,394,748  |          
|                                                                                             |                                                                                                                                                      |                                                                                                                                                                       |            |           |      |  



F-3



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##### Table of Contents






AMERCO AND CONSOLIDATED ENTITIES


CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                   |                                                         |                                                 |         |            |           |   |         |            |           |   |         |            |           | 
|-------------------------------------------------- | ------------------------------------------------------- | ----------------------------------------------- | ------- | ---------- | --------- | - | ------- | ---------- | --------- | - | ------- | ---------- | --------- | 
|                                                   |                                                         | Years Ended March 31,                           |        
|                                                   |                                                         |                                                 |        
|                                                   |                                                         | 2005                                            |         |            | 2004      |   |         | 2003       |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|                                                   |                                                         | (In thousands, except share and per share data) |        
|Revenues:                                          |                                                         |                                                 |         |            |           |   |         |            |           |   |         |           
|                                                   | Self-moving equipment rentals                           |                                                 | $       | 1,437,895  |           |   | $       | 1,381,208  |           |   | $       | 1,293,732  |          
|                                                   | Self-storage revenues                                   |                                                 |         | 114,155    |           |   |         | 247,640    |           |   |         | 238,938    |          
|                                                   | Self-moving and self-storage products and service sales |                                                 |         | 206,098    |           |   |         | 232,965    |           |   |         | 223,677    |          
|                                                   | Property management fees                                |                                                 |         | 11,839     |           |   |         | 259        |           |   |         | 89         |          
|                                                   | Life insurance premiums                                 |                                                 |         | 126,236    |           |   |         | 145,082    |           |   |         | 158,719    |          
|                                                   | Property and casualty insurance premiums                |                                                 |         | 24,987     |           |   |         | 92,036     |           |   |         | 149,206    |          
|                                                   | Net investment and interest income                      |                                                 |         | 56,739     |           |   |         | 38,281     |           |   |         | 40,731     |          
|                                                   | Other revenue                                           |                                                 |         | 30,172     |           |   |         | 38,523     |           |   |         | 36,252     |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|                                                   |                                                         | Total revenues                                  |         |            | 2,008,121 |   |         |            | 2,175,994 |   |         |            | 2,141,344 | 
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Costs and expenses:                                |                                                         |                                                 |         |            |           |   |         |            |           |   |         |           
|                                                   | Operating expenses                                      |                                                 |         | 1,122,197  |           |   |         | 1,179,996  |           |   |         | 1,182,222  |          
|                                                   | Commission expenses                                     |                                                 |         | 172,307    |           |   |         | 147,010    |           |   |         | 138,652    |          
|                                                   | Cost of sales                                           |                                                 |         | 105,309    |           |   |         | 111,906    |           |   |         | 115,115    |          
|                                                   | Benefits and losses                                     |                                                 |         | 140,343    |           |   |         | 217,447    |           |   |         | 248,349    |          
|                                                   | Amortization of deferred policy acquisition costs       |                                                 |         | 28,512     |           |   |         | 39,083     |           |   |         | 37,681     |          
|                                                   | Lease expense                                           |                                                 |         | 151,354    |           |   |         | 160,727    |           |   |         | 166,101    |          
|                                                   | Depreciation, net                                       |                                                 |         | 121,103    |           |   |         | 148,813    |           |   |         | 137,446    |          
|                                                   | Restructuring expenses                                  |                                                 |         |           |           |   |         | 44,097     |           |   |         | 6,568      |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|                                                   |                                                         | Total costs and expenses                        |         |            | 1,841,125 |   |         |            | 2,049,079 |   |         |            | 2,032,134 | 
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Earnings from operations                           |                                                         |                                                 | 166,996 |            |           |   | 126,915 |            |           |   | 109,210 |           
|                                                   | Interest expense                                        |                                                 |         | (73,205    | )         |   |         | (121,690   | )         |   |         | (148,131   | )        
|                                                   | Litigation settlement income, net of costs              |                                                 |         | 51,341     |           |   |         |           |           |   |         |           |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Pretax earnings (loss)                             |                                                         |                                                 | 145,132 |            |           |   | 5,225   |            |           |   | (38,921 | )         
|                                                   | Income tax benefit (expense)                            |                                                 |         | (55,708    | )         |   |         | (8,077     | )         |   |         | 13,935     |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Net earnings (loss)                                |                                                         |                                                 | 89,424  |            |           |   | (2,852  | )          |           |   | (24,986 | )         
|                                                   | Less: Preferred stock dividends                         |                                                 |         | (12,963    | )         |   |         | (12,963    | )         |   |         | (12,963    | )        
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Earnings (loss) available to common shareholders   |                                                         | $                                               | 76,461  |            |           | $ | (15,815 | )          |           | $ | (37,949 | )         
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Basic and diluted earnings (loss) per common share |                                                         | $                                               | 3.68    |            |           | $ | (0.76   | )          |           | $ | (1.82   | )         
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          
|Weighted average common shares outstanding:        |                                                         |                                                 |         |            |           |   |         |            |           |   |         |           
|                                                   | Basic and diluted                                       |                                                 |         | 20,804,773 |           |   |         | 20,749,998 |           |   |         | 20,824,618 |          
|                                                   |                                                         |                                                 |         |            |           |   |         |            |          







F-4



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##### Table of Contents






AMERCO AND CONSOLIDATED ENTITIES


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS
EQUITY


|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |   |  |   |         |   |  |   |         |  
|--------------------------------------------------------------------------- |  | ------------- | ----- | - | ------------- | - | ----- | ---------- | ----------- | - | ------------- | - |  | -------- | ------- | -------- | -------- | - | ------- | -------------- |  | ----- | ------------- | - |  | - | ------- | - |  | - | ------- | -
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  | Less:    |         |          |         
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  | Unearned |         |          |         
|                                                                            |  | Series A      |       |   |               |   |       |            | Accumulated |   |               |   |  |          |         | Employee |          |   |        
|                                                                            |  | Common Stock, |       |   | Common Stock, |   |       | Additional |             |   | Other         |   |  |          |         | Less:    |          |   | Stock   |                |  | Total |              
|                                                                            |  | $0.25 Par     |       |   | $0.25 Par     |   |       | Paid-In    |             |   | Comprehensive |   |  | Retained |         |          | Treasury |   |         | Onwership Plan |  |       | Stockholders |  
|Description                                                                 |  | Value         |       |   | Value         |   |       | Capital    |             |   | Loss          |   |  | Earnings |         |          | Stock    |   |         | Shares         |  |       | Equity        |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Balance as of March 31, 2002                                                |  | $             | 1,416 |   |               | $ | 9,081 |            |             | $ | 239,558       |   |  | $        | (40,580 | )        |          | $ | 606,171 |                |  | $     | (419,970      | ) |  | $ | (14,152 | ) |  | $ | 381,524 |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Issuance of common shares under leveraged employee stock
    ownership plan |  |               |      |   |               |   |      |            |             |   | (509          | ) |  |          |        |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | (509    | )
|Foreign currency translation                                                |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 3,781   |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 3,781   |  
|Fair market value of cash flow hedge                                        |  |               |      |   |               |   |      |            |             |   |              |   |  |          | (6,318  | )        |          |   |        |                |  |       |              |   |  |   |        |   |  |   | (6,318  | )
|Unrealized loss on investments                                              |  |               |      |   |               |   |      |            |             |   |              |   |  |          | (12,648 | )        |          |   |        |                |  |       |              |   |  |   |        |   |  |   | (12,648 | )
|Net loss                                                                    |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | (24,986 | )              |  |       |              |   |  |   |        |   |  |   | (24,986 | )
|Preferred stock dividends: Series A ($2.13 per share
    for 2003)          |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | (12,963 | )              |  |       |              |   |  |   |        |   |  |   | (12,963 | )
|Treasury stock transactions                                                 |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       | (1,408        | ) |  |   |        |   |  |   | (1,408  | )
|Shares allocated to participants                                            |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   | 975     |   |  |   | 975     |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Net activity                                                                |  |               |      |   |               |   |      |            |             |   | (509          | ) |  |          | (15,185 | )        |          |   | (37,949 | )              |  |       | (1,408        | ) |  |   | 975     |   |  |   | (54,076 | )
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Balance as of March 31, 2003                                                |  | $             | 1,416 |   |               | $ | 9,081 |            |             | $ | 239,049       |   |  | $        | (55,765 | )        |          | $ | 568,222 |                |  | $     | (421,378      | ) |  | $ | (13,177 | ) |  | $ | 327,448 |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Issuance of common shares under leveraged employee stock
    ownership plan |  |               |      |   |               |   |      |            |             |   | (311          | ) |  |          |        |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | (311    | )
|Foreign currency translation                                                |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 4,936   |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 4,936   |  
|Unrealized gain on investments                                              |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 27,896  |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 27,896  |  
|Net loss                                                                    |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | (2,852  | )              |  |       |              |   |  |   |        |   |  |   | (2,852  | )
|Preferred stock dividends: Series A ($2.13 per share
    for 2004)          |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | (12,963 | )              |  |       |              |   |  |   |        |   |  |   | (12,963 | )
|Contribution from related party                                             |  |               |      |   |               |   |      |            |             |   | 110,994       |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 110,994 |  
|SAC Holding Corporation distribution                                        |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 1,487   |          |          |   | 42,774  |                |  |       | 3,199         |   |  |   |        |   |  |   | 47,460  |  
|Treasury stock transactions                                                 |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       | 87            |   |  |   |        |   |  |   | 87      |  
|Shares allocated to participants                                            |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   | 1,151   |   |  |   | 1,151   |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Net activity                                                                |  |               |      |   |               |   |      |            |             |   | 110,683       |   |  |          | 34,319  |          |          |   | 26,959  |                |  |       | 3,286         |   |  |   | 1,151   |   |  |   | 176,398 |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Balance as of March 31, 2004                                                |  | $             | 1,416 |   |               | $ | 9,081 |            |             | $ | 349,732       |   |  | $        | (21,446 | )        |          | $ | 595,181 |                |  | $     | (418,092      | ) |  | $ | (12,026 | ) |  | $ | 503,846 |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Issuance of common shares under leveraged employee stock
    ownership plan |  |               |      |   |               |   |      |            |             |   | 612           |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 612     |  
|Foreign currency translation                                                |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 1,569   |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 1,569   |  
|Fair market value of cash flow hedge                                        |  |               |      |   |               |   |      |            |             |   |              |   |  |          | 47      |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   | 47      |  
|Unrealized loss on investments                                              |  |               |      |   |               |   |      |            |             |   |              |   |  |          | (10,831 | )        |          |   |        |                |  |       |              |   |  |   |        |   |  |   | (10,831 | )
|Net earnings                                                                |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | 89,424  |                |  |       |              |   |  |   |        |   |  |   | 89,424  |  
|Preferred stock dividends: Series A ($2.13 per share
    for 2005)          |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   | (12,963 | )              |  |       |              |   |  |   |        |   |  |   | (12,963 | )
|Purchase (sale) of shares                                                   |  |               | (487  | ) |               |   | 487   |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   |        |   |  |   |        |  
|Shares allocated to participants                                            |  |               |      |   |               |   |      |            |             |   |              |   |  |          |        |          |          |   |        |                |  |       |              |   |  |   | 1,135   |   |  |   | 1,135   |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Net activity                                                                |  |               | (487  | ) |               |   | 487   |            |             |   | 612           |   |  |          | (9,215  | )        |          |   | 76,461  |                |  |       |              |   |  |   | 1,135   |   |  |   | 68,993  |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  
|Balance as of March 31, 2005                                                |  | $             | 929   |   |               | $ | 9,568 |            |             | $ | 350,344       |   |  | $        | (30,661 | )        |          | $ | 671,642 |                |  | $     | (418,092      | ) |  | $ | (10,891 | ) |  | $ | 572,839 |  
|                                                                            |  |               |       |   |               |   |       |            |             |   |               |   |  |          |         |          |          |   |         |                |  |       |               |  



F-5



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES





CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE
INCOME/(LOSS)


|                                              |                                            |                                   |   |         |        |  |   |        |        |  |   |         |         |  
|--------------------------------------------- | ------------------------------------------ | --------------------------------- | - | ------- | ------ |  | - | ------ | ------ |  | - | ------- | ------- | -
|                                              |                                            | Years Ended March 31,             |  
|                                              |                                            |                                   |  
|                                              |                                            | 2005                              |   |         | 2004   |  |   | 2003   |       
|                                              |                                            |                                   |   |         |        |  |   |        |       
|                                              |                                            | (In thousands)                    |  
|Comprehensive income (loss):                  |                                            |                                   |   |         |        |  |   |        |        |  |   |        
|                                              | Net earnings (loss)                        |                                   | $ | 89,424  |        |  | $ | (2,852 | )      |  | $ | (24,986 | )      
|Other comprehensive income (loss) net of tax: |                                            |                                   |   |         |        |  |   |        |        |  |   |        
|                                              | Foreign currency translation               |                                   |   | 1,569   |        |  |   | 6,423  |        |  |   | 3,781   |        
|                                              | Fair market value of cash flow hedges      |                                   |   | 47      |        |  |   |       |        |  |   | (6,318  | )      
|                                              | Unrealized gain (loss) on investments, net |                                   |   | (10,831 | )      |  |   | 27,896 |        |  |   | (12,648 | )      
|                                              |                                            |                                   |   |         |        |  |   |        |       
|                                              |                                            | Total comprehensive income (loss) |   | $       | 80,209 |  |   | $      | 31,467 |  |   | $       | (40,171 | )
|                                              |                                            |                                   |   |         |        |  |   |        |       



F-6



---



##### Table of Contents






AMERCO AND CONSOLIDATED ENTITIES


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |          |          |         |          |          |          |  
|------------------------------------------------ | ------------------------------------------------------------------ | ----------------------------------------------------- | ------------------------------------------------------------ | -------- | -------- | ------- | ------- | -------- | -------- | -------- | ------- | -------- | -------- | -------- | -
|                                                 |                                                                    | Year Ended March 31,                                  |                                                             
|                                                 |                                                                    |                                                       |                                                             
|                                                 |                                                                    | 2005                                                  |                                                              |          | 2004     |         |         | 2003     |         
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|                                                 |                                                                    | (In thousands)                                        |                                                             
|Cash flows from operating activities:            |                                                                    |                                                       |                                                              |          |          |         |         |          |          |          |         |         
|                                                 | Net earnings (loss)                                                |                                                       | $                                                            | 89,424   |          |         | $       | (2,852   | )        |          | $       | (24,986  | )       
|                                                 |                                                                    | Depreciation                                          |                                                              |          | 118,091  |         |         |          | 144,889  |          |         |          | 134,170  |         
|                                                 |                                                                    | Amortization of deferred policy acquisition costs     |                                                              |          | 28,512   |         |         |          | 39,083   |          |         |          | 37,681   |         
|                                                 |                                                                    | Provision for losses on accounts receivable           |                                                              |          | (506     | )       |         |          | (271     | )        |         |          | (213     | )       
|                                                 |                                                                    | Provision for inventory reserves                      |                                                              |          | (1,000   | )       |         |          | (267     | )        |         |          | (120     | )       
|                                                 |                                                                    | Net (gain) loss on sale of real and personal property |                                                              |          | 3,012    |         |         |          | 3,924    |          |         |          | 3,276    |         
|                                                 |                                                                    | Net (gain) loss on sale of investments                |                                                              |          | 616      |         |         |          | (1,962   | )        |         |          | 616      |         
|                                                 |                                                                    | Deferred income taxes                                 |                                                              |          | 61,113   |         |         |          | 96,042   |          |         |          | (26,197  | )       
|                                                 |                                                                    | Net change in other operating assets and liabilities: |                                                              |          |          |         |         |          |          |          |         |          |          |         
|                                                 |                                                                    |                                                       | Trade receivables                                            |          |          | 32,189  |         |          |          | 6,887    |         |          |          | (9,805   | )
|                                                 |                                                                    |                                                       | Inventories                                                  |          |          | (9,856  | )       |          |          | 735      |         |          |          | 12,626   |  
|                                                 |                                                                    |                                                       | Prepaid expenses                                             |          |          | (6,702  | )       |          |          | 8,674    |         |          |          | (6,567   | )
|                                                 |                                                                    |                                                       | Capitalization of deferred policy acquisition costs          |          |          | (8,873  | )       |          |          | (17,231  | )       |          |          | (42,926  | )
|                                                 |                                                                    |                                                       | Other assets                                                 |          |          | (23,887 | )       |          |          | 2,196    |         |          |          | (5,281   | )
|                                                 |                                                                    |                                                       | Related party assets                                         |          |          | 74,780  |         |          |          | (247,161 | )       |          |          | (110,793 | )
|                                                 |                                                                    |                                                       | Accounts payable and accrued expenses                        |          |          | (96,000 | )       |          |          | 39,265   |         |          |          | 70,918   |  
|                                                 |                                                                    |                                                       | Policy benefits and losses, claims and loss expenses payable |          |          | (15,618 | )       |          |          | (15,894  | )       |          |          | 17,049   |  
|                                                 |                                                                    |                                                       | Other policyholders funds and liabilities                   |          |          | 7,910   |         |          |          | (8,577   | )       |          |          | (43,288  | )
|                                                 |                                                                    |                                                       | Deferred income                                              |          |          | (14,407 | )       |          |          | 12,763   |         |          |          | (2,871   | )
|                                                 |                                                                    |                                                       | Related party liabilities                                    |          |          | (18,079 | )       |          |          | (123,076 | )       |          |          | 114,844  |  
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Net cash provided (used) by operating activities |                                                                    |                                                       | 220,719                                                      |          |          |         | (62,833 | )        |          |          | 118,133 |         
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Cash flows from investing activities:            |                                                                    |                                                       |                                                              |          |          |         |         |          |          |          |         |         
|                                                 | Purchase of:                                                       |                                                       |                                                              |          |          |         |         |          |          |          |         |          |         
|                                                 |                                                                    | Property, plant and equipment                         |                                                              |          | (284,966 | )       |         |          | (198,443 | )        |         |          | (243,161 | )       
|                                                 |                                                                    | Short term investments                                |                                                              |          | (16,830  | )       |         |          |         |          |         |          |         |         
|                                                 |                                                                    | Fixed maturity investments                            |                                                              |          | (98,211  | )       |         |          | (77,384  | )        |         |          | (278,357 | )       
|                                                 |                                                                    | Equity securities                                     |                                                              |          | (6,349   | )       |         |          | (1,736   | )        |         |          |         |         
|                                                 |                                                                    | Other asset investments, net                          |                                                              |          |         |         |         |          | 637      |          |         |          | (40,910  | )       
|                                                 |                                                                    | Real estate                                           |                                                              |          | (63      | )       |         |          | (17,156  | )        |         |          | (21,759  | )       
|                                                 |                                                                    | Mortgage loans                                        |                                                              |          | (2,750   | )       |         |          | (450     | )        |         |          |         |         
|                                                 |                                                                    | Notes and mortgage receivables                        |                                                              |          |         |         |         |          |         |          |         |          | (1,030   | )       
|                                                 | Proceeds from sales of:                                            |                                                       |                                                              |          |          |         |         |          |          |          |         |          |         
|                                                 |                                                                    | Property, plant and equipment                         |                                                              |          | 243,707  |         |         |          | 63,175   |          |         |          | 96,889   |         
|                                                 |                                                                    | Short term investments                                |                                                              |          | 10,866   |         |         |          |         |          |         |          |         |         
|                                                 |                                                                    | Fixed maturity investments                            |                                                              |          | 152,024  |         |         |          | 243,490  |          |         |          | 364,114  |         
|                                                 |                                                                    | Equity securities                                     |                                                              |          | 56       |         |         |          | 3,452    |          |         |          | 2,885    |         
|                                                 |                                                                    | Preferred stock                                       |                                                              |          | 15,803   |         |         |          | 16,882   |          |         |          |         |         
|                                                 |                                                                    | Real estate                                           |                                                              |          | 16,185   |         |         |          | 6,338    |          |         |          | 22,043   |         
|                                                 |                                                                    | Mortgage loans                                        |                                                              |          | 5,368    |         |         |          | 16,374   |          |         |          | 18,173   |         
|                                                 |                                                                    | Notes and mortgage receivables                        |                                                              |          | 1,336    |         |         |          | 5,008    |          |         |          |         |         
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Net cash provided (used) by investing activities |                                                                    |                                                       | 36,176                                                       |          |          |         | 60,187  |          |          |          | (81,113 | )       
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Cash flows from financing activities:            |                                                                    |                                                       |                                                              |          |          |         |         |          |          |          |         |         
|                                                 | Borrowings from credit facilities                                  |                                                       |                                                              | 129,355  |          |         |         | 997,014  |          |          |         | 371,736  |         
|                                                 | Principal repayments on credit facilities                          |                                                       |                                                              | (213,405 | )        |         |         | (888,184 | )        |          |         | (442,112 | )       
|                                                 | Debt issuance costs                                                |                                                       |                                                              |         |          |         |         | (24,831  | )        |          |         | (3,010   | )       
|                                                 | Leveraged Employee Stock Ownership Plan  Repayments
    from loan |                                                       |                                                              | 1,135    |          |         |         | 1,151    |          |          |         | 975      |         
|                                                 | Payoff of capital leases                                           |                                                       |                                                              | (99,609  | )        |         |         |         |          |          |         |         |         
|                                                 | Dividends paid                                                     |                                                       |                                                              | (29,167  | )        |         |         | (3,241   | )        |          |         | (6,480   | )       
|                                                 | Investment contract deposits                                       |                                                       |                                                              | 26,331   |          |         |         | 50,990   |          |          |         | 165,281  |         
|                                                 | Investment contract withdrawals                                    |                                                       |                                                              | (97,137  | )        |         |         | (115,530 | )        |          |         | (98,022  | )       
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Net cash provided (used) by financing activities |                                                                    |                                                       | (282,497                                                     | )        |          |         | 17,369  |          |          |          | (11,632 | )       
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Increase (decrease) in cash and cash equivalents |                                                                    |                                                       | (25,602                                                      | )        |          |         | 14,723  |          |          |          | 25,388  |         
|Cash and cash equivalents at beginning of year   |                                                                    |                                                       | 81,557                                                       |          |          |         | 66,834  |          |          |          | 41,446  |         
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         
|Cash and cash equivalents at end of year         |                                                                    | $                                                     | 55,955                                                       |          |          | $       | 81,557  |          |          | $        | 66,834  |         
|                                                 |                                                                    |                                                       |                                                              |          |          |         |         |          |         



F-7



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES





NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|        |                      
|------- | ---------------------
|Note 1: | Basis of Presentation

st






|        |                            
|------- | ---------------------------
|Note 2: | Principles of Consolidation

















| |                              
| | -----------------------------
| | Description of legal entities





| |                                            
| | -------------------------------------------
| | U-Haul International, Inc. (U-Haul),     
|
| | Amerco Real Estate Company (Real Estate),

F-8



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                                                                   
| | ----------------------------------------------------------------------------------
| | Republic Western Insurance Company (RepWest) and its
    wholly-owned subsidiary



| |                                                                 
| | ----------------------------------------------------------------
| | North American Fire & Casualty Insurance Company
    (NAFCIC),



| |                                                                               
| | ------------------------------------------------------------------------------
| | Oxford Life Insurance Company (Oxford) and its
    wholly-owned subsidiaries



| |                                                     
| | ----------------------------------------------------
| | North American Insurance Company (NAI)            
|
| | Christian Fidelity Life Insurance Company (CFLIC),





| |                                  
| | ---------------------------------
| | Description of Operating Segments













|        |                    
|------- | -------------------
|Note 3: | Accounting Policies



| |                 
| | ----------------
| | Use of Estimates



F-9



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                          
| | -------------------------
| | Cash and Cash Equivalents







| |            
| | -----------
| | Investments

Fixed Maturities.


Held-to-Maturity.


Available-for-Sale.


Mortgage Loans and Notes on Real Estate.


Recognition of Investment Income.




| |            
| | -----------
| | Fair Values







F-10



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |                                 
| | --------------------------------
| | Derivative Financial Instruments









| |                 
| | ----------------
| | Inventories, net



|                                           |       |                |        |        |      |   |        |        | 
|------------------------------------------ | ----- | -------------- | ------ | ------ | ---- | - | ------ | ------ | 
|                                           |       | March 31,      |       
|                                           |       |                |       
|                                           |       | 2005           |        |        | 2004 |  
|                                           |       |                |        |        |      |  
|                                           |       | (In thousands) |       
|Truck and trailer parts and accessories(a) |       | $              | 46,628 |        |      | $ | 36,400 |       
|Hitches and towing components(a)           |       |                | 11,355 |        |      |   | 10,438 |       
|Moving supplies and propane(b)             |       |                | 5,675  |        |      |   | 5,964  |       
|                                           |       |                |        |        |      |  
|                                           | Total |                | $      | 63,658 |      |   | $      | 52,802 | 
|                                           |       |                |        |        |      |  






|    |                                  
|--- | ---------------------------------
|(a) | Primarily held for internal usage



|    |  |                                
|--- |  | -------------------------------
|(b) |  | Primarily held for retail sales



F-11



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                              
| | -----------------------------
| | Property, Plant and Equipment









| |            
| | -----------
| | Receivables







F-12



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










| |                                                                 
| | ----------------------------------------------------------------
| | Policy Benefits and Losses, Claims and Loss Expenses
    Payable









| |                    
| | -------------------
| | Revenue Recognition





| |            
| | -----------
| | Advertising





| |                                  
| | ---------------------------------
| | Deferred Policy Acquisition Costs





| |                    
| | -------------------
| | Environmental Costs



F-13



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |             
| | ------------
| | Income Taxes





| |                            
| | ---------------------------
| | Comprehensive Income/(Loss)





| |                                 
| | --------------------------------
| | Recent Accounting Pronouncements







F-14



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |                   
|------- | ------------------
|Note 4: | Earnings Per Share





|                                                   |                   |                       |      |            |      |   |       |            |  |   |       |            | 
|-------------------------------------------------- | ----------------- | --------------------- | ---- | ---------- | ---- | - | ----- | ---------- |  | - | ----- | ---------- | 
|                                                   |                   | Years Ended March 31, |     
|                                                   |                   |                       |     
|                                                   |                   | 2005                  |      |            | 2004 |   |       | 2003       | 
|                                                   |                   |                       |      |            |      |   |       |            | 
|Basic and diluted earnings (loss) per common share |                   | $                     | 3.68 |            |      | $ | (0.76 | )          |  | $ | (1.82 | )         
|                                                   |                   |                       |      |            |      |   |       |            | 
|Weighted average common share outstanding:         |                   |                       |      |            |      |   |       |            |  |   |       |           
|                                                   | Basic and diluted |                       |      | 20,804,773 |      |   |       | 20,749,998 |  |   |       | 20,824,618 | 
|                                                   |                   |                       |      |            |      |   |       |            | 







|        |                       
|------- | ----------------------
|Note 5: | Trade Receivables, Net



|                                     |  |                |         |   |      |   |         |  
|------------------------------------ |  | -------------- | ------- | - | ---- | - | ------- | -
|                                     |  | March 31,      |        
|                                     |  |                |        
|                                     |  | 2005           |         |   | 2004 |  
|                                     |  |                |         |   |      |  
|                                     |  | (In thousands) |        
|Reinsurance recoverable              |  | $              | 190,840 |   |      | $ | 180,481 |  
|Paid losses recoverable              |  |                | 15,764  |   |      |   | 25,418  |  
|Trade accounts receivable            |  |                | 9,847   |   |      |   | 5,080   |  
|Accrued investment income            |  |                | 7,703   |   |      |   | 9,645   |  
|Premiums and agents balances        |  |                | 3,799   |   |      |   | 9,091   |  
|E&O Recovery receivable              |  |                | 2,200   |   |      |   |        |  
|Independent dealer receivable        |  |                | 864     |   |      |   | 1,054   |  
|Other receivable                     |  |                | 7,191   |   |      |   | 39,629  |  
|                                     |  |                |         |   |      |  
|                                     |  |                | 238,208 |   |      |   | 270,398 |  
|Less allowance for doubtful accounts |  |                | (1,391  | ) |      |   | (2,012  | )
|                                     |  |                |         |   |      |  
|                                     |  | $              | 236,817 |   |      | $ | 268,386 |  
|                                     |  |                |         |   |      |  



|        |                                    
|------- | -----------------------------------
|Note 6: | Notes and Mortgage Receivables, Net



|                                                       |  |                |        |   |      |   |        |  
|------------------------------------------------------ |  | -------------- | ------ | - | ---- | - | ------ | -
|                                                       |  | March 31,      |       
|                                                       |  |                |       
|                                                       |  | 2005           |        |   | 2004 |  
|                                                       |  |                |        |   |      |  
|                                                       |  | (In thousands) |       
|Notes, mortgage receivables and other, net of discount |  | $              | 4,589  |   |      | $ | 5,924  |  
|Less allowance for doubtful accounts                   |  |                | (2,624 | ) |      |   | (2,624 | )
|                                                       |  |                |        |   |      |  
|                                                       |  | $              | 1,965  |   |      | $ | 3,300  |  
|                                                       |  |                |        |   |      |  

