| R | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|---|---------------------------------------------------------------------------------------|

| £ | TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
|--------|-------------------------------------------------------------------------------------------|

| CommissionFile Number                                       | Registrant, State of IncorporationAddress and Telephone Number | I.R.S. EmployerIdentification No.         |
|-------------------------------------------------------------|----------------------------------------------------------------|-------------------------------------------|
|                                                        |                                                      |                                      |
| 1-11255                                                     | AMERCO                                                         | 88-0106815                                |
|                                                        | (A Nevada Corporation)                                         |                                      |
|                                                        | 1325 Airmotive Way, Ste. 100                                   |                                      |
|                                                        | Reno, Nevada 89502-3239                                        |                                      |
|                                                        | Telephone (775) 688-6300                                       |                                      |
|                                                        |                                                           |                                      |
| Securities registered pursuant to Section 12(b) of the Act: |
|  Registrant                                            |  Title of Class                                           | Name of Each Exchange on Which Registered |
| AMERCO                                                      | Common                                                         | NASDAQ                                    |
|                                                        |                                                           |                                      |

----

----

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Page          |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------|
|     | PART I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |          |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |          |
| Item 1.  | Business                                                                                                                                                                     | 2 – 7   |   |
| Item 1A. | Risk Factors                                                                                                                                                                 | 7 – 11  |   |
| Item 1B. | Unresolved Staff Comments                                                                                                                                                    | 11            |   |
| Item 2.  | Properties                                                                                                                                                                   | 11            |   |
| Item 3.  | Legal Proceedings                                                                                                                                                            | 12 – 13 |   |
| Item 4.  | (Removed and Reserved)                                                                                                                                                       | 13            |   |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |          |   |
|     | PART II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |   |
| Item 5.  | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer  Repurchases of Equity Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 13 – 15 |   |
| Item 6.  | Selected Financial Data                                                                                                                                                      | 16            |   |
| Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 17 – 37 |   |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 37 – 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 – 41 |   |
| Item 9B. | Other Information                                                                                                                                                            | 42            |   |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |          |   |
|     | PART III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          |   |
| Item 10. | Directors, Executive Officers and Corporate Governance                                                                                                                       | 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 Transaction, and Director Independence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 42            |   |
| Item 14. | Principal Accounting Fees and Services                                                                                                                                       | 42            |   |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |          |   |
|     | PART IV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |          |   |
| Item 15. | Exhibits and Financial Statement Schedules                                                                                                                                   | 43 – 51 |   |

----

Item 1.   Business

----

----

| ·   | Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of  U-Haul and Real Estate, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | Life Insurance, comprised of Oxford and its subsidiaries. |
|--------------------|-----------------------------------------------------------|

----

----

----

Item 1A.   Risk Factors

----

| ·   | require us to allocate a considerable portion of cash flows from operations to debt service payments; |
|--------------------|-------------------------------------------------------------------------------------------------------|

| ·   | limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; |
|--------------------|----------------------------------------------------------------------------------------------------------------------|

| ·   | limit our ability to obtain additional financing; and |
|--------------------|-------------------------------------------------------|

| ·   | place us at a disadvantage compared to our competitors who may have less debt. |
|--------------------|--------------------------------------------------------------------------------|

----

----

----

Item 1B.   Unresolved Staff Comments

Item 2.   Properties

----

Item 3.   Legal Proceedings

----

Item 4.   (
Removed and Reserved

Item 5.   
Market for the Registrant’s Common Equity, Related 

|           |   | Year Ended March 31, |   |
|----------------|--------|----------------------|--------|
|           |   | 2011                 |   |   | 2010 |   |
|           |   | High                 |   |   | Low |   |   | High |   |   | Low |   |
| First quarter  |   | $                    | 64.42  |   |   | $ | 43.43 |   |   | $ | 46.48 |   |   | $ | 30.59 |   |
| Second quarter |   | $                    | 83.83  |   |   | $ | 53.04 |   |   | $ | 50.20 |   |   | $ | 34.13 |   |
| Third quarter  |   | $                    | 109.11 |   |   | $ | 76.02 |   |   | $ | 55.41 |   |   | $ | 40.71 |   |
| Fourth quarter |   | $                    | 104.00 |   |   | $ | 86.29 |   |   | $ | 56.88 |   |   | $ | 35.59 |   |

----

| Fiscal year ended March 31:                                                       |   | 2006   |   |   | 2007   |   |   | 2008   |   |   | 2009   |   |   | 2010   |   |   | 2011   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| AMERCO                                                                            |   | $      | 100    |   |   | $      | 71     |   |   | $      | 58     |   |   | $      | 34     |   |   | $      | 55 |   |   | $ | 98 |   |
| Dow Jones US Total Market                                                         |   |   | 100    |   |   |   | 112    |   |   |   | 106    |   |   |   | 66     |   |   |   | 100 |   |   |   | 117 |   |
| Dow Jones US Transportation Average                                               |   |   | 100    |   |   |   | 106    |   |   |   | 107    |   |   |   | 61     |   |   |   | 102 |   |   |   | 126 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * $100 invested on 3/31/06 in stock or index-including reinvestment of dividends. |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

Item 6.   
Selected Financial 

|                                                                                                                                                              |   | Years Ended March 31,                           |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                                                                                                              |   | 2011                                            |       |   | 2010 |   |   | 2009 |   |   |   | 2008 (b), (c) |   |   | 2007 |   |
|                                                                                                                                                              |   | (In thousands, except share and per share data) |       |
| Summary of Operations:                                                                                                                                            |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving equipment rentals                                                                                                                                     |   | $                                               | 1,547,015  |   |   | $ | 1,419,726 |   |   | $ | 1,423,022 |   |   | $ | 1,451,292 |   |   | $ | 1,462,470 |   |
| Self-storage revenues                                                                                                                                             |   |                                            | 120,698    |   |   |   | 110,369 |   |   |   | 110,548 |   |   |   | 122,248 |   |   |   | 126,424 |   |
| Self-moving and self-storage products and service sales                                                                                                           |   |                                            | 205,570    |   |   |   | 198,785 |   |   |   | 199,394 |   |   |   | 217,798 |   |   |   | 224,722 |   |
| Property management fees                                                                                                                                          |   |                                            | 22,132     |   |   |   | 21,632 |   |   |   | 23,192 |   |   |   | 22,820 |   |   |   | 21,154 |   |
| Life insurance premiums                                                                                                                                           |   |                                            | 206,992    |   |   |   | 134,345 |   |   |   | 109,572 |   |   |   | 111,996 |   |   |   | 120,399 |   |
| Property and casualty insurance premiums                                                                                                                          |   |                                            | 30,704     |   |   |   | 27,625 |   |   |   | 28,337 |   |   |   | 28,388 |   |   |   | 24,335 |   |
| Net investment and interest income                                                                                                                                |   |                                            | 52,661     |   |   |   | 49,989 |   |   |   | 58,021 |   |   |   | 62,110 |   |   |   | 59,696 |   |
| Other revenue                                                                                                                                                     |   |                                            | 55,503     |   |   |   | 39,534 |   |   |   | 40,180 |   |   |   | 32,522 |   |   |   | 30,098 |   |
| Total revenues                                                                                                                                                    |   |                                            | 2,241,275  |   |   |   | 2,002,005 |   |   |   | 1,992,266 |   |   |   | 2,049,174 |   |   |   | 2,069,298 |   |
|                                                                                                                                                              |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                                                                                                |   |                                            | 1,026,577  |   |   |   | 1,022,061 |   |   |   | 1,057,880 |   |   |   | 1,089,543 |   |   |   | 1,091,792 |   |
| Commission expenses                                                                                                                                               |   |                                            | 190,981    |   |   |   | 169,104 |   |   |   | 171,303 |   |   |   | 167,945 |   |   |   | 162,899 |   |
| Cost of sales                                                                                                                                                     |   |                                            | 106,024    |   |   |   | 104,049 |   |   |   | 114,387 |   |   |   | 120,210 |   |   |   | 117,648 |   |
| Benefits and losses                                                                                                                                               |   |                                            | 190,429    |   |   |   | 121,105 |   |   |   | 97,617 |   |   |   | 98,760 |   |   |   | 107,345 |   |
| Amortization of deferred policy acquisition costs                                                                                                                 |   |                                            | 9,494      |   |   |   | 7,569 |   |   |   | 12,394 |   |   |   | 13,181 |   |   |   | 17,138 |   |
| Lease expense                                                                                                                                                     |   |                                            | 150,809    |   |   |   | 156,951 |   |   |   | 152,424 |   |   |   | 133,931 |   |   |   | 147,659 |   |
| Depreciation, net of (gains) losses on disposals (e)                                                                                                              |   |                                            | 189,266    |   |   |   | 227,629 |   |   |   | 265,213 |   |   |   | 221,882 |   |   |   | 189,589 |   |
| Total costs and expenses                                                                                                                                          |   |                                            | 1,863,580  |   |   |   | 1,808,468 |   |   |   | 1,871,218 |   |   |   | 1,845,452 |   |   |   | 1,834,070 |   |
|                                                                                                                                                              |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from operations                                                                                                                                          |   |                                            | 377,695    |   |   |   | 193,537 |   |   |   | 121,048 |   |   |   | 203,722 |   |   |   | 235,228 |   |
| Interest expense                                                                                                                                                  |   |                                            | (88,381    | ) |   |   | (93,347 | ) |   |   | (98,470 | ) |   |   | (101,420 | ) |   |   | (82,436 | ) |
| Fees and amortization on early extinguishment of debt (a)                                                                                                         |   |                                            | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,969 | ) |
| Pretax earnings                                                                                                                                                   |   |                                            | 289,314    |   |   |   | 100,190 |   |   |   | 22,578 |   |   |   | 102,302 |   |   |   | 145,823 |   |
| Income tax expense                                                                                                                                                |   |                                            | (105,739   | ) |   |   | (34,567 | ) |   |   | (9,168 | ) |   |   | (34,518 | ) |   |   | (55,270 | ) |
| Net earnings                                                                                                                                                      |   |                                            | 183,575    |   |   |   | 65,623 |   |   |   | 13,410 |   |   |   | 67,784 |   |   |   | 90,553 |   |
| Excess (loss) carrying amount of preferred stock over consideration paid                                                                                          |   |                                            | (178       | ) |   |   | 388 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Less:  Preferred stock dividends (d)                                                                                                                    |   |                                            | (12,412    | ) |   |   | (12,856 | ) |   |   | (12,963 | ) |   |   | (12,963 | ) |   |   | (12,963 | ) |
| Earnings available to common shareholders                                                                                                                         |   | $                                               | 170,985    |   |   | $ | 53,155 |   |   | $ | 447 |   |   | $ | 54,821 |   |   | $ | 77,590 |   |
| Basic and diluted earnings per common share                                                                                                                       |   | $                                               | 8.80       |   |   | $ | 2.74 |   |   | $ | 0.02 |   |   | $ | 2.78 |   |   | $ | 3.72 |   |
| Weighted average common shares outstanding: Basic and diluted                                                                                                     |   |                                            | 19,432,781 |   |   |   | 19,386,791 |   |   |   | 19,350,041 |   |   |   | 19,740,571 |   |   |   | 20,838,570 |   |
| 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                                                                                                                                |   | $                                               | 2,094,573  |   |   | $ | 1,948,388 |   |   | $ | 2,013,928 |   |   | $ | 2,011,176 |   |   | $ | 1,897,071 |   |
| Total assets                                                                                                                                                      |   |                                            | 4,176,154  |   |   |   | 3,762,454 |   |   |   | 3,825,073 |   |   |   | 3,832,487 |   |   |   | 3,523,048 |   |
| Notes, loans and leases payable                                                                                                                                   |   |                                            | 1,397,842  |   |   |   | 1,347,635 |   |   |   | 1,546,490 |   |   |   | 1,504,677 |   |   |   | 1,181,165 |   |
| SAC Holding II notes and loans payable, non re-course to AMERCO                                                                                                   |   |                                            | -          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 74,887 |   |
| Stockholders' equity                                                                                                                                              |   |                                            | 993,020    |   |   |   | 812,911 |   |   |   | 717,629 |   |   |   | 758,431 |   |   |   | 718,098 |   |
|                                                                                                                                                              |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a) Includes the write-off of debt issuance costs of $7.0 million in fiscal 2007.                                                                                 |   |                                            |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Fiscal 2008 summary of operations includes 7 months of activity for SAC Holding II which was deconsolidated effective October 31, 2007.                       |   |                                            |       |   |   |
| (c) Fiscal 2008 balance sheet data does not include SAC Holding II which was deconsolidated effective October 31, 2007.                                           |   |                                            |       |   |   |   |   |   |   |
| (d) Fiscal 2011 and 2010 reflect eliminations of $0.6 million and $0.1 million, respectivley paid to affiliates.                                                  |   |                                            |       |   |   |   |   |   |   |   |   |   |   |
| (e) (Gains) losses were ($23.1) million, ($2.0) million, $16.6 million, ($5.9) million and $3.4 million for fiscal 2011, 2010, 2009, 2008 and 2007, respectively. |   |