F-15



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |            
|------- | -----------
|Note 7: | Investments



| |                             
| | ----------------------------
| | Held-to-Maturity Investments



|                                                    |  |                |       |       |            |   |       |            |  |           |        |   |  |   |       | 
|--------------------------------------------------- |  | -------------- | ----- | ----- | ---------- | - | ----- | ---------- |  | --------- | ------ | - |  | - | ----- | 
|                                                    |  |                |       | Gross |            |   | Gross |            |  | Estimated |       
|                                                    |  | Amortized      |       |       | Unrealized |   |       | Unrealized |  |           | Market |  
|                                                    |  | Cost           |       |       | Gains      |   |       | Losses     |  |           | Value  |  
|                                                    |  |                |       |       |            |   |       |            |  |           |        |  
|                                                    |  | (In thousands) |      
|U.S. treasury securities and government obligations |  | $              | 566   |       |            | $ | 133   |            |  | $         |       |   |  | $ | 699   | 
|Mortgage-backed securities                          |  |                | 864   |       |            |   | 23    |            |  |           | (2     | ) |  |   | 885   | 
|                                                    |  |                |       |       |            |   |       |            |  |           |        |  
|                                                    |  | $              | 1,430 |       |            | $ | 156   |            |  | $         | (2     | ) |  | $ | 1,584 | 
|                                                    |  |                |       |       |            |   |       |            |  |           |        |  



|                                                    |  |           |       |                |            |   |       |            |  |           |        |   |  |   |       | 
|--------------------------------------------------- |  | --------- | ----- | -------------- | ---------- | - | ----- | ---------- |  | --------- | ------ | - |  | - | ----- | 
|                                                    |  |           |       | Gross          |            |   | Gross |            |  | Estimated |       
|                                                    |  | Amortized |       |                | Unrealized |   |       | Unrealized |  |           | Market |  
|                                                    |  | Cost      |       |                | Gains      |   |       | Losses     |  |           | Value  |  
|                                                    |  |           |       |                |            |   |       |            |  |           |        |  
|                                                    |  |           |       | (In thousands) |            |   |      
|U.S. treasury securities and government obligations |  | $         | 522   |                |            | $ | 148   |            |  | $         |       |   |  | $ | 670   | 
|Mortgage-backed securities                          |  |           | 5,308 |                |            |   | 109   |            |  |           | (2     | ) |  |   | 5,415 | 
|                                                    |  |           |       |                |            |   |       |            |  |           |        |  
|                                                    |  | $         | 5,830 |                |            | $ | 257   |            |  | $         | (2     | ) |  | $ | 6,085 | 
|                                                    |  |           |       |                |            |   |       |            |  |           |        |  



|                                       |  |                   |       |  |                   |           |       |           |  |   |        |  |  |   |       | 
|-------------------------------------- |  | ----------------- | ----- |  | ----------------- | --------- | ----- | --------- |  | - | ------ |  |  | - | ----- | 
|                                       |  | December 31, 2004 |       |  | December 31, 2003 |          
|                                       |  |                   |       |  |                   |          
|                                       |  |                   |       |  |                   | Estimated |      
|                                       |  | Amortized         |       |  | Estimated         |           |       | Amortized |  |   | Market | 
|                                       |  | Cost              |       |  | Market Value      |           |       | Cost      |  |   | Value  | 
|                                       |  |                   |       |  |                   |           |       |           |  |   |        | 
|                                       |  | (In thousands)    |      
|Due in one year or less                |  | $                 |      |  |                   | $         |      |           |  | $ |       |  |  | $ |      | 
|Due after one year through five years  |  |                   | 260   |  |                   |           | 287   |           |  |   | 240    |  |  |   | 283   | 
|Due after five years through ten years |  |                   | 220   |  |                   |           | 285   |           |  |   | 219    |  |  |   | 294   | 
|After ten years                        |  |                   | 86    |  |                   |           | 127   |           |  |   | 63     |  |  |   | 93    | 
|                                       |  |                   |       |  |                   |           |       |           |  |   |        | 
|                                       |  |                   | 566   |  |                   |           | 699   |           |  |   | 522    |  |  |   | 670   | 
|Mortgage-backed securities             |  |                   | 864   |  |                   |           | 885   |           |  |   | 5,308  |  |  |   | 5,415 | 
|                                       |  |                   |       |  |                   |           |       |           |  |   |        | 
|                                       |  | $                 | 1,430 |  |                   | $         | 1,584 |           |  | $ | 5,830  |  |  | $ | 6,085 | 
|                                       |  |                   |       |  |                   |           |       |           |  |   |        | 





F-16



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                               
| | ------------------------------
| | Available-for-Sale Investments



|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |        |   |  |   |         | 
|--------------------------------------------------- |  | -------------- | ------- | ----- | ---------- | ---------- | ------ | --------- | ---------- | ------ | --------- | - | --------- | ------ | ------ | - |  | - | ------- | 
|                                                    |  |                |         |       |            | Gross      |        |           |            |        |          
|                                                    |  |                |         |       |            | Unrealized |        |           | Gross      |        |           |  
|                                                    |  |                |         |       |            | Losses     |        |           | Unrealized |        |           |  
|                                                    |  |                |         | Gross |            |            | More   |           |            | Losses |           |   | Estimated |       
|                                                    |  | Amortized      |         |       | Unrealized |            |        | Than      |            |        | Less Than |   |           | Market |       
|                                                    |  | Cost           |         |       | Gains      |            |        | 12 Months |            |        | 12 Months |   |           | Value  |       
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       
|                                                    |  | (In thousands) |        
|U.S. treasury securities and government obligations |  | $              | 28,249  |       |            | $          | 1,840  |           |            | $      | (28       | ) |           | $      | (56    | ) |  | $ | 30,005  | 
|U.S. government agency mortgage-backed securities   |  |                | 9,718   |       |            |            | 344    |           |            |        |          |   |           |        |       |   |  |   | 10,062  | 
|Obligations of states and political subdivisions    |  |                | 788     |       |            |            | 22     |           |            |        |          |   |           |        |       |   |  |   | 810     | 
|Corporate securities                                |  |                | 460,687 |       |            |            | 20,861 |           |            |        | (3,303    | ) |           |        | (1,274 | ) |  |   | 476,971 | 
|Mortgage-backed securities                          |  |                | 78,329  |       |            |            | 1,752  |           |            |        | (1,931    | ) |           |        | (169   | ) |  |   | 77,981  | 
|Redeemable preferred stocks                         |  |                | 30,058  |       |            |            | 1,220  |           |            |        |          |   |           |        |       |   |  |   | 31,278  | 
|Equity securities                                   |  |                | 7,476   |       |            |            | 46     |           |            |        |          |   |           |        | (881   | ) |  |   | 6,641   | 
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       
|                                                    |  | $              | 615,305 |       |            | $          | 26,085 |           |            | $      | (5,262    | ) |           | $      | (2,380 | ) |  | $ | 633,748 | 
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       



|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |        |   |  |   |         | 
|--------------------------------------------------- |  | -------------- | ------- | ----- | ---------- | ---------- | ------ | --------- | ---------- | ------ | --------- | - | --------- | ------ | ------ | - |  | - | ------- | 
|                                                    |  |                |         |       |            | Gross      |        |           |            |        |          
|                                                    |  |                |         |       |            | Unrealized |        |           | Gross      |        |           |  
|                                                    |  |                |         |       |            | Losses     |        |           | Unrealized |        |           |  
|                                                    |  |                |         | Gross |            |            | More   |           |            | Losses |           |   | Estimated |       
|                                                    |  | Amortized      |         |       | Unrealized |            |        | Than      |            |        | Less Than |   |           | Market |       
|                                                    |  | Cost           |         |       | Gains      |            |        | 12 Months |            |        | 12 Months |   |           | Value  |       
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       
|                                                    |  | (In thousands) |        
|U.S. treasury securities and government obligations |  | $              | 29,765  |       |            | $          | 2,134  |           |            | $      | (36       | ) |           | $      |       |   |  | $ | 31,863  | 
|U.S. government agency mortgage-backed securities   |  |                | 10,570  |       |            |            | 316    |           |            |        |          |   |           |        | (12    | ) |  |   | 10,874  | 
|Obligations of states and political subdivisions    |  |                | 2,850   |       |            |            | 91     |           |            |        |          |   |           |        |       |   |  |   | 2,941   | 
|Corporate securities                                |  |                | 510,596 |       |            |            | 32,515 |           |            |        | (6,562    | ) |           |        | (905   | ) |  |   | 535,644 | 
|Mortgage-backed securities                          |  |                | 74,268  |       |            |            | 1,739  |           |            |        | (1,053    | ) |           |        | (318   | ) |  |   | 74,636  | 
|Redeemable preferred stocks                         |  |                | 45,861  |       |            |            | 1,426  |           |            |        | (68       | ) |           |        | (3     | ) |  |   | 47,216  | 
|Equity securities                                   |  |                | 243     |       |            |            | 106    |           |            |        |          |   |           |        |       |   |  |   | 349     | 
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       
|                                                    |  | $              | 674,153 |       |            | $          | 38,327 |           |            | $      | (7,719    | ) |           | $      | (1,238 | ) |  | $ | 703,523 | 
|                                                    |  |                |         |       |            |            |        |           |            |        |           |   |           |        |       



F-17



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                       |  |                   |         |           |                   |   |         |           |           |   |         |  |  |   |         | 
|-------------------------------------- |  | ----------------- | ------- | --------- | ----------------- | - | ------- | --------- | --------- | - | ------- |  |  | - | ------- | 
|                                       |  | December 31, 2004 |         |           | December 31, 2003 |  
|                                       |  |                   |         |           |                   |  
|                                       |  |                   |         | Estimated |                   |   |         |           | Estimated |  
|                                       |  | Amortized         |         |           | Market            |   |         | Amortized |           |   | Market  | 
|                                       |  | Cost              |         |           | Value             |   |         | Cost      |           |   | Value   | 
|                                       |  |                   |         |           |                   |   |         |           |           |   |         | 
|                                       |  | (In thousands)    |        
|Due in one year or less                |  | $                 | 110,679 |           |                   | $ | 112,058 |           |           | $ | 50,698  |  |  | $ | 50,847  | 
|Due after one year through five years  |  |                   | 181,455 |           |                   |   | 185,890 |           |           |   | 270,186 |  |  |   | 283,711 | 
|Due after five years through ten years |  |                   | 109,108 |           |                   |   | 113,076 |           |           |   | 132,009 |  |  |   | 137,969 | 
|After ten years                        |  |                   | 98,200  |           |                   |   | 106,824 |           |           |   | 100,888 |  |  |   | 108,795 | 
|                                       |  |                   |         |           |                   |   |         |           |           |   |         | 
|                                       |  |                   | 499,442 |           |                   |   | 517,848 |           |           |   | 553,781 |  |  |   | 581,322 | 
|Mortgage-backed securities             |  |                   | 78,329  |           |                   |   | 77,981  |           |           |   | 74,268  |  |  |   | 74,636  | 
|Redeemable preferred stocks            |  |                   | 30,058  |           |                   |   | 31,278  |           |           |   | 45,861  |  |  |   | 47,216  | 
|Equity securities                      |  |                   | 7,476   |           |                   |   | 6,641   |           |           |   | 243     |  |  |   | 349     | 
|                                       |  |                   |         |           |                   |   |         |           |           |   |         | 
|                                       |  | $                 | 615,305 |           |                   | $ | 633,748 |           |           | $ | 674,153 |  |  | $ | 703,523 | 
|                                       |  |                   |         |           |                   |   |         |           |           |   |         | 



| |                   
| | ------------------
| | Investments, other



|                       |  |                |         |  |      |   |         | 
|---------------------- |  | -------------- | ------- |  | ---- | - | ------- | 
|                       |  | March 31,      |        
|                       |  |                |        
|                       |  | 2005           |         |  | 2004 |  
|                       |  |                |         |  |      |  
|                       |  | (In thousands) |        
|Short-term investments |  | $              | 193,525 |  |      | $ | 187,560 | 
|Mortgage loans, net    |  |                | 51,196  |  |      |   | 53,496  | 
|Real estate            |  |                | 93,178  |  |      |   | 101,421 | 
|Policy loans           |  |                | 5,185   |  |      |   | 5,698   | 
|Other                  |  |                | 2,123   |  |      |   | 970     | 
|                       |  |                |         |  |      |  
|                       |  | $              | 345,207 |  |      | $ | 349,145 | 
|                       |  |                |         |  |      |  









F-18



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |                                   
|------- | ----------------------------------
|Note 8: | Investment and Interest Income Net



|                                                                             |                          |                      |        |        |      |   |        |        |   |   |        |        |  
|---------------------------------------------------------------------------- | ------------------------ | -------------------- | ------ | ------ | ---- | - | ------ | ------ | - | - | ------ | ------ | -
|                                                                             |                          | Year Ended March 31, |       
|                                                                             |                          |                      |       
|                                                                             |                          | 2005                 |        |        | 2004 |   |        | 2003   |  
|                                                                             |                          |                      |        |        |      |   |        |        |  
|                                                                             |                          | (In thousands)       |       
|Fixed maturities                                                             |                          | $                    | 21,085 |        |      | $ | 23,002 |        |   | $ | 35,952 |       
|Real estate                                                                  |                          |                      | 12,836 |        |      |   | 10,879 |        |   |   | 3,578  |       
|Insurance policy loans                                                       |                          |                      | 160    |        |      |   | 498    |        |   |   |       |       
|Mortgage loans                                                               |                          |                      | 6,312  |        |      |   | 7,173  |        |   |   | 35     |       
|Short-term, amounts held by ceding reinsurers, net and other
    investments |                          |                      | (2,442 | )      |      |   | 1,616  |        |   |   | (3,044 | )     
|                                                                             |                          |                      |        |        |      |   |        |        |  
|Investment income                                                            |                          |                      | 37,951 |        |      |   | 43,168 |        |   |   | 36,521 |       
|                                                                             | Less investment expenses |                      |        | (3,154 | )    |   |        | (6,511 | ) |   |        | (1,112 | )
|Investment income-related party                                              |                          |                      | 21,942 |        |      |   | 1,624  |        |   |   | 5,322  |       
|                                                                             |                          |                      |        |        |      |   |        |        |  
|Investment and interest income, net                                          |                          | $                    | 56,739 |        |      | $ | 38,281 |        |   | $ | 40,731 |       
|                                                                             |                          |                      |        |        |      |   |        |        |  









|        |           
|------- | ----------
|Note 9: | Borrowings



| |               
| | --------------
| | Long-Term Debt



|                                                                  |                                      |                |         |         |      |   |         |         | 
|----------------------------------------------------------------- | ------------------------------------ | -------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                                                  |                                      | March 31,      |        
|                                                                  |                                      |                |        
|                                                                  |                                      | 2005           |         |         | 2004 |  
|                                                                  |                                      |                |         |         |      |  
|                                                                  |                                      | (In thousands) |        
|Revolving credit facility, senior secured first lien              |                                      | $              | 84,862  |         |      | $ | 164,057 |        
|Senior amortizing notes, secured, first lien, due 2009            |                                      |                | 346,500 |         |      |   | 350,000 |        
|Senior notes, secured second lien, 9.0% interest rate, due 2009   |                                      |                | 200,000 |         |      |   | 200,000 |        
|Senior subordinated notes, secured, 12.0% interest rate, due 2011 |                                      |                | 148,646 |         |      |   | 148,646 |        
|                                                                  |                                      |                |         |         |      |  
|                                                                  | Total AMERCO notes and loans payable |                | $       | 780,008 |      |   | $       | 862,703 | 
|                                                                  |                                      |                |         |         |      |  



| |                                
| | -------------------------------
| | First Lien Senior Secured Notes



F-19



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                                      
| | -------------------------------------
| | 9.0% Second Lien Senior Secured Notes





| |                          
| | -------------------------
| | Senior Subordinated Notes





| |                      
| | ---------------------
| | Restrictive Covenants





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | On a quarterly basis, the obligors cannot allow EBITDA minus
    capital expenditures (as defined) to fall below specified levels.                                                                                                                                                                                                                                                                                                                                        
|
| |  | The obligors are restricted in the amount of capital
    expenditures that they can make in any fiscal year.                                                                                                                                                                                                                                                                                                                                                              
|
| |  | The obligors ability to incur additional indebtedness is
    restricted.                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |  | The obligors ability to create, incur, assume or permit to
    exist any lien on or against any of the secured assets is
    restricted.                                                                                                                                                                                                                                                                                                                                 
|
| |  | The obligors ability to convey, sell, lease, assign,
    transfer or otherwise dispose of any of the secured assets is
    restricted.                                                                                                                                                                                                                                                                                                                                   
|
| |  | The obligors cannot enter into any merger, consolidation,
    reorganization, or recapitalization (subject to exceptions) and
    they cannot liquidate, wind up or dissolve any of their
    subsidiaries that are a borrower under the abovementioned loan
    agreements, unless the assets of the dissolved entity are
    transferred to another subsidiary that is a borrower under the
    abovementioned loan agreements and certain other conditions are
    met.

F-20



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |   |                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | The obligors ability to guarantee the obligations of the
    insurance subsidiaries or any third party is restricted.                                                                                                                               
|
| |  | The obligors ability to prepay, redeem, defease, purchase or
    otherwise acquire any of their indebtedness or any indebtedness
    of a subsidiary that is a borrower under the abovementioned loan
    agreements is restricted.                 
|
| |  | The Companys credit facility and its senior note
    indentures limit the Companys ability to pay dividends and
    accordingly, the Company does not anticipate declaring and
    paying dividends on its common stock in the foreseeable future.





| |                          
| | -------------------------
| | The W.P.Carey Transaction















F-21



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                                                                     
| | --------------------------------------------------------------------
| | Annual Maturities of AMERCO Consolidated Notes and Loans
    Payable



|                       |  |            |  |        |  |                |  |          |  |      |   |            |  |   |         | 
|---------------------- |  | ---------- |  | ------ |  | -------------- |  | -------- |  | ---- | - | ---------- |  | - | ------- | 
|                       |  | Year Ended | 
|                       |  |            | 
|                       |  | 2006       |  | 2007   |  | 2008           |  | 2009     |  | 2010 |   | Thereafter | 
|                       |  |            |  |        |  |                |  |          |  |      |   |            | 
|                       |  |            |  |        |  | (In thousands) |  |          |  |     
|Notes payable, secured |  | $3,500     |  | $3,500 |  | $3,500         |  | $620,862 |  | $    |  |            |  | $ | 148,646 | 
|                       |  |            |  |        |  |                |  |          |  |      |   |            |  |  



| |                                                                        
| | -----------------------------------------------------------------------
| | SAC Holding II Corporation Notes and Loans Payable to
    Third Parties



|                                                      |  |                |  |        
|----------------------------------------------------- |  | -------------- |  | -------
|                                                      |  | March 31,     
|                                                      |  |               
|                                                      |  | 2005           |  | 2004   
|                                                      |  |                |  |        
|                                                      |  | (In thousands)
|Notes payable, secured, 7.87% interest rate, due 2027 |  | $77,474        |  | $78,637
|                                                      |  |                |  |        





| |                                                      
| | -----------------------------------------------------
| | Annual Maturities of SAC Holding II Corporation Notes



|                       |  |                |       |  |      |   |       |      |  |   |       |  |  |      |       |  |            |   |       |  |  |   |        | 
|---------------------- |  | -------------- | ----- |  | ---- | - | ----- | ---- |  | - | ----- |  |  | ---- | ----- |  | ---------- | - | ----- |  |  | - | ------ | 
|                       |  | Year Ended     |      
|                       |  |                |      
|                       |  | 2006           |       |  | 2007 |   |       | 2008 |  |   | 2009  |  |  | 2010 |       |  | Thereafter |  
|                       |  |                |       |  |      |   |       |      |  |   |       |  |  |      |       |  |            |  
|                       |  | (In thousands) |      
|Notes payable, secured |  | $              | 1,331 |  |      | $ | 1,320 |      |  | $ | 1,430 |  |  | $    | 1,664 |  |            | $ | 1,800 |  |  | $ | 69,929 | 
|                       |  |                |       |  |      |   |       |      |  |   |       |  |  |      |       |  |            |  



F-22



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                       
|-------- | ----------------------
|Note 10: | Interest on Borrowings



| |                 
| | ----------------
| | Interest Expense



|                                                   |                                      |                       |        |        |        |   |         |        |         |   |         |         |         | 
|-------------------------------------------------- | ------------------------------------ | --------------------- | ------ | ------ | ------ | - | ------- | ------ | ------- | - | ------- | ------- | ------- | 
|                                                   |                                      | Years Ended March 31, |       
|                                                   |                                      |                       |       
|                                                   |                                      | 2005                  |        |        | 2004   |   |         | 2003   |        
|                                                   |                                      |                       |        |        |        |   |         |        |        
|                                                   |                                      | (In thousands)        |       
|Interest expense                                   |                                      | $                     | 62,706 |        |        | $ | 76,007  |        |         | $ | 76,186  |        
|Capitalized interest                               |                                      |                       | (186   | )      |        |   | (270    | )      |         |   | (732    | )      
|Amortization of transaction costs                  |                                      |                       | 3,321  |        |        |   | 1,825   |        |         |   | 902     |        
|Fees on early termination of BBATS                 |                                      |                       |       |        |        |   |        |        |         |   | 26,500  |        
|Interest expense resulting from interest rate caps |                                      |                       | 1,137  |        |        |   |        |        |         |   |        |        
|                                                   |                                      |                       |        |        |        |   |         |        |        
|                                                   | Total AMERCO interest expense        |                       |        | 66,978 |        |   |         | 77,562 |         |   |         | 102,856 |        
|                                                   |                                      |                       |        |        |        |   |         |        |        
|SAC Holdings interest expense                     |                                      |                       | 14,187 |        |        |   | 80,963  |        |         |   | 81,164  |        
|Less: Intercompany transactions                    |                                      |                       | (7,960 | )      |        |   | (36,835 | )      |         |   | (35,889 | )      
|                                                   |                                      |                       |        |        |        |   |         |        |        
|                                                   | Total SAC entities interest expense |                       |        | 6,227  |        |   |         | 44,128 |         |   |         | 45,275  |        
|                                                   |                                      |                       |        |        |        |   |         |        |        
|                                                   |                                      | Total                 |        | $      | 73,205 |   |         | $      | 121,690 |   |         | $       | 148,131 | 
|                                                   |                                      |                       |        |        |        |   |         |        |        







| |               
| | --------------
| | Interest Rates



|                                               |  |                                       |         |   |      |   |         |      |  |   |         |  
|---------------------------------------------- |  | ------------------------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                               |  | Revolving Credit Activity             |        
|                                               |  |                                       |        
|                                               |  | Year Ended                            |        
|                                               |  |                                       |        
|AMERCO                                         |  | 2005                                  |         |   | 2004 |   |         | 2003 | 
|                                               |  |                                       |         |   |      |   |         |      | 
|                                               |  | (In thousands, except interest rates) |        
|Weighted average interest rate during the year |  |                                       | 5.69    | % |      |   | 6.75    | %    |  |   | 4.6     | %
|Interest rate at year end                      |  |                                       | 6.43    | % |      |   | 5.50    | %    |  |   | 7.0     | %
|Maximum amount outstanding during the year     |  | $                                     | 164,051 |   |      | $ | 205,000 |      |  | $ | 400,000 |  
|Average amount outstanding during the year     |  | $                                     | 46,771  |   |      | $ | 174,267 |      |  | $ | 248,847 |  
|Facility fees                                  |  | $                                     |        |   |      | $ | 1,333   |      |  | $ | 1,537   |  

F-23



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                     
|-------- | --------------------
|Note 11: | Stockholders Equity



|                              |  |                |         |            |             |  |        | 
|----------------------------- |  | -------------- | ------- | ---------- | ----------- |  | ------ | 
|                              |  |                |         | Issued and |            
|                              |  | Authorized     |         |            | Outstanding | 
|                              |  |                |         |            |             | 
|                              |  | (In thousands) |        
|AMERCO common stock           |  |                | 150,000 |            |             |  | 38,270 | 
|AMERCO serial common stock    |  |                | 150,000 |            |             |  | 3,716  | 
|AMERCO serial preferred stock |  |                | 50,000  |            |             |  | 6,100  | 

1 2




|         |                     
|-------- | --------------------
|Note 12: | Comprehensive Income



|                                                  |  |                      |         |   |      |   |         |      |  |   |         |  
|------------------------------------------------- |  | -------------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                                  |  | Year Ended March 31, |        
|                                                  |  |                      |        
|                                                  |  | 2005                 |         |   | 2004 |   |         | 2003 | 
|                                                  |  |                      |         |   |      |   |         |      | 
|                                                  |  | (In thousands)       |        
|Accumulated foreign currency translation          |  | $                    | (33,344 | ) |      | $ | (34,913 | )    |  | $ | (41,336 | )
|Accumulated unrealized gain (loss) on investments |  |                      | 2,636   |   |      |   | 13,467  |      |  |   | (14,429 | )
|Accumulated fair market value of cash flow hedge  |  |                      | 47      |   |      |   |        |      |  |   |        |  
|                                                  |  |                      |         |   |      |   |         |      | 
|                                                  |  | $                    | (30,661 | ) |      | $ | (21,446 | )    |  | $ | (55,765 | )
|                                                  |  |                      |         |   |      |   |         |      | 



|                                      |  |                |         |   |                |             |         |           |             |   |               |  |  |   |         |  
|------------------------------------- |  | -------------- | ------- | - | -------------- | ----------- | ------- | --------- | ----------- | - | ------------- |  |  | - | ------- | -
|                                      |  |                |         |   |                | Fair Market |         |           | Accumulated |  
|                                      |  | Foreign        |         |   | Unrealized     |             |         | Value of  |             |   | Other         | 
|                                      |  | Currency       |         |   | Gain/(Loss)    |             |         | Cash Flow |             |   | Comprehensive | 
|                                      |  | Translation    |         |   | on Investments |             |         | Hedge     |             |   | Income        | 
|                                      |  |                |         |   |                |             |         |           |             |   |               | 
|                                      |  | (In thousands) |        
|Balance at March 31, 2003             |  | $              | (41,336 | ) |                | $           | (14,429 | )         |             | $ |              |  |  | $ | (55,765 | )
|Foreign currency translation  U-Haul |  |                | 4,936   |   |                |             |        |           |             |   |              |  |  |   | 4,936   |  
|Foreign currency translation  SAC    |  |                | 1,487   |   |                |             |        |           |             |   |              |  |  |   | 1,487   |  
|Unrealized gain on investments        |  |                |        |   |                |             | 27,896  |           |             |   |              |  |  |   | 27,896  |  
|                                      |  |                |         |   |                |             |         |           |             |   |               | 
|Balance at March 31, 2004             |  |                | (34,913 | ) |                |             | 13,467  |           |             |   |              |  |  |   | (21,446 | )
|Foreign currency translation  U-Haul |  |                | 1,569   |   |                |             |        |           |             |   |              |  |  |   | 1,569   |  
|Change in fair value of cash hedge    |  |                |        |   |                |             |        |           |             |   | 47            |  |  |   | 47      |  
|Unrealized loss on investments        |  |                |        |   |                |             | (10,831 | )         |             |   |              |  |  |   | (10,831 | )
|                                      |  |                |         |   |                |             |         |           |             |   |               | 
|Balance at March 31, 2005             |  | $              | (33,344 | ) |                | $           | 2,636   |           |             | $ | 47            |  |  | $ | (30,661 | )
|                                      |  |                |         |   |                |             |         |           |             |   |               | 

F-24



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                    
|-------- | -------------------
|Note 13: | Provision for Taxes



|                                   |           |                      |         |         |        |   |       |        |        |   |         |         |         |  
|---------------------------------- | --------- | -------------------- | ------- | ------- | ------ | - | ----- | ------ | ------ | - | ------- | ------- | ------- | -
|                                   |           | Year Ended March 31, |        
|                                   |           |                      |        
|                                   |           | 2005                 |         |         | 2004   |   |       | 2003   |       
|                                   |           |                      |         |         |        |   |       |        |       
|                                   |           | (In thousands)       |        
|Pretax earnings (loss):            |           |                      |         |         |        |   |       |        |        |   |         |        
|                                   | U.S.      |                      | $       | 143,840 |        |   | $     | (1,166 | )      |   | $       | (45,628 | )      
|                                   | Non-U.S.  |                      |         | 1,292   |        |   |       | 6,391  |        |   |         | 6,707   |        
|                                   |           |                      |         |         |        |   |       |        |       
|Total pretax earnings (loss)       |           | $                    | 145,132 |         |        | $ | 5,225 |        |        | $ | (38,921 | )      
|                                   |           |                      |         |         |        |   |       |        |       
|Provision for taxes:               |           |                      |         |         |        |   |       |        |        |   |         |        
|                                   | Federal:  |                      |         |         |        |   |       |        |        |   |         |         |        
|                                   |           | Current              |         | $       | 30,539 |   |       | $      | 9,705  |   |         | $       | 4,440   |  
|                                   |           | Deferred             |         |         | 17,801 |   |       |        | (4,494 | ) |         |         | (19,631 | )
|                                   | State:    |                      |         |         |        |   |       |        |        |   |         |         |        
|                                   |           | Current              |         |         | 5,752  |   |       |        | 3,147  |   |         |         | 2,127   |  
|                                   |           | Deferred             |         |         | 1,616  |   |       |        | (1,395 | ) |         |         | (1,711  | )
|                                   | Non-U.S.: |                      |         |         |        |   |       |        |        |   |         |         |        
|                                   |           | Current              |         |         |       |   |       |        | 1,114  |   |         |         | 840     |  
|                                   |           | Deferred             |         |         |       |   |       |        |       |   |         |         |        |  
|                                   |           |                      |         |         |        |   |       |        |       
|Total income tax expense (benefit) |           | $                    | 55,708  |         |        | $ | 8,077 |        |        | $ | (13,935 | )      
|                                   |           |                      |         |         |        |   |       |        |       





|                                             |                                                 |                                   |       |       |      |   |        |        |       |    |        |       |       |   
|-------------------------------------------- | ----------------------------------------------- | --------------------------------- | ----- | ----- | ---- | - | ------ | ------ | ----- | -- | ------ | ----- | ----- | --
|                                             |                                                 | Year Ended March 31,              |      
|                                             |                                                 |                                   |      
|                                             |                                                 | 2005                              |       |       | 2004 |   |        | 2003   |      
|                                             |                                                 |                                   |       |       |      |   |        |        |      
|                                             |                                                 | (In percentages)                  |      
|Statutory federal income tax rate            |                                                 |                                   | 35.00 | %     |      |   | 35.00  | %      |       |    | (35.00 | )%   
|Increase (reduction) in rate resulting from: |                                                 |                                   |       |       |      |   |        |        |       |    |        |      
|                                             | State and foreign taxes, net of federal benefit |                                   |       | 3.16  | %    |   |        | 36.43  | %     |    |        | 2.22  | %    
|                                             | Canadian subsidiary income (loss)               |                                   |       | (0.31 | )%   |   |        | (20.51 | )%    |    |        | (2.97 | )%   
|                                             | Interest on deferred taxes                      |                                   |       | 0.43  | %    |   |        | 12.04  | %     |    |        | 1.62  | %    
|                                             |                                                 | Tax-exempt interest income (loss) |       |       |     | % |        |        | (0.42 | )% |        |       | (0.19 | )%
|                                             |                                                 | IRS Settlement                    |       |       |     | % |        |        | 91.11 | %  |        |       |      | % 
|                                             |                                                 | Other                             |       |       | 0.10 | % |        |        | 0.93  | %  |        |       | (1.48 | )%
|                                             |                                                 |                                   |       |       |      |   |        |        |      
|Effective tax rate                           |                                                 |                                   | 38.38 | %     |      |   | 154.58 | %      |       |    | (35.80 | )%   
|                                             |                                                 |                                   |       |       |      |   |        |        |      

F-25



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                               |                                                                  |                |         |         |      |   |         |         |  
|------------------------------ | ---------------------------------------------------------------- | -------------- | ------- | ------- | ---- | - | ------- | ------- | -
|                               |                                                                  | March 31,      |        
|                               |                                                                  |                |        
|                               |                                                                  | 2005           |         |         | 2004 |  
|                               |                                                                  |                |         |         |      |  
|                               |                                                                  | (In thousands) |        
|Deferred tax assets:           |                                                                  |                |         |         |      |   |         |        
|                               | Net operating loss and credit carryforwards                      |                | $       | 27,183  |      |   | $       | 48,287  |  
|                               | Accrued expenses                                                 |                |         | 102,962 |      |   |         | 91,780  |  
|                               | Deferred revenue from sale/leaseback                             |                |         |        |      |   |         | 9,772   |  
|                               | Policy benefit and losses, claims and loss expenses payable, net |                |         | 21,048  |      |   |         | 22,767  |  
|                               | Unrealized gains and (losses)                                    |                |         | 7,235   |      |   |         | (1,442  | )
|                               |                                                                  |                |         |         |      |  
|Total deferred tax assets      |                                                                  |                | 158,428 |         |      |   | 171,164 |        
|                               |                                                                  |                |         |         |      |  
|Deferred tax liabilities:      |                                                                  |                |         |         |      |   |         |        
|                               | Property, plant and equipment                                    |                |         | 214,562 |      |   |         | 211,682 |  
|                               | Deferred policy acquistion costs                                 |                |         | 12,367  |      |   |         | 16,107  |  
|                               | Other                                                            |                |         | 9,623   |      |   |         | 7,175   |  
|                               |                                                                  |                |         |         |      |  
|Total deferred tax liabilities |                                                                  |                | 236,552 |         |      |   | 234,964 |        
|                               |                                                                  |                |         |         |      |  
|Net deferred tax liability     |                                                                  | $              | 78,124  |         |      | $ | 63,800  |        
|                               |                                                                  |                |         |         |      |  











|         |                       
|-------- | ----------------------
|Note 14: | Employee Benefit Plans



| |                     
| | --------------------
| | Profit Sharing Plans



F-26



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








| |          
| | ---------
| | ESOP Plan



|               |  |                   |        |  |                   |   |       |      |  |   |       |  |  |   |     | 
|-------------- |  | ----------------- | ------ |  | ----------------- | - | ----- | ---- |  | - | ----- |  |  | - | --- | 
|               |  | Outstanding as of |        |  | Interest Payments |  
|               |  | March 31,         |        |  |                   |  
|Financing Date |  | 2005              |        |  | 2005              |   |       | 2004 |  |   | 2003  | 
|               |  |                   |        |  |                   |   |       |      |  |   |       | 
|               |  | (In thousands)    |       
|June, 1991     |  | $                 | 12,583 |  |                   | $ | 1,008 |      |  | $ | 1,159 |  |  | $ | 978 | 
|March, 1999    |  |                   | 100    |  |                   |   | 8     |      |  |   | 11    |  |  |   | 11  | 
|February, 2000 |  |                   | 628    |  |                   |   | 54    |      |  |   | 74    |  |  |   | 62  | 
|April, 2001    |  |                   | 121    |  |                   |   | 9     |      |  |   | 12    |  |  |   | 5   | 





|                                |  |                |        |  |      |   |        | 
|------------------------------- |  | -------------- | ------ |  | ---- | - | ------ | 
|                                |  | March 31,      |       
|                                |  |                |       
|                                |  | 2005           |        |  | 2004 |  
|                                |  |                |        |  |      |  
|                                |  | (In thousands) |       
|Allocated shares                |  |                | 1,514  |  |      |   | 1,577  | 
|Unreleased shares               |  |                | 652    |  |      |   | 727    | 
|Fair value of unreleased shares |  | $              | 21,554 |  |      | $ | 12,249 | 





| |                
| | ---------------
| | Insurance Plans





| |                                             
| | --------------------------------------------
| | Post Retirement and Post Employment Benefits



F-27



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|                                                    |  |                      |      |   |      |   |      |      |  |   |      |  
|--------------------------------------------------- |  | -------------------- | ---- | - | ---- | - | ---- | ---- |  | - | ---- | -
|                                                    |  | Year Ended March 31, |     
|                                                    |  |                      |     
|                                                    |  | 2005                 |      |   | 2004 |   |      | 2003 | 
|                                                    |  |                      |      |   |      |   |      |      | 
|                                                    |  | (In thousands)       |     
|Service cost for benefits earned during the period  |  | $                    | 316  |   |      | $ | 315  |      |  | $ | 299  |  
|Interest cost on accumulated postretirement benefit |  |                      | 313  |   |      |   | 331  |      |  |   | 355  |  
|Other components                                    |  |                      | (317 | ) |      |   | (549 | )    |  |   | (279 | )
|                                                    |  |                      |      |   |      |   |      |      | 
|Net periodic postretirement benefit cost            |  | $                    | 312  |   |      | $ | 97   |      |  | $ | 375  |  
|                                                    |  |                      |      |   |      |   |      |      | 



|                                              |                                                      |                |       |      |      |   |       |      |  
|--------------------------------------------- | ---------------------------------------------------- | -------------- | ----- | ---- | ---- | - | ----- | ---- | -
|                                              |                                                      | Year Ended     |      
|                                              |                                                      | March 31,      |      
|                                              |                                                      |                |      
|                                              |                                                      | 2005           |       |      | 2004 |  
|                                              |                                                      |                |       |      |      |  
|                                              |                                                      | (In thousands) |      
|Beginning of year                             |                                                      | $              | 5,074 |      |      | $ | 4,978 |     
|                                              | Service cost for benefits earned during the period   |                |       | 316  |      |   |       | 315  |  
|                                              | Interest cost on accumulated post retirement benefit |                |       | 313  |      |   |       | 331  |  
|                                              | Benefit payments and expense                         |                |       | (116 | )    |   |       | (108 | )
|                                              | Actuarial gain                                       |                |       | (201 | )    |   |       | (441 | )
|                                              |                                                      |                |       |      |      |  
|Accumulated postretirement benefit obligation |                                                      |                | 5,386 |      |      |   | 5,075 |     
|Unrecognized net gain                         |                                                      |                | 4,397 |      |      |   | 4,512 |     
|                                              |                                                      |                |       |      |      |  
|Total post retirement benefit liability       |                                                      | $              | 9,783 |      |      | $ | 9,587 |     
|                                              |                                                      |                |       |      |      |  



|                                              |  |                  |  |       |  |      
|--------------------------------------------- |  | ---------------- |  | ----- |  | -----
|                                              |  | March 31,       
|                                              |  |                 
|                                              |  | 2005             |  | 2004  |  | 2003 
|                                              |  |                  |  |       |  |      
|                                              |  | (In percentages)
|Accumulated postretirement benefit obligation |  | 5.75%            |  | 6.25% |  | 6.75%







F-28



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|            |            |                |   |       |       | 
|----------- | ---------- | -------------- | - | ----- | ----- | 
|            |            | Amount         |  
|            |            |                |  
|            |            | (In thousands) |  
|Year-ended: |            |                |   |      
|            | 2006       |                | $ | 117   |      
|            | 2007       |                |   | 128   |      
|            | 2008       |                |   | 145   |      
|            | 2009       |                |   | 162   |      
|            | 2010       |                |   | 185   |      
|            | Thereafter |                |   | 1,393 |      
|            |            |                |  
|            |            | Total          |   | $     | 2,130 | 
|            |            |                |  



|         |                                                                                 
|-------- | --------------------------------------------------------------------------------
|Note 15: | Reinsurance and Policy benefits and losses, claims and loss
    expenses payable



|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |    |  
|---------------------------- | --------------------- | -------------- | --------- | -------- | --------- | - | --------- | ---------- |  | - | --------- | ------------- |  | -------------- | --------- | ------- |  |  | -- | -- | -
|                             |                       |                |           | Ceded to |           |   | Assumed   |            |  |   |           | Percentage of | 
|                             |                       | Direct         |           |          | Other     |   |           | from Other |  |   | Net       |               |  | Amount         |          
|                             |                       | Amount(a)      |           |          | Companies |   |           | Companies  |  |   | Amount(a) |               |  | Assumed to Net |          
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|                             |                       | (In thousands) |          
|Year ended December 31, 2004 |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|Life insurance in force      |                       | $              | 1,147,380 |          |           | $ | 336,575   |            |  | $ | 1,785,441 |               |  | $              | 2,596,246 |         |  |  | 69 | % 
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Premiums earned:             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|                             | Life                  |                | $         | 9,372    |           |   | $         | 6,106      |  |   | $         | 8,365         |  |                | $         | 11,631  |  |  |    | 72 | %
|                             | Accident and health   |                |           | 99,402   |           |   |           | 6,715      |  |   |           | 17,726        |  |                |           | 110,413 |  |  |    | 16 | %
|                             | Annuity               |                |           | 1,901    |           |   |           |           |  |   |           | 2,291         |  |                |           | 4,192   |  |  |    | 55 | %
|                             | Property and casualty |                |           | 29,965   |           |   |           | 10,235     |  |   |           | 5,257         |  |                |           | 24,987  |  |  |    | 21 | %
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Total                        |                       | $              | 140,640   |          |           | $ | 23,056    |            |  | $ | 33,639    |               |  | $              | 151,223   |         |  |  |    |   
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Year ended December 31, 2003 |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|Life insurance in force      |                       | $              | 1,134,051 |          |           | $ | 218,682   |            |  | $ | 1,842,666 |               |  | $              | 2,758,035 |         |  |  | 67 | % 
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Premiums earned:             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|                             | Life                  |                | $         | 17,300   |           |   | $         | 2,840      |  |   | $         | 7,626         |  |                | $         | 22,086  |  |  |    | 35 | %
|                             | Accident and health   |                |           | 109,135  |           |   |           | 5,346      |  |   |           | 14,561        |  |                |           | 118,350 |  |  |    | 12 | %
|                             | Annuity               |                |           | 1,954    |           |   |           |           |  |   |           | 2,692         |  |                |           | 4,646   |  |  |    | 58 | %
|                             | Property and casualty |                |           | 106,599  |           |   |           | 32,969     |  |   |           | 18,406        |  |                |           | 92,036  |  |  |    | 20 | %
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Total                        |                       | $              | 234,988   |          |           | $ | 41,155    |            |  | $ | 43,285    |               |  | $              | 237,118   |         |  |  |    |   
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Year ended December 31, 2002 |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|Life insurance in force      |                       | $              | 2,036,998 |          |           | $ | 1,045,011 |            |  | $ | 1,613,812 |               |  | $              | 2,605,799 |         |  |  | 62 | % 
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Premiums earned:             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |           |         |  |  |    |   
|                             | Life                  |                | $         | 22,972   |           |   | $         | 10,078     |  |   | $         | 15,111        |  |                | $         | 28,005  |  |  |    | 54 | %
|                             | Accident and health   |                |           | 114,526  |           |   |           | 15,274     |  |   |           | 26,581        |  |                |           | 125,833 |  |  |    | 21 | %
|                             | Annuity               |                |           | 1,272    |           |   |           |           |  |   |           | 3,609         |  |                |           | 4,881   |  |  |    | 74 | %
|                             | Property and casualty |                |           | 166,678  |           |   |           | 69,374     |  |   |           | 51,902        |  |                |           | 149,206 |  |  |    | 35 | %
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          
|Total                        |                       | $              | 305,448   |          |           | $ | 94,726    |            |  | $ | 97,203    |               |  | $              | 307,925   |         |  |  |    |   
|                             |                       |                |           |          |           |   |           |            |  |   |           |               |  |                |          






|    |                                                         
|--- | --------------------------------------------------------
|(a) | Balances are reported net of inter-segment transactions.

F-29



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|     |  |                |       |  |        |   |       | 
|---- |  | -------------- | ----- |  | ------ | - | ----- | 
|     |  | RepWest        |       |  | Oxford |  
|     |  |                |       |  |        |  
|     |  | (In thousands) |      
|2004 |  | $              |      |  |        | $ | 1,474 | 
|2003 |  |                | 1,206 |  |        |   | 2,671 | 
|2002 |  |                | 3,412 |  |        |   | 2,679 | 





|                                          |       |                         |         |         |      |   |         |         | 
|----------------------------------------- | ----- | ----------------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                          |       | Year Ended December 31, |        
|                                          |       |                         |        
|                                          |       | 2004                    |         |         | 2003 |  
|                                          |       |                         |         |         |      |  
|                                          |       | (In thousands)          |        
|Unpaid losses and loss adjustment expense |       | $                       | 380,875 |         |      | $ | 416,259 |        
|Reinsurance losses payable                |       |                         | 7,516   |         |      |   | 9,026   |        
|Unearned premiums                         |       |                         | 2,992   |         |      |   | 11,308  |        
|                                          |       |                         |         |         |      |  
|                                          | Total |                         | $       | 391,383 |      |   | $       | 436,593 | 
|                                          |       |                         |         |         |      |  



|                           |                              |                         |         |         |      |   |         |         |  |   |         |         | 
|-------------------------- | ---------------------------- | ----------------------- | ------- | ------- | ---- | - | ------- | ------- |  | - | ------- | ------- | 
|                           |                              | Year Ended December 31, |        
|                           |                              |                         |        
|                           |                              | 2004                    |         |         | 2003 |   |         | 2002    | 
|                           |                              |                         |         |         |      |   |         |         | 
|                           |                              | (In thousands)          |        
|Balance at January 1       |                              | $                       | 416,259 |         |      | $ | 399,447 |         |  | $ | 448,987 |        
|                           | Less reinsurance recoverable |                         |         | 177,635 |      |   |         | 146,622 |  |   |         | 128,044 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Net balance at January 1   |                              |                         | 238,624 |         |      |   | 252,825 |         |  |   | 320,943 |        
|Incurred related to:       |                              |                         |         |         |      |   |         |         |  |   |         |        
|                           | Current year                 |                         |         | 17,960  |      |   |         | 56,454  |  |   |         | 112,284 | 
|                           | Prior years                  |                         |         | 21,773  |      |   |         | 53,127  |  |   |         | 16,396  | 
|                           |                              |                         |         |         |      |   |         |         | 
|Total incurred             |                              |                         | 39,733  |         |      |   | 109,581 |         |  |   | 128,680 |        
|Paid related to:           |                              |                         |         |         |      |   |         |         |  |   |         |        
|                           | Current year                 |                         |         | 13,570  |      |   |         | 22,931  |  |   |         | 66,728  | 
|                           | Prior years                  |                         |         | 73,384  |      |   |         | 100,851 |  |   |         | 130,070 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Total paid                 |                              |                         | 86,954  |         |      |   | 123,782 |         |  |   | 196,798 |        
|                           |                              |                         |         |         |      |   |         |         | 
|Net balance at December 31 |                              |                         | 191,403 |         |      |   | 238,624 |         |  |   | 252,825 |        
|                           | Plus reinsurance recoverable |                         |         | 189,472 |      |   |         | 177,635 |  |   |         | 146,622 | 
|                           |                              |                         |         |         |      |   |         |         | 
|Balance at December 31     |                              | $                       | 380,875 |         |      | $ | 416,259 |         |  | $ | 399,447 |        
|                           |                              |                         |         |         |      |   |         |         | 

F-30



---



##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                                       
|-------- | --------------------------------------
|Note 16: | Contingent Liabilities and Commitments





|              |  |                |  |          |  |         
|------------- |  | -------------- |  | -------- |  | --------
|              |  | March 31,     
|              |  |               
|              |  | 2005           |  | 2004     |  | 2003    
|              |  |                |  |          |  |         
|              |  | (In thousands)
|Lease expense |  | $151,354       |  | $160,727 |  | $166,100



|            |            |                |   |        |           |  |   |        |         |  |   |         |         | 
|----------- | ---------- | -------------- | - | ------ | --------- |  | - | ------ | ------- |  | - | ------- | ------- | 
|            |            | Property       |   |        |           |  |  
|            |            | Plant and      |   |        | Rental    |  |   |       
|            |            | Equipment      |   |        | Equipment |  |   | Total  |        
|            |            |                |   |        |           |  |   |        |        
|            |            | (In thousands) |  
|Year-ended: |            |                |   |        |           |  |   |        |         |  |   |        
|            | 2006       |                | $ | 11,854 |           |  | $ | 90,262 |         |  | $ | 102,116 |        
|            | 2007       |                |   | 11,067 |           |  |   | 72,287 |         |  |   | 83,354  |        
|            | 2008       |                |   | 10,935 |           |  |   | 40,071 |         |  |   | 51,006  |        
|            | 2009       |                |   | 10,621 |           |  |   | 26,649 |         |  |   | 37,270  |        
|            | 2010       |                |   | 10,215 |           |  |   | 16,408 |         |  |   | 26,623  |        
|            | Thereafter |                |   | 45,544 |           |  |   | 11,287 |         |  |   | 56,831  |        
|            |            |                |   |        |           |  |   |        |        
|            |            | Total          |   | $      | 100,236   |  |   | $      | 256,964 |  |   | $       | 357,200 | 
|            |            |                |   |        |           |  |   |        |        



|         |              
|-------- | -------------
|Note 17: | Contingencies



| |       
| | ------
| | Kocher

Charles
Kocher v. Oxford Life Insurance Co.




| |      
| | -----
| | Shoen



F-31



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                      
| | ---------------------
| | Securities Litigation





| |                                   
| | ----------------------------------
| | Securities and Exchange Commission





| |              
| | -------------
| | Environmental





F-32



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






Other






|         |                                
|-------- | -------------------------------
|Note 18: | Preferred Stock Purchase Rights







Note 19:     Related Party
Transactions








F-33



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




















F-34



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)
















F-35



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                          
| | -------------------------
| | Related Party Receivables

|                                                        |  |                |         |  |      |   |         |  
|------------------------------------------------------- |  | -------------- | ------- |  | ---- | - | ------- | -
|                                                        |  | March 31,      |        
|                                                        |  |                |        
|                                                        |  | 2005           |         |  | 2004 |  
|                                                        |  |                |         |  |      |  
|                                                        |  | (In thousands) |        
|PMSR receivables and interest                           |  | $              | 70,887  |  |      | $ | 136,127 |  
|Oxford note receivable from SAC Holding Corporation     |  |                | 5,040   |  |      |   | 5,040   |  
|U-Haul notes receievable from SAC Holding Corporation   |  |                | 123,578 |  |      |   | 123,659 |  
|U-Haul interest receivable from SAC Holding Corporation |  |                | 35,960  |  |      |   | 29,814  |  
|U-Haul receivable from SAC Holding Corporation          |  |                | 1,028   |  |      |   | (285    | )
|SAC Holding II receivable from parent                   |  |                | 2,202   |  |      |   |        |  
|U-Haul receivable from Mercury                          |  |                | 2,185   |  |      |   |        |  
|Oxford and RepWest investment in securespace            |  |                | 11,225  |  |      |   | 11,279  |  
|Other                                                   |  |                | 561     |  |      |   | 3,750   |  
|Timing difference AMERCO- OLIC note                     |  |                |        |  |      |   | 17,500  |  
|                                                        |  |                |         |  |      |  
|                                                        |  | $              | 252,666 |  |      | $ | 326,884 |  
|                                                        |  |                |         |  |      |  



| |                          
| | -------------------------
| | Related Party Liabilities

|                                                |  |                |        |  |      |   |       | 
|----------------------------------------------- |  | -------------- | ------ |  | ---- | - | ----- | 
|                                                |  | March 31,      |       
|                                                |  |                |       
|                                                |  | 2005           |        |  | 2004 |  
|                                                |  |                |        |  |      |  
|                                                |  | (In thousands) |       
|SAC Holding II Corporation payable to affiliate |  | $              | 11,070 |  |      | $ | 3,081 | 
|                                                |  |                |        |  |      |  

Note 20:     Statutory
Financial Information of Insurance Subsidiaries




|          |                                       |                |   |        |      |  |   |         |   |  |   |         |  
|--------- | ------------------------------------- | -------------- | - | ------ | ---- |  | - | ------- | - |  | - | ------- | -
|          |                                       | December 31,   |  
|          |                                       |                |  
|          |                                       | 2004           |   |        | 2003 |  |   | 2002    |  
|          |                                       |                |   |        |      |  |   |         |  
|          |                                       | (In thousands) |  
|Rep West: |                                       |                |   |        |      |  |   |         |   |  |   |        
|          | Audited statutory net income (loss)   |                | $ | (5,262 | )    |  | $ | (17,051 | ) |  | $ | 4,130   |  
|          | Audited statutory capital and surplus |                |   | 64,789 |      |  |   | 69,122  |   |  |   | 65,365  |  
|NAFCIC:   |                                       |                |   |        |      |  |   |         |   |  |   |        
|          | Audited statutory net income (loss)   |                |   | (494   | )    |  |   | 732     |   |  |   | (346    | )
|          | Audited statutory capital and surplus |                |   | 3,759  |      |  |   | 4,001   |   |  |   | 3,825   |  
|Oxford:   |                                       |                |   |        |      |  |   |         |   |  |   |        
|          | Audited statutory net income (loss)   |                |   | 10,736 |      |  |   | 3,335   |   |  |   | (11,565 | )
|          | Audited statutory capital and surplus |                |   | 83,396 |      |  |   | 64,034  |   |  |   | 39,084  |  
|CFLIC:    |                                       |                |   |        |      |  |   |         |   |  |   |        
|          | Audited statutory net income (loss)   |                |   | 2,410  |      |  |   | 4,057   |   |  |   | 3,195   |  
|          | Audited statutory capital and surplus |                |   | 20,981 |      |  |   | 22,545  |   |  |   | 17,181  |  
|NAI:      |                                       |                |   |        |      |  |   |         |   |  |   |        
|          | Audited statutory net income (loss)   |                |   | 1,718  |      |  |   | 3,067   |   |  |   | 3,064   |  
|          | Audited statutory capital and surplus |                |   | 14,442 |      |  |   | 12,489  |   |  |   | 9,474   |  

F-36



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|         |                                         
|-------- | ----------------------------------------
|Note 21: | Financial Information by Geographic Area



|                                   |  |                                         |           |   |        |   |        |              |  |   |           |  
|---------------------------------- |  | --------------------------------------- | --------- | - | ------ | - | ------ | ------------ |  | - | --------- | -
|Year Ended                         |  | United States                           |           |   | Canada |   |        | Consolidated | 
|                                   |  |                                         |           |   |        |   |        |              | 
|                                   |  | (All amounts are in thousands U.S. $s) |          
|March 31, 2005                     |  |                                         |           |   |        |   |        |              |  |   |           |  
|Total revenues                     |  | $                                       | 1,956,719 |   |        | $ | 51,402 |              |  | $ | 2,008,121 |  
|Depreciation and amortization, net |  |                                         | 145,167   |   |        |   | 4,448  |              |  |   | 149,615   |  
|Interest (expense) income          |  |                                         | (73,231   | ) |        |   | 26     |              |  |   | (73,205   | )
|Pretax earnings                    |  |                                         | 143,840   |   |        |   | 1,292  |              |  |   | 145,132   |  
|Income tax expense                 |  |                                         | 55,708    |   |        |   |       |              |  |   | 55,708    |  
|Identifiable assets                |  |                                         | 3,031,461 |   |        |   | 72,161 |              |  |   | 3,103,622 |  



|                                   |  |                                         |           |   |        |   |        |              |  |   |           |  
|---------------------------------- |  | --------------------------------------- | --------- | - | ------ | - | ------ | ------------ |  | - | --------- | -
|Year Ended                         |  | United States                           |           |   | Canada |   |        | Consolidated | 
|                                   |  |                                         |           |   |        |   |        |              | 
|                                   |  | (All amounts are in thousands U.S. $s) |          
|March 31, 2004                     |  |                                         |           |   |        |   |        |              |  |   |           |  
|Total revenues                     |  | $                                       | 2,109,831 |   |        | $ | 66,163 |              |  | $ | 2,175,994 |  
|Depreciation and amortization, net |  |                                         | 180,538   |   |        |   | 7,358  |              |  |   | 187,896   |  
|Interest expense                   |  |                                         | (118,310  | ) |        |   | (3,380 | )            |  |   | (121,690  | )
|Pretax earnings (loss)             |  |                                         | (1,166    | ) |        |   | 6,391  |              |  |   | 5,225     |  
|Income tax expense                 |  |                                         | 6,963     |   |        |   | 1,114  |              |  |   | 8,077     |  
|Identifiable assets                |  |                                         | 3,328,411 |   |        |   | 66,337 |              |  |   | 3,394,748 |  



|                                   |  |                                         |           |   |        |   |         |              |  |   |           |  
|---------------------------------- |  | --------------------------------------- | --------- | - | ------ | - | ------- | ------------ |  | - | --------- | -
|Year Ended                         |  | United States                           |           |   | Canada |   |         | Consolidated | 
|                                   |  |                                         |           |   |        |   |         |              | 
|                                   |  | (All amounts are in thousands U.S. $s) |          
|March 31, 2003                     |  |                                         |           |   |        |   |         |              |  |   |           |  
|Total revenues                     |  | $                                       | 2,086,290 |   |        | $ | 55,054  |              |  | $ | 2,141,344 |  
|Depreciation and amortization, net |  |                                         | 169,661   |   |        |   | 5,466   |              |  |   | 175,127   |  
|Interest expense                   |  |                                         | (146,144  | ) |        |   | (1,987  | )            |  |   | (148,131  | )
|Pretax earnings (loss)             |  |                                         | (45,628   | ) |        |   | 6,707   |              |  |   | (38,921   | )
|Income tax expense (benefit)       |  |                                         | (14,775   | ) |        |   | 840     |              |  |   | (13,935   | )
|Identifiable assets                |  |                                         | 3,700,444 |   |        |   | 131,928 |              |  |   | 3,832,372 |  

F-37



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 21A:     Consolidating
Financial Information by Industry Segment








| |                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Moving and Storage Operations (the guarantor
    subsidiaries) comprised of AMERCO, U-Haul, and Amerco Real
    Estate Company and each of their respective subsidiaries;
|
| | (b) the nonguarantor subsidiaries (comprised of Oxford and
    RepWest and each of their respective subsidiaries); and                                                       
|
| | (c) SAC Holdings.                                                                                                                                                            





F-38



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##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Note 21A:     Financial
Information by Consolidating Industry Segment:




|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |           |   |   |         |         |         |   |          |         |         |      |            |           |        | 
|--------------------------------------------------- | ------------------------------------------ | ------------------------------------------------- | --------- | -------- | ------------------ | - | ---------- | ---------------------- | ------- | - | ------------ | -------- | - | --------------- | ---------- | -------- | ------------ | - | ---------- | ------------ | - | - | ------------ | ------- | ----- | ------------ | ------- | ------- | ------------ | - | -------- | ------------ | ---- | - | ------------ | --------- | - | - | ------- | ------- | ------- | - | -------- | ------- | ------- | ---- | ---------- | --------- | ------ | 
|                                                    |                                            | Moving and Storage                                |           |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |        
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |        
|                                                    |                                            |                                                   |           | Moving & |                    |   | Property & |                        |         |   |              |         
|                                                    |                                            |                                                   |           | Real     |                    |   |            |                        | Storage |   |              | Casualty |   |                 | Life       |          |              |   |            | AMERCO       |   |   |              |         | Total |             
|                                                    |                                            | AMERCO                                            |           |          | U-Haul             |   |            | Estate                 |         |   | Eliminations |          |   | Consolidated(f) |            |          | Insurance(a) |   |            | Insurance(a) |   |   | Eliminations |         |       | Consolidated |         |         | SAC Holdings |   |          | Eliminations |      |   | Consolidated |          
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|                                                    |                                            | (In thousands)                                    |          
|Assets:                                             |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |           |   |   |         |         |         |   |          |         |         |      |            |          
|                                                    | 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  |          
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          






|    |  |                                                                                                                            
|--- |  | ---------------------------------------------------------------------------------------------------------------------------
|(a) |  | Balances as of December 31, 2004                                                                                           
|(b) |  | Included in this caption is land of $56,960, buildings and
    improvements of $94,620, and furniture and equipment of $226
|(c) |  | Eliminate investment in subsidiaries and SAC Holding II                                                                    
|(d) |  | Eliminate intercompany receivables and payables                                                                            
|(e) |  | Eliminate gain on sale of property from U-Haul to SAC
    Holding II                                                       
|(f) |  | Represents the Obligated Group                                                                                             