----

Item 7.   

Management’s Discussion 

| ·   | Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of  U-Haul and Real Estate, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, and |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | Life Insurance, comprised of Oxford and its subsidiaries. |
|--------------------|-----------------------------------------------------------|

----

----

----

----

----

----

|                                                          |   | Year Ended March 31, |      |
|---------------------------------------------------------------|--------|----------------------|-----------|
|                                                          |   | 2011                 |      |   | 2010 |   |
|                                                          |   | (In thousands)       |      |
|  Self-moving equipment rentals                           |   | $                    | 1,547,015 |   |   | $ | 1,419,726 |   |
|  Self-storage revenues                                   |   |                 | 120,698   |   |   |   | 110,369 |   |
|  Self-moving and self-storage products and service sales |   |                 | 205,570   |   |   |   | 198,785 |   |
|  Property management fees                                |   |                 | 22,132    |   |   |   | 21,632 |   |
|  Life insurance premiums                                 |   |                 | 206,992   |   |   |   | 134,345 |   |
|  Property and casualty insurance premiums                |   |                 | 30,704    |   |   |   | 27,625 |   |
|  Net investment and interest income                      |   |                 | 52,661    |   |   |   | 49,989 |   |
|  Other revenue                                           |   |                 | 55,503    |   |   |   | 39,534 |   |
|  Consolidated revenue                                    |   | $                    | 2,241,275 |   |   | $ | 2,002,005 |   |

----

|                                  |   | Year Ended March 31, |      |
|---------------------------------------|--------|----------------------|-----------|
|                                  |   | 2011                 |      |   | 2010 |   |
|                                  |   | (In thousands)       |      |
|  Moving and storage              |   |                 |      |   |   |   |
|  Revenues                        |   | $                    | 1,977,826 |   |   | $ | 1,816,322 |   |
|  Earnings from operations        |   |                 | 370,100   |   |   |   | 185,329 |   |
|  Property and casualty insurance |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 38,663    |   |   |   | 34,390 |   |
|  Earnings from operations        |   |                 | 5,638     |   |   |   | 6,279 |   |
|  Life insurance                  |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 229,911   |   |   |   | 155,725 |   |
|  Earnings from operations        |   |                 | 17,435    |   |   |   | 16,858 |   |
|  Eliminations                    |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | (5,125    | ) |   |   | (4,432 | ) |
|  Earnings from operations        |   |                 | (15,478   | ) |   |   | (14,929 | ) |
|  Consolidated Results            |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 2,241,275 |   |   |   | 2,002,005 |   |
|  Earnings from operations        |   |                 | 377,695   |   |   |   | 193,537 |   |

----

|                                                          |   | Year Ended March 31, |      |
|---------------------------------------------------------------|--------|----------------------|-----------|
|                                                          |   | 2010                 |      |   | 2009 |   |
|                                                          |   | (In thousands)       |      |
|  Self-moving equipment rentals                           |   | $                    | 1,419,726 |   |   | $ | 1,423,022 |   |
|  Self-storage revenues                                   |   |                 | 110,369   |   |   |   | 110,548 |   |
|  Self-moving and self-storage products and service sales |   |                 | 198,785   |   |   |   | 199,394 |   |
|  Property management fees                                |   |                 | 21,632    |   |   |   | 23,192 |   |
|  Life insurance premiums                                 |   |                 | 134,345   |   |   |   | 109,572 |   |
|  Property and casualty insurance premiums                |   |                 | 27,625    |   |   |   | 28,337 |   |
|  Net investment and interest income                      |   |                 | 49,989    |   |   |   | 58,021 |   |
|  Other revenue                                           |   |                 | 39,534    |   |   |   | 40,180 |   |
| Consolidated revenue                                          |   | $                    | 2,002,005 |   |   | $ | 1,992,266 |   |

----

|                                  |   | Year Ended March 31, |      |
|---------------------------------------|--------|----------------------|-----------|
|                                  |   | 2010                 |      |   | 2009 |   |
|                                  |   | (In thousands)       |      |
|  Moving and storage              |   |                 |      |   |   |   |
|  Revenues                        |   | $                    | 1,816,322 |   |   | $ | 1,823,049 |   |
|  Earnings from operations        |   |                 | 185,329   |   |   |   | 112,080 |   |
|  Property and casualty insurance |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 34,390    |   |   |   | 37,419 |   |
|  Earnings from operations        |   |                 | 6,279     |   |   |   | 7,505 |   |
|  Life insurance                  |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 155,725   |   |   |   | 135,056 |   |
|  Earnings from operations        |   |                 | 16,858    |   |   |   | 17,748 |   |
|  Eliminations                    |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | (4,432    | ) |   |   | (3,258 | ) |
|  Earnings from operations        |   |                 | (14,929   | ) |   |   | (16,285 | ) |
|  Consolidated Results            |   |                 |      |   |   |   |   |   |
|  Revenues                        |   |                 | 2,002,005 |   |   |   | 1,992,266 |   |
|  Earnings from operations        |   |                 | 193,537   |   |   |   | 121,048 |   |

----

|                                                          |   | Year Ended March 31, |      |
|---------------------------------------------------------------|--------|----------------------|-----------|
|                                                          |   | 2011                 |      |   | 2010 |   |
|                                                          |   | (In thousands)       |      |
|  Self-moving equipment rentals                           |   | $                    | 1,549,058 |   |   | $ | 1,421,331 |   |
|  Self-storage revenues                                   |   |                 | 120,698   |   |   |   | 110,369 |   |
|  Self-moving and self-storage products and service sales |   |                 | 205,570   |   |   |   | 198,785 |   |
|  Property management fees                                |   |                 | 22,132    |   |   |   | 21,632 |   |
|  Net investment and interest income                      |   |                 | 25,702    |   |   |   | 26,055 |   |
|  Other revenue                                           |   |                 | 54,666    |   |   |   | 38,150 |   |
|  Moving and Storage revenue                              |   | $                    | 1,977,826 |   |   | $ | 1,816,322 |   |

|                                       |   | Year Ended March 31,                  |   |
|--------------------------------------------|--------|---------------------------------------|--------|
|                                       |   | 2011                                  |   |   | 2010 |   |
|                                       |   | (In thousands, except occupancy rate) |   |
| Room count as of March 31                  |   |                                  | 153    |   |   |   | 144 |   |
| Square footage as of March 31              |   |                                  | 12,534 |   |   |   | 11,713 |   |
| Average number of rooms occupied           |   |                                  | 113    |   |   |   | 106 |   |
| Average occupancy rate based on room count |   |                                  | 75.8   | % |   |   | 75.2 | % |
| Average square footage occupied            |   |                                  | 9,437  |   |   |   | 8,827 |   |