F-39



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |         |   |   |         |        |   |   |          |         |      |   |           |         |   | 
|--------------------------------------------- | ------------------------------------------------------------------------------- | ------------------------ | --------- | -------- | ------------------ | - | ---------- | ---------------------- | ------- | - | ------------ | -------- | - | --------------- | ---------- | -------- | ------------ | - | --------- | ------------ | - | - | ------------ | ------- | ----- | ------------ | ------- | ------- | ------------ | - | -------- | ------------ | ---- | - | ------------ | ------- | - | - | ------- | ------ | - | - | -------- | ------- | ---- | - | --------- | ------- | - | 
|                                              |                                                                                 | Moving and Storage       |           |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |        
|                                              |                                                                                 |                          |           | Moving & |                    |   | Property & |                        |         |   |              |         
|                                              |                                                                                 |                          |           | Real     |                    |   |            |                        | Storage |   |              | Casualty |   |                 | Life       |          |              |   |           | AMERCO       |   |   |              |         | Total |             
|                                              |                                                                                 | AMERCO                   |           |          | U-Haul             |   |            | Estate                 |         |   | Eliminations |          |   | Consolidated(e) |            |          | Insurance(a) |   |           | Insurance(a) |   |   | Eliminations |         |       | Consolidated |         |         | SAC Holdings |   |          | Eliminations |      |   | 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 |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        






|    |  |                                                                 
|--- |  | ----------------------------------------------------------------
|(a) |  | Balances as of December 31, 2004                                
|(b) |  | Eliminate investment in subsidiaries and SAC Holding II         
|(c) |  | Eliminate intercompany receivables and payables                 
|(d) |  | Eliminate gain on sale of property from U-Haul to SAC Holding II
|(e) |  | Represents the Obligated Group                                  

F-40



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |           |   |   |         |         |         |   |          |         |         |      |            |           |        | 
|--------------------------------------------------- | ------------------------------------------ | ------------------------------------------------- | --------- | -------- | ------------------ | - | ---------- | ---------------------- | ------- | - | ------------ | -------- | - | --------------- | ---------- | -------- | ------------ | - | ---------- | ------------ | - | - | ------------ | ------- | ----- | ------------ | ------- | ------- | ------------ | - | -------- | ------------ | ---- | - | ------------ | --------- | - | - | ------- | ------- | ------- | - | -------- | ------- | ------- | ---- | ---------- | --------- | ------ | 
|                                                    |                                            | Moving and Storage                                |           |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |        
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |        
|                                                    |                                            |                                                   |           | Moving & |                    |   | Property & |                        |         |   |              |         
|                                                    |                                            |                                                   |           | Real     |                    |   |            |                        | Storage |   |              | Casualty |   |                 | Life       |          |              |   |            | AMERCO       |   |   |              |         | Total |             
|                                                    |                                            | AMERCO                                            |           |          | U-Haul             |   |            | Estate                 |         |   | Eliminations |          |   | Consolidated(f) |            |          | Insurance(a) |   |            | Insurance(a) |   |   | Eliminations |         |       | Consolidated |         |         | SAC Holdings |   |          | Eliminations |      |   | Consolidated |          
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|                                                    |                                            | (In thousands)                                    |          
|Assets:                                             |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |           |   |   |         |         |         |   |          |         |         |      |            |          
|                                                    | Cash and cash equivalents                  |                                                   | $         |         |                    |   | $          | 64,717                 |         |   | $            | 661      |   |                 | $          |         |              |   | $          | 65,378       |   |   | $            |        |       |              | $       | 15,168  |              |   | $        |             |      |   | $            | 80,546    |   |   | $       | 1,011   |         |   | $        |        |         |      | $          | 81,557    |       
|                                                    | Trade receivables, net                     |                                                   |           |         |                    |   |            | 13,404                 |         |   |              | 14,856   |   |                 |            |         |              |   |            | 28,260       |   |   |              | 223,747 |       |              |         | 16,379  |              |   |          |             |      |   |              | 268,386   |   |   |         |        |         |   |          |        |         |      |            | 268,386   |       
|                                                    | Notes and mortgage receivables, net        |                                                   |           |         |                    |   |            | 1,737                  |         |   |              | 1,563    |   |                 |            |         |              |   |            | 3,300        |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 3,300     |   |   |         |        |         |   |          |        |         |      |            | 3,300     |       
|                                                    | Inventories, net                           |                                                   |           |         |                    |   |            | 51,922                 |         |   |              |         |   |                 |            |         |              |   |            | 51,922       |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 51,922    |   |   |         | 880     |         |   |          |        |         |      |            | 52,802    |       
|                                                    | Prepaid expenses                           |                                                   |           | 81       |                    |   |            | 12,947                 |         |   |              | 2        |   |                 |            |         |              |   |            | 13,030       |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 13,030    |   |   |         | 142     |         |   |          |        |         |      |            | 13,172    |       
|                                                    | Investments, fixed maturities              |                                                   |           |         |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |            |             |   |   |              | 148,903 |       |              |         | 560,450 |              |   |          |             |      |   |              | 709,353   |   |   |         |        |         |   |          |        |         |      |            | 709,353   |       
|                                                    | Investments, other                         |                                                   |           |         |                    |   |            |                       |         |   |              | 1,478    |   |                 |            |         |              |   |            | 1,478        |   |   |              | 143,277 |       |              |         | 204,390 |              |   |          |             |      |   |              | 349,145   |   |   |         |        |         |   |          |        |         |      |            | 349,145   |       
|                                                    | Deferred policy acquisition costs, net     |                                                   |           |         |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |            |             |   |   |              | 3,843   |       |              |         | 73,096  |              |   |          |             |      |   |              | 76,939    |   |   |         |        |         |   |          |        |         |      |            | 76,939    |       
|                                                    | Other assets                               |                                                   |           | 19,595   |                    |   |            | 31,448                 |         |   |              | 11       |   |                 |            |         |              |   |            | 51,054       |   |   |              | 3,665   |       |              |         | 2,053   |              |   |          |             |      |   |              | 56,772    |   |   |         | 4,633   |         |   |          |        |         |      |            | 61,405    |       
|                                                    | Related party assets                       |                                                   |           | 516,529  |                    |   |            | 400,457                |         |   |              | 13,301   |   |                 |            | (535,121 | )(d)         |   |            | 395,166      |   |   |              | 74,856  |       |              |         | 50,171  |              |   |          | (107,652     | )(d) |   |              | 412,541   |   |   |         |        |         |   |          | (85,657 | )(d)    |      |            | 326,884   |       
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|                                                    |                                            |                                                   |           | 536,205  |                    |   |            | 576,632                |         |   |              | 31,872   |   |                 |            | (535,121 | )            |   |            | 609,588      |   |   |              | 598,291 |       |              |         | 921,707 |              |   |          | (107,652     | )    |   |              | 2,021,934 |   |   |         | 6,666   |         |   |          | (85,657 | )       |      |            | 1,942,943 |       
|Investment in subsidiaries                          |                                            |                                                   | 1,137,579 |          |                    |   |           |                        |         |   |             |          |   |                 | (847,545   | )(c)     |              |   | 290,034    |              |   |   |             |         |       |              |        |         |              |   | (290,034 | )(c)         |      |   |             |           |   |   |        |         |         |   |         |         |         |      |           |          
|Investment in SAC Holding II                        |                                            |                                                   | (12,427   | )        |                    |   |           |                        |         |   |             |          |   |                 |           |          |              |   | (12,427    | )            |   |   |             |         |       |              |        |         |              |   |         |              |      |   | (12,427      | )         |   |   |        |         |         |   | 12,427   | (c)     |         |      |           |          
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|Total investment in subsidiaries and SAC Holding II |                                            |                                                   | 1,125,152 |          |                    |   |           |                        |         |   |             |          |   |                 | (847,545   | )        |              |   | 277,607    |              |   |   |             |         |       |              |        |         |              |   | (290,034 | )            |      |   | (12,427      | )         |   |   |        |         |         |   | 12,427   |         |         |      |           |          
|Property, plant and equipment, at cost:             |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |           |   |   |         |         |         |   |          |         |         |      |            |          
|                                                    | Land                                       |                                                   |           |         |                    |   |            | 20,923                 |         |   |              | 137,671  |   |                 |            |         |              |   |            | 158,594      |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 158,594   |   |   |         |        |         |   |          |        |         |      |            | 158,594   |       
|                                                    | Buildings and improvements                 |                                                   |           |         |                    |   |            | 271,223                |         |   |              | 603,762  |   |                 |            |         |              |   |            | 874,985      |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 874,985   |   |   |         |        |         |   |          |        |         |      |            | 874,985   |       
|                                                    | Furniture and equipment                    |                                                   |           | 413      |                    |   |            | 274,600                |         |   |              | 18,102   |   |                 |            |         |              |   |            | 293,115      |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 293,115   |   |   |         |        |         |   |          |        |         |      |            | 293,115   |       
|                                                    | Rental trailers and other rental equipment |                                                   |           |         |                    |   |            | 159,586                |         |   |              |         |   |                 |            |         |              |   |            | 159,586      |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 159,586   |   |   |         |        |         |   |          |        |         |      |            | 159,586   |       
|                                                    | Rental trucks                              |                                                   |           |         |                    |   |            | 1,219,002              |         |   |              |         |   |                 |            |         |              |   |            | 1,219,002    |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 1,219,002 |   |   |         |        |         |   |          |        |         |      |            | 1,219,002 |       
|                                                    |                                            | SAC Holding II  property, plant and equipment(b) |           |          |                   |   |            |                        |        |   |              |          |  |                 |            |          |             |   |            |              |  |   |              |         |      |              |         |         |             |   |          |              |     |   |              |           |  |   |         |         | 152,575 |   |          |         | (74,212 | )(e) |            |           | 78,363 | 
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|                                                    |                                            |                                                   | 413       |          |                    |   | 1,945,334  |                        |         |   | 759,535      |          |   |                 |           |          |              |   | 2,705,282  |              |   |   |             |         |       |              |        |         |              |   |         |              |      |   | 2,705,282    |           |   |   | 152,575 |         |         |   | (74,212  | )       |         |      | 2,783,645  |          
|Less: Accumulated depreciation                      |                                            |                                                   | (353      | )        |                    |   | (1,069,605 | )                      |         |   | (265,279     | )        |   |                 |           |          |              |   | (1,335,237 | )            |   |   |             |         |       |              |        |         |              |   |         |              |      |   | (1,335,237   | )         |   |   | (5,147  | )       |         |   | 8,544    | (e)     |         |      | (1,331,840 | )        
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|                                                    | Total property, plant and equipment        |                                                   |           | 60       |                    |   |            | 875,729                |         |   |              | 494,256  |   |                 |            |         |              |   |            | 1,370,045    |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 1,370,045 |   |   |         | 147,428 |         |   |          | (65,668 | )       |      |            | 1,451,805 |       
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          
|Total assets                                        |                                            | $                                                 | 1,661,417 |          |                    | $ | 1,452,361  |                        |         | $ | 526,128      |          |   | $               | (1,382,666 | )        |              | $ | 2,257,240  |              |   | $ | 598,291      |         |       | $            | 921,707 |         |              | $ | (397,686 | )            |      | $ | 3,379,552    |           |   | $ | 154,094 |         |         | $ | (138,898 | )       |         | $    | 3,394,748  |          
|                                                    |                                            |                                                   |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |            |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |          






|    |  |                                                                                                                            
|--- |  | ---------------------------------------------------------------------------------------------------------------------------
|(a) |  | Balances as of December 31, 2003                                                                                           
|(b) |  | Included in this caption is land of $57,123, buildings and
    improvements of $95,326, and furniture and equipment of $126
|(c) |  | Eliminate investment in subsidiaries and SAC Holding II                                                                    
|(d) |  | Eliminate intercompany receivables and payables                                                                            
|(e) |  | Eliminate gain on sale of property from U-Haul to SAC
    Holding II                                                       
|(f) |  | Represents the Obligated Group                                                                                             

F-41



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |         |   |   |         |        |   |   |          |         |      |   |           |         |   | 
|--------------------------------------------- | ------------------------------------------------------------------------------- | ------------------------ | --------- | -------- | ------------------ | - | ---------- | ---------------------- | ------- | - | ------------ | -------- | - | --------------- | ---------- | -------- | ------------ | - | --------- | ------------ | - | - | ------------ | ------- | ----- | ------------ | ------- | ------- | ------------ | - | -------- | ------------ | ---- | - | ------------ | ------- | - | - | ------- | ------ | - | - | -------- | ------- | ---- | - | --------- | ------- | - | 
|                                              |                                                                                 | Moving and Storage       |           |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |        
|                                              |                                                                                 |                          |           | Moving & |                    |   | Property & |                        |         |   |              |         
|                                              |                                                                                 |                          |           | Real     |                    |   |            |                        | Storage |   |              | Casualty |   |                 | Life       |          |              |   |           | AMERCO       |   |   |              |         | Total |             
|                                              |                                                                                 | AMERCO                   |           |          | U-Haul             |   |            | Estate                 |         |   | Eliminations |          |   | Consolidated(e) |            |          | Insurance(a) |   |           | Insurance(a) |   |   | Eliminations |         |       | Consolidated |         |         | SAC Holdings |   |          | Eliminations |      |   | Consolidated |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        
|                                              |                                                                                 | (In thousands)           |          
|Liabilities:                                  |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |         |   |   |         |        |   |   |          |         |      |   |           |        
|                                              | Accounts payable and accrued expenses                                           |                          | $         | 96,930   |                    |   | $          | 212,627                |         |   | $            | 365      |   |                 | $          |         |              |   | $         | 309,922      |   |   |              | 734     |       |              | $       |        |              |   | $        |             |      |   | $            | 310,656 |   |   | $       | 1,333  |   |   | $        |        |      |   | $         | 311,989 |  
|                                              | Capital leases                                                                  |                          |           |         |                    |   |            | 99,607                 |         |   |              |         |   |                 |            |         |              |   |           | 99,607       |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 99,607  |   |   |         |       |   |   |          |        |      |   |           | 99,607  |  
|                                              | AMERCOs notes and loans payable                                                |                          |           | 862,700  |                    |   |            |                       |         |   |              | 3        |   |                 |            |         |              |   |           | 862,703      |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 862,703 |   |   |         |       |   |   |          |        |      |   |           | 862,703 |  
|                                              | SAC Holding II Corporation notes and loans payable, non-
    recourse to AMERCO |                          |           |         |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |           |             |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              |        |   |   |         | 78,637 |   |   |          |        |      |   |           | 78,637  |  
|                                              | Policy benefits and losses, claims and loss expenses payable                    |                          |           |         |                    |   |            | 206,595                |         |   |              |         |   |                 |            |         |              |   |           | 206,595      |   |   |              | 436,593 |       |              |         | 177,550 |              |   |          |             |      |   |              | 820,738 |   |   |         |       |   |   |          |        |      |   |           | 820,738 |  
|                                              | Liabilities from investment contracts                                           |                          |           |         |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |           |             |   |   |              |        |       |              |         | 574,745 |              |   |          |             |      |   |              | 574,745 |   |   |         |       |   |   |          |        |      |   |           | 574,745 |  
|                                              | Other policyholders funds and liabilities                                      |                          |           |         |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |           |             |   |   |              | 11,369  |       |              |         | 10,363  |              |   |          |             |      |   |              | 21,732  |   |   |         |       |   |   |          |        |      |   |           | 21,732  |  
|                                              | Deferred income                                                                 |                          |           |         |                    |   |            | 23,045                 |         |   |              | 36       |   |                 |            |         |              |   |           | 23,081       |   |   |              | 15,229  |       |              |         | 14,279  |              |   |          |             |      |   |              | 52,589  |   |   |         | 561    |   |   |          |        |      |   |           | 53,150  |  
|                                              | Deferred income taxes                                                           |                          |           | 125,355  |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |           | 125,355      |   |   |              | (43,207 | )     |              |         | 12,528  |              |   |          |             |      |   |              | 94,676  |   |   |         | (3,468 | ) |   |          | (27,408 | )(d) |   |           | 63,800  |  
|                                              | Related party liabilities                                                       |                          |           | 22,300   |                    |   |            | 308,973                |         |   |              | 291,719  |   |                 |            | (535,121 | )(c)         |   |           | 87,871       |   |   |              | 8,533   |       |              |         | 11,248  |              |   |          | (107,652     | )(c) |   |              |        |   |   |         | 89,458 |   |   |          | (85,657 | )(c) |   |           | 3,801   |  
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        
|Total liabilities                             |                                                                                 |                          | 1,107,285 |          |                    |   | 850,847    |                        |         |   | 292,123      |          |   |                 | (535,121   | )        |              |   | 1,715,134 |              |   |   | 429,251      |         |       |              | 800,713 |         |              |   | (107,652 | )            |      |   | 2,837,446    |         |   |   | 166,521 |        |   |   | (113,065 | )       |      |   | 2,890,902 |        
|Stockholders equity:                         |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |         |   |   |         |        |   |   |          |         |      |   |           |        
|                                              | Series preferred stock:                                                         |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |         |   |   |         |        |   |   |          |         |      |   |           |         |  
|                                              |                                                                                 | Series A preferred stock |           |          |                   |   |            |                        |        |   |              |          |  |                 |            |          |             |   |           |              |  |   |              |         |      |              |         |         |             |   |          |              |     |   |              |         |  |   |         |        |  |   |          |         |     |   |           |         |  | 
|                                              |                                                                                 | Series B preferred stock |           |          |                   |   |            |                        |        |   |              |          |  |                 |            |          |             |   |           |              |  |   |              |         |      |              |         |         |             |   |          |              |     |   |              |         |  |   |         |        |  |   |          |         |     |   |           |         |  | 
|                                              | Serial A common stock                                                           |                          |           | 1,416    |                    |   |            |                       |         |   |              |         |   |                 |            |         |              |   |           | 1,416        |   |   |              |        |       |              |         |        |              |   |          |             |      |   |              | 1,416   |   |   |         |       |   |   |          |        |      |   |           | 1,416   |  
|                                              | Common Stock                                                                    |                          |           | 9,081    |                    |   |            | 540                    |         |   |              | 1        |   |                 |            | (541     | )(b)         |   |           | 9,081        |   |   |              | 3,300   |       |              |         | 2,500   |              |   |          | (5,800       | )(b) |   |              | 9,081   |   |   |         |       |   |   |          |        |      |   |           | 9,081   |  
|                                              | Additional paid in-capital                                                      |                          |           | 395,803  |                    |   |            | 121,230                |         |   |              | 147,481  |   |                 |            | (268,711 | )(b)         |   |           | 395,803      |   |   |              | 70,023  |       |              |         | 16,435  |              |   |          | (86,458      | )(b) |   |              | 395,803 |   |   |         |       |   |   |          | (46,071 | )(d) |   |           | 349,732 |  
|                                              | Accumulated other comprehensive income/(loss)                                   |                          |           | (21,446  | )                  |   |            | (34,913                | )       |   |              |         |   |                 |            | 34,913   | (b)          |   |           | (21,446      | ) |   |              | 6,975   |       |              |         | 7,299   |              |   |          | (14,274      | )(b) |   |              | (21,446 | ) |   |         |       |   |   |          |        |      |   |           | (21,446 | )
|Retained earnings                             |                                                                                 |                          | 587,370   |          |                    |   | 526,683    |                        |         |   | 86,523       |          |   |                 | (613,206   | )(b)     |              |   | 587,370   |              |   |   | 88,742       |         |       |              | 94,760  |         |              |   | (183,502 | )(b)         |      |   | 587,370      |         |   |   | (12,427 | )      |   |   | 20,238   | (b, d)  |      |   | 595,181   |        
|Cost of common shares in treasury, net        |                                                                                 |                          | (418,092  | )        |                    |   |           |                        |         |   |             |          |   |                 |           |          |              |   | (418,092  | )            |   |   |             |         |       |              |        |         |              |   |         |              |      |   | (418,092     | )       |   |   |        |        |   |   |         |         |      |   | (418,092  | )      
|Unearned employee stock ownership plan shares |                                                                                 |                          |          |          |                    |   | (12,026    | )                      |         |   |             |          |   |                 |           |          |              |   | (12,026   | )            |   |   |             |         |       |              |        |         |              |   |         |              |      |   | (12,026      | )       |   |   |        |        |   |   |         |         |      |   | (12,026   | )      
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        
|Total stockholders equity                    |                                                                                 |                          | 554,132   |          |                    |   | 601,514    |                        |         |   | 234,005      |          |   |                 | (847,545   | )        |              |   | 542,106   |              |   |   | 169,040      |         |       |              | 120,994 |         |              |   | (290,034 | )            |      |   | 542,106      |         |   |   | (12,427 | )      |   |   | (25,833  | )       |      |   | 503,846   |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        
|Total liabilities and stockholders equity    |                                                                                 | $                        | 1,661,417 |          |                    | $ | 1,452,361  |                        |         | $ | 526,128      |          |   | $               | (1,382,666 | )        |              | $ | 2,257,240 |              |   | $ | 598,291      |         |       | $            | 921,707 |         |              | $ | (397,686 | )            |      | $ | 3,379,552    |         |   | $ | 154,094 |        |   | $ | (138,898 | )       |      | $ | 3,394,748 |        
|                                              |                                                                                 |                          |           |          |                    |   |            |                        |         |   |              |          |   |                 |            |          |              |   |           |              |   |   |              |         |       |              |         |         |              |   |          |              |      |   |              |        






|    |  |                                                                     
|--- |  | --------------------------------------------------------------------
|(a) |  | Balances as of December 31, 2003                                    
|(b) |  | Eliminate investment in subsidiaries and SAC Holding II             
|(c) |  | Eliminated intercompany receivables and payables                    
|(d) |  | Eliminate gain on sale of property from U-Haul to SAC
    Holding II
|(e) |  | Represents the Obligated Group                                      

F-42



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |           |           |   |        |         |        |   |         |        |         |   |           |           |           | 
|-------------------------------------------------------------- | ------------------------------------------------------- | ------------------ | ------- | ------------------ | -------- | - | ---------------------- | ---------- | --------- | - | ------------ | -------- | ------ | --------------- | -------- | ------- | ------------ | - | --------- | ------------ | --------- | - | ------------ | ------ | ------ | ------------ | ------- | ------- | ------------ | - | ------ | ------------ | ------ | - | ------------ | --------- | --------- | - | ------ | ------- | ------ | - | ------- | ------ | ------- | - | --------- | --------- | --------- | 
|                                                               |                                                         |                    |         | AMERCO Legal Group |          |   | AMERCO as Consolidated |           
|                                                               |                                                         | Moving and Storage |         |                    |          |   |                        |            |          
|                                                               |                                                         |                    |         |                    | Moving & |   |                        | Property & |           |   |              |          |       
|                                                               |                                                         |                    |         | Real               |          |   |                        |            | Storage   |   |              | Casualty |        |                 | Life     |         |              |   |           | AMERCO       |           |   |              |        | Total  |             
|                                                               |                                                         | AMERCO             |         |                    | U-Haul   |   |                        | Estate     |           |   | Eliminations |          |        | Consolidated(g) |          |         | Insurance(a) |   |           | Insurance(a) |           |   | Eliminations |        |        | Consolidated |         |         | SAC Holdings |   |        | Eliminations |        |   | Consolidated |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|                                                               |                                                         | (In thousands)     |        
|Revenues:                                                      |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |           |           |   |        |         |        |   |         |        |         |   |           |          
|                                                               | Self-moving equipment rentals                           |                    | $       |                   |          |   | $                      | 1,437,895  |           |   | $            |         |        |                 | $        |        |              |   | $         | 1,437,895    |           |   | $            |       |        |              | $       |        |              |   | $      |             |        |   | $            | 1,437,895 |           |   | $      | 9,008   |        |   | $       | (9,008 | )(b)    |   | $         | 1,437,895 |          
|                                                               | Self-storage revenues                                   |                    |         |                   |          |   |                        | 94,431     |           |   |              | 1,771    |        |                 |          |        |              |   |           | 96,202       |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 96,202    |           |   |        | 17,953  |        |   |         |       |         |   |           | 114,155   |          
|                                                               | Self-moving & self-storage products & service
    sales |                    |         |                   |          |   |                        | 191,078    |           |   |              |         |        |                 |          |        |              |   |           | 191,078      |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 191,078   |           |   |        | 15,020  |        |   |         |       |         |   |           | 206,098   |          
|                                                               | Property management fees                                |                    |         |                   |          |   |                        | 14,434     |           |   |              |         |        |                 |          |        |              |   |           | 14,434       |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 14,434    |           |   |        |        |        |   |         | (2,595 | )(h)    |   |           | 11,839    |          
|                                                               | Life insurance premiums                                 |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              |       |        |              |         | 127,710 |              |   |        | (1,474       | )(c)   |   |              | 126,236   |           |   |        |        |        |   |         |       |         |   |           | 126,236   |          
|                                                               | Property and casualty insurance premiums                |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 24,987 |        |              |         |        |              |   |        |             |        |   |              | 24,987    |           |   |        |        |        |   |         |       |         |   |           | 24,987    |          
|                                                               | Net investment and interest income                      |                    |         | 7,796              |          |   |                        | 22,030     |           |   |              | 76       |        |                 |          |        |              |   |           | 29,902       |           |   |              | 16,430 |        |              |         | 23,476  |              |   |        | (5,109       | )      |   |              | 64,699    |           |   |        |        |        |   |         | (7,960 | )(d)    |   |           | 56,739    |          
|                                                               | Other revenue                                           |                    |         | 552                |          |   |                        | 27,489     |           |   |              | 56,116   |        |                 |          | (62,001 | )(b)         |   |           | 22,156       |           |   |              |       |        |              |         | 8,298   |              |   |        | (763         | )      |   |              | 29,691    |           |   |        | 1,191   |        |   |         | (710   | )(b)    |   |           | 30,172    |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|                                                               |                                                         | Total revenues     |         |                    | 8,348    |   |                        |            | 1,787,357 |   |              |          | 57,963 |                 |          |         | (62,001      | ) |           |              | 1,791,667 |   |              |        | 41,417 |              |         |         | 159,484      |   |        |              | (7,346 | ) |              |           | 1,985,222 |   |        |         | 43,172 |   |         |        | (20,273 | ) |           |           | 2,008,121 | 
|Costs and expenses:                                            |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |           |           |   |        |         |        |   |         |        |         |   |           |          
|                                                               | Operating expenses                                      |                    |         | 18,065             |          |   |                        | 1,100,737  |           |   |              | 7,051    |        |                 |          | (62,001 | )(b)         |   |           | 1,063,852    |           |   |              | 11,787 |        |              |         | 42,166  |              |   |        | (16,504      | )(b,c) |   |              | 1,101,301 |           |   |        | 23,491  |        |   |         | (2,595 | )(h)    |   |           | 1,122,197 |          
|                                                               | Commission expenses                                     |                    |         |                   |          |   |                        | 181,315    |           |   |              |         |        |                 |          |        |              |   |           | 181,315      |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 181,315   |           |   |        |        |        |   |         | (9,008 | )(b)    |   |           | 172,307   |          
|                                                               | Cost of sales                                           |                    |         |                   |          |   |                        | 98,877     |           |   |              |         |        |                 |          |        |              |   |           | 98,877       |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 98,877    |           |   |        | 6,432   |        |   |         |       |         |   |           | 105,309   |          
|                                                               | Benefits and losses                                     |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 39,733 |        |              |         | 91,452  |              |   |        | 9,158        |        |   |              | 140,343   |           |   |        |        |        |   |         |       |         |   |           | 140,343   |          
|                                                               | Amortization of deferred policy acquisition costs       |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 4,711  |        |              |         | 23,801  |              |   |        |             |        |   |              | 28,512    |           |   |        |        |        |   |         |       |         |   |           | 28,512    |          
|                                                               | Lease expense                                           |                    |         | 90                 |          |   |                        | 151,937    |           |   |              | 37       |        |                 |          |        |              |   |           | 152,064      |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 152,064   |           |   |        |        |        |   |         | (710   | )(b)    |   |           | 151,354   |          
|                                                               | Depreciation, net                                       |                    |         | 31                 |          |   |                        | 114,038    |           |   |              | 4,811    |        |                 |          |        |              |   |           | 118,880      |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 118,880   |           |   |        | 2,783   |        |   |         | (560   | )(e)    |   |           | 121,103   |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|Total costs and expenses                                       |                                                         |                    | 18,186  |                    |          |   | 1,646,904              |            |           |   | 11,899       |          |        |                 | (62,001  | )       |              |   | 1,614,988 |              |           |   | 56,231       |        |        |              | 157,419 |         |              |   | (7,346 | )            |        |   | 1,821,292    |           |           |   | 32,706 |         |        |   | (12,873 | )      |         |   | 1,841,125 |          
|Equity earnings of subsidiaries                                |                                                         |                    | 108,673 |                    |          |   |                       |            |           |   |             |          |        |                 | (117,135 | )(f)    |              |   | (8,462    | )            |           |   |             |        |        |              |        |         |              |   | 8,462  | (f)          |        |   |             |           |           |   |       |         |        |   |        |        |         |   |          |          
|Equity earnings of SAC Holding II                              |                                                         |                    | (2,232  | )                  |          |   |                       |            |           |   |             |          |        |                 |         |         |              |   | (2,232    | )            |           |   |             |        |        |              |        |         |              |   |       |              |        |   | (2,232       | )         |           |   |       |         |        |   | 2,232   | (f)    |         |   |          |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|Total  equity earnings of subsidiaries and SAC
    Holding II |                                                         |                    | 106,441 |                    |          |   |                       |            |           |   |             |          |        |                 | (117,135 | )       |              |   | (10,694   | )            |           |   |             |        |        |              |        |         |              |   | 8,462  |              |        |   | (2,232       | )         |           |   |       |         |        |   | 2,232   |        |         |   |          |          
|Earnings (loss) from operations                                |                                                         |                    | 96,603  |                    |          |   | 140,453                |            |           |   | 46,064       |          |        |                 | (117,135 | )       |              |   | 165,985   |              |           |   | (14,814      | )      |        |              | 2,065   |         |              |   | 8,462  |              |        |   | 161,698      |           |           |   | 10,466 |         |        |   | (5,168  | )      |         |   | 166,996   |          
|                                                               | Interest income (expense)                               |                    |         | (70,235            | )        |   |                        | 15,687     |           |   |              | (12,430  | )      |                 |          |        |              |   |           | (66,978      | )         |   |              |       |        |              |         |        |              |   |        |             |        |   |              | (66,978   | )         |   |        | (14,187 | )      |   |         | 7,960  | (d)     |   |           | (73,205   | )        
|                                                               | Litigation settlement, net                              |                    |         | 51,341             |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           | 51,341       |           |   |              |       |        |              |         |        |              |   |        |             |        |   |              | 51,341    |           |   |        |        |        |   |         |       |         |   |           | 51,341    |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|Pretax earnings (loss)                                         |                                                         |                    | 77,709  |                    |          |   | 156,140                |            |           |   | 33,634       |          |        |                 | (117,135 | )       |              |   | 150,348   |              |           |   | (14,814      | )      |        |              | 2,065   |         |              |   | 8,462  |              |        |   | 146,061      |           |           |   | (3,721 | )       |        |   | 2,792   |        |         |   | 145,132   |          
|                                                               | Income tax benefit (expense)                            |                    |         | 11,367             |          |   |                        | (59,160    | )         |   |              | (13,479  | )      |                 |          |        |              |   |           | (61,272      | )         |   |              | 5,104  |        |              |         | (817    | )            |   |        |             |        |   |              | (56,985   | )         |   |        | 1,489   |        |   |         | (212   | )       |   |           | (55,708   | )        
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|Net earnings (loss)                                            |                                                         |                    | 89,076  |                    |          |   | 96,980                 |            |           |   | 20,155       |          |        |                 | (117,135 | )       |              |   | 89,076    |              |           |   | (9,710       | )      |        |              | 1,248   |         |              |   | 8,462  |              |        |   | 89,076       |           |           |   | (2,232 | )       |        |   | 2,580   |        |         |   | 89,424    |          
|Less: Preferred stock dividends                                |                                                         |                    | (12,963 | )                  |          |   |                       |            |           |   |             |          |        |                 |         |         |              |   | (12,963   | )            |           |   |             |        |        |              |        |         |              |   |       |              |        |   | (12,963      | )         |           |   |       |         |        |   |        |        |         |   | (12,963   | )        
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          
|Earnings (loss) available to common shareholders               |                                                         | $                  | 76,113  |                    |          | $ | 96,980                 |            |           | $ | 20,155       |          |        | $               | (117,135 | )       |              | $ | 76,113    |              |           | $ | (9,710       | )      |        | $            | 1,248   |         |              | $ | 8,462  |              |        | $ | 76,113       |           |           | $ | (2,232 | )       |        | $ | 2,580   |        |         | $ | 76,461    |          
|                                                               |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |        |        |              |         |         |              |   |        |              |        |   |              |          






|    |  |                                                                                                  
|--- |  | -------------------------------------------------------------------------------------------------
|(a) |  | Balances for the year ending December 31, 2004                                                   
|(b) |  | Eliminate intercompany lease and commission income                                               
|(c) |  | Eliminate intercompany premiums                                                                  
|(d) |  | Eliminate intercompany interest on debt                                                          
|(e) |  | Eliminate gain on sale of surplus property from U-Haul to SAC
    Holding II                     
|(f) |  | Eliminate equity earnings in subsidiaries and equity earnings in
    SAC Holding II              
|(g) |  | Represents the Obligated Group                                                                   
|(h) |  | Eliminate management fees charged to SAC Holding II and
    other intercompany operating expenses