----

|                                                          |   | Year Ended March 31, |      |
|---------------------------------------------------------------|--------|----------------------|-----------|
|                                                          |   | 2010                 |      |   | 2009 |   |
|                                                          |   | (In thousands)       |      |
|  Self-moving equipment rentals                           |   | $                    | 1,421,331 |   |   | $ | 1,423,330 |   |
|  Self-storage revenues                                   |   |                 | 110,369   |   |   |   | 110,548 |   |
|  Self-moving and self-storage products and service sales |   |                 | 198,785   |   |   |   | 199,394 |   |
|  Property management fees                                |   |                 | 21,632    |   |   |   | 23,192 |   |
|  Net investment and interest income                      |   |                 | 26,055    |   |   |   | 29,865 |   |
|  Other revenue                                           |   |                 | 38,150    |   |   |   | 36,720 |   |
|  Moving and Storage revenue                              |   | $                    | 1,816,322 |   |   | $ | 1,823,049 |   |

|                                       |   | Year Ended March 31,                  |   |
|--------------------------------------------|--------|---------------------------------------|--------|
|                                       |   | 2010                                  |   |   | 2009 |   |
|                                       |   | (In thousands, except occupancy rate) |   |
| Room count as of March 31                  |   |                                  | 144    |   |   |   | 138 |   |
| Square footage as of March 31              |   |                                  | 11,713 |   |   |   | 11,131 |   |
| Average number of rooms occupied           |   |                                  | 106    |   |   |   | 106 |   |
| Average occupancy rate based on room count |   |                                  | 75.2   | % |   |   | 78.9 | % |
| Average square footage occupied            |   |                                  | 8,827  |   |   |   | 8,745 |   |

----

----

----

|                        |   | Moving & Storage |      |   | Property and Casualty Insurance (a) |   |    | Life Insurance (a) |   |
|-----------------------------|--------|----------------------|-----------|--------|-------------------------------------|--------|---------|--------------------|--------|
|                        |   | (In thousands)       |      |
|                        |   |                 |      |   |                                |   |    |               |   |
| Cash and cash equivalents   |   | $                    | 323,495   |   |                                | $      | 14,700  |               |   | $ | 37,301 |   |
| Other financial assets      |   |                 | 375,081   |   |                                |   | 392,912 |               |   |   | 613,788 |   |
| Debt obligations            |   |                 | 1,397,842 |   |                                |   | -       |               |   |   | - |   |
|                        |   |                 |      |   |                                |   |    |               |   |   |   |   |
| (a) As of December 31, 2010 |   |                 |      |   |                                |   |    |               |   |   |   |   |

|                                            |   | Years Ended March 31, |     |
|-------------------------------------------------|--------|-----------------------|----------|
|                                            |   | 2011                  |     |   | 2010 |   |   | 2009 |   |
|                                            |   | (In thousands)        |     |
|  Net cash provided by operating activities |   | $                     | 572,794  |   |   | $ | 401,348 |   |   | $ | 274,426 |   |
|  Net cash used by investing activities     |   |                  | (380,988 | ) |   |   | (117,978 | ) |   |   | (221,192 | ) |
|  Net cash used by financing activities     |   |                  | (60,699  | ) |   |   | (282,483 | ) |   |   | (17,832 | ) |
|  Effects of exchange rate on cash          |   |                  | 271      |   |   |   | 2,644 |   |   |   | (1,437 | ) |
|  Net cash flow                             |   |                  | 131,378  |   |   |   | 3,531 |   |   |   | 33,965 |   |
|  Cash at the beginning of the period       |   |                  | 244,118  |   |   |   | 240,587 |   |   |   | 206,622 |   |
|  Cash at the end of the period             |   | $                     | 375,496  |   |   | $ | 244,118 |   |   | $ | 240,587 |   |

----

----

----

|                                        |   |           |      |   | Payment due by Period (as of March 31, 2011) |   |
|---------------------------------------------|--------|----------------|-----------|--------|----------------------------------------------|--------|
| Contractual Obligations                     |   | Total          |      |   | Prior to03/31/12                             |   |   | 04/01/1203/31/14 |   |   | 04/01/1403/31/16 |   |   | April 1, 2016and Thereafter |   |
|                                        |   | (In thousands) |      |
| Notes, loans and leases payable - Principal |   | $              | 1,397,842 |   |                                         | $      | 147,859 |   |   | $ | 412,309 |   |   | $ | 535,072 |   |   | $ | 302,602 |   |
| Notes, loans and leases payable - Interest  |   |           | 302,717   |   |                                         |   | 79,168 |   |   |   | 124,427 |   |   |   | 75,172 |   |   |   | 23,950 |   |
| Revolving credit agreements - Principal     |   |           | -         |   |                                         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Revolving credit agreements - Interest      |   |           | -         |   |                                         |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Operating leases                            |   |           | 566,344   |   |                                         |   | 152,934 |   |   |   | 248,059 |   |   |   | 148,586 |   |   |   | 16,765 |   |
| Property and casualty obligations (a)       |   |           | 109,040   |   |                                         |   | 12,130 |   |   |   | 13,643 |   |   |   | 10,491 |   |   |   | 72,776 |   |
| Life, health and annuity obligations (b)    |   |           | 1,833,002 |   |                                         |   | 133,845 |   |   |   | 246,126 |   |   |   | 204,869 |   |   |   | 1,248,162 |   |
| Self insurance accruals (c)                 |   |           | 397,381   |   |                                         |   | 110,493 |   |   |   | 169,106 |   |   |   | 78,605 |   |   |   | 39,177 |   |
| Post retirement benefit liability           |   |           | 9,971     |   |                                         |   | 596 |   |   |   | 1,485 |   |   |   | 1,922 |   |   |   | 5,968 |   |
|  Total contractual obligations         |   | $              | 4,616,297 |   |                                         | $      | 637,025 |   |   | $ | 1,215,155 |   |   | $ | 1,054,717 |   |   | $ | 1,709,400 |   |

----

----

----

|                                                          |   | Quarter Ended                                       |       |
|---------------------------------------------------------------|--------|-----------------------------------------------------|------------|
|                                                          |   | March 31,2011                                       |       |   | December 31,2010 |   |   | September 30,2010 |   |   | June 30,2010 |   |
|                                                          |   | (In thousands, except for share and per share data) |       |
| Total revenues                                                |   | $                                                   | 488,370    |   |   | $ | 529,982 |   |   | $ | 636,976 |   |   | $ | 585,947 |   |
| Earnings from operations                                      |   |                                                | 40,188     |   |   |   | 51,277 |   |   |   | 158,121 |   |   |   | 128,109 |   |
| Net earnings                                                  |   |                                                | 13,246     |   |   |   | 18,608 |   |   |   | 85,219 |   |   |   | 66,502 |   |
| Earnings available to common shareholders                     |   |                                                | 10,163     |   |   |   | 15,529 |   |   |   | 81,978 |   |   |   | 63,315 |   |
| Basic and diluted earings per common share                    |   | $                                                   | 0.52       |   |   | $ | 0.80 |   |   | $ | 4.22 |   |   | $ | 3.26 |   |
| Weighted average common shares outstanding: basic and diluted |   |                                                | 19,449,243 |   |   |   | 19,439,622 |   |   |   | 19,427,595 |   |   |   | 19,414,815 |   |

|                                                          |   | Quarter Ended                                       |       |
|---------------------------------------------------------------|--------|-----------------------------------------------------|------------|
|                                                          |   | March 31,2010                                       |       |   | December 31,2009 |   |   | September 30,2009 |   |   | June 30,2009 |   |
|                                                          |   | (In thousands, except for share and per share data) |       |
| Total revenues                                                |   | $                                                   | 443,794    |   |   | $ | 463,628 |   |   | $ | 573,924 |   |   | $ | 520,659 |   |
| Earnings from operations                                      |   |                                                | 9,965      |   |   |   | 28,558 |   |   |   | 95,818 |   |   |   | 59,196 |   |
| Net earnings (loss)                                           |   |                                                | (5,020     | ) |   |   | 3,520 |   |   |   | 44,691 |   |   |   | 22,432 |   |
| Earnings (loss) available to common shareholders              |   |                                                | (8,211     | ) |   |   | 325 |   |   |   | 41,527 |   |   |   | 19,514 |   |
| Basic and diluted earings (loss) per common share             |   | $                                                   | (0.43      | ) |   | $ | 0.02 |   |   | $ | 2.14 |   |   | $ | 1.01 |   |
| Weighted average common shares outstanding: basic and diluted |   |                                                | 19,402,035 |   |   |   | 19,393,306 |   |   |   | 19,382,101 |   |   |   | 19,369,591 |   |

Item 7A.   
Quantitative 

----

| Notional Amount                  |   | Fair Value |            | Effective Date | Expiration Date |    | Fixed Rate |       | Floating Rate |
|----------------------------------|--------|------------|-----------------|----------------|-----------------|---------|------------|------------|---------------|
| (In thousands)                   |   |       |            |           |            |    |       |
| $                                |   | 58,014     |   (a), (b) |           | $               | (2,209  | )          | 5/10/2006  | 4/10/2012     |   |   | 5.06 | % | 1 Month LIBOR |
|                             |   | 58,859     |   (a), (b) |           |            | (4,088  | )          | 10/10/2006 | 10/10/2012    |   |   | 5.57 | % | 1 Month LIBOR |
|                             |   | 20,324     |   (a)      |           |            | (1,834  | )          | 7/10/2006  | 7/10/2013     |   |   | 5.67 | % | 1 Month LIBOR |
|                             |   | 254,167    |   (a)      |           |            | (37,541 | )          | 8/18/2006  | 8/10/2018     |   |   | 5.43 | % | 1 Month LIBOR |
|                             |   | 13,075     |   (a)      |           |            | (1,244  | )          | 2/12/2007  | 2/10/2014     |   |   | 5.24 | % | 1 Month LIBOR |
|                             |   | 8,794      |   (a)      |           |            | (799    | )          | 3/12/2007  | 3/10/2014     |   |   | 4.99 | % | 1 Month LIBOR |
|                             |   | 8,800      |   (a)      |           |            | (799    | )          | 3/12/2007  | 3/10/2014     |   |   | 4.99 | % | 1 Month LIBOR |
|                             |   | 10,750     |   (a), (b) |           |            | (585    | )          | 8/15/2008  | 6/15/2015     |   |   | 3.62 | % | 1 Month LIBOR |
|                             |   | 11,638     |   (a)      |           |            | (762    | )          | 8/29/2008  | 7/10/2015     |   |   | 4.04 | % | 1 Month LIBOR |
|                             |   | 17,238     |   (a)      |           |            | (1,226  | )          | 9/30/2008  | 9/10/2015     |   |   | 4.16 | % | 1 Month LIBOR |
|                             |   | 9,938      |   (a), (b) |           |            | (47     | )          | 3/30/2009  | 4/15/2016     |   |   | 2.24 | % | 1 Month LIBOR |
|                             |   | 13,001     |   (a), (b) |           |            | 82      |       | 8/15/2010  | 7/15/2017     |   |   | 2.15 | % | 1 Month LIBOR |
|                             |   |       |            |           |            |    |       |       |          |   |   |   |   |   |
| (a) interest rate swap agreement |   |       |            |           |            |    |       |       |
| (b) forward swap                 |   |       |            |           |            |    |

Item 8.   
Financial Statements 

----

Item 9.   
Changes in 

Item 9A.   
Controls 

----

----

----

Item 9B.   