F-43



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |           |           |   |         |         |         |   |         |         |         |   |           |           |           | 
|------------------------------------------------------------ | ------------------------------------------------------- | ------------------ | ------- | ------------------ | -------- | - | ---------------------- | ---------- | --------- | - | ------------ | -------- | ------ | --------------- | -------- | ------- | ------------ | - | --------- | ------------ | --------- | - | ------------ | ------- | ------- | ------------ | ------- | ------- | -------- | - | ------- | ------------ | ------- | - | ------------ | --------- | --------- | - | ------- | ------- | ------- | - | ------- | ------- | ------- | - | --------- | --------- | --------- | 
|                                                             |                                                         |                    |         | AMERCO Legal Group |          |   | AMERCO as Consolidated |           
|                                                             |                                                         | Moving and Storage |         |                    |          |   |                        |            |          
|                                                             |                                                         |                    |         |                    | Moving & |   |                        | Property & |           |   |              |          |       
|                                                             |                                                         |                    |         | Real               |          |   |                        |            | Storage   |   |              | Casualty |        |                 | Life     |         |              |   |           | AMERCO       |           |   | SAC          |         |         |              |         | Total   |         
|                                                             |                                                         | AMERCO             |         |                    | U-Haul   |   |                        | Estate     |           |   | Eliminations |          |        | Consolidated(g) |          |         | Insurance(a) |   |           | Insurance(a) |           |   | Eliminations |         |         | Consolidated |         |         | Holdings |   |         | Eliminations |         |   | Consolidated |          
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|                                                             |                                                         | (In thousands)     |        
|Revenues:                                                    |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |           |           |   |         |         |         |   |         |         |         |   |           |          
|                                                             | Self-moving equipment rentals                           |                    | $       |                   |          |   | $                      | 1,380,991  |           |   | $            | 217      |        |                 | $        |        |              |   | $         | 1,381,208    |           |   | $            |        |         |              | $       |        |          |   | $       |             |         |   | $            | 1,381,208 |           |   | $       | 29,155  |         |   | $       | (29,155 | )(b)    |   | $         | 1,381,208 |          
|                                                             | Self-storage revenues                                   |                    |         |                   |          |   |                        | 118,335    |           |   |              | 2,869    |        |                 |          |        |              |   |           | 121,204      |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 121,204   |           |   |         | 126,436 |         |   |         |        |         |   |           | 247,640   |          
|                                                             | Self-moving & self-storage products & service
    sales |                    |         |                   |          |   |                        | 182,327    |           |   |              | 61       |        |                 |          |        |              |   |           | 182,388      |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 182,388   |           |   |         | 50,577  |         |   |         |        |         |   |           | 232,965   |          
|                                                             | Property management fees                                |                    |         |                   |          |   |                        | 12,974     |           |   |              |         |        |                 |          |        |              |   |           | 12,974       |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 12,974    |           |   |         |        |         |   |         | (12,715 | )(h)    |   |           | 259       |          
|                                                             | Life insurance premiums                                 |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              |        |         |              |         | 147,753 |          |   |         | (2,671       | )(c)    |   |              | 145,082   |           |   |         |         |         |   |         |        |         |   |           | 145,082   |          
|                                                             | Property and casualty insurance premiums                |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 93,242  |         |              |         |        |          |   |         | (1,206       | )(c)    |   |              | 92,036    |           |   |         |        |         |   |         |        |         |   |           | 92,036    |          
|                                                             | Net investment and interest income                      |                    |         | 866                |          |   |                        | 21,504     |           |   |              | 16,089   |        |                 |          |        |              |   |           | 38,459       |           |   |              | 21,699  |         |              |         | 19,046  |          |   |         | (4,088       | )(d)    |   |              | 75,116    |           |   |         |        |         |   |         | (36,835 | )(d)    |   |           | 38,281    |          
|                                                             | Other revenue                                           |                    |         | 1,550              |          |   |                        | 35,580     |           |   |              | 56,668   |        |                 |          | (61,159 | )(b)         |   |           | 32,639       |           |   |              |        |         |              |         | 11,013  |          |   |         | (2,497       | )(b)    |   |              | 41,155    |           |   |         | 12,787  |         |   |         | (15,419 | )(b)    |   |           | 38,523    |          
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|                                                             |                                                         | Total revenues     |         |                    | 2,416    |   |                        |            | 1,751,711 |   |              |          | 75,904 |                 |          |         | (61,159      | ) |           |              | 1,768,872 |   |              |         | 114,941 |              |         |         | 177,812  |   |         |              | (10,462 | ) |              |           | 2,051,163 |   |         |         | 218,955 |   |         |         | (94,124 | ) |           |           | 2,175,994 | 
|Costs and expenses:                                          |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |           |           |   |         |         |         |   |         |         |         |   |           |          
|                                                             | Operating expenses                                      |                    |         | 37,080             |          |   |                        | 1,062,695  |           |   |              | 8,063    |        |                 |          | (61,159 | )(b)         |   |           | 1,046,679    |           |   |              | 27,403  |         |              |         | 38,111  |          |   |         | (15,056      | )(b,c)  |   |              | 1,097,137 |           |   |         | 108,412 |         |   |         | (25,553 | )(b,h)  |   |           | 1,179,996 |          
|                                                             | Commission expenses                                     |                    |         |                   |          |   |                        | 176,165    |           |   |              |         |        |                 |          |        |              |   |           | 176,165      |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 176,165   |           |   |         |        |         |   |         | (29,155 | )(b)    |   |           | 147,010   |          
|                                                             | Cost of sales                                           |                    |         |                   |          |   |                        | 87,430     |           |   |              | 26       |        |                 |          |        |              |   |           | 87,456       |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 87,456    |           |   |         | 24,450  |         |   |         |        |         |   |           | 111,906   |          
|                                                             | Benefits and losses                                     |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 109,362 |         |              |         | 103,491 |          |   |         | 4,594        |         |   |              | 217,447   |           |   |         |        |         |   |         |        |         |   |           | 217,447   |          
|                                                             | Amortization of deferred policy acquisition costs       |                    |         |                   |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           |             |           |   |              | 14,126  |         |              |         | 24,957  |          |   |         |             |         |   |              | 39,083    |           |   |         |        |         |   |         |        |         |   |           | 39,083    |          
|                                                             | Lease expense                                           |                    |         | 786                |          |   |                        | 159,869    |           |   |              | 2,653    |        |                 |          |        |              |   |           | 163,308      |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 163,308   |           |   |         |        |         |   |         | (2,581  | )(b)    |   |           | 160,727   |          
|                                                             | Depreciation, net                                       |                    |         | 39                 |          |   |                        | 125,093    |           |   |              | 4,209    |        |                 |          |        |              |   |           | 129,341      |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 129,341   |           |   |         | 21,400  |         |   |         | (1,928  | )(e)    |   |           | 148,813   |          
|                                                             | Restructuring expenses                                  |                    |         | 44,097             |          |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           | 44,097       |           |   |              |        |         |              |         |        |          |   |         |             |         |   |              | 44,097    |           |   |         |        |         |   |         |        |         |   |           | 44,097    |          
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|Total costs and expenses                                     |                                                         |                    | 82,002  |                    |          |   | 1,611,252              |            |           |   | 14,951       |          |        |                 | (61,159  | )       |              |   | 1,647,046 |              |           |   | 150,891      |         |         |              | 166,559 |         |          |   | (10,462 | )            |         |   | 1,954,034    |           |           |   | 154,262 |         |         |   | (59,217 | )       |         |   | 2,049,079 |          
|Equity earnings of subsidiaries                              |                                                         |                    | 98,368  |                    |          |   |                       |            |           |   |             |          |        |                 | (115,050 | )(f)    |              |   | (16,682   | )            |           |   |             |         |         |              |        |         |          |   | 16,682  | (f)          |         |   |             |           |           |   |        |         |         |   |        |         |         |   |          |          
|Equity earnings of SAC Holdings                              |                                                         |                    | (11,551 | )                  |          |   |                       |            |           |   |             |          |        |                 |         |         |              |   | (11,551   | )            |           |   |             |         |         |              |        |         |          |   |        |              |         |   | (11,551      | )         |           |   |        |         |         |   | 11,551  | (f)     |         |   |          |          
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|Total  equity earnings of subsidiaries and SAC
    Holdings |                                                         |                    | 86,817  |                    |          |   |                       |            |           |   |             |          |        |                 | (115,050 | )       |              |   | (28,233   | )            |           |   |             |         |         |              |        |         |          |   | 16,682  |              |         |   | (11,551      | )         |           |   |        |         |         |   | 11,551  |         |         |   |          |          
|Earnings (loss) from operations                              |                                                         |                    | 7,231   |                    |          |   | 140,459                |            |           |   | 60,953       |          |        |                 | (115,050 | )       |              |   | 93,593    |              |           |   | (35,950      | )       |         |              | 11,253  |         |          |   | 16,682  |              |         |   | 85,578       |           |           |   | 64,693  |         |         |   | (23,356 | )       |         |   | 126,915   |          
|                                                             | Interest income (expense)                               |                    |         | (56,968            | )        |   |                        | 8,560      |           |   |              | (29,154  | )      |                 |          |        |              |   |           | (77,562      | )         |   |              |        |         |              |         |        |          |   |         |             |         |   |              | (77,562   | )         |   |         | (80,963 | )       |   |         | 36,835  | (d)     |   |           | (121,690  | )        
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|Pretax earnings (loss)                                       |                                                         |                    | (49,737 | )                  |          |   | 149,019                |            |           |   | 31,799       |          |        |                 | (115,050 | )       |              |   | 16,031    |              |           |   | (35,950      | )       |         |              | 11,253  |         |          |   | 16,682  |              |         |   | 8,016        |           |           |   | (16,270 | )       |         |   | 13,479  |         |         |   | 5,225     |          
|                                                             | Income tax benefit (expense)                            |                    |         | 45,690             |          |   |                        | (52,992    | )         |   |              | (12,776  | )      |                 |          |        |              |   |           | (20,078      | )         |   |              | 12,508  |         |              |         | (4,493  | )        |   |         |             |         |   |              | (12,063   | )         |   |         | 4,719   |         |   |         | (733    | )       |   |           | (8,077    | )        
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|Net earnings (loss)                                          |                                                         |                    | (4,047  | )                  |          |   | 96,027                 |            |           |   | 19,023       |          |        |                 | (115,050 | )       |              |   | (4,047    | )            |           |   | (23,442      | )       |         |              | 6,760   |         |          |   | 16,682  |              |         |   | (4,047       | )         |           |   | (11,551 | )       |         |   | 12,746  |         |         |   | (2,852    | )        
|                                                             | Less: Preferred stock dividends                         |                    |         | (12,963            | )        |   |                        |           |           |   |              |         |        |                 |          |        |              |   |           | (12,963      | )         |   |              |        |         |              |         |        |          |   |         |             |         |   |              | (12,963   | )         |   |         |        |         |   |         |        |         |   |           | (12,963   | )        
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          
|Earnings (loss) available to common shareholders             |                                                         | $                  | (17,010 | )                  |          | $ | 96,027                 |            |           | $ | 19,023       |          |        | $               | (115,050 | )       |              | $ | (17,010   | )            |           | $ | (23,442      | )       |         | $            | 6,760   |         |          | $ | 16,682  |              |         | $ | (17,010      | )         |           | $ | (11,551 | )       |         | $ | 12,746  |         |         | $ | (15,815   | )        
|                                                             |                                                         |                    |         |                    |          |   |                        |            |           |   |              |          |        |                 |          |         |              |   |           |              |           |   |              |         |         |              |         |         |          |   |         |              |         |   |              |          






|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|(a) |  | Balances as of December 31, 2003                                                               
|(b) |  | Eliminate intercompany lease and commission income                                             
|(c) |  | Eliminate intercompany premiums                                                                
|(d) |  | Eliminate intercompany interest on debt                                                        
|(e) |  | Eliminate gain on sale of surplus property from U-Haul to SAC
    Holdings                     
|(f) |  | Eliminate equity earnings in subsidiaries and equity earnings in
    SAC Holdings              
|(g) |  | Represents the Obligated Group                                                                 
|(h) |  | Eliminate management fees charged to SAC Holdings and other
    intercompany operating expenses

F-44



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |           |   |   |         |         |   |   |         |         |      |   |           |           |  
|------------------------------------------------------------ | ----------------------------------------------------- | ------------------ | ------- | -------- | ------------------ | - | ---------- | ---------------------- | ------- | - | ----------- | -------- | - | --------------- | ------- | ------- | ------------ | - | --------- | ------------ | - | - | ----------- | ------- | ----- | ------------ | ------- | ------- | ------------ | - | ------ | ----------- | ---- | - | ------------ | --------- | - | - | ------- | ------- | - | - | ------- | ------- | ---- | - | --------- | --------- | -
|                                                             |                                                       | Moving and Storage |         |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |        
|                                                             |                                                       |                    |         |          |                    |   |            |                        |        
|                                                             |                                                       |                    |         | Moving & |                    |   | Property & |                        |         |   |             |         
|                                                             |                                                       |                    |         | Real     |                    |   |            |                        | Storage |   |             | Casualty |   |                 | Life    |         |              |   |           | AMERCO       |   |   |             |         | Total |             
|                                                             |                                                       | AMERCO             |         |          | U-Haul             |   |            | Estate                 |         |   | Elimination |          |   | Consolidated(g) |         |         | Insurance(a) |   |           | Insurance(a) |   |   | Elimination |         |       | Consolidated |         |         | SAC Holdings |   |        | Elimination |      |   | Consolidated |          
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|                                                             |                                                       | (In thousands)     |        
|Revenues:                                                    |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |           |   |   |         |         |   |   |         |         |      |   |           |          
|                                                             | Self-moving equipment rentals                         |                    | $       |         |                    |   | $          | 1,293,686              |         |   | $           | 46       |   |                 | $       |        |              |   | $         | 1,293,732    |   |   | $           |        |       |              | $       |        |              |   | $      |            |      |   | $            | 1,293,732 |   |   | $       | 27,680  |   |   | $       | (27,680 | )(b) |   | $         | 1,293,732 |  
|                                                             | Self-storage revenues                                 |                    |         |         |                    |   |            | 109,985                |         |   |             | 2,770    |   |                 |         |        |              |   |           | 112,755      |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 112,755   |   |   |         | 126,183 |   |   |         |        |      |   |           | 238,938   |  
|                                                             | Self-moving & self-storage products and service sales |                    |         |         |                    |   |            | 174,853                |         |   |             | 56       |   |                 |         |        |              |   |           | 174,909      |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 174,909   |   |   |         | 48,768  |   |   |         |        |      |   |           | 223,677   |  
|                                                             | Property management fees                              |                    |         |         |                    |   |            | 12,431                 |         |   |             |         |   |                 |         |        |              |   |           | 12,431       |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 12,431    |   |   |         |        |   |   |         | (12,342 | )    |   |           | 89        |  
|                                                             | Life insurance premiums                               |                    |         |         |                    |   |            |                       |         |   |             |         |   |                 |         |        |              |   |           |             |   |   |             |        |       |              |         | 161,398 |              |   |        | (2,679      | )(c) |   |              | 158,719   |   |   |         |        |   |   |         |        |      |   |           | 158,719   |  
|                                                             | Property & casualty insurance premiums                |                    |         |         |                    |   |            |                       |         |   |             |         |   |                 |         |        |              |   |           |             |   |   |             | 152,618 |       |              |         |        |              |   |        | (3,412      | )(c) |   |              | 149,206   |   |   |         |        |   |   |         |        |      |   |           | 149,206   |  
|                                                             | Net investment and interest income                    |                    |         | 1,158    |                    |   |            | 29,358                 |         |   |             | 10,695   |   |                 |         |        |              |   |           | 41,211       |   |   |             | 22,318  |       |              |         | 13,891  |              |   |        | (800        | )    |   |              | 76,620    |   |   |         |        |   |   |         | (35,889 | )(d) |   |           | 40,731    |  
|                                                             | Other revenue                                         |                    |         | 37       |                    |   |            | 18,378                 |         |   |             | 56,346   |   |                 |         | (60,116 | )(b)         |   |           | 14,645       |   |   |             |        |       |              |         | 7,931   |              |   |        |            |      |   |              | 22,576    |   |   |         | 14,164  |   |   |         | (488    | )    |   |           | 36,252    |  
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Total revenues                                               |                                                       |                    | 1,195   |          |                    |   | 1,638,691  |                        |         |   | 69,913      |          |   |                 | (60,116 | )       |              |   | 1,649,683 |              |   |   | 174,936     |         |       |              | 183,220 |         |              |   | (6,891 | )           |      |   | 2,000,948    |           |   |   | 216,795 |         |   |   | (76,399 | )       |      |   | 2,141,344 |          
|Costs and expenses:                                          |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |           |   |   |         |         |   |   |         |         |      |   |           |          
|                                                             | Operating expenses                                    |                    |         | 36,934   |                    |   |            | 1,029,774              |         |   |             | 8,041    |   |                 |         | (60,116 | )(b)         |   |           | 1,014,633    |   |   |             | 37,096  |       |              |         | 48,480  |              |   |        | (10,932     | )(c) |   |              | 1,089,277 |   |   |         | 105,287 |   |   |         | (12,342 | )(h) |   |           | 1,182,222 |  
|                                                             | Commission expenses                                   |                    |         |         |                    |   |            | 166,334                |         |   |             |         |   |                 |         |        |              |   |           | 166,334      |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 166,334   |   |   |         |        |   |   |         | (27,682 | )(b) |   |           | 138,652   |  
|                                                             | Cost of sales                                         |                    |         |         |                    |   |            | 93,735                 |         |   |             | 21       |   |                 |         |        |              |   |           | 93,756       |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 93,756    |   |   |         | 21,359  |   |   |         |        |      |   |           | 115,115   |  
|                                                             | Benefits and losses                                   |                    |         |         |                    |   |            |                       |         |   |             |         |   |                 |         |        |              |   |           |             |   |   |             | 128,680 |       |              |         | 115,628 |              |   |        | 4,041       |      |   |              | 248,349   |   |   |         |        |   |   |         |        |      |   |           | 248,349   |  
|                                                             | Amortization of deferred policy acquisition costs     |                    |         |         |                    |   |            |                       |         |   |             |         |   |                 |         |        |              |   |           |             |   |   |             | 17,143  |       |              |         | 20,538  |              |   |        |            |      |   |              | 37,681    |   |   |         |        |   |   |         |        |      |   |           | 37,681    |  
|                                                             | Lease expense                                         |                    |         | 927      |                    |   |            | 165,020                |         |   |             | 640      |   |                 |         |        |              |   |           | 166,587      |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 166,587   |   |   |         |        |   |   |         | (486    | )(b) |   |           | 166,101   |  
|                                                             | Depreciation, net                                     |                    |         | 15       |                    |   |            | 112,815                |         |   |             | 5,169    |   |                 |         |        |              |   |           | 117,999      |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 117,999   |   |   |         | 21,373  |   |   |         | (1,926  | )(e) |   |           | 137,446   |  
|                                                             | Restructuring expenses                                |                    |         | 6,568    |                    |   |            |                       |         |   |             |         |   |                 |         |        |              |   |           | 6,568        |   |   |             |        |       |              |         |        |              |   |        |            |      |   |              | 6,568     |   |   |         |        |   |   |         |        |      |   |           | 6,568     |  
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Total costs and expenses                                     |                                                       |                    | 44,444  |          |                    |   | 1,567,678  |                        |         |   | 13,871      |          |   |                 | (60,116 | )       |              |   | 1,565,877 |              |   |   | 182,919     |         |       |              | 184,646 |         |              |   | (6,891 | )           |      |   | 1,926,551    |           |   |   | 148,019 |         |   |   | (42,436 | )       |      |   | 2,032,134 |          
|Equity earnings of subsidiaries                              |                                                       |                    | 52,951  |          |                    |   |           |                        |         |   |            |          |   |                 | (59,199 | )(f)    |              |   | (6,248    | )            |   |   |            |         |       |              |        |         |              |   | 6,248  | (f)         |      |   |             |           |   |   |        |         |   |   |        |         |      |   |          |          
|Equity earnings of SAC Holdings                              |                                                       |                    | (8,697  | )        |                    |   |           |                        |         |   |            |          |   |                 |        |         |              |   | (8,697    | )            |   |   |            |         |       |              |        |         |              |   |       |             |      |   | (8,697       | )         |   |   |        |         |   |   | 8,697   | (f)     |      |   |          |          
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Total  equity earnings of subsidiaries and SAC
    Holdings |                                                       |                    | 44,254  |          |                    |   |           |                        |         |   |            |          |   |                 | (59,199 | )       |              |   | (14,945   | )            |   |   |            |         |       |              |        |         |              |   | 6,248  |             |      |   | (8,697       | )         |   |   |        |         |   |   | 8,697   |         |      |   |          |          
|Earnings (losses) from operations                            |                                                       |                    | 1,005   |          |                    |   | 71,013     |                        |         |   | 56,042      |          |   |                 | (59,199 | )       |              |   | 68,861    |              |   |   | (7,983      | )       |       |              | (1,426  | )       |              |   | 6,248  |             |      |   | 65,700       |           |   |   | 68,776  |         |   |   | (25,266 | )       |      |   | 109,210   |          
|                                                             | Interest income (expense)                             |                    |         | (69,213  | )                  |   |            | (9,991                 | )       |   |             | (23,652  | ) |                 |         |        |              |   |           | (102,856     | ) |   |             |        |       |              |         |        |              |   |        |            |      |   |              | (102,856  | ) |   |         | (81,164 | ) |   |         | 35,889  | (d)  |   |           | (148,131  | )
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Pretax earnings (loss)                                       |                                                       |                    | (68,208 | )        |                    |   | 61,022     |                        |         |   | 32,390      |          |   |                 | (59,199 | )       |              |   | (33,995   | )            |   |   | (7,983      | )       |       |              | (1,426  | )       |              |   | 6,248  |             |      |   | (37,156      | )         |   |   | (12,388 | )       |   |   | 10,623  |         |      |   | (38,921   | )        
|                                                             | Income tax benefit (expense)                          |                    |         | 41,296   |                    |   |            | (21,211                | )       |   |             | (13,002  | ) |                 |         |        |              |   |           | 7,083        |   |   |             | 2,612   |       |              |         | 549     |              |   |        |            |      |   |              | 10,244    |   |   |         | 3,691   |   |   |         |        |      |   |           | 13,935    |  
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Net earnings (loss)                                          |                                                       |                    | (26,912 | )        |                    |   | 39,811     |                        |         |   | 19,388      |          |   |                 | (59,199 | )       |              |   | (26,912   | )            |   |   | (5,371      | )       |       |              | (877    | )       |              |   | 6,248  |             |      |   | (26,912      | )         |   |   | (8,697  | )       |   |   | 10,623  |         |      |   | (24,986   | )        
|Less: Preferred stock dividends                              |                                                       |                    | (12,963 | )        |                    |   |           |                        |         |   |            |          |   |                 |        |         |              |   | (12,963   | )            |   |   |            |         |       |              |        |         |              |   |       |             |      |   | (12,963      | )         |   |   |        |         |   |   |        |         |      |   | (12,963   | )        
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          
|Earnings (loss) available to common shareholders             |                                                       | $                  | (39,875 | )        |                    | $ | 39,811     |                        |         | $ | 19,388      |          |   | $               | (59,199 | )       |              | $ | (39,875   | )            |   | $ | (5,371      | )       |       | $            | (877    | )       |              | $ | 6,248  |             |      | $ | (39,875      | )         |   | $ | (8,697  | )       |   | $ | 10,623  |         |      | $ | (37,949   | )        
|                                                             |                                                       |                    |         |          |                    |   |            |                        |         |   |             |          |   |                 |         |         |              |   |           |              |   |   |             |         |       |              |         |         |              |   |        |             |      |   |              |          






|    |  |                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------
|(a) |  | Balances for the year ended December 31, 2002                                                  
|(b) |  | Eliminate intercompany lease and commission income                                             
|(c) |  | Eliminate intercompany premiums                                                                
|(d) |  | Eliminate intercompany interest on debt                                                        
|(e) |  | Eliminate gain on sale of surplus property from U-Haul to SAC
    Holdings                     
|(f) |  | Eliminate equity earnings of subsidiaries and equity earnings in
    SAC Holdings              
|(g) |  | Represents the Obligated Group                                                                 
|(h) |  | Eliminate management fees charged to SAC Holdings and other
    intercompany operating expenses