Item 10.   
Directors, 

Item 11.   
Executive 

Item 12.   
Security 

Item 13.   
Certain 

Item 14.   
Principal 

----

Item 15.   
Exhibits 

|                                                                                                                           | Page        |
|--------------------------------------------------------------------------------------------------------------------------------|-------------|
| Financial Statements:                                                                                                          |        |
| Report of Independent Registered Public Accounting Firm                                                                        | F-1         |
| Consolidated Balance Sheets - March 31, 2011 and 2010                                                                          | F-2         |
| Consolidated Statements of Operations - Years Ended March 31, 2011, 2010, and 2009                                             | F-3         |
| Consolidated Statements of Changes in Stockholders' Equity - Years Ended March 31, 2011, 2010, and 2009                        | F-4         |
| Consolidated Statement of Comprehensive Income (Loss) - Years Ended March 31, 2011, 2010 and 2009                              | F-5         |
| Consolidated Statement of Cash Flows - Years Ended March 31, 2011, 2010 and 2009                                               | F-6         |
| Notes to Consolidated Financial Statements                                                                                     | F-7 - F-54  |
| Financial Statement Schedules required to be filed by Item 8:                                                                  |        |
| Schedule I - Condensed Financial Information of AMERCO                                                                         | F-55 - F-58 |
| Schedule II - AMERCO and Consolidated Subsidiaries Valuation and Qualifying Accounts                                           | F-59        |
| Schedule V - AMERCO and Consolidated Subsidiaries Supplemental Information (Concerning Property-Casualty Insurance Operations) | F-60        |

| ExhibitNumber |   | Description                                                                                                             |   | Page or Method of Filing                                                                                                    |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------|
| 3.1           |   | Restated Articles of Incorporation of AMERCO                                                                            |   | Incorporated by reference to AMERCO’s Registration Statement on form S-4 filed March 30, 2004, file no. 1-11255  |
| 3.2           |   | Restated Bylaws of AMERCO                                                                                               |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed on September 10, 2010, file no. 1-11255   |
| 4.1           |   | Termination of Rights Agreement, dated as of March 5, 2008                                                              |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 11, 2008, file no. 1-11255      |
| 4.2           |   | U-Haul Investors Club Base Indenture, dated February 12, 2011 by and between AMERCO and U. S. Bank National Association |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255   |
| 4.3           |   | First Supplemental Indenture, dated February 17, 2011, by and between AMERCO and U.S. Bank National Association         |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255   |
| 4.4           |   | Second Supplemental Indenture, dated February 17, 2011, by and between AMERCO and U.S. Bank National Association        |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255   |
| 4.5           |   | Third Supplemental Indenture, dated March 1, 2011, by and between AMERCO and U.S. Bank National Association             |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 4, 2011, file no. 1-11255       |

----

| ExhibitNumber |   |   Description                                                                                                                                                                                                         |   |   Page or Method of Filing                                                                                                  |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|  4.6     |   | Fourth Supplemental Indenture, dated March 15, 2011, by and between AMERCO and U.S. Bank National Association                                                                                                              |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 22, 2011, file no. 1-11255           |
| 4.7           |   | Fifth Supplemental Indenture, dated March 15, 2011, by and between AMERCO and U.S. Bank National Association                                                                                                               |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on March 22, 2011, file no. 1-11255           |
| 4.8           |   | Sixth Supplemental Indenture, dated March 29, 2011, by and between AMERCO and U.S. Bank National Association                                                                                                               |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 1, 2011, file no. 1-11255            |
| 4.9           |   | Seventh Supplemental Indenture, dated March 29, 2011, by and between AMERCO and U.S. Bank National Association                                                                                                             |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 1, 2011, file no. 1-11255            |
| 4.10          |   | Ninth Supplemental Indenture, dated April 19, 2011, by and between AMERCO and U.S. Bank National Association                                                                                                               |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on April 22, 2011, file no. 1-11255           |
| 10.1          |   | 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            |
| 10.2          |   | 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    |
| 10.3          |   | 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  |
| 10.4          |   | 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  |
| 10.5          |   | 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  |
| 10.6          |   | 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  |
| 10.7          |   | 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  |
| 10.8          |   | 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  |
| 10.9          |   | 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  |
| 10.10         |   | 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  |

----

| ExhibitNumber |   |   Description                                                                                                                                       |   |   Page or Method of Filing                                                                                                            |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|  10.11   |   | 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  |
| 10.12         |   | 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  |
| 10.13         |   | 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  |
| 10.14         |   | 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  |
| 10.15         |   | 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  |
| 10.16         |   | 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  |
| 10.17         |   | 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  |
| 10.18         |   | 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  |
| 10.19         |   | 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  |
| 10.20         |   | 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  |
| 10.21         |   | 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 filed on March 30, 2004, no. 333-114042                   |
| 10.22         |   | 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 filed on March 30, 2004, no. 333-114042                   |
| 10.23         |   | 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            |

----

| ExhibitNumber |   |   Description                                                                                                                                                                                                                                                                                                      |   |   Page or Method of Filing                                                                                                           |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|
|  10.24   |   | 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      |
| 10.25         |   | 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      |
| 10.26         |   | 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      |
| 10.27         |   | 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      |
| 10.28         |   | 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  |
| 10.29         |   | 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, file no. 1-11255                      |
| 10.30         |   | Morgan Stanley Commitment Letter                                                                                                                                                                                                                                                                                        |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 13, 2005, file no. 1-11255                      |
| 10.31         |   | Merrill Lynch Commitment Letter (re loan to Amerco Real Estate Company)                                                                                                                                                                                                                                                 |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on May 13, 2005, file no. 1-11255                      |
| 10.32         |   | 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, file no. 1-11255                             |
| 10.33         |   | 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, file no. 1-11255                             |
| 10.34         |   | 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, file no. 1-11255                        |
| 10.35         |   | 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, file no. 1-11255                             |
| 10.36         |   | 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, file no. 1-11255                        |

----

| ExhibitNumber |   |   Description                                                                                                                                                                                                                              |   |   Page or Method of Filing                                                                                                             |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
| 10.37         |   | 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, file no. 1-11255                          |
| 10.38         |   | 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, file no. 1-11255                          |
| 10.39         |   | 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, file no. 1-11255                          |
| 10.40         |   | Property Management Agreement between Subsidiaries of U-Haul and Five SAC RW MS, LLC., dated August 17, 2005.                                                                                                                                   |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2005, file no. 1-11255   |
| 10.41         |   | Credit agreement, dated November 10, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. and Merrill Lynch Commercial Finance Corporation.                                                |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed November 17, 2005, file no. 1-11255                           |
| 10.42         |   | Property Management Agreement between Subsidiaries of U-Haul and Five SAC 905, LLC., dated September 23, 2005.                                                                                                                                  |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2005, file no. 1-11255    |
| 10.43         |   | Property Management Agreements between Subsidiaries of U-Haul and subsidiaries of PM Partners, LP, dated June 25, 2005.                                                                                                                         |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.44         |   | Promissory note, dated December 1, 2005, by Private Mini Storage Realty, LP in favor of AMERCO.                                                                                                                                                 |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.45         |   | Promissory note dated December 1, 2005 by PMSI Investments, LP in favor of U-Haul International, Inc.                                                                                                                                           |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.46         |   | Property Management Agreements between Subsidiaries of U-Haul and subsidiaries of PM Preferred Properties, LP., dated June 25, 2005                                                                                                             |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.47         |   | Credit Agreement executed June 7, 2006, among U-Haul Leasing & Sales Co., U-Haul Co. of Arizona and U-Haul International, Inc. and BTMU Capital Corporation.                                                                                |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.48         |   | Security and Collateral Agreement executed June 7, 2006, by U-Haul International, Inc., U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, BTMU Capital Corporation, and Orange Truck Trust 2006                                         |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255       |
| 10.49         |   | Guarantee executed June 7, 2006, made by U-Haul International, Inc. and AMERCO in favor of BTMU Capital Corp. and Orange Truck Trust 2006.                                                                                                      |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.50         |   | First Amendment to Security Agreement (New Truck Term Loan Facility) executed June 7, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc., in favor of Merrill Lynch Commercial Finance Corp.  |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255       |
| 10.51         |   | Credit Agreement dated June 6, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc., and HVB                                                                                                         |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |

----

| ExhibitNumber |   |   Description                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   Page or Method of Filing                                                                                                             |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
| 10.52         |   | Security Agreement dated June 6, 2006, among U-Haul Leasing and Sales Co., U-Haul Co. of Arizona, and U-Haul International, Inc. in favor of HVB                                                                                                                                                                                                                                                                                                    |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.53         |   | Guarantee dated June 6, 2006, made by U-Haul International, Inc. in favor of HVB                                                                                                                                                                                                                                                                                                                                                                    |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2006, file no. 1-11255  |
| 10.54         |   | Stockholder Agreement dated June 30, 2006 between Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donovan, as Trustee, and Southwest Fiduciary, Inc., as Trustee                                                                                                                                                                                                                                                                   |   | Incorporated by reference to Exhibit 99.2, filed with the Schedule 13-D, filed on July 13, 2006, file number 5-39669                        |
| 10.55         |   | Amendment No. 1 to the Amended and Restated Credit Agreement and Security Agreement, dated as of August 18, 2006, to the Amended and Restated Credit Agreement, dated as of June 8, 2005, among 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 Financial Corp.  |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed August 23, 2006, file no. 1-11255                              |
| 10.56         |   | Stockholder Agreement dated March 9, 2007 between Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donovan, as Trustee, and Adagio Trust Company, as Trustee                                                                                                                                                                                                                                                                        |   | Incorporated by reference to Exhibit 99.2, filed with the Schedule 13-D, filed on March 9, 2007, file number 5-39669                        |
| 10.57         |   | Amended and Restated Credit Agreement, dated as of March 12, 2007, to the Credit Agreement, dated as of June 28, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. and Merrill Lynch Commercial Finance Corporation.                                                                                                                                                                        |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255       |
| 10.58         |   | Amended and Restated Security Agreement, dated as of March 12, 2007, to the Security Agreement, dated June 28, 2005, among U-Haul Leasing & Sales Co., U-Haul Company of Arizona and U-Haul International, Inc. in favor of Merrill Lynch Commercial Finance Corporation.                                                                                                                                                                  |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255       |
| 10.59         |   | 2007-1 BOX TRUCK BASE INDENTURE, dated as of June 1, 2007, among U-HAUL S FLEET, LLC, 2007 TM-1, LLC, 2007 DC-1, LLC, and 2007 EL-1, LLC and U.S. BANK NATIONAL ASSOCIATION.                                                                                                                                                                                                                                                                   |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255       |
| 10.60         |   | SCHEDULE I TO 2007-1 BOX TRUCK BASE INDENTURE, dated as of June 1, 2007.                                                                                                                                                                                                                                                                                                                                                                            |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255  |
| 10.61         |   | SERIES 2007-1 SUPPLEMENT, dated as of June 1, 2007, among U-HAUL S FLEET, LLC, 2007 TM-1, LLC, 2007 DC-1, LLC, and 2007 EL-1, LLC, and U.S. BANK NATIONAL ASSOCIATION, to the 2007-1 Box Truck Base Indenture.                                                                                                                                                                                                                                 |   | Incorporated by reference to AMERCO’s  Annual Report on Form 10-K for the year ended March 31, 2007, file no. 1-11255       |
| 10.62         |   | Amended and restated Property Management Agreement among Six-A SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                          |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255   |

----

| ExhibitNumber |   |   Description                                                                                                                                                                          |   |   Page or Method of Filing                                                                                                            |
|---------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|
|  10.63   |   | Amended and restated Property Management Agreement among Six-B SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                  |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.64         |   | Amended and restated Property Management Agreement among Six-C SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                  |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.65         |   | Amended and restated Property Management Agreement among Eight SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                  |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.66         |   | Amended and restated Property Management Agreement among Nine SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                   |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.67         |   | Amended and restated Property Management Agreement among Ten SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                    |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.68         |   | Amended and restated Property Management Agreement among Eleven SAC Self-Storage Corporation and Eleven SAC Self-Storage Odenton, Inc. and subsidiaries of U-Haul International, Inc.  |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255       |
| 10.69         |   | Amended and restated Property Management Agreement among Twelve SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                 |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.70         |   | Amended and restated Property Management Agreement among Thirteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                               |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.71         |   | Amended and restated Property Management Agreement among Fourteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                               |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.72         |   | Amended and restated Property Management Agreement among Fifteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.73         |   | Amended and restated Property Management Agreement among Sixteen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                                |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.74         |   | Amended and restated Property Management Agreement among Seventeen SAC Self-Storage Corporation and subsidiaries of U-Haul International, Inc.                                              |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |
| 10.75         |   | Promissory Note. SAC Holding Corporation, a Nevada corporation ("Borrower"), pay to U-Haul International, Inc., a Nevada corporation                                                        |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2007, file no. 1-11255  |

----

| ExhibitNumber |   |   Description                                                                                                                                                                                                                             |   |   Page or Method of Filing                                                                                                               |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|
| 10.76         |   | Omnibus Termination and Release (Aged Truck Revolving Loan Facility), dated February 8, 2008 among U-Haul Leasing & Sales Co., U-Haul Co. of Arizona and U-Haul International, Inc. and Merrill Lynch Commercial Finance Corporation  |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K filed February 13, 2008, file no. 1-11255                              |
| 10.77         |   | Stockholder Agreement dated January 1, 2009 between Edward J. Shoen, James P. Shoen, Mark V. Shoen, Rosmarie T. Donovan, as Trustee, and Dunham Trust Company, as Trustee                                                                 |   | Incorporated by reference to Exhibit 99.2, filed with the Schedule 13-D, filed on June 26, 2009, file number 5-39669                          |
| 10.78         |   | 2010-1 BOX TRUCK BASE INDENTURE, dated as of October 1, 2010, among 2010 U-HAUL S FLEET, LLC, 2010 TM-1, LLC, 2010 DC-1, LLC, and 2010 TT-1, LLC, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee.         |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, file number 1-11255       |
| 10.79         |   | Schedule I to 2010-1 Base Indenture – Definitions List                                                                                                                                                                                   |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, file number 1-11255  |
| 10.80         |   | SERIES 2010-1 SUPPLEMENT, dated as of October 1, 2010, among 2010 U-HAUL S FLEET, LLC, 2010 TM-1, LLC, 2010 DC-1, LLC, and 2010 TT-1, LLC, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee.                     |   | Incorporated by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, file number 1-11255  |
| 10.81         |   | Pledge and Security Agreement, dated February 17, 2011, by and among AMERCO, U-Haul Leasing and Sales Co. and U.S. Bank National Association                                                                                                   |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255                     |
| 10.82         |   | Pledge and Security Agreement, dated February 17, 2011, by and among AMERCO, U-Haul Leasing and Sales Co. and U.S. Bank National Association                                                                                                   |   | Incorporated by reference to AMERCO’s Current Report on Form 8-K, filed on February 22, 2011, file no. 1-11255                     |
| 10.83         |   | Amended and Restated AMERCO Employee Savings and Profit and Sharing Plan.                                                                                                                                                                      |   | Filed herewith                                                                                                                           |
| 10.84         |   | Amended and Restated AMERCO Employee Stock Ownership Plan                                                                                                                                                                                      |   | Filed herewith                                                                                                                           |
| 10.85         |   | Credit Agreement, dated April 29, 2011, among Amerco Real Estate Company and U-Haul Company of Florida and J.P. Morgan Chase Bank, N.A.                                                                                                   |   | Filed herewith                                                                                                                                |
| 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 USA, LLP                                                                                                                                                                                                                        |   | Filed herewith                                                                                                                           |
| 24            |   | Power of Attorney                                                                                                                                                                                                                              |   | Refer to signature page                                                                                                                  |
| 31.1          |   | Rule 13a-14(a)/15d-14(a) Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO                                                                                                                                    |   | Filed herewith                                                                                                                                |
| 31.2          |   | Rule 13a-14(a)/15d-14(a) Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO                                                                                                                 |   | Filed herewith                                                                                                                                |

----

| ExhibitNumber |   |   Description                                                                                                                                         |   |   Page or Method of Filing |
|---------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|
|  32.1    |   | Certificate of Edward J. Shoen, President and Chairman of the Board of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002               |   | Furnished herewith              |
| 32.2          |   | Certificate of Jason A. Berg, Principal Financial Officer and Chief Accounting Officer of AMERCO pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |   | Furnished herewith              |

----

----

|                                                                                     |   | March 31,                         |       |
|------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|
|                                                                                     |   | 2011                              |       |   | 2010 |   |
|                                                                                     |   | (In thousands, except share data) |       |
| ASSETS                                                                                   |   |                              |       |   |   |   |
| Cash and cash equivalents                                                                |   | $                                 | 375,496    |   |   | $ | 244,118 |   |
| Reinsurance recoverables and trade receivables, net                                      |   |                              | 205,371    |   |   |   | 198,283 |   |
| Inventories, net                                                                         |   |                              | 59,942     |   |   |   | 52,837 |   |
| Prepaid expenses                                                                         |   |                              | 57,624     |   |   |   | 53,379 |   |
| Investments, fixed maturities and marketable equities                                    |   |                              | 659,809    |   |   |   | 549,318 |   |
| Investments, other                                                                       |   |                              | 201,868    |   |   |   | 227,486 |   |
| Deferred policy acquisition costs, net                                                   |   |                              | 52,870     |   |   |   | 39,194 |   |
| Other assets                                                                             |   |                              | 166,633    |   |   |   | 147,325 |   |
| Related party assets                                                                     |   |                              | 301,968    |   |   |   | 302,126 |   |
|                                                                                     |   |                              | 2,081,581  |   |   |   | 1,814,066 |   |
| Property, plant and equipment, at cost:                                                  |   |                              |       |   |   |   |   |   |
| Land                                                                                     |   |                              | 239,177    |   |   |   | 224,904 |   |
| Buildings and improvements                                                               |   |                              | 1,024,669  |   |   |   | 970,937 |   |
| Furniture and equipment                                                                  |   |                              | 310,671    |   |   |   | 323,334 |   |
| Rental trailers and other rental equipment                                               |   |                              | 249,700    |   |   |   | 244,131 |   |
| Rental trucks                                                                            |   |                              | 1,611,763  |   |   |   | 1,529,817 |   |
|                                                                                     |   |                              | 3,435,980  |   |   |   | 3,293,123 |   |
| Less: Accumulated depreciation                                                           |   |                              | (1,341,407 | ) |   |   | (1,344,735 | ) |
| Total property, plant and equipment                                                      |   |                              | 2,094,573  |   |   |   | 1,948,388 |   |
| Total assets                                                                             |   | $                                 | 4,176,154  |   |   | $ | 3,762,454 |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                     |   |                              |       |   |   |   |   |   |
| Liabilities:                                                                             |   |                              |       |   |   |   |   |   |
| Accounts payable and accrued expenses                                                    |   | $                                 | 304,006    |   |   | $ | 296,057 |   |
| Notes, loans and leases payable                                                          |   |                              | 1,397,842  |   |   |   | 1,347,635 |   |
| Policy benefits and losses, claims and loss expenses payable                             |   |                              | 927,376    |   |   |   | 816,909 |   |
| Liabilities from investment contracts                                                    |   |                              | 246,717    |   |   |   | 268,810 |   |
| Other policyholders' funds and liabilities                                               |   |                              | 8,727      |   |   |   | 8,155 |   |
| Deferred income                                                                          |   |                              | 27,209     |   |   |   | 25,207 |   |
| Deferred income taxes                                                                    |   |                              | 271,257    |   |   |   | 186,770 |   |
| Total liabilities                                                                        |   |                              | 3,183,134  |   |   |   | 2,949,543 |   |
|                                                                                     |   |                              |       |   |   |   |   |   |
| Commitments and contingencies (notes 9, 17, 18, 19 and 20)                               |   |                              |       |   |   |   |   |   |
| 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;                |   |                              |       |   |   |   |   |   |
| 5,791,700 and 5,992,800 shares issued and outstanding as of March 31, 2011 and 2010      |   |                              | -          |   |   |   | - |   |
| Series B preferred stock, with no par value, 100,000 shares authorized; none             |   |                              |       |   |   |   |   |   |
| issued and outstanding as of March 31, 2011 and 2010                                     |   |                              | -          |   |   |   | - |   |
| Series common stock, with or without par value, 150,000,000 shares authorized:           |   |                              |       |   |   |   |   |   |
| Series A common stock of $0.25 par value, 10,000,000 shares authorized;                  |   |                              |       |   |   |   |   |   |
| none issued as of March 31, 2011 and 2010                                                |   |                              | -          |   |   |   | - |   |
| Common stock of $0.25 par value, 150,000,000 shares authorized; 41,985,700               |   |                              |       |   |   |   |   |   |
| issued as of March 31, 2011 and 2010                                                     |   |                              | 10,497     |   |   |   | 10,497 |   |
| Additional paid-in capital                                                               |   |                              | 418,023    |   |   |   | 419,811 |   |
| Accumulated other comprehensive loss                                                     |   |                              | (46,467    | ) |   |   | (56,207 | ) |
| Retained earnings                                                                        |   |                              | 1,140,002  |   |   |   | 969,017 |   |
| Cost of common shares in treasury, net (22,377,912 shares as of March 31, 2011 and 2010) |   |                              | (525,653   | ) |   |   | (525,653 | ) |
| Unearned employee stock ownership plan shares                                            |   |                              | (3,382     | ) |   |   | (4,554 | ) |
| Total stockholders' equity                                                               |   |                              | 993,020    |   |   |   | 812,911 |   |
| Total liabilities and stockholders' equity                                               |   | $                                 | 4,176,154  |   |   | $ | 3,762,454 |   |