F-45



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |         |          |  
|------------------------------------------------ | ----------------------------------------------------- | ------------------------------------------------------------ | ------- | -------- | ------------------ | - | ---------- | ---------------------- | -------- | - | ----------- | -------- | ------ | ---- | -------- | ------- | ------------ | - | ------- | ------------ | -------- | - | ----------- | ------ | ------- | ------------ | ------ | ------- | ------------ | - | ----- | ----------- | ------- | - | ------------ | ------- | -------- | - | ------ | ------ | ------ | - | ----- | ------ | ------ | - | ------- | ------- | -------- | -
|                                                 |                                                       | Moving and Storage                                           |         |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |         
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |         
|                                                 |                                                       |                                                              |         | Moving & |                    |   | Property & |                        |          |   |             |         
|                                                 |                                                       |                                                              |         | Real     |                    |   |            |                        | Storage  |   |             | Casualty |        |      | Life     |         |              |   |         | AMERCO       |          |   |             |        | Total   |             
|                                                 |                                                       | AMERCO                                                       |         |          | U-Haul             |   |            | Estate                 |          |   | Elimination |          |        | Cons |          |         | Insurance(a) |   |         | Insurance(a) |          |   | Elimination |        |         | Consolidated |        |         | SAC Holdings |   |       | Elimination |         |   | Consolidated |        
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |        
|                                                 |                                                       | (In thousands)                                               |        
|Cash flows from operating activities:            |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |        
|Net earnings (loss)                              |                                                       | $                                                            | 89,076  |          |                    | $ | 96,980     |                        |          | $ | 20,155      |          |        | $    | (117,135 | )       |              | $ | 89,076  |              |          | $ | (9,710      | )      |         | $            | 1,248  |         |              | $ | 8,462 |             |         | $ | 89,076       |         |          | $ | (2,232 | )      |        | $ | 2,580 |        |        | $ | 89,424  |        
|                                                 | Earnings from consolidated entities                   |                                                              |         | (106,441 | )                  |   |            |                       |          |   |             |         |        |      |          | 117,135 |              |   |         | 10,694       |          |   |             |       |         |              |        |        |              |   |       | (8,462      | )       |   |              | 2,232   |          |   |        |        |        |   |       | (2,232 | )      |   |         |        |         
|                                                 | Depreciation                                          |                                                              |         | 31       |                    |   |            | 107,234                |          |   |             | 8,603    |        |      |          |        |              |   |         | 115,868      |          |   |             |       |         |              |        |        |              |   |       |            |         |   |              | 115,868 |          |   |        | 2,783  |        |   |       | (560   | )      |   |         | 118,091 |         
|                                                 | Amortization of deferred policy acquistion costs      |                                                              |         |         |                    |   |            |                       |          |   |             |         |        |      |          |        |              |   |         |             |          |   |             | 4,711  |         |              |        | 23,801  |              |   |       |            |         |   |              | 28,512  |          |   |        |       |        |   |       |       |        |   |         | 28,512  |         
|                                                 | Provision for losses on accounts receivable           |                                                              |         |         |                    |   |            | (620                   | )        |   |             |         |        |      |          |        |              |   |         | (620         | )        |   |             |       |         |              |        |        |              |   |       |            |         |   |              | (620    | )        |   |        | 114    |        |   |       |       |        |   |         | (506    | )       
|                                                 | Provision for inventory reserves                      |                                                              |         |         |                    |   |            | (1,000                 | )        |   |             |         |        |      |          |        |              |   |         | (1,000       | )        |   |             |       |         |              |        |        |              |   |       |            |         |   |              | (1,000  | )        |   |        |       |        |   |       |       |        |   |         | (1,000  | )       
|                                                 | Net (gain) loss on sale of real and personal property |                                                              |         |         |                    |   |            | 6,804                  |          |   |             | (3,792   | )      |      |          |        |              |   |         | 3,012        |          |   |             |       |         |              |        |        |              |   |       |            |         |   |              | 3,012   |          |   |        |       |        |   |       |       |        |   |         | 3,012   |         
|                                                 | Net loss on sale of investments                       |                                                              |         |         |                    |   |            |                       |          |   |             |         |        |      |          |        |              |   |         |             |          |   |             | 577    |         |              |        | 39      |              |   |       |            |         |   |              | 616     |          |   |        |       |        |   |       |       |        |   |         | 616     |         
|                                                 | Deferred income taxes                                 |                                                              |         | 33,060   |                    |   |            |                       |          |   |             |         |        |      |          |        |              |   |         | 33,060       |          |   |             | (3,740 | )       |              |        | (13,649 | )            |   |       | 46,947      |         |   |              | 62,618  |          |   |        | (1,505 | )      |   |       |       |        |   |         | 61,113  |         
|                                                 | Net change in other operating assets and liabilities: |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |         |         
|                                                 |                                                       | Trade receivables                                            |         |          |                   |   |            |                        | 4,730    |   |             |          | 14,830 |      |          |         |             |   |         |              | 19,560   |   |             |        | 11,926  |              |        |         | 703          |   |       |             |        |   |              |         | 32,189   |   |        |        |       |   |       |        |       |   |         |         | 32,189   |  
|                                                 |                                                       | Inventories                                                  |         |          |                   |   |            |                        | (9,567   | ) |             |          |       |      |          |         |             |   |         |              | (9,567   | ) |             |        |        |              |        |         |             |   |       |             |        |   |              |         | (9,567   | ) |        |        | (289   | ) |       |        |       |   |         |         | (9,856   | )
|                                                 |                                                       | Prepaid expenses                                             |         |          | (4,782             | ) |            |                        | (1,918   | ) |             |          | 2      |      |          |         |             |   |         |              | (6,698   | ) |             |        |        |              |        |         |             |   |       |             |        |   |              |         | (6,698   | ) |        |        | (4     | ) |       |        |       |   |         |         | (6,702   | )
|                                                 |                                                       | Capitalization of deferred policy acquisition costs          |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | (2,141  | )            |        |         | (6,732       | ) |       |             |        |   |              |         | (8,873   | ) |        |        |       |   |       |        |       |   |         |         | (8,873   | )
|                                                 |                                                       | Other assets                                                 |         |          | 5,388              |   |            |                        | (28,134  | ) |             |          | (1,727 | )    |          |         |             |   |         |              | (24,473  | ) |             |        | (250    | )            |        |         | 442          |   |       |             |        |   |              |         | (24,281  | ) |        |        | 394    |   |       |        |       |   |         |         | (23,887  | )
|                                                 |                                                       | Related party assets                                         |         |          | 23,123             |   |            |                        | (6,069   | ) |             |          | 701    |      |          |         | 41,674       |   |         |              | 59,429   |   |             |        | 18,377  |              |        |         | 17,955       |   |       |             | (15,610 | ) |              |         | 80,151   |   |        |        | (2,204 | ) |       |        | (3,167 | ) |         |         | 74,780   |  
|                                                 |                                                       | Accounts payable and accrued expenses                        |         |          | (61,640            | ) |            |                        | (13,842  | ) |             |          | (413   | )    |          |         |             |   |         |              | (75,895  | ) |             |        | (734    | )            |        |         | (19,846      | ) |       |             |        |   |              |         | (96,475  | ) |        |        | 475    |   |       |        |       |   |         |         | (96,000  | )
|                                                 |                                                       | Policy benefits and losses, claims and loss expenses payable |         |          |                   |   |            |                        | 42,458   |   |             |          |       |      |          |         |             |   |         |              | 42,458   |   |             |        | (45,211 | )            |        |         | (12,865      | ) |       |             |        |   |              |         | (15,618  | ) |        |        |       |   |       |        |       |   |         |         | (15,618  | )
|                                                 |                                                       | Other policyholders funds and liabilities                   |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | (2,700  | )            |        |         | 10,610       |   |       |             |        |   |              |         | 7,910    |   |        |        |       |   |       |        |       |   |         |         | 7,910    |  
|                                                 |                                                       | Deferred income                                              |         |          |                   |   |            |                        | (11,329  | ) |             |          | (34    | )    |          |         |             |   |         |              | (11,363  | ) |             |        | (3,086  | )            |        |         |             |   |       |             |        |   |              |         | (14,449  | ) |        |        | 42     |   |       |        |       |   |         |         | (14,407  | )
|                                                 |                                                       | Related party liabilities                                    |         |          | (21,652            | ) |            |                        | 47,024   |   |             |          | (754   | )    |          |         | (41,674      | ) |         |              | (17,056  | ) |             |        | 377     |              |        |         | 23,067       |   |       |             | (31,337 | ) |              |         | (24,949  | ) |        |        | 3,491  |   |       |        | 3,379  |   |         |         | (18,079  | )
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |        
|Net cash provided (used) by operating activities |                                                       |                                                              | (43,837 | )        |                    |   | 232,751    |                        |          |   | 37,571      |          |        |      |         |         |              |   | 226,485 |              |          |   | (31,604     | )      |         |              | 24,773 |         |              |   |      |             |         |   | 219,654      |         |          |   | 1,065  |        |        |   |      |        |        |   | 220,719 |        
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |        
|Cash flows from investing activities:            |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |        
|                                                 | Purchases of:                                         |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |         |          | (3                 | ) |            |                        | (280,141 | ) |             |          | (4,267 | )    |          |         |             |   |         |              | (284,411 | ) |             |        |        |              |        |         |             |   |       |             |        |   |              |         | (284,411 | ) |        |        | (555   | ) |       |        |       |   |         |         | (284,966 | )
|                                                 |                                                       | Short term investments                                       |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | (16,830 | )            |        |         |             |   |       |             |        |   |              |         | (16,830  | ) |        |        |       |   |       |        |       |   |         |         | (16,830  | )
|                                                 |                                                       | Fixed maturity investments                                   |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | (4,992  | )            |        |         | (93,219      | ) |       |             |        |   |              |         | (98,211  | ) |        |        |       |   |       |        |       |   |         |         | (98,211  | )
|                                                 |                                                       | Equity securities                                            |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        |        |              |        |         | (6,349       | ) |       |             |        |   |              |         | (6,349   | ) |        |        |       |   |       |        |       |   |         |         | (6,349   | )
|                                                 |                                                       | Real estate                                                  |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        |        |              |        |         | (63          | ) |       |             |        |   |              |         | (63      | ) |        |        |       |   |       |        |       |   |         |         | (63      | )
|                                                 |                                                       | Mortgage loans                                               |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        |        |              |        |         | (2,750       | ) |       |             |        |   |              |         | (2,750   | ) |        |        |       |   |       |        |       |   |         |         | (2,750   | )
|                                                 | Proceeds from sales of:                               |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |         |          |   |        |        |        |   |       |        |        |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |         |          |                   |   |            |                        | 232,691  |   |             |          | 11,016 |      |          |         |             |   |         |              | 243,707  |   |             |        |        |              |        |         |             |   |       |             |        |   |              |         | 243,707  |   |        |        |       |   |       |        |       |   |         |         | 243,707  |  
|                                                 |                                                       | Short term investments                                       |         |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |         |              |         |   |             |        |        |              |        |         | 10,866       |   |       |             |         |   |              |         | 10,866   |   |        |        |       |   |       |        |        |   |         |         | 10,866   |  
|                                                 |                                                       | Fixed maturity investments                                   |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | 36,336  |              |        |         | 115,688      |   |       |             |        |   |              |         | 152,024  |   |        |        |       |   |       |        |       |   |         |         | 152,024  |  
|                                                 |                                                       | Equity securities                                            |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | 56      |              |        |         |             |   |       |             |        |   |              |         | 56       |   |        |        |       |   |       |        |       |   |         |         | 56       |  
|                                                 |                                                       | Preferred stock                                              |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | 12,000  |              |        |         | 3,803        |   |       |             |        |   |              |         | 15,803   |   |        |        |       |   |       |        |       |   |         |         | 15,803   |  
|                                                 |                                                       | Real estate                                                  |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        | 15,672  |              |        |         | 513          |   |       |             |        |   |              |         | 16,185   |   |        |        |       |   |       |        |       |   |         |         | 16,185   |  
|                                                 |                                                       | Mortgage loans                                               |         |          |                   |   |            |                        |         |   |             |          |       |      |          |         |             |   |         |              |         |   |             |        |        |              |        |         | 5,368        |   |       |             |        |   |              |         | 5,368    |   |        |        |       |   |       |        |       |   |         |         | 5,368    |  
|                                                 |                                                       | Notes and mortgage receivables                               |         |          |                   |   |            |                        | 717      |   |             |          | 619    |      |          |         |             |   |         |              | 1,336    |   |             |        |        |              |        |         |             |   |       |             |        |   |              |         | 1,336    |   |        |        |       |   |       |        |       |   |         |         | 1,336    |  
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |        
|Net cash provided (used) by investing activities |                                                       |                                                              | (3      | )        |                    |   | (46,733    | )                      |          |   | 7,368       |          |        |      |         |         |              |   | (39,368 | )            |          |   | 42,242      |        |         |              | 33,857 |         |              |   |      |             |         |   | 36,731       |         |          |   | (555   | )      |        |   |      |        |        |   | 36,176  |        
|                                                 |                                                       |                                                              |         |          |                    |   |            |                        |          |   |             |          |        |      |          |         |              |   |         |              |          |   |             |        |         |              |        |         |              |   |       |             |         |   |              |        






|    |  |                                              
|--- |  | ---------------------------------------------
|(a) |  | Balances for the year ended December 31, 2004

F-46



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                                                 |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              |  |   |          |          |   |   |        |        |   |   |   |   |  |   |          |          |  
|------------------------------------------------ | ------------------------------------------------------------------- | ------------------ | ------ | ------------------ | ------ | ---------------------- | ---------- | -------- | ------- | - | ----------- | -------- | ---- | - | ---- | ------------ |  | - | ------------ | -------- | - | ----------- | ------ | ------------ |  | - | -------- | ------- | - | ----------- | - | ------------ |  | - | -------- | -------- | - | - | ------ | ------ | - | - | - | - |  | - | -------- | -------- | -
|                                                 |                                                                     | Moving and Storage |        | AMERCO Legal Group |        | AMERCO as Consolidated |           
|                                                 |                                                                     |                    |        |                    |        |                        |           
|                                                 |                                                                     |                    |        | Moving &           |        |                        | Property & |          |         |   |             |         
|                                                 |                                                                     |                    |        | Real               |        |                        |            |          | Storage |   |             | Casualty |      |   | Life |              |  |   |              | AMERCO   |   |             | SAC    |              |  |   |          | Total   |  
|                                                 |                                                                     | AMERCO             |        |                    | U-Haul |                        |            | Estate   |         |   | Elimination |          | Cons |   |      | Insurance(a) |  |   | Insurance(a) |          |   | Elimination |        | Consolidated |  |   | Holdings |         |   | Elimination |   | Consolidated | 
|                                                 |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              | 
|                                                 |                                                                     | (In thousands)     |       
|Cash flows from financing activities:            |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              |  |   |          |          |   |   |        |        |   |   |   |   |  |   |          |         
|                                                 | Borrowings from credit facilities                                   |                    |        | 129,355            |        |                        |            |         |         |   |             |         |      |   |      |             |  |   |              | 129,355  |   |             |        |             |  |   |          |        |   |             |   |             |  |   |          | 129,355  |   |   |        |       |   |   |   |  |  |   |          | 129,355  |  
|                                                 | Principal repayments on credit facilities                           |                    |        | (212,242           | )      |                        |            |         |         |   |             |         |      |   |      |             |  |   |              | (212,242 | ) |             |        |             |  |   |          |        |   |             |   |             |  |   |          | (212,242 | ) |   |        | (1,163 | ) |   |   |  |  |   |          | (213,405 | )
|                                                 | Leveraged Employee Stock Ownership Plan  repayments
    from loans |                    |        |                   |        |                        |            | 1,135    |         |   |             |         |      |   |      |             |  |   |              | 1,135    |   |             |        |             |  |   |          |        |   |             |   |             |  |   |          | 1,135    |   |   |        |       |   |   |   |  |  |   |          | 1,135    |  
|                                                 | Payoff of capital leases                                            |                    |        |                   |        |                        |            | (99,609  | )       |   |             |         |      |   |      |             |  |   |              | (99,609  | ) |             |        |             |  |   |          |        |   |             |   |             |  |   |          | (99,609  | ) |   |        |        |   |   |   |  |  |   |          | (99,609  | )
|                                                 | Proceeds from (repayment of) related party loans                    |                    |        | 155,908            |        |                        |            | (114,635 | )       |   |             | (41,273  | )    |   |      |             |  |   |              |         |   |             |        |             |  |   |          |        |   |             |   |             |  |   |          |         |   |   |        |       |   |   |   |  |  |   |          |         |  
|                                                 | Preferred stock dividends paid                                      |                    |        | (29,167            | )      |                        |            |         |         |   |             |         |      |   |      |             |  |   |              | (29,167  | ) |             |        |             |  |   |          |        |   |             |   |             |  |   |          | (29,167  | ) |   |        |       |   |   |   |  |  |   |          | (29,167  | )
|                                                 | Investment contract deposits                                        |                    |        |                   |        |                        |            |         |         |   |             |         |      |   |      |             |  |   |              |         |   |             |        |             |  |   |          | 26,331  |   |             |   |             |  |   |          | 26,331   |   |   |        |       |   |   |   |  |  |   |          | 26,331   |  
|                                                 | Investment contract withdrawals                                     |                    |        |                   |        |                        |            |         |         |   |             |         |      |   |      |             |  |   |              |         |   |             |        |             |  |   |          | (97,137 | ) |             |   |             |  |   |          | (97,137  | ) |   |        |       |   |   |   |  |  |   |          | (97,137  | )
|                                                 |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              |  |   |          |         
|Net cash provided (used) by financing activities |                                                                     |                    | 43,854 |                    |        |                        | (213,109   | )        |         |   | (41,273     | )        |      |   |     |              |  |   | (210,528     | )        |   |             |       |              |  |   | (70,806  | )       |   |             |  |              |  |   | (281,334 | )        |   |   | (1,163 | )      |   |   |  |   |  |   | (282,497 | )       
|                                                 |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              |  |   |          |         
|                                                
|Increase (decrease) in cash and cash equivalents |                                                                     |                    | 14     |                    |        |                        | (27,091    | )        |         |   | 3,666       |          |      |   |     |              |  |   | (23,411      | )        |   |             | 10,638 |              |  |   | (12,176  | )       |   |             |  |              |  |   | (24,949  | )        |   |   | (653   | )      |   |   |  |   |  |   | (25,602  | )       
|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         |                                                                     | $                  | 14     |                    |        | $                      | 37,626     |          |         | $ | 4,327       |          |      | $ |     |              |  | $ | 41,967       |          |   | $           | 10,638 |              |  | $ | 2,992    |         |   | $           |  |              |  | $ | 55,597   |          |   | $ | 358    |        |   | $ |  |   |  | $ | 55,955   |         
|                                                 |                                                                     |                    |        |                    |        |                        |            |          |         |   |             |          |      |   |      |              |  |   |              |          |   |             |        |              |  |   |          |         |   |             |   |              |  |   |          |         






|    |  |                                              
|--- |  | ---------------------------------------------
|(a) |  | Balances for the year ended December 31, 2004

F-47



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Continued)




|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |         |          |  
|------------------------------------------------ | ----------------------------------------------------- | ------------------------------------------------------------ | -------- | -------- | ------------------ | - | ---------- | ---------------------- | -------- | - | ----------- | -------- | ------- | ---- | -------- | ------- | ------------ | - | -------- | ------------ | -------- | - | ----------- | ------- | ------- | ------------ | ------ | ------ | -------- | - | ------- | ----------- | -------- | - | ------------ | ------- | -------- | - | ------- | ------ | ------- | - | ------ | ------- | -------- | - | ------- | ------- | -------- | -
|                                                 |                                                       | Moving and Storage                                           |          |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |         
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |         
|                                                 |                                                       |                                                              |          | Moving & |                    |   | Property & |                        |          |   |             |         
|                                                 |                                                       |                                                              |          | Real     |                    |   |            |                        | Storage  |   |             | Casualty |         |      | Life     |         |              |   |          | AMERCO       |          |   | SAC         |         |         |              |        | Total  |         
|                                                 |                                                       | AMERCO                                                       |          |          | U-Haul             |   |            | Estate                 |          |   | Elimination |          |         | Cons |          |         | Insurance(a) |   |          | Insurance(a) |          |   | Elimination |         |         | Consolidated |        |        | Holdings |   |         | Elimination |          |   | Consolidated |        
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |        
|                                                 |                                                       | (In thousands)                                               |         
|Cash flows from operating activities:            |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |        
|Net earnings (loss)                              |                                                       | $                                                            | (4,047   | )        |                    | $ | 96,027     |                        |          | $ | 19,023      |          |         | $    | (115,050 | )       |              | $ | (4,047   | )            |          | $ | (23,442     | )       |         | $            | 6,760  |        |          | $ | 16,682  |             |          | $ | (4,047       | )       |          | $ | (11,551 | )      |         | $ | 12,746 |         |          | $ | (2,852  | )      
|                                                 | Earnings from consolidated entities                   |                                                              |          | (86,817  | )                  |   |            |                       |          |   |             |         |         |      |          | 115,050 |              |   |          | 28,233       |          |   |             |        |         |              |        |       |          |   |         | (16,682     | )        |   |              | 11,551  |          |   |         |       |         |   |        | (11,551 | )        |   |         |        |         
|                                                 | Depreciation                                          |                                                              |          | 39       |                    |   |            | 116,708                |          |   |             | 8,670    |         |      |          |        |              |   |          | 125,417      |          |   |             |        |         |              |        |       |          |   |         |            |          |   |              | 125,417 |          |   |         | 21,400 |         |   |        | (1,928  | )        |   |         | 144,889 |         
|                                                 | Amortization of deferred policy acquistion costs      |                                                              |          |         |                    |   |            |                       |          |   |             |         |         |      |          |        |              |   |          |             |          |   |             | 14,126  |         |              |        | 24,957 |          |   |         |            |          |   |              | 39,083  |          |   |         |       |         |   |        |        |          |   |         | 39,083  |         
|                                                 | Provision for losses on accounts receivable           |                                                              |          |         |                    |   |            | (271                   | )        |   |             |         |         |      |          |        |              |   |          | (271         | )        |   |             |        |         |              |        |       |          |   |         |            |          |   |              | (271    | )        |   |         |       |         |   |        |        |          |   |         | (271    | )       
|                                                 | Provision for inventory reserves                      |                                                              |          |         |                    |   |            | (267                   | )        |   |             |         |         |      |          |        |              |   |          | (267         | )        |   |             |        |         |              |        |       |          |   |         |            |          |   |              | (267    | )        |   |         |       |         |   |        |        |          |   |         | (267    | )       
|                                                 | Net (gain) loss on sale of real and personal property |                                                              |          |         |                    |   |            | 8,385                  |          |   |             | (4,461   | )       |      |          |        |              |   |          | 3,924        |          |   |             |        |         |              |        |       |          |   |         |            |          |   |              | 3,924   |          |   |         |       |         |   |        |        |          |   |         | 3,924   |         
|                                                 | Gain on sale of investments                           |                                                              |          |         |                    |   |            |                       |          |   |             |         |         |      |          |        |              |   |          |             |          |   |             |        |         |              |        | (1,962 | )        |   |         |            |          |   |              | (1,962  | )        |   |         |       |         |   |        |        |          |   |         | (1,962  | )       
|                                                 | Deferred income taxes                                 |                                                              |          | 4,909    |                    |   |            | (214,715               | )        |   |             | (94,914  | )       |      |          | 312,193 |              |   |          | 7,473        |          |   |             | (43,207 | )       |              |        | 3,864  |          |   |         | 40,865      |          |   |              | 8,995   |          |   |         | 16,450 |         |   |        | 70,597  |          |   |         | 96,042  |         
|                                                 | Net change in other operating assets and liabilities: |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |         |         
|                                                 |                                                       | Trade receivables                                            |          |          |                   |   |            |                        | 1,557    |   |             |          | (2,033  | )    |          |         |             |   |          |              | (476     | ) |             |         | 680     |              |        |        | 6,683    |   |         |             |         |   |              |         | 6,887    |   |         |        |        |   |        |         |         |   |         |         | 6,887    |  
|                                                 |                                                       | Inventories                                                  |          |          |                   |   |            |                        | (2,426   | ) |             |          | 4       |      |          |         |             |   |          |              | (2,422   | ) |             |         |        |              |        |        |         |   |         |             |         |   |              |         | (2,422   | ) |         |        | 3,157   |   |        |         |         |   |         |         | 735      |  
|                                                 |                                                       | Prepaid expenses                                             |          |          | 6                  |   |            |                        | 7,990    |   |             |          | 9       |      |          |         |             |   |          |              | 8,005    |   |             |         |        |              |        |        |         |   |         |             |         |   |              |         | 8,005    |   |         |        | 669     |   |        |         |         |   |         |         | 8,674    |  
|                                                 |                                                       | Capitalization of deferred policy acquisition costs          |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | (4,763  | )            |        |        | (12,468  | ) |         |             |         |   |              |         | (17,231  | ) |         |        |        |   |        |         |         |   |         |         | (17,231  | )
|                                                 |                                                       | Other assets                                                 |          |          | (7,166             | ) |            |                        | (14,078  | ) |             |          | 3,981   |      |          |         |             |   |          |              | (17,263  | ) |             |         | 219     |              |        |        | (762     | ) |         |             |         |   |              |         | (17,806  | ) |         |        | 20,002  |   |        |         |         |   |         |         | 2,196    |  
|                                                 |                                                       | Related party assets                                         |          |          | (48,775            | ) |            |                        | (43,558  | ) |             |          |        |      |          |         | 60,943       |   |          |              | (31,390  | ) |             |         | 32,510  |              |        |        | 16,249   |   |         |             | (113,106 | ) |              |         | (95,737  | ) |         |        |        |   |        |         | (151,424 | ) |         |         | (247,161 | )
|                                                 |                                                       | Accounts payable and accrued expenses                        |          |          | 127,770            |   |            |                        | (46,729  | ) |             |          | (10,158 | )    |          |         |             |   |          |              | 70,883   |   |             |         | (28,395 | )            |        |        | 7,645    |   |         |             |          |   |              |         | 50,133   |   |         |        | (10,868 | ) |        |         |         |   |         |         | 39,265   |  
|                                                 |                                                       | Policy benefits and losses, claims and loss expenses payable |          |          |                   |   |            |                        | 37,929   |   |             |          |        |      |          |         |             |   |          |              | 37,929   |   |             |         | (48,790 | )            |        |        | (5,033   | ) |         |             |         |   |              |         | (15,894  | ) |         |        |        |   |        |         |         |   |         |         | (15,894  | )
|                                                 |                                                       | Other policyholders funds and liabilities                   |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | (8,795  | )            |        |        | 218      |   |         |             |         |   |              |         | (8,577   | ) |         |        |        |   |        |         |         |   |         |         | (8,577   | )
|                                                 |                                                       | Deferred income                                              |          |          | (2,863             | ) |            |                        | (7,898   | ) |             |          | (975    | )    |          |         |             |   |          |              | (11,736  | ) |             |         | 15,229  |              |        |        | 14,279   |   |         |             |         |   |              |         | 17,772   |   |         |        | (5,009  | ) |        |         |         |   |         |         | 12,763   |  
|                                                 |                                                       | Related party liabilities                                    |          |          | (123,269           | ) |            |                        | 264,942  |   |             |          | 95,668  |      |          |         | (390,636     | ) |          |              | (153,295 | ) |             |         | 8,533   |              |        |        | (39,567  | ) |         |             | 15,599   |   |              |         | (168,730 | ) |         |        | (42,467 | ) |        |         | 88,121   |   |         |         | (123,076 | )
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |        
|Net cash provided (used) by operating activities |                                                       |                                                              | (140,213 | )        |                    |   | 203,596    |                        |          |   | 14,814      |          |         |      | (17,500  | )       |              |   | 60,697   |              |          |   | (86,095     | )       |         |              | 20,863 |        |          |   | (56,642 | )           |          |   | (61,177      | )       |          |   | (8,217  | )      |         |   | 6,561  |         |          |   | (62,833 | )      
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |        
|Cash flows from investing activities:            |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |        
|                                                 | Purchases of:                                         |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |          |          |                   |   |            |                        | (188,521 | ) |             |          | (4,042  | )    |          |         |             |   |          |              | (192,563 | ) |             |         |        |              |        |        |         |   |         |             |         |   |              |         | (192,563 | ) |         |        | (5,880  | ) |        |         |         |   |         |         | (198,443 | )
|                                                 |                                                       | Fixed maturities investments                                 |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | (6,290  | )            |        |        | (71,094  | ) |         |             |         |   |              |         | (77,384  | ) |         |        |        |   |        |         |         |   |         |         | (77,384  | )
|                                                 |                                                       | Equity securities                                            |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         |        |              |        |        | (1,736   | ) |         |             |         |   |              |         | (1,736   | ) |         |        |        |   |        |         |         |   |         |         | (1,736   | )
|                                                 |                                                       | Other asset investments, net                                 |          |          |                   |   |            |                        | 811      |   |             |          |        |      |          |         |             |   |          |              | 811      |   |             |         | (13,403 | )            |        |        | (43,413  | ) |         |             | 56,642   |   |              |         | 637      |   |         |        |        |   |        |         |         |   |         |         | 637      |  
|                                                 |                                                       | Real estate                                                  |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | (14,294 | )            |        |        | (2,862   | ) |         |             |         |   |              |         | (17,156  | ) |         |        |        |   |        |         |         |   |         |         | (17,156  | )
|                                                 |                                                       | Mortgage loans                                               |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         |        |              |        |        | (450     | ) |         |             |         |   |              |         | (450     | ) |         |        |        |   |        |         |         |   |         |         | (450     | )
|                                                 | Proceeds from sales of:                               |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |         |          |   |         |        |         |   |        |         |          |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |          |          | 45                 |   |            |                        | 42,589   |   |             |          | 11,022  |      |          |         |             |   |          |              | 53,656   |   |             |         |        |              |        |        |         |   |         |             |         |   |              |         | 53,656   |   |         |        | 9,519   |   |        |         |         |   |         |         | 63,175   |  
|                                                 |                                                       | Fixed maturities investments                                 |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | 115,559 |              |        |        | 127,931  |   |         |             |         |   |              |         | 243,490  |   |         |        |        |   |        |         |         |   |         |         | 243,490  |  
|                                                 |                                                       | Equity securities                                            |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         |        |              |        |        | 3,452    |   |         |             |         |   |              |         | 3,452    |   |         |        |        |   |        |         |         |   |         |         | 3,452    |  
|                                                 |                                                       | Preferred stock                                              |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         |        |              |        |        | 16,882   |   |         |             |         |   |              |         | 16,882   |   |         |        |        |   |        |         |         |   |         |         | 16,882   |  
|                                                 |                                                       | Real estate                                                  |          |          |                   |   |            |                        |         |   |             |          |        |      |          |         |             |   |          |              |         |   |             |         | 415     |              |        |        | 5,923    |   |         |             |         |   |              |         | 6,338    |   |         |        |        |   |        |         |         |   |         |         | 6,338    |  
|                                                 |                                                       | Mortgage loans                                               |          |          |                   |   |            |                        | 329      |   |             |          | 1,153   |      |          |         |             |   |          |              | 1,482    |   |             |         |        |              |        |        | 14,892   |   |         |             |         |   |              |         | 16,374   |   |         |        |        |   |        |         |         |   |         |         | 16,374   |  
|                                                 |                                                       | Notes and mortgage receivables                               |          |          |                   |   |            |                        | 4,248    |   |             |          | 760     |      |          |         |             |   |          |              | 5,008    |   |             |         |        |              |        |        |         |   |         |             |         |   |              |         | 5,008    |   |         |        |        |   |        |         |         |   |         |         | 5,008    |  
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |        
|Net cash provided (used) by investing activities |                                                       |                                                              | 45       |          |                    |   | (140,544   | )                      |          |   | 8,893       |          |         |      |         |         |              |   | (131,606 | )            |          |   | 81,987      |         |         |              | 49,525 |        |          |   | 56,642  |             |          |   | 56,548       |         |          |   | 3,639   |        |         |   |       |         |          |   | 60,187  |        
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |      |          |         |              |   |          |              |          |   |             |         |         |              |        |        |          |   |         |             |          |   |              |        






F-48



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Continued)




|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |          |   |   |        |          |   |   |        |          |   |  |        |          |  
|------------------------------------------------ | ------------------------------------------------------------------ | ------------------ | ------- | -------- | ------------------ | - | ---------------------- | ------- | ------- | - | ----------- | -------- | - | ---- | ------ | ------ | ------------ | - | ------ | ------------ | - |  | ----------- | - | ------------ | - | ------- | ------------ | - | - | ----------- | - |  | ------------ | ------ | -------- | - | - | ------ | -------- | - | - | ------ | -------- | - |  | ------ | -------- | -
|                                                 |                                                                    | Moving and Storage |         |          | AMERCO Legal Group |   | AMERCO as Consolidated |        
|                                                 |                                                                    |                    |         |          |                    |   |                        |        
|                                                 |                                                                    |                    |         | Moving & |                    |   | Property &             |         |         |   |             |         
|                                                 |                                                                    |                    |         | Real     |                    |   |                        |         | Storage |   |             | Casualty |   |      | Life   |        |              |   |        | AMERCO       |   |  |             |   | Total        |  
|                                                 |                                                                    | AMERCO             |         |          | U-Haul             |   |                        | Estate  |         |   | Elimination |          |   | Cons |        |        | Insurance(a) |   |        | Insurance(a) |   |  | Elimination |   | Consolidated |   |         | SAC Holdings |   |   | Elimination |   |  | Consolidated |       
|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |       
|                                                 |                                                                    | (In thousands)     |        
|Cash flows from financing activities:            |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |          |   |   |        |          |   |   |        |          |   |  |        |         
|                                                 | Borrowings from credit facilities                                  |                    |         | 785,942  |                    |   |                        |        |         |   |             | 4        |   |      |        |       |              |   |        | 785,946      |   |  |             |  |              |   |         |             |   |   |             |  |  |              |        | 785,946  |   |   |        | 211,068  |   |   |        |         |   |  |        | 997,014  |  
|                                                 | Principal repayments on credit facilities                          |                    |         | (745,407 | )                  |   |                        | (32,583 | )       |   |             | (101,506 | ) |      |        |       |              |   |        | (879,496     | ) |  |             |  |              |   |         |             |   |   |             |  |  |              |        | (879,496 | ) |   |        | (210,141 | ) |   |        | 201,453  |   |  |        | (888,184 | )
|                                                 | Debt issuance costs                                                |                    |         | (24,831  | )                  |   |                        |        |         |   |             |         |   |      |        |       |              |   |        | (24,831      | ) |  |             |  |              |   |         |             |   |   |             |  |  |              |        | (24,831  | ) |   |        |         |   |   |        |         |   |  |        | (24,831  | )
|                                                 | Leveraged Employee Stock Ownership Plan  repayments
    from loan |                    |         | (20      | )                  |   |                        | 1,171   |         |   |             |         |   |      |        |       |              |   |        | 1,151        |   |  |             |  |              |   |         |             |   |   |             |  |  |              |        | 1,151    |   |   |        |         |   |   |        |         |   |  |        | 1,151    |  
|                                                 | Proceeds from (repayment of) related party notes payable           |                    |         | (17,500  | )                  |   |                        |        |         |   |             | 208,014  |   |      |        | 17,500 |              |   |        | 208,014      |   |  |             |  |              |   |         |             |   |   |             |  |  |              |        | 208,014  |   |   |        |         |   |   |        | (208,014 | ) |  |        |         |  
|                                                 | Proceeds from (repayment of) related party loans                   |                    |         | 126,701  |                    |   |                        | 3,031   |         |   |             | (129,732 | ) |      |        |       |              |   |        |             |   |  |             |  |              |   |         |             |   |   |             |  |  |              |        |         |   |   |        |         |   |   |        |         |   |  |        |         |  
|                                                 | Preferred stock dividends paid                                     |                    |         | (3,241   | )                  |   |                        |        |         |   |             |         |   |      |        |       |              |   |        | (3,241       | ) |  |             |  |              |   |         |             |   |   |             |  |  |              |        | (3,241   | ) |   |        |         |   |   |        |         |   |  |        | (3,241   | )
|                                                 | Investment contract deposits                                       |                    |         |         |                    |   |                        |        |         |   |             |         |   |      |        |       |              |   |        |             |   |  |             |  |              |   |         | 50,990       |   |   |             |  |  |              |        | 50,990   |   |   |        |         |   |   |        |         |   |  |        | 50,990   |  
|                                                 | Investment contract withdrawals                                    |                    |         |         |                    |   |                        |        |         |   |             |         |   |      |        |       |              |   |        |             |   |  |             |  |              |   |         | (115,530     | ) |   |             |  |  |              |        | (115,530 | ) |   |        |         |   |   |        |         |   |  |        | (115,530 | )
|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |         
|Net cash provided (used) by financing activities |                                                                    |                    | 121,644 |          |                    |   | (28,381                | )       |         |   | (23,220     | )        |   |      | 17,500 |        |              |   | 87,543 |              |   |  |            |   |              |   | (64,540 | )            |   |   |            |   |  |              | 23,003 |          |   |   | 927    |          |   |   | (6,561 | )        |   |  | 17,369 |         
|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |         
|Increase (decrease) in cash and cash equivalents |                                                                    |                    | (18,524 | )        |                    |   | 34,671                 |         |         |   | 487         |          |   |      |       |        |              |   | 16,634 |              |   |  | (4,108      | ) |              |   | 5,848   |              |   |   |            |   |  |              | 18,374 |          |   |   | (3,651 | )        |   |   |       |          |   |  | 14,723 |         
|Cash and cash equivalents at beginning of year   |                                                                    |                    | 18,524  |          |                    |   | 30,046                 |         |         |   | 174         |          |   |      |       |        |              |   | 48,744 |              |   |  | 4,108       |   |              |   | 9,320   |              |   |   |            |   |  |              | 62,172 |          |   |   | 4,662  |          |   |   |       |          |   |  | 66,834 |         
|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |         
|Cash and cash equivalents at end of year         |                                                                    | $                  |        |          |                    | $ | 64,717                 |         |         | $ | 661         |          |   | $    |       |        |              | $ | 65,378 |              |   |  |            |   |              | $ | 15,168  |              |   | $ |            |   |  | $            | 80,546 |          |   | $ | 1,011  |          |   | $ |       |          |   |  | 81,557 |         
|                                                 |                                                                    |                    |         |          |                    |   |                        |         |         |   |             |          |   |      |        |        |              |   |        |              |   |  |             |   |              |   |         |              |   |   |             |   |  |              |        |         






|    |                                             
|--- | --------------------------------------------
|(a) | Balance for the year ended December 31, 2003

F-49



---



##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Continued)




|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |         |          |  
|------------------------------------------------ | ----------------------------------------------------- | ------------------------------------------------------------ | -------- | -------- | ------------------ | - | ---------- | ---------------------- | -------- | - | ----------- | -------- | ------- | ------------ | ------- | ------ | ------------ | - | -------- | ------------ | -------- | - | ----------- | ------ | ------- | ------------ | ------- | ------ | ------------ | - | ------ | ----------- | ------- | - | ------------ | ------- | -------- | - | ------- | ------ | ------- | - | ------ | ------ | ------ | - | ------- | ------- | -------- | -
|                                                 |                                                       | Moving and Storage                                           |          |          | AMERCO Legal Group |   |            | AMERCO as Consolidated |         
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |         
|                                                 |                                                       |                                                              |          | Moving & |                    |   | Property & |                        |          |   |             |         
|                                                 |                                                       |                                                              |          | Real     |                    |   |            |                        | Storage  |   |             | Casualty |         |              | Life    |        |              |   |          | AMERCO       |          |   |             |        | Total   |             
|                                                 |                                                       | AMERCO                                                       |          |          | U-Haul             |   |            | Estate                 |          |   | Elimination |          |         | Consolidated |         |        | Insurance(a) |   |          | Insurance(a) |          |   | Elimination |        |         | Consolidated |         |        | SAC Holdings |   |        | Elimination |         |   | Consolidated |        
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |        
|                                                 |                                                       | (In thousands)                                               |         
|Cash flows from operating activities:            |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |        
|Net earnings (loss)                              |                                                       | $                                                            | (26,912  | )        |                    | $ | 39,811     |                        |          | $ | 19,388      |          |         | $            | (59,199 | )      |              | $ | (26,912  | )            |          | $ | (5,371      | )      |         | $            | (877    | )      |              | $ | 6,248  |             |         | $ | (26,912      | )       |          | $ | (8,697  | )      |         | $ | 10,623 |        |        | $ | (24,986 | )      
|                                                 | Earnings from consolidated entities                   |                                                              |          | (44,254  | )                  |   |            |                       |          |   |             |         |         |              |         | 59,199 |              |   |          | 14,945       |          |   |             |       |         |              |         |       |              |   |        | (6,248      | )       |   |              | 8,697   |          |   |         |       |         |   |        | (8,697 | )      |   |         |        |         
|                                                 | Depreciation                                          |                                                              |          | 15       |                    |   |            | 106,011                |          |   |             | 8,697    |         |              |         |       |              |   |          | 114,723      |          |   |             |       |         |              |         |       |              |   |        |            |         |   |              | 114,723 |          |   |         | 21,373 |         |   |        | (1,926 | )      |   |         | 134,170 |         
|                                                 | Amortization of deferred policy acquisition costs     |                                                              |          |         |                    |   |            |                       |          |   |             |         |         |              |         |       |              |   |          |             |          |   |             | 17,143 |         |              |         | 20,538 |              |   |        |            |         |   |              | 37,681  |          |   |         |       |         |   |        |       |        |   |         | 37,681  |         
|                                                 | Provision for losses on accounts receivable           |                                                              |          |         |                    |   |            | (327                   | )        |   |             |         |         |              |         |       |              |   |          | (327         | )        |   |             |       |         |              |         |       |              |   |        |            |         |   |              | (327    | )        |   |         | 114    |         |   |        |       |        |   |         | (213    | )       
|                                                 | Provision for inventory reserves                      |                                                              |          |         |                    |   |            | (120                   | )        |   |             |         |         |              |         |       |              |   |          | (120         | )        |   |             |       |         |              |         |       |              |   |        |            |         |   |              | (120    | )        |   |         |       |         |   |        |       |        |   |         | (120    | )       
|                                                 | Net (gain) loss on sale of real and personal property |                                                              |          |         |                    |   |            | 6,804                  |          |   |             | (3,528   | )       |              |         |       |              |   |          | 3,276        |          |   |             |       |         |              |         |       |              |   |        |            |         |   |              | 3,276   |          |   |         |       |         |   |        |       |        |   |         | 3,276   |         
|                                                 | Net loss on sale of investments                       |                                                              |          |         |                    |   |            |                       |          |   |             |         |         |              |         |       |              |   |          |             |          |   |             | 577    |         |              |         | 39     |              |   |        |            |         |   |              | 616     |          |   |         |       |         |   |        |       |        |   |         | 616     |         
|                                                 | Deferred income taxes                                 |                                                              |          | (29,519  | )                  |   |            | (14,185                | )        |   |             | 1,718    |         |              |         | 25,985 |              |   |          | (16,001      | )        |   |             |       |         |              |         | (7,418 | )            |   |        | 2,278       |         |   |              | (21,141 | )        |   |         | (5,056 | )       |   |        |       |        |   |         | (26,197 | )       
|                                                 | Net change in other operating assets and liabilities: |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |         |         
|                                                 |                                                       | Trade receivables                                            |          |          |                   |   |            |                        | (1,082   | ) |             |          | (12,873 | )            |         |        |             |   |          |              | (13,955  | ) |             |        | 2,619   |              |         |        | 1,531        |   |        |             |        |   |              |         | (9,805   | ) |         |        |        |   |        |        |       |   |         |         | (9,805   | )
|                                                 |                                                       | Inventories                                                  |          |          |                   |   |            |                        | 13,371   |   |             |          |        |              |         |        |             |   |          |              | 13,371   |   |             |        |        |              |         |        |             |   |        |             |        |   |              |         | 13,371   |   |         |        | (745    | ) |        |        |       |   |         |         | 12,626   |  
|                                                 |                                                       | Prepaid expenses                                             |          |          | 25                 |   |            |                        | (6,803   | ) |             |          | (1      | )            |         |        |             |   |          |              | (6,779   | ) |             |        |        |              |         |        |             |   |        |             |        |   |              |         | (6,779   | ) |         |        | 212     |   |        |        |       |   |         |         | (6,567   | )
|                                                 |                                                       | Capitalization of deferred policy acquisition costs          |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        | (14,403 | )            |         |        | (28,523      | ) |        |             |        |   |              |         | (42,926  | ) |         |        |        |   |        |        |       |   |         |         | (42,926  | )
|                                                 |                                                       | Other assets                                                 |          |          | 4,780              |   |            |                        | (9,196   | ) |             |          | (276    | )            |         |        |             |   |          |              | (4,692   | ) |             |        | 1,983   |              |         |        | 445          |   |        |             |        |   |              |         | (2,264   | ) |         |        | (3,017  | ) |        |        |       |   |         |         | (5,281   | )
|                                                 |                                                       | Related party assets                                         |          |          | (122,863           | ) |            |                        | 20,334   |   |             |          | 1,351   |              |         |        | (39,000      | ) |          |              | (140,178 | ) |             |        | 8,882   |              |         |        | (44,439      | ) |        |             | 74,071  |   |              |         | (101,664 | ) |         |        |        |   |        |        | (9,129 | ) |         |         | (110,793 | )
|                                                 |                                                       | Accounts payable and accrued expenses                        |          |          | (38,370            | ) |            |                        | 69,750   |   |             |          | 3,782   |              |         |        |             |   |          |              | 35,162   |   |             |        | 13,736  |              |         |        | 5,081        |   |        |             |        |   |              |         | 53,979   |   |         |        | 16,939  |   |        |        |       |   |         |         | 70,918   |  
|                                                 |                                                       | Policy benefits and losses, claims and loss expenses payable |          |          |                   |   |            |                        | 78,427   |   |             |          |        |              |         |        |             |   |          |              | 78,427   |   |             |        | (66,209 | )            |         |        | 4,831        |   |        |             |        |   |              |         | 17,049   |   |         |        |        |   |        |        |       |   |         |         | 17,049   |  
|                                                 |                                                       | Other policyholders funds and liabilities                   |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        | (34,090 | )            |         |        | (9,198       | ) |        |             |        |   |              |         | (43,288  | ) |         |        |        |   |        |        |       |   |         |         | (43,288  | )
|                                                 |                                                       | Deferred income                                              |          |          | (571               | ) |            |                        | (2,782   | ) |             |          | 15      |              |         |        |             |   |          |              | (3,338   | ) |             |        |        |              |         |        |             |   |        |             |        |   |              |         | (3,338   | ) |         |        | 467     |   |        |        |       |   |         |         | (2,871   | )
|                                                 |                                                       | Related party liabilities                                    |          |          | 126,042            |   |            |                        | 14,400   |   |             |          |        |              |         |        | 13,015       |   |          |              | 153,457  |   |             |        |        |              |         |        | 40,008       |   |        |             | (78,621 | ) |              |         | 114,844  |   |         |        | (8,118  | ) |        |        | 8,118  |   |         |         | 114,844  |  
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |        
|Net cash provided (used) by operating activities |                                                       |                                                              | (131,627 | )        |                    |   | 314,413    |                        |          |   | 18,273      |          |         |              |        |        |              |   | 201,059  |              |          |   | (75,133     | )      |         |              | (17,982 | )      |              |   | (2,272 | )           |         |   | 105,672      |         |          |   | 13,472  |        |         |   | (1,011 | )      |        |   | 118,133 |        
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |        
|Cash flows from investing activities:            |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |        
|                                                 | Purchases of:                                         |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |          |          | (64                | ) |            |                        | (182,409 | ) |             |          | (30,176 | )            |         |        |             |   |          |              | (212,649 | ) |             |        |        |              |         |        |             |   |        |             |        |   |              |         | (212,649 | ) |         |        | (30,512 | ) |        |        |       |   |         |         | (243,161 | )
|                                                 |                                                       | Fixed maturity investments                                   |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        | (10,408 | )            |         |        | (267,949     | ) |        |             |        |   |              |         | (278,357 | ) |         |        |        |   |        |        |       |   |         |         | (278,357 | )
|                                                 |                                                       | Other asset investments                                      |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        | (18,197 | )            |         |        | (42,485      | ) |        |             | 19,772  |   |              |         | (40,910  | ) |         |        |        |   |        |        |       |   |         |         | (40,910  | )
|                                                 |                                                       | Real state                                                   |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        |        |              |         |        | (21,759      | ) |        |             |        |   |              |         | (21,759  | ) |         |        |        |   |        |        |       |   |         |         | (21,759  | )
|                                                 |                                                       | Mortgage loans                                               |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        |        |              |         |        | (22,000      | ) |        |             | 22,000  |   |              |         |         |   |         |        |        |   |        |        |       |   |         |         |         |  
|                                                 |                                                       | Notes and mortgage receivables                               |          |          |                   |   |            |                        | (3,598   | ) |             |          | 2,568   |              |         |        |             |   |          |              | (1,030   | ) |             |        |        |              |         |        |             |   |        |             |        |   |              |         | (1,030   | ) |         |        |        |   |        |        |       |   |         |         | (1,030   | )
|                                                 | Proceeds from sales of:                               |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |         |          |   |         |        |         |   |        |        |        |   |         |         |         
|                                                 |                                                       | Property, plant and equipment                                |          |          |                   |   |            |                        | 85,289   |   |             |          | 11,600  |              |         |        |             |   |          |              | 96,889   |   |             |        |        |              |         |        |             |   |        |             |        |   |              |         | 96,889   |   |         |        |        |   |        |        |       |   |         |         | 96,889   |  
|                                                 |                                                       | Fixed maturity investments                                   |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        | 101,373 |              |         |        | 262,741      |   |        |             |        |   |              |         | 364,114  |   |         |        |        |   |        |        |       |   |         |         | 364,114  |  
|                                                 |                                                       | Preferred stock                                              |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        |        |              |         |        | 2,885        |   |        |             |        |   |              |         | 2,885    |   |         |        |        |   |        |        |       |   |         |         | 2,885    |  
|                                                 |                                                       | Real state                                                   |          |          |                   |   |            |                        |         |   |             |          |        |              |         |        |             |   |          |              |         |   |             |        |        |              |         |        | 22,043       |   |        |             |        |   |              |         | 22,043   |   |         |        |        |   |        |        |       |   |         |         | 22,043   |  
|                                                 |                                                       | Mortgage loans                                               |          |          |                   |   |            |                        | 73       |   |             |          | 130     |              |         |        |             |   |          |              | 203      |   |             |        | 561     |              |         |        | 17,409       |   |        |             |        |   |              |         | 18,173   |   |         |        |        |   |        |        |       |   |         |         | 18,173   |  
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |        
|Net cash provided (used) by investing activities |                                                       |                                                              | (64      | )        |                    |   | (100,645   | )                      |          |   | (15,878     | )        |         |              |        |        |              |   | (116,587 | )            |          |   | 73,329      |        |         |              | (49,115 | )      |              |   | 41,772 |             |         |   | (50,601      | )       |          |   | (30,512 | )      |         |   |       |        |        |   | (81,113 | )      
|                                                 |                                                       |                                                              |          |          |                    |   |            |                        |          |   |             |          |         |              |         |        |              |   |          |              |          |   |             |        |         |              |         |        |              |   |        |             |         |   |              |        






F-50



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##### Table of Contents





AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Continued)




|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |          |   |   |        |         |   |   |       |         |   |   |         |          |  
|------------------------------------------------ | ------------------------------------------------------------------ | ------------------ | ------- | ------------------ | ------ | - | ---------------------- | -------- | ------- | - | ----------- | -------- | ------------ | - | ---- | ------------ |  | - | ------------ | -------- | - | ----------- | ------ | - | ------------ | - | ------ | -------- | - | - | ----------- | ------- | - | ------------ | ------- | -------- | - | - | ------ | ------- | - | - | ----- | ------- | - | - | ------- | -------- | -
|                                                 |                                                                    | Moving and Storage |         | AMERCO Legal Group |        |   | AMERCO as Consolidated |         
|                                                 |                                                                    |                    |         |                    |        |   |                        |         
|                                                 |                                                                    |                    |         | Moving &           |        |   | Property &             |          |         |   |             |         
|                                                 |                                                                    |                    |         | Real               |        |   |                        |          | Storage |   |             | Casualty |              |   | Life |              |  |   |              | AMERCO   |   |             | SAC    |   |              |   |        | Total    |  
|                                                 |                                                                    | AMERCO             |         |                    | U-Haul |   |                        | Estate   |         |   | Elimination |          | Consolidated |   |      | Insurance(a) |  |   | Insurance(a) |          |   | Elimination |        |   | Consolidated |   |        | Holdings |   |   | Elimination |         |   | Consolidated |        
|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |        
|                                                 |                                                                    | (In thousands)     |        
|Cash flows from financing activities:            |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |          |   |   |        |         |   |   |       |         |   |   |         |         
|                                                 | Borrowings from credit facilities                                  |                    |         | 262,007            |        |   |                        | 16,900   |         |   |             | 101,329  |              |   |      |             |  |   |              | 380,236  |   |             |        |  |              |   |        |         |   |   |             | (39,500 | ) |              |         | 340,736  |   |   |        | 58,827  |   |   |       | (27,827 | ) |   |         | 371,736  |  
|                                                 | Principal Repayments on credit facilities                          |                    |         | (433,788           | )      |   |                        |         |         |   |             | (27      | )            |   |      |             |  |   |              | (433,815 | ) |             |        |  |              |   |        |         |   |   |             |        |   |              |         | (433,815 | ) |   |        | (37,135 | ) |   |       | 28,838  |   |   |         | (442,112 | )
|                                                 | Debt issuance costs                                                |                    |         | (2,330             | )      |   |                        |         |         |   |             | (680     | )            |   |      |             |  |   |              | (3,010   | ) |             |        |  |              |   |        |         |   |   |             |        |   |              |         | (3,010   | ) |   |        |        |   |   |       |        |   |   |         | (3,010   | )
|                                                 | Leveraged Employee Stock Ownership Plan  repayments
    from loan |                    |         |                   |        |   |                        | 975      |         |   |             |         |              |   |      |             |  |   |              | 975      |   |             |        |  |              |   |        |         |   |   |             |        |   |              |         | 975      |   |   |        |        |   |   |       |        |   |   |         | 975      |  
|                                                 | Proceeds from (repayment of) related party loans                   |                    |         | 330,735            |        |   |                        | (227,316 | )       |   |             | (103,419 | )            |   |      |             |  |   |              |         |   |             |        |  |              |   |        |         |   |   |             |        |   |              |         |         |   |   |        |        |   |   |       |        |   |   |         |         |  
|                                                 | Dividends paid                                                     |                    |         | (6,480             | )      |   |                        |         |         |   |             |         |              |   |      |             |  |   |              | (6,480   | ) |             |        |  |              |   |        |         |   |   |             |        |   |              |         | (6,480   | ) |   |        |        |   |   |       |        |   |   |         | (6,480   | )
|                                                 | Investment contract deposits                                       |                    |         |                   |        |   |                        |         |         |   |             |         |              |   |      |             |  |   |              |         |   |             |        |  |              |   |        | 165,281  |   |   |             |        |   |              |         | 165,281  |   |   |        |        |   |   |       |        |   |   |         | 165,281  |  
|                                                 | Investment contract withdrawals                                    |                    |         |                   |        |   |                        |         |         |   |             |         |              |   |      |             |  |   |              |         |   |             |        |  |              |   |        | (98,022  | ) |   |             |        |   |              |         | (98,022  | ) |   |        |        |   |   |       |        |   |   |         | (98,022  | )
|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |         
|Net cash provided (used) by financing activities |                                                                    |                    | 150,144 |                    |        |   | (209,441               | )        |         |   | (2,797      | )        |              |   |     |              |  |   | (62,094      | )        |   |             |       |   |              |   | 67,259 |          |   |   | (39,500     | )       |   |              | (34,335 | )        |   |   | 21,692 |         |   |   | 1,011 |         |   |   | (11,632 | )       
|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |         
|Increase (decrease) in cash and cash equivalents |                                                                    |                    | 18,453  |                    |        |   | 4,327                  |          |         |   | (402        | )        |              |   |     |              |  |   | 22,378       |          |   |             | (1,804 | ) |              |   | 162    |          |   |   |            |         |   |              | 20,736  |          |   |   | 4,652  |         |   |   |      |         |   |   | 25,388  |         
|Cash and cash equivalents at beginning of year   |                                                                    |                    | 71      |                    |        |   | 25,719                 |          |         |   | 576         |          |              |   |     |              |  |   | 26,366       |          |   |             | 5,912  |   |              |   | 9,158  |          |   |   |            |         |   |              | 41,436  |          |   |   | 10     |         |   |   |      |         |   |   | 41,446  |         
|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |         
|Cash and cash equivalents at end of year         |                                                                    | $                  | 18,524  |                    |        | $ | 30,046                 |          |         | $ | 174         |          |              | $ |     |              |  | $ | 48,744       |          |   | $           | 4,108  |   |              | $ | 9,320  |          |   | $ |            |         |   | $            | 62,172  |          |   | $ | 4,662  |         |   | $ |      |         |   | $ | 66,834  |         
|                                                 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |         
|(a) Balance for the year ended December 31, 2002 |                                                                    |                    |         |                    |        |   |                        |          |         |   |             |          |              |   |      |              |  |   |              |          |   |             |        |   |              |   |        |          |   |   |             |         |   |              |         |          |   |   |        |         |   |   |       |         |   |   |         |         

F-51



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##### Table of Contents



AMERCO AND CONSOLIDATED ENTITIES


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
(Continued)


Note 22:     Subsequent
Events




| |            
| | -----------
| | Refinancing









| |                          
| | -------------------------
| | Preferred Stock Dividends

1 2




| |                                                                                
| | -------------------------------------------------------------------------------
| | Abatement of State of Arizona Department of Insurance
    Order for Supervision