----

|                                                                                             |   | Years Ended March 31,                           |       |
|--------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                                                             |   | 2011                                            |       |   | 2010 |   |   | 2009 |   |
|                                                                                             |   | (In thousands, except share and per share data) |       |
| Revenues:                                                                                        |   |                                            |       |   |   |   |   |   |   |
| Self-moving equipment rentals                                                                    |   | $                                               | 1,547,015  |   |   | $ | 1,419,726 |   |   | $ | 1,423,022 |   |
| Self-storage revenues                                                                            |   |                                            | 120,698    |   |   |   | 110,369 |   |   |   | 110,548 |   |
| Self-moving and self-storage products and service sales                                          |   |                                            | 205,570    |   |   |   | 198,785 |   |   |   | 199,394 |   |
| Property management fees                                                                         |   |                                            | 22,132     |   |   |   | 21,632 |   |   |   | 23,192 |   |
| Life insurance premiums                                                                          |   |                                            | 206,992    |   |   |   | 134,345 |   |   |   | 109,572 |   |
| Property and casualty insurance premiums                                                         |   |                                            | 30,704     |   |   |   | 27,625 |   |   |   | 28,337 |   |
| Net investment and interest income                                                               |   |                                            | 52,661     |   |   |   | 49,989 |   |   |   | 58,021 |   |
| Other revenue                                                                                    |   |                                            | 55,503     |   |   |   | 39,534 |   |   |   | 40,180 |   |
| Total revenues                                                                                   |   |                                            | 2,241,275  |   |   |   | 2,002,005 |   |   |   | 1,992,266 |   |
|                                                                                             |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                                              |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                               |   |                                            | 1,026,577  |   |   |   | 1,022,061 |   |   |   | 1,057,880 |   |
| Commission expenses                                                                              |   |                                            | 190,981    |   |   |   | 169,104 |   |   |   | 171,303 |   |
| Cost of sales                                                                                    |   |                                            | 106,024    |   |   |   | 104,049 |   |   |   | 114,387 |   |
| Benefits and losses                                                                              |   |                                            | 190,429    |   |   |   | 121,105 |   |   |   | 97,617 |   |
| Amortization of deferred policy acquisition costs                                                |   |                                            | 9,494      |   |   |   | 7,569 |   |   |   | 12,394 |   |
| Lease expense                                                                                    |   |                                            | 150,809    |   |   |   | 156,951 |   |   |   | 152,424 |   |
| Depreciation, net of (gains) losses on disposals (($23,058), ($1,960) and $16,644, respectively) |   |                                            | 189,266    |   |   |   | 227,629 |   |   |   | 265,213 |   |
| Total costs and expenses                                                                         |   |                                            | 1,863,580  |   |   |   | 1,808,468 |   |   |   | 1,871,218 |   |
|                                                                                             |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Earnings from operations                                                                         |   |                                            | 377,695    |   |   |   | 193,537 |   |   |   | 121,048 |   |
| Interest expense                                                                                 |   |                                            | (88,381    | ) |   |   | (93,347 | ) |   |   | (98,470 | ) |
| Pretax earnings                                                                                  |   |                                            | 289,314    |   |   |   | 100,190 |   |   |   | 22,578 |   |
| Income tax expense                                                                               |   |                                            | (105,739   | ) |   |   | (34,567 | ) |   |   | (9,168 | ) |
| Net earnings                                                                                     |   |                                            | 183,575    |   |   |   | 65,623 |   |   |   | 13,410 |   |
| Excess (loss) of carrying amount of preferred stock over consideration paid                      |   |                                            | (178       | ) |   |   | 388 |   |   |   | - |   |
| Less: Preferred stock dividends                                                                  |   |                                            | (12,412    | ) |   |   | (12,856 | ) |   |   | (12,963 | ) |
| Earnings available to common shareholders                                                        |   | $                                               | 170,985    |   |   | $ | 53,155 |   |   | $ | 447 |   |
| Basic and diluted earnings per common share                                                      |   | $                                               | 8.80       |   |   | $ | 2.74 |   |   | $ | 0.02 |   |
| Weighted average common shares outstanding: Basic and diluted                                    |   |                                            | 19,432,781 |   |   |   | 19,386,791 |   |   |   | 19,350,041 |   |

----

| Description                                                                          |   | Common Stock, $0.25 Par Value |   |   | Additional Paid-In Capital |   |    | Accumulated Other ComprehensiveIncome (Loss) |   |   | Retained Earnings |   |   | Less: Treasury Stock |      |   | Less: Unearned Employee Stock Ownership Plan Shares |   |     | Total Stockholders' Equity |   |
|--------------------------------------------------------------------------------------|--------|-------------------------------|--------|--------|----------------------------|--------|---------|----------------------------------------------|--------|--------|-------------------|--------|--------|----------------------|-----------|--------|-----------------------------------------------------|--------|----------|----------------------------|--------|
|                                                                                 |   |  (In thousands)          |   |
| Balance as of March 31, 2008                                                         |   | $                             | 10,497 |   |                       | $      | 419,370 |                                         |   | $      | (55,279           | )      |   | $                    | 915,415   |   |                                                | $      | (524,677 | )                          |   | $ | (6,895 | ) |   | $ | 758,431 |   |
| Increase in market value of released ESOP shares and release of unearned ESOP shares |   |                          | -      |   |                       |   | 1,218   |                                         |   |   | -                 |   |   |                 | -         |   |                                                |   | -        |                       |   |   | 1,230 |   |   |   | 2,448 |   |
| Foreign currency translation                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | (16,030           | )      |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (16,030 | ) |
| Unrealized loss on investments, net of tax                                           |   |                          | -      |   |                       |   | -       |                                         |   |   | (8,914            | )      |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (8,914 | ) |
| Fair market value of cash flow hedges, net of tax                                    |   |                          | -      |   |                       |   | -       |                                         |   |   | (17,833           | )      |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (17,833 | ) |
| Adjustment to post retirement benefit obligation                                     |   |                          | -      |   |                       |   | -       |                                         |   |   | 56                |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 56 |   |
| Net earnings                                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | 13,410    |   |                                                |   | -        |                       |   |   | - |   |   |   | 13,410 |   |
| Preferred stock dividends: Series A ($2.13 per share for fiscal 2009)                |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | (12,963   | )      |                                                |   | -        |                       |   |   | - |   |   |   | (12,963 | ) |
| Treasury stock                                                                       |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | -         |   |                                                |   | (976     | )                          |   |   | - |   |   |   | (976 | ) |
| Net activity                                                                         |   |                          | -      |   |                       |   | 1,218   |                                         |   |   | (42,721           | )      |   |                 | 447       |   |                                                |   | (976     | )                          |   |   | 1,230 |   |   |   | (40,802 | ) |
| Balance as of March 31, 2009                                                         |   | $                             | 10,497 |   |                       | $      | 420,588 |                                         |   | $      | (98,000           | )      |   | $                    | 915,862   |   |                                                | $      | (525,653 | )                          |   | $ | (5,665 | ) |   | $ | 717,629 |   |
| Increase in market value of released ESOP shares and release of unearned ESOP shares |   |                          | -      |   |                       |   | 1,336   |                                         |   |   | -                 |   |   |                 | -         |   |                                                |   | -        |                       |   |   | 1,111 |   |   |   | 2,447 |   |
| Foreign currency translation                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | 14,471            |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 14,471 |   |
| Unrealized gain on investments, net of tax                                           |   |                          | -      |   |                       |   | -       |                                         |   |   | 13,254            |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 13,254 |   |
| Fair market value of cash flow hedges, net of tax                                    |   |                          | -      |   |                       |   | -       |                                         |   |   | 14,478            |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 14,478 |   |
| Adjustment to post retirement benefit obligation                                     |   |                          | -      |   |                       |   | -       |                                         |   |   | (410              | )      |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (410 | ) |
| Net earnings                                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | 65,623    |   |                                                |   | -        |                       |   |   | - |   |   |   | 65,623 |   |
| Excess of carrying amount of preferred stock over consideration paid                 |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | 388       |   |                                                |   | -        |                       |   |   | - |   |   |   | 388 |   |
| Preferred stock dividends: Series A ($2.13 per share for fiscal 2010)                |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | (12,856   | )      |                                                |   | -        |                       |   |   | - |   |   |   | (12,856 | ) |
| Contribution to related party                                                        |   |                          | -      |   |                       |   | (2,113  | )                                            |   |   | -                 |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (2,113 | ) |
| Net activity                                                                         |   |                          | -      |   |                       |   | (777    | )                                            |   |   | 41,793            |   |   |                 | 53,155    |   |                                                |   | -        |                       |   |   | 1,111 |   |   |   | 95,282 |   |
| Balance as of March 31, 2010                                                         |   | $                             | 10,497 |   |                       | $      | 419,811 |                                         |   | $      | (56,207           | )      |   | $                    | 969,017   |   |                                                | $      | (525,653 | )                          |   | $ | (4,554 | ) |   | $ | 812,911 |   |
| Increase in market value of released ESOP shares and release of unearned ESOP shares |   |                          | -      |   |                       |   | 3,038   |                                         |   |   | -                 |   |   |                 | -         |   |                                                |   | -        |                       |   |   | 1,172 |   |   |   | 4,210 |   |
| Foreign currency translation                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | 3,114             |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 3,114 |   |
| Unrealized gain on investments, net of tax                                           |   |                          | -      |   |                       |   | -       |                                         |   |   | 4,930             |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 4,930 |   |
| Fair market value of cash flow hedges, net of tax                                    |   |                          | -      |   |                       |   | -       |                                         |   |   | 1,495             |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 1,495 |   |
| Adjustment to post retirement benefit obligation                                     |   |                          | -      |   |                       |   | -       |                                         |   |   | 201               |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | 201 |   |
| Net earnings                                                                         |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | 183,575   |   |                                                |   | -        |                       |   |   | - |   |   |   | 183,575 |   |
| Loss of carrying amount of preferred stock over consideration paid                   |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | (178      | )      |                                                |   | -        |                       |   |   | - |   |   |   | (178 | ) |
| Preferred stock dividends: Series A ($2.13 per share for fiscal 2011)                |   |                          | -      |   |                       |   | -       |                                         |   |   | -                 |   |   |                 | (12,412   | )      |                                                |   | -        |                       |   |   | - |   |   |   | (12,412 | ) |
| Contribution to related party                                                        |   |                          | -      |   |                       |   | (4,826  | )                                            |   |   | -                 |   |   |                 | -         |   |                                                |   | -        |                       |   |   | - |   |   |   | (4,826 | ) |
| Net activity                                                                         |   |                          | -      |   |                       |   | (1,788  | )                                            |   |   | 9,740             |   |   |                 | 170,985   |   |                                                |   | -        |                       |   |   | 1,172 |   |   |   | 180,109 |   |
| Balance as of March 31, 2011                                                         |   | $                             | 10,497 |   |                       | $      | 418,023 |                                         |   | $      | (46,467           | )      |   | $                    | 1,140,002 |   |                                                | $      | (525,653 | )                          |   | $ | (3,382 | ) |   | $ | 993,020 |   |

----

|   Fiscal Year Ended March 31, 2011  |   | Pre-tax        |    |   | Tax    |   |     | Net    |   |
|------------------------------------------|--------|----------------|---------|--------|--------|--------|----------|--------|--------|
|                                     |   | (In thousands) |    |
| Comprehensive income (loss):             |   |           |    |   |   |   |     |   |   |
| Net earnings                             |   | $              | 289,314 |   |   | $      | (105,739 | )      |   | $ | 183,575 |   |
| Other comprehensive income (loss):       |   |           |    |   |   |   |     |   |   |   |   |   |
| Foreign currency translation             |   |           | 3,114   |   |   |   | -        |   |   |   | 3,114 |   |
| Unrealized gain on investments           |   |           | 7,468   |   |   |   | (2,538   | )      |   |   | 4,930 |   |
| Change in fair value of cash flow hedges |   |           | 2,411   |   |   |   | (916     | )      |   |   | 1,495 |   |
| Postretirement benefit obligation gain   |   |           | 324     |   |   |   | (123     | )      |   |   | 201 |   |
| Total comprehensive income (loss)        |   | $              | 302,631 |   |   | $      | (109,316 | )      |   | $ | 193,315 |   |

|   Fiscal Year Ended March 31, 2010  |   | Pre-tax        |    |   | Tax    |   |    | Net    |   |
|------------------------------------------|--------|----------------|---------|--------|--------|--------|---------|--------|--------|
|                                     |   | (In thousands) |    |
| Comprehensive income (loss):             |   |           |    |   |   |   |    |   |   |
| Net earnings                             |   | $              | 100,190 |   |   | $      | (34,567 | )      |   | $ | 65,623 |   |
| Other comprehensive income (loss):       |   |           |    |   |   |   |    |   |   |   |   |   |
| Foreign currency translation             |   |           | 14,471  |   |   |   | -       |   |   |   | 14,471 |   |
| Unrealized gain on investments           |   |           | 20,546  |   |   |   | (7,292  | )      |   |   | 13,254 |   |
| Change in fair value of cash flow hedges |   |           | 23,352  |   |   |   | (8,874  | )      |   |   | 14,478 |   |
| Postretirement benefit obligation loss   |   |           | (661    | )      |   |   | 251     |   |   |   | (410 | ) |
| Total comprehensive income (loss)        |   | $              | 157,898 |   |   | $      | (50,482 | )      |   | $ | 107,416 |   |

|   Fiscal Year Ended March 31, 2009  |   | Pre-tax        |    |   | Tax    |   |   | Net    |   |
|------------------------------------------|--------|----------------|---------|--------|--------|--------|--------|--------|--------|
|                                     |   | (In thousands) |    |
| Comprehensive income (loss):             |   |           |    |   |   |   |   |   |   |
| Net earnings                             |   | $              | 22,578  |   |   | $      | (9,168 | )      |   | $ | 13,410 |   |
| Other comprehensive income (loss):       |   |           |    |   |   |   |   |   |   |   |   |   |
| Foreign currency translation             |   |           | (16,030 | )      |   |   | -      |   |   |   | (16,030 | ) |
| Unrealized loss on investments           |   |           | (13,712 | )      |   |   | 4,798  |   |   |   | (8,914 | ) |
| Change in fair value of cash flow hedges |   |           | (28,763 | )      |   |   | 10,930 |   |   |   | (17,833 | ) |
| Postretirement benefit obligation gain   |   |           | 92      |   |   |   | (36    | )      |   |   | 56 |   |
| Total comprehensive income (loss)        |   | $              | (35,835 | )      |   | $      | 6,524  |   |   | $ | (29,311 | ) |