F-52



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##### Table of Contents



ADDITIONAL INFORMATION





SUMMARY OF EARNINGS OF INDEPENDENT RENTAL FLEETS




|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |     |       |       |       |     |       |       |       | 
|------------------------------------------------------------------------------------------- | ------------------------------------------------------------- | ------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------- | ----- | ---- | ----- | --- | ----- | --- | ----- | ---- | ----- | --- | ----- | --- | ----- | ----- | ----- | --- | ----- | ----- | ----- | 
|                                                                                            |                                                               | Years Ended March 31,                             |                                                                                                                      
|                                                                                            |                                                               |                                                   |                                                                                                                      
|                                                                                            |                                                               | 2005                                              |                                                                                                                       |       | 2004 |       |     | 2003  |     |       | 2002 |       |     | 2001  |    
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            |                                                               | (In thousands, except earnings per $100           |                                                                                                                      
|                                                                                            |                                                               | of average Investment)                            |                                                                                                                      
|Earnings data (Note A):                                                                     |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |     |       |       |       |     |      
|                                                                                            | Fleet owner income:                                           |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |     |       |       |       |     |       |      
|                                                                                            |                                                               | Credited to fleet owner gross rental income       |                                                                                                                       | $     | 560  |       |     | $     | 739 |       |      | $     | 823 |       |     | $     | 1,028 |       |     | $     | 1,350 |      
|                                                                                            |                                                               | Credited to trailer accident fund (Notes D and E) |                                                                                                                       |       | 34   |       |     |       | 46  |       |      |       | 49  |       |     |       | 61    |       |     |       | 79    |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            |                                                               |                                                   | Total fleet owner income                                                                                              |       |      | 594   |     |       |     | 785   |      |       |     | 872   |     |       |       | 1,089 |     |       |       | 1,429 | 
|Fleet owner operation expenses:                                                             |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |     |       |       |       |     |      
|                                                                                            |                                                               | Charged to fleet owner (Note C)                   |                                                                                                                       |       | 383  |       |     |       | 437 |       |      |       | 422 |       |     |       | 532   |       |     |       | 719   |      
|                                                                                            |                                                               | Charged to trailer accident fund (Notes D and E)  |                                                                                                                       |       | 7    |       |     |       | 8   |       |      |       | 9   |       |     |       | 15    |       |     |       | 18    |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            |                                                               |                                                   | Total fleet owner operation expenses                                                                                  |       |      | 390   |     |       |     | 445   |      |       |     | 431   |     |       |       | 547   |     |       |       | 737   | 
|Fleet owner earnings before trailer accident fund credit,
    depreciation and income taxes |                                                               |                                                   | 177                                                                                                                   |       |      |       | 304 |       |     |       | 402  |       |     |       | 496 |       |       |       | 631 |      
|Trailer accident fund credit (Note D)                                                       |                                                               |                                                   | 27                                                                                                                    |       |      |       | 36  |       |     |       | 39   |       |     |       | 46  |       |       |       | 61  |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            | Net fleet owner earnings before depreciation and income taxes |                                                   |                                                                                                                       | 204   |      |       |     | 340   |     |       |      | 441   |     |       |     | 542   |       |       |     | 692   |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|Investment data (Note A):                                                                   |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |     |       |       |       |     |      
|                                                                                            | Amount at end of year                                         |                                                   |                                                                                                                       | 967   |      |       |     | 1,202 |     |       |      | 1,389 |     |       |     | 1,663 |       |       |     | 2,046 |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            | Average amount during year                                    |                                                   |                                                                                                                       | 1,085 |      |       |     | 1,296 |     |       |      | 1,526 |     |       |     | 1,855 |       |       |     | 2,350 |      
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    
|                                                                                            |                                                               |                                                   | Net fleet owner earnings before depreciation and income taxes
    per $100 of average investment (Note B) (unaudited) |       | $    | 14.01 |     |       | $   | 18.84 |      |       | $   | 19.95 |     |       | $     | 20.06 |     |       | $     | 23.38 | 
|                                                                                            |                                                               |                                                   |                                                                                                                       |       |      |       |     |       |     |       |      |       |     |       |    



|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  | The accompanying notes are an integral part of this Summary of
    Earnings of Independent Rental Fleets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   
|(A) |  | The accompanying Summary of Earnings of Independent Rental
    Fleets includes the operations of rental equipment under the
    brand name of U-Haul owned by independent fleet
    owners. Earnings data represent the aggregate results of
    operations before depreciation and taxes. Investment data
    represent the cost of the rental equipment and investments
    before accumulated depreciation.                                                                                                                                                                                                          
|   
|    |  | Fleet owner income is based on Independent Rental Dealer reports
    of rentals transacted through the day preceding the last Monday
    of each month and received by U-Haul International, Inc. by the
    end of the month and U-Haul Center reports of rentals transacted
    through the last day of each month. Payments to fleet owners for
    trailers lost or retired from rental service as a result of
    damage by accident have not been reflected in this summary
    because such payments do not relate to earnings before
    depreciation and income taxes but, rather, investment
    (depreciation).
|   
|    |  | The investment data is based upon the cost of the rental
    equipment to the fleet owners as reflected by sales records of
    the U-Haul manufacturing facilities.                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|   
|(B) |  | The summary of earnings data stated in terms of an amount per
    $100 of average investment represents the aggregate results of
    operations (earnings data) divided by the average amount of
    investment during                                                                                                                                                                                                                                                                                                                                                                                                    

F-53



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##### Table of Contents



ADDITIONAL INFORMATION


SUMMARY OF EARNINGS OF INDEPENDENT RENTAL
FLEETS  (Continued)




|    |  |                                                                                                                                                                                                                                          
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |  | the periods. The average amount of investment is based upon a
    simple average of the month-end investment during each period.
    Average earnings data is not necessarily representative of an
    individual fleet owners earnings.
|   
|(C) |  | A summary of operations expenses charged directly to independent
    fleet owners follows:                                                                                                                                               

|                           |  |                |     |  |      |   |     |      |  |   |      |  |  |      |     |  |  |   |     | 
|-------------------------- |  | -------------- | --- |  | ---- | - | --- | ---- |  | - | ---- |  |  | ---- | --- |  |  | - | --- | 
|                           |  | March 31,      |    
|                           |  |                |    
|Year ended                 |  | 2005           |     |  | 2004 |   |     | 2003 |  |   | 2002 |  |  | 2001 |    
|                           |  |                |     |  |      |   |     |      |  |   |      |  |  |      |    
|                           |  | (In thousands) |    
|Licenses                   |  | $              | 31  |  |      | $ | 41  |      |  | $ | 52   |  |  | $    | 86  |  |  | $ | 124 | 
|Public liability insurance |  |                | 37  |  |      |   | 48  |      |  |   | 53   |  |  |      | 65  |  |  |   | 87  | 
|Repairs and maintenance    |  |                | 315 |  |      |   | 348 |      |  |   | 317  |  |  |      | 381 |  |  |   | 508 | 
|                           |  |                |     |  |      |   |     |      |  |   |      |  |  |      |    
|                           |  | $              | 383 |  |      | $ | 437 |      |  | $ | 422  |  |  | $    | 532 |  |  | $ | 719 | 
|                           |  |                |     |  |      |   |     |      |  |   |      |  |  |      |    



|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(D) |  | The fleet owners and subsidiary U-Haul rental companies forego
    normal commissions on a portion of gross rental fees designated
    for transfer to the Trailer Accident Fund (the
    Fund). Trailer accident repair expenses otherwise
    chargeable to fleet owner, are paid from this Fund to the extent
    of the financial resources of the Fund. The amounts designated
    Trailer Accident Fund credit in the accompanying
    summary of earnings represents independent fleet owner
    commissions foregone, which exceed expenses borne by the Fund.
|   
|(E) |  | Commissions foregone for transfer to the Trailer Accident Fund
    follow:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|            |                |                |   |       |            |  |   |             |  |  |       |    |  |  |   |        | 
|----------- | -------------- | -------------- | - | ----- | ---------- |  | - | ----------- |  |  | ----- | -- |  |  | - | ------ | 
|            |                | Fleet Owners   |  
|            |                |                |  
|            |                | Subsidiary     |   |       |           
|            |                | U-Haul         |   |       | Subsidiary |  |   |            
|            |                | Companies      |   |       | Companies  |  |   | Independent |  |  | Total |   
|            |                |                |   |       |            |  |   |             |  |  |       |   
|            |                | (In thousands) |  
|Year ended: |                |                |   |       |            |  |   |             |  |  |       |    |  |  |   |       
|            | March 31, 2005 |                | $ | 8,450 |            |  | $ | 4,516       |  |  | $     | 34 |  |  | $ | 13,000 | 
|            | March 31, 2004 |                |   | 7,704 |            |  |   | 4,102       |  |  |       | 46 |  |  |   | 11,852 | 
|            | March 31, 2003 |                |   | 6,845 |            |  |   | 3,637       |  |  |       | 49 |  |  |   | 10,531 | 
|            | March 31, 2002 |                |   | 6,385 |            |  |   | 3,377       |  |  |       | 61 |  |  |   | 9,823  | 
|            | March 31, 2001 |                |   | 6,073 |            |  |   | 3,191       |  |  |       | 79 |  |  |   | 9,343  | 



|    |  |                                                                                              
|--- |  | ---------------------------------------------------------------------------------------------
|(F) |  | A summary of independent fleet owner expenses borne by the
    Trailer Accident Fund follows:

|            |                |                |   |               |            |  |         |             |  |          |       |    |          |             |   |        |          |  |   |     |  |  |   |       | 
|----------- | -------------- | -------------- | - | ------------- | ---------- |  | ------- | ----------- |  | -------- | ----- | -- | -------- | ----------- | - | ------ | -------- |  | - | --- |  |  | - | ----- | 
|            |                | Fleet Owners   |  
|            |                |                |  
|            |                |                |   | Total Trailer |           
|            |                | Subsidiary     |   |               |            |  | Trailer |             |  | Accident |      
|            |                | U-Haul         |   |               | Subsidiary |  |         |             |  | Sub      |       |    | Accident |             |   | Repair |         
|            |                | Companies      |   |               | Companies  |  |         | Independent |  |          | Total |    |          | Retirements |   |        | Expenses | 
|            |                |                |   |               |            |  |         |             |  |          |       |    |          |             |   |        |          | 
|            |                | (In thousands) |  
|Year Ended: |                |                |   |               |            |  |         |             |  |          |       |    |          |             |   |        |          |  |   |     |  |  |   |      
|            | March 31, 2005 |                | $ | 1,717         |            |  | $       | 917         |  |          | $     | 7  |          |             | $ | 2,641  |          |  | $ | 388 |  |  | $ | 3,029 | 
|            | March 31, 2004 |                |   | 1,366         |            |  |         | 727         |  |          |       | 8  |          |             |   | 2,101  |          |  |   | 466 |  |  |   | 2,567 | 
|            | March 31, 2003 |                |   | 1,095         |            |  |         | 582         |  |          |       | 8  |          |             |   | 1,685  |          |  |   | 394 |  |  |   | 2,079 | 
|            | March 31, 2002 |                |   | 1,225         |            |  |         | 647         |  |          |       | 12 |          |             |   | 1,884  |          |  |   | 455 |  |  |   | 2,339 | 
|            | March 31, 2001 |                |   | 1,067         |            |  |         | 561         |  |          |       | 18 |          |             |   | 1,646  |          |  |   | 498 |  |  |   | 2,144 | 

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##### Table of Contents






SCHEDULE I


CONDENSED FINANCIAL INFORMATION OF AMERCO BALANCE SHEETS


|                                              |                                      |                                            |           |           |           |   |           |           |           |  
|--------------------------------------------- | ------------------------------------ | ------------------------------------------ | --------- | --------- | --------- | - | --------- | --------- | --------- | -
|                                              |                                      | March 31,                                  |          
|                                              |                                      |                                            |          
|                                              |                                      | 2005                                       |           |           | 2004      |  
|                                              |                                      |                                            |           |           |           |  
|                                              |                                      | (In thousands)                             |          
|ASSETS                                       
|Cash                                          |                                      | $                                          | 14        |           |           | $ |          |          
|Investment in subsidiaries and SAC Holding II |                                      |                                            | 1,221,423 |           |           |   | 1,125,152 |          
|Related party assets                          |                                      |                                            | 452,350   |           |           |   | 516,529   |          
|Other assets                                  |                                      |                                            | 19,107    |           |           |   | 19,736    |          
|                                              |                                      |                                            |           |           |           |  
|                                              | Total assets                         |                                            |           | 1,692,894 |           |   |           | 1,661,417 |          
|                                              |                                      |                                            |           |           |           |  
|                                             
|LIABILITIES AND STOCKHOLDERS EQUITY         
|Liabilities:                                  |                                      |                                            |           |           |           |   |           |          
|                                              | Notes and loans payable              |                                            | $         | 780,008   |           |   | $         | 862,700   |          
|                                              | Related party liabilities            |                                            |           | 115,499   |           |   |           | 22,300    |          
|                                              | Other liabilities                    |                                            |           | 175,745   |           |   |           | 222,285   |          
|                                              |                                      |                                            |           |           |           |  
|                                              |                                      |                                            | 1,071,252 |           |           |   | 1,107,285 |          
|Stockholders equity:                         |                                      |                                            |           |           |           |   |           |          
|                                              | Preferred stock                      |                                            |           |          |           |   |           |          |          
|                                              | Common stock                         |                                            |           | 10,497    |           |   |           | 10,497    |          
|                                              | Additional paid-in capital           |                                            |           | 396,415   |           |   |           | 395,803   |          
|                                              | Accumulated other comprehensive loss |                                            |           | (30,661   | )         |   |           | (21,446   | )        
|                                              | Retained earnings (loss):            |                                            |           |           |           |   |           |           |          
|                                              |                                      | Beginning of year                          |           |           | 587,370   |   |           |           | 561,606   |  
|                                              |                                      | Net earnings (loss)                        |           |           | 89,076    |   |           |           | (4,047    | )
|                                              |                                      | Dividends                                  |           |           | (12,963   | ) |           |           | 29,811    |  
|                                              |                                      |                                            |           |           |           |  
|                                              |                                      |                                            | 1,039,734 |           |           |   | 972,224   |          
|Less: Cost of common shares in treasury       |                                      |                                            | (418,092  | )         |           |   | (418,092  | )        
|                                              |                                      |                                            |           |           |           |  
|                                              |                                      | Total stockholders equity                 |           |           | 621,642   |   |           |           | 554,132   |  
|                                              |                                      |                                            |           |           |           |  
|                                              |                                      | Total liabilities and stockholders equity |           | $         | 1,692,894 |   |           | $         | 1,661,417 |  
|                                              |                                      |                                            |           |           |           |  



F-55



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##### Table of Contents



CONDENSED FINANCIAL INFORMATION OF AMERCO


STATEMENTS OF OPERATIONS


|                                                           |                                       |                                                 |            |        |        |   |            |        |        |   |            |         |        | 
|---------------------------------------------------------- | ------------------------------------- | ----------------------------------------------- | ---------- | ------ | ------ | - | ---------- | ------ | ------ | - | ---------- | ------- | ------ | 
|                                                           |                                       | Years Ended March 31,                           |           
|                                                           |                                       |                                                 |           
|                                                           |                                       | 2005                                            |            |        | 2004   |   |            | 2003   |       
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|                                                           |                                       | (In thousands, except share and per share data) |           
|Revenues:                                                  |                                       |                                                 |            |        |        |   |            |        |        |   |            |        
|                                                           | Net interest income from subsidiaries |                                                 | $          | 8,348  |        |   | $          | 2,416  |        |   | $          | 1,195   |       
|Expenses:                                                  |                                       |                                                 |            |        |        |   |            |        |        |   |            |        
|                                                           | Operating expenses                    |                                                 |            | 18,065 |        |   |            | 37,080 |        |   |            | 36,934  |       
|                                                           | Restructuring expenses                |                                                 |            |       |        |   |            | 44,097 |        |   |            | 6,568   |       
|                                                           | Other expenses                        |                                                 |            | 121    |        |   |            | 825    |        |   |            | 942     |       
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|                                                           |                                       | Total expenses                                  |            |        | 18,186 |   |            |        | 82,002 |   |            |         | 44,444 | 
|Equity in earnings of subsidiaries and SAC Holdings        |                                       |                                                 | 106,441    |        |        |   | 86,817     |        |        |   | 44,254     |        
|Interest expense                                           |                                       |                                                 | (70,235    | )      |        |   | (56,968    | )      |        |   | (69,213    | )      
|Litigation settlement income, net of costs                 |                                       |                                                 | 51,341     |        |        |   |           |        |        |   |           |        
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|Pretax earnings (loss)                                     |                                       |                                                 | 77,709     |        |        |   | (49,737    | )      |        |   | (68,208    | )      
|Income tax benefit                                         |                                       |                                                 | 11,367     |        |        |   | 45,690     |        |        |   | 41,296     |        
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|                                                           | Net earnings (loss)                   |                                                 |            | 89,076 |        |   |            | (4,047 | )      |   |            | (26,912 | )     
|Less: preferred stock dividends                            |                                       |                                                 | (12,963    | )      |        |   | (12,963    | )      |        |   | (12,963    | )      
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|Earnings (loss) available to common shareholders           |                                       | $                                               | 76,113     |        |        | $ | (17,010    | )      |        | $ | (39,875    | )      
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|Earnings (loss) per common share (both basic and diluted): |                                       | $                                               | 3.66       |        |        | $ | (0.82      | )      |        | $ | (1.91      | )      
|                                                           |                                       |                                                 |            |        |        |   |            |        |       
|Weighted average common shares outstanding                 |                                       |                                                 | 20,804,773 |        |        |   | 20,749,998 |        |        |   | 20,824,618 |        
|                                                           |                                       |                                                 |            |        |        |   |            |        |       



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##### Table of Contents



CONDENSED FINANCIAL INFORMATION OF AMERCO


STATEMENTS OF CASH FLOWS (CONTINUED)


|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |       |          |          |          |         |          |  
|------------------------------------------------ | --------------------------------------------------------------- | ----------------------------------------------------- | ------------------------------------- | -------- | ------ | ------- | -------- | -------- | ----- | -------- | -------- | -------- | ------- | -------- | -
|                                                 |                                                                 | Year Ended March 31,                                  |                                      
|                                                 |                                                                 |                                                       |                                      
|                                                 |                                                                 | 2005                                                  |                                       |          | 2004   |         |          | 2003     |      
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|                                                 |                                                                 | (In thousands)                                        |                                      
|Cash flows from operating activities:            |                                                                 |                                                       |                                       |          |        |         |          |          |       |          |          |         
|                                                 | Net earnings (loss)                                             |                                                       | $                                     | 89,076   |        |         | $        | (4,047   | )     |          | $        | (26,912  | )      
|                                                 | Earnings from consolidated entities                             |                                                       |                                       | (106,441 | )      |         |          | (86,817  | )     |          |          | (44,254  | )      
|                                                 |                                                                 | Depreciation                                          |                                       |          | 31     |         |          |          | 39    |          |          |          | 15      |         
|                                                 |                                                                 | Deferred income taxes                                 |                                       |          | 33,060 |         |          |          | 4,909 |          |          |          | (29,519 | )       
|                                                 |                                                                 | Net change in other operating assets and liabilities: |                                       |          |        |         |          |          |       |          |          |          |         |         
|                                                 |                                                                 |                                                       | Prepaid expenses                      |          |        | (4,782  | )        |          |       | 6        |          |          |         | 25       |  
|                                                 |                                                                 |                                                       | Other assets                          |          |        | 5,388   |          |          |       | (7,166   | )        |          |         | 4,780    |  
|                                                 |                                                                 |                                                       | Related party assets                  |          |        | 23,123  |          |          |       | (48,775  | )        |          |         | (122,863 | )
|                                                 |                                                                 |                                                       | Accounts payable and accrued expenses |          |        | (61,640 | )        |          |       | 127,770  |          |          |         | (38,370  | )
|                                                 |                                                                 |                                                       | Deferred income                       |          |        |        |          |          |       | (2,863   | )        |          |         | (571     | )
|                                                 |                                                                 |                                                       | Related party liabilities             |          |        | (21,652 | )        |          |       | (123,269 | )        |          |         | 126,042  |  
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Net cash used by operating activities            |                                                                 |                                                       | (43,837                               | )        |        |         | (140,213 | )        |       |          | (131,627 | )       
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Cash flows from investment activities:           |                                                                 |                                                       |                                       |          |        |         |          |          |       |          |          |         
|                                                 | Purchase of property, plant and equipment                       |                                                       |                                       | (3       | )      |         |          |         |       |          |          | (64      | )      
|                                                 | Proceeds from sales of property, plant and equipment            |                                                       |                                       |         |        |         |          | 45       |       |          |          |         |        
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Net cash provided (used) by investing activities |                                                                 |                                                       | (3                                    | )        |        |         | 45       |          |       |          | (64      | )       
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Cash flows from financing activities:            |                                                                 |                                                       |                                       |          |        |         |          |          |       |          |          |         
|                                                 | Borrowings from credit facilities                               |                                                       |                                       | 129,355  |        |         |          | 785,942  |       |          |          | 262,007  |        
|                                                 | Principal repayments on credit facilities                       |                                                       |                                       | (212,242 | )      |         |          | (745,407 | )     |          |          | (433,788 | )      
|                                                 | Debt issuance costs                                             |                                                       |                                       |         |        |         |          | (24,831  | )     |          |          | (2,330   | )      
|                                                 | Leveraged Employee Stock Ownership Plan  Payments on
    loans |                                                       |                                       |         |        |         |          | (20      | )     |          |          |         |        
|                                                 | Proceeds from (repayment of) related party notes payable        |                                                       |                                       |         |        |         |          | (17,500  | )     |          |          | 330,735  |        
|                                                 | Proceeds from party loans                                       |                                                       |                                       | 155,908  |        |         |          | 126,701  |       |          |          |         |        
|                                                 | Dividends paid                                                  |                                                       |                                       | (29,167  | )      |         |          | (3,241   | )     |          |          | (6,480   | )      
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Net cash provided by financing activities        |                                                                 |                                                       | 43,854                                |          |        |         | 121,644  |          |       |          | 150,144  |         
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Increase (decrease) in cash and cash equivalents |                                                                 |                                                       | 14                                    |          |        |         | (18,524  | )        |       |          | 18,453   |         
|Cash and cash equivalents at beginning of year   |                                                                 |                                                       |                                      |          |        |         | 18,524   |          |       |          | 71       |         
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      
|Cash and cash equivalents at end of year         |                                                                 | $                                                     | 14                                    |          |        | $       |         |          |       | $        | 18,524   |         
|                                                 |                                                                 |                                                       |                                       |          |        |         |          |          |      





F-57



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##### Table of Contents



CONDENSED FINANCIAL INFORMATION OF AMERCO


NOTES TO CONDENSED FINANCIAL INFORMATION


MARCH 31, 2005, 2004, AND 2003




|   |                                           
|-- | ------------------------------------------
|1. | Summary of Significant Accounting Policies









|   |           
|-- | ----------
|2. | Guarantees





|   |                        
|-- | -----------------------
|3. | Notes and Loans Payable



|                                                                  |                                      |                |         |         |      |   |         |         | 
|----------------------------------------------------------------- | ------------------------------------ | -------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                                                  |                                      | March 31,      |        
|                                                                  |                                      |                |        
|                                                                  |                                      | 2005           |         |         | 2004 |  
|                                                                  |                                      |                |         |         |      |  
|                                                                  |                                      | (In thousands) |        
|Revolving credit facility, senior secured first lien              |                                      | $              | 84,862  |         |      | $ | 164,054 |        
|Senior amortizing notes, secured, first lien, due 2009            |                                      |                | 346,500 |         |      |   | 350,000 |        
|Senior notes, secured second lien, 9.0% interest rate, due 2009   |                                      |                | 200,000 |         |      |   | 200,000 |        
|Senior subordinated notes, secured, 12.0% interest rate, due 2011 |                                      |                | 148,646 |         |      |   | 148,646 |        
|                                                                  |                                      |                |         |         |      |  
|                                                                  | Total AMERCO notes and loans payable |                | $       | 780,008 |      |   | $       | 862,700 | 
|                                                                  |                                      |                |         |         |      |  



F-58



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##### Table of Contents








SCHEDULE V


AMERCO AND CONSOLIDATED SUBSIDIARIES


SUPPLEMENTAL INFORMATION (FOR PROPERTY-CASUALTY INSURANCE
UNDERWRITERS)


Years Ended December 31, 2004, 2003 and 2002


|               |      |  |                             |                       |             |          |            |            |  |          |          |  |  |          |     |                 |                   |            |        |              |             |   |         |            |  |       |        |  |             |   |         |            |  |   |            |  |  |   |        |  |  |   |         |  |  |   |         | 
|-------------- | ---- |  | --------------------------- | --------------------- | ----------- | -------- | ---------- | ---------- |  | -------- | -------- |  |  | -------- | --- | --------------- | ----------------- | ---------- | ------ | ------------ | ----------- | - | ------- | ---------- |  | ----- | ------ |  | ----------- | - | ------- | ---------- |  | - | ---------- |  |  | - | ------ |  |  | - | ------- |  |  | - | ------- | 
|               |      |  |                             |                       |             |          |            |            |  |          |          |  |  |          |     | Claim and Claim |                   |            |        |              |             |   |        
|               |      |  |                             |                       |             |          |            |            |  |          |          |  |  |          |     | Adjustment      |                   |            |        |              |             |   |        
|               |      |  |                             |                       |             | Reserves |            |            |  |          |          |  |  |          |     |                 | Expenses Incurred |            |        | Amortization |             |   | Paid    |            |  |      
|               |      |  |                             | Deferred              |             |          | for Unpaid |            |  |          |          |  |  |          |     |                 |                   | Related to |        |              | of Deferred |   |         | Claims and |  |       |       
|               |      |  |                             | Policy                |             |          | Claims and |            |  | Discount |          |  |  |          |     |                 | Net               |            |        |              |             |   | Policy  |            |  | Claim |        |  | Net         |  
|Fiscal         |      |  |                             |                       | Acquisition |          |            | Adjustment |  |          | if any,  |  |  | Unearned |     |                 | Net Earned        |            |        | Investment   |             |   | Current |            |  | Prior |        |  | Acquisition |   |         | Adjustment |  |   | Premiums   | 
|Year           |      |  | Affiliation with Registrant |                       | Cost        |          |            | Expenses   |  |          | Deducted |  |  | Premiums |     |                 | Premiums(1)       |            |        | Income(2)    |             |   | Year    |            |  | Year  |        |  | Costs       |   |         | Expense    |  |   | Written(1) | 
|               |      |  |                             |                       |             |          |            |            |  |          |          |  |  |          |     |                 |                   |            |        |              |             |   |         |            |  |       |        |  |             |   |         |            |  |   |            | 
|(In thousands) |     
|               |      |  |                             | Consolidated property |             |          |            |            |  |          |          |  |  |          |     |                 |                   |            |        |              |             |   |         |            |  |       |        |  |             |   |         |            |  |   |            |  |  |   |        |  |  |   |         |  |  |   |         | 
|               | 2005 |  |                             | casualty entity       |             | $        | 1,273      |            |  | $        | 380,875  |  |  |          | N/A |                 |                   | $          | 2,992  |              |             | $ | 24,987  |            |  | $     | 15,825 |  |             | $ | 17,960  |            |  | $ | 21,773     |  |  | $ | 4,711  |  |  | $ | 86,955  |  |  | $ | 17,901  | 
|               |      |  |                             | Consolidated property |             |          |            |            |  |          |          |  |  |          |     |                 |                   |            |        |              |             |   |         |            |  |       |        |  |             |   |         |            |  |   |            |  |  |   |        |  |  |   |         |  |  |   |         | 
|               | 2004 |  |                             | casualty entity       |             |          | 3,843      |            |  |          | 416,259  |  |  |          | N/A |                 |                   |            | 11,308 |              |             |   | 92,036  |            |  |       | 20,548 |  |             |   | 56,235  |            |  |   | 53,127     |  |  |   | 14,126 |  |  |   | 123,782 |  |  |   | 57,063  | 
|               |      |  |                             | Consolidated property |             |          |            |            |  |          |          |  |  |          |     |                 |                   |            |        |              |             |   |         |            |  |       |        |  |             |   |         |            |  |   |            |  |  |   |        |  |  |   |         |  |  |   |         | 
|               | 2003 |  |                             | casualty entity       |             |          | 13,206     |            |  |          | 399,447  |  |  |          | N/A |                 |                   |            | 62,346 |              |             |   | 149,206 |            |  |       | 27,931 |  |             |   | 112,284 |            |  |   | 16,396     |  |  |   | 17,143 |  |  |   | 196,798 |  |  |   | 120,946 | 






|    |                                                                                                                                                                                                                                                                                
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The earned and written premiums are reported net of intersegment
    transactions. There were no earned premiums eliminated for the
    year ended 2004. Earned premiums eliminated were
    $1.2 million and $3.4 million for the years ended 2003
    and 2002, respectively.
|   
|(2) | Net Investment Income excludes net realized gains (losses) on
    investments of $0.6 million, $1.2 million and
    ($5.6 million) for the years ended 2004, 2003 and 2002,
    respectively.                                                                                  

F-59



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##### Table of Contents






SIGNATURES






| |       
| | ------
| | AMERCO



| |     |                    
| | --- | -------------------
| | By: | /s/ Edward J. Shoen

| |                                    
| | -----------------------------------
| |                                    
| | Edward J. Shoen                    
| | Chairman of the Board and President



POWER OF ATTORNEY


KNOW ALL MEN BY THESE PRESENTS,




|                                         |  |                                                                   |  |               |  | 
|---------------------------------------- |  | ----------------------------------------------------------------- |  | ------------- |  | 
|Signature                                |  | Title                                                             |  | Date         
|                                         |  |                                                                   |  |              
|                                        
|/s/ EDWARD J. SHOENEdward
    J. Shoen   |  | Chairman of the Board and President (Principal Executive Officer) |  | June 22, 2005
|                                        
|/s/ WILLIAM E. CARTYWilliam
    E. Carty |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ JAMES P. SHOENJames
    P. Shoen     |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ CHARLES J. BAYERCharles
    J. Bayer |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ JOHN M. DODDSJohn
    M. Dodds       |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ DANIEL R. MULLENDaniel
    R. Mullen |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ JOHN P. BROGANJohn
    P. Brogan     |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ M. FRANK LYONSM.
    Frank Lyons     |  | Director                                                          |  | June 22, 2005



---



##### Table of Contents



SIGNATURES






| |                           
| | --------------------------
| | U-Haul International, Inc.



| |     |                    
| | --- | -------------------
| | By: | /s/ Edward J. Shoen

| |                                    
| | -----------------------------------
| |                                    
| | Edward J. Shoen                    
| | Chairman of the Board and President



POWER OF ATTORNEY


KNOW ALL MEN BY THESE PRESENTS,




|                                         |  |                                                                   |  |               |  | 
|---------------------------------------- |  | ----------------------------------------------------------------- |  | ------------- |  | 
|Signature                                |  | Title                                                             |  | Date         
|                                         |  |                                                                   |  |              
|                                        
|/s/ EDWARD J. SHOENEdward
    J. Shoen   |  | Chairman of the Board and President (Principal Executive Officer) |  | June 22, 2005
|                                        
|/s/ WILLIAM E. CARTYWilliam
    E. Carty |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ MARK V. SHOENMark
    V. Shoen       |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ SAMUEL J. SHOENSamuel
    J. Shoen   |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ ROBERT A. DOLANRobert
    A. Dolan   |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ DANIEL R. MULLENDaniel
    R. Mullen |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ JOHN M. DODDSJohn
    M. Dodds       |  | Director                                                          |  | June 22, 2005
|                                        
|/s/ JOHN C. TAYLORJohn
    C. Taylor     |  | Director                                                          |  | June 22, 2005