----

|                                                                        |   | Years Ended March 31, |     |
|-----------------------------------------------------------------------------|--------|-----------------------|----------|
|                                                                        |   | 2011                  |     |   | 2010 |   |   | 2009 |   |
|                                                                        |   | (In thousands)        |     |
|  Cash flows from operating activities:                                 |   |                  |     |   |   |   |   |   |   |
|  Net earnings                                                          |   | $                     | 183,575  |   |   | $ | 65,623 |   |   | $ | 13,410 |   |
|  Adjustments to reconcile net earnings to cash provided by operations: |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Depreciation                                                          |   |                  | 212,324  |   |   |   | 229,589 |   |   |   | 248,569 |   |
|  Amortization of deferred policy acquisition costs                     |   |                  | 9,494    |   |   |   | 7,569 |   |   |   | 12,394 |   |
|  Change in allowance for losses on trade receivables                   |   |                  | 28       |   |   |   | (163 | ) |   |   | (17 | ) |
|  Change in allowance for losses on mortgage notes                      |   |                  | -        |   |   |   | (6 | ) |   |   | (309 | ) |
|  Change in allowance for inventory reserves                            |   |                  | (674     | ) |   |   | 1,153 |   |   |   | 792 |   |
|  Net (gain) loss on sale of real and personal property                 |   |                  | (23,058  | ) |   |   | (1,960 | ) |   |   | 16,644 |   |
|  Net (gain) loss on sale of investments                                |   |                  | (1,135   | ) |   |   | 332 |   |   |   | 64 |   |
|  Deferred income taxes                                                 |   |                  | 80,898   |   |   |   | 15,497 |   |   |   | 7,941 |   |
|  Net change in other operating assets and liabilities:                 |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Reinsurance recoverables and trade receivables                        |   |                  | (7,113   | ) |   |   | 15,715 |   |   |   | (11,069 | ) |
|  Inventories                                                           |   |                  | (6,431   | ) |   |   | 16,759 |   |   |   | (6,192 | ) |
|  Prepaid expenses                                                      |   |                  | (4,244   | ) |   |   | 822 |   |   |   | 2,428 |   |
|  Capitalization of deferred policy acquisition costs                   |   |                  | (25,239  | ) |   |   | (13,934 | ) |   |   | (10,906 | ) |
|  Other assets                                                          |   |                  | 29,522   |   |   |   | 34,626 |   |   |   | (4,797 | ) |
|  Related party assets                                                  |   |                  | (87      | ) |   |   | 2,369 |   |   |   | 4,577 |   |
|  Accounts payable and accrued expenses                                 |   |                  | 12,547   |   |   |   | (3,096 | ) |   |   | (1,821 | ) |
|  Policy benefits and losses, claims and loss expenses payable          |   |                  | 109,599  |   |   |   | 34,589 |   |   |   | (7,620 | ) |
|  Other policyholders' funds and liabilities                            |   |                  | 572      |   |   |   | (3,805 | ) |   |   | 1,493 |   |
|  Deferred income                                                       |   |                  | 1,967    |   |   |   | 396 |   |   |   | 13,037 |   |
|  Related party liabilities                                             |   |                  | 249      |   |   |   | (727 | ) |   |   | (4,192 | ) |
|  Net cash provided by operating activities                             |   |                  | 572,794  |   |   |   | 401,348 |   |   |   | 274,426 |   |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Cash flow from investing activities:                                  |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Purchase of:                                                          |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Property, plant and equipment                                         |   |                  | (480,418 | ) |   |   | (259,491 | ) |   |   | (396,690 | ) |
|  Short term investments                                                |   |                  | (260,766 | ) |   |   | (322,666 | ) |   |   | (320,922 | ) |
|  Fixed maturity investments                                            |   |                  | (215,931 | ) |   |   | (149,746 | ) |   |   | (143,665 | ) |
|  Equity securities                                                     |   |                  | (11,550  | ) |   |   | (17,815 | ) |   |   | (1 | ) |
|  Preferred stock                                                       |   |                  | (14,352  | ) |   |   | (2,185 | ) |   |   | (2,000 | ) |
|  Real estate                                                           |   |                  | (193     | ) |   |   | (2,310 | ) |   |   | (614 | ) |
|  Mortgage loans                                                        |   |                  | (38,558  | ) |   |   | (1,501 | ) |   |   | (24,699 | ) |
|  Other investments                                                     |   |                  | (2,000   | ) |   |   | - |   |   |   | - |   |
|  Proceeds from sales of:                                               |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Property, plant and equipment                                         |   |                  | 180,411  |   |   |   | 142,869 |   |   |   | 128,188 |   |
|  Short term investments                                                |   |                  | 310,195  |   |   |   | 319,258 |   |   |   | 298,982 |   |
|  Fixed maturity investments                                            |   |                  | 131,981  |   |   |   | 163,654 |   |   |   | 234,317 |   |
|  Equity securities                                                     |   |                  | 1,198    |   |   |   | - |   |   |   | 28 |   |
|  Preferred stock                                                       |   |                  | 1,914    |   |   |   | 5,077 |   |   |   | - |   |
|  Real estate                                                           |   |                  | 1,925    |   |   |   | 771 |   |   |   | - |   |
|  Mortgage loans                                                        |   |                  | 15,156   |   |   |   | 6,107 |   |   |   | 5,884 |   |
|  Net cash used by investing activities                                 |   |                  | (380,988 | ) |   |   | (117,978 | ) |   |   | (221,192 | ) |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Cash flow from financing activities:                                  |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Borrowings from credit facilities                                     |   |                  | 321,862  |   |   |   | 72,153 |   |   |   | 180,331 |   |
|  Principal repayments on credit facilities                             |   |                  | (288,882 | ) |   |   | (301,966 | ) |   |   | (148,398 | ) |
|  Debt issuance costs                                                   |   |                  | (1,987   | ) |   |   | (2,345 | ) |   |   | (414 | ) |
|  Capital lease payments                                                |   |                  | (11,522  | ) |   |   | (4,057 | ) |   |   | (776 | ) |
|  Leveraged Employee Stock Ownership Plan - Repayment from loan         |   |                  | 1,172    |   |   |   | 1,111 |   |   |   | 1,230 |   |
|  Treasury stock repurchases                                            |   |                  | -        |   |   |   | - |   |   |   | (976 | ) |
|  Securitization deposits                                               |   |                  | (46,838  | ) |   |   | - |   |   |   | - |   |
|  Preferred stock dividends paid                                        |   |                  | (12,412  | ) |   |   | (12,856 | ) |   |   | (12,963 | ) |
|  Investment contract deposits                                          |   |                  | 11,138   |   |   |   | 12,712 |   |   |   | 17,739 |   |
|  Investment contract withdrawals                                       |   |                  | (33,230  | ) |   |   | (47,235 | ) |   |   | (53,605 | ) |
|  Net cash used by financing activities                                 |   |                  | (60,699  | ) |   |   | (282,483 | ) |   |   | (17,832 | ) |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Effects of exchange rate on cash                                      |   |                  | 271      |   |   |   | 2,644 |   |   |   | (1,437 | ) |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Increase in cash and cash equivalents                                 |   |                  | 131,378  |   |   |   | 3,531 |   |   |   | 33,965 |   |
|  Cash and cash equivalents at the beginning of period                  |   |                  | 244,118  |   |   |   | 240,587 |   |   |   | 206,622 |   |
|  Cash and cash equivalents at the end of period                        |   | $                     | 375,496  |   |   | $ | 244,118 |   |   | $ | 240,587 |   |

----

----

----

----

|                                                                                |   | March 31,      |    |
|-------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                |   | 2011           |    |   | 2010 |   |
|                                                                                |   | (In thousands) |    |
| Truck and trailer parts and accessories (a)                                         |   | $              | 53,212  |   |   | $ | 46,304 |   |
| Hitches and towing components (b)                                                   |   |           | 12,797  |   |   |   | 13,644 |   |
| Moving supplies and propane (b)                                                     |   |           | 7,822   |   |   |   | 7,452 |   |
| Subtotal                                                                            |   |           | 73,831  |   |   |   | 67,400 |   |
| Less: LIFO reserves                                                                 |   |           | (13,294 | ) |   |   | (11,963 | ) |
| Less: excess and obsolete reserves                                                  |   |           | (595    | ) |   |   | (2,600 | ) |
| Total                                                                               |   | $              | 59,942  |   |   | $ | 52,837 |   |
|                                                                                |   |           |    |   |   |   |   |   |
|                                                                                |   |           |    |   |   |   |   |   |
| (a) Primarily held for internal usage, including equipment manufacturing and repair |   |           |    |   |   |   |   |   |
| (b) Primarily held for retail sales                                                 |   |           |    |   |   |   |   |   |

----

----

----

----

|                                  |   | March 31,      |    |
|---------------------------------------|--------|----------------|---------|
|                                  |   | 2011           |    |   | 2010 |   |
|                                  |   | (In thousands) |    |
| Reinsurance recoverable               |   | $              | 168,507 |   |   | $ | 163,687 |   |
| Trade accounts receivable             |   |           | 19,615  |   |   |   | 18,034 |   |
| Paid losses recoverable               |   |           | 1,048   |   |   |   | 3,087 |   |
| Accrued investment income             |   |           | 7,963   |   |   |   | 6,818 |   |
| Premiums and agents' balances         |   |           | 1,297   |   |   |   | 1,401 |   |
| Independent dealer receivable         |   |           | 424     |   |   |   | 562 |   |
| Other receivable                      |   |           | 7,853   |   |   |   | 6,002 |   |
|                                  |   |           | 206,707 |   |   |   | 199,591 |   |
| Less: Allowance for doubtful accounts |   |           | (1,336  | ) |   |   | (1,308 | ) |
|                                  |   | $              | 205,371 |   |   | $ | 198,283 |   |

----

|                                                 |   | AmortizedCost  |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses More than 12 Months |   |   | GrossUnrealizedLosses Less than 12 Months |   |   | EstimatedMarketValue |    |
|------------------------------------------------------|--------|----------------|---------|--------|----------------------|--------|--------|-------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------------|---------|
|                                                 |   | (In thousands) |    |
| U.S. treasury securities and government obligations  |   | $              | 34,522  |   |                 | $      | 2,021  |                                      |   | $      | (20                                       | )      |   | $                    | (4      | ) |   | $ | 36,519 |   |
| U.S. government agency mortgage-backed securities    |   |           | 74,721  |   |                 |   | 6,208  |                                      |   |   | -                                         |   |   |                 | (4      | ) |   |   | 80,925 |   |
| Obligations of states and political subdivisions     |   |           | 79,020  |   |                 |   | 1,203  |                                      |   |   | (389                                      | )      |   |                 | (3,113  | ) |   |   | 76,721 |   |
| Corporate securities                                 |   |           | 389,167 |   |                 |   | 21,559 |                                      |   |   | (794                                      | )      |   |                 | (1,177  | ) |   |   | 408,755 |   |
| Mortgage-backed securities                           |   |           | 6,740   |   |                 |   | 223    |                                      |   |   | (108                                      | )      |   |                 | (7      | ) |   |   | 6,848 |   |
| Redeemable preferred stocks                          |   |           | 31,190  |   |                 |   | 1,910  |                                      |   |   | (934                                      | )      |   |                 | (86     | ) |   |   | 32,080 |   |
| Common stocks                                        |   |           | 28,293  |   |                 |   | 8,153  |                                      |   |   | (108                                      | )      |   |                 | (10,380 | ) |   |   | 25,958 |   |
| Less: Preferred stock of AMERCO held by subsidiaries |   |           | (7,190  | )      |                 |   | (807   | )                                         |   |   | -                                         |   |   |                 | -       |   |   |   | (7,997 | ) |
|                                                 |   | $              | 636,463 |   |                 | $      | 40,470 |                                      |   | $      | (2,353                                    | )      |   | $                    | (14,771 | ) |   | $ | 659,809 |   |

|                                                 |   | AmortizedCost  |    |   | GrossUnrealizedGains |   |   | GrossUnrealizedLosses More than 12 Months |   |   | GrossUnrealizedLosses Less than 12 Months |   |   | EstimatedMarketValue |   |
|------------------------------------------------------|--------|----------------|---------|--------|----------------------|--------|--------|-------------------------------------------|--------|--------|-------------------------------------------|--------|--------|----------------------|--------|
|                                                 |   | (In thousands) |    |
| U.S. treasury securities and government obligations  |   | $              | 44,573  |   |                 | $      | 1,712  |                                      |   | $      | -                                         |   |   | $                    | (147   | ) |   | $ | 46,138 |   |
| U.S. government agency mortgage-backed securities    |   |           | 91,858  |   |                 |   | 4,534  |                                      |   |   | (1                                        | )      |   |                 | (36    | ) |   |   | 96,355 |   |
| Obligations of states and political subdivisions     |   |           | 18,932  |   |                 |   | 323    |                                      |   |   | (846                                      | )      |   |                 | (398   | ) |   |   | 18,011 |   |
| Corporate securities                                 |   |           | 336,525 |   |                 |   | 13,362 |                                      |   |   | (1,733                                    | )      |   |                 | (780   | ) |   |   | 347,374 |   |
| Mortgage-backed securities                           |   |           | 9,250   |   |                 |   | 142    |                                      |   |   | (530                                      | )      |   |                 | -      |   |   |   | 8,862 |   |
| Redeemable preferred stocks                          |   |           | 18,723  |   |                 |   | 965    |                                      |   |   | (2,893                                    | )      |   |                 | (20    | ) |   |   | 16,775 |   |
| Common stocks                                        |   |           | 17,840  |   |                 |   | 534    |                                      |   |   | (4                                        | )      |   |                 | -      |   |   |   | 18,370 |   |
| Less: Preferred stock of AMERCO held by subsidiaries |   |           | (2,185  | )      |                 |   | (382   | )                                         |   |   | -                                         |   |   |                 | -      |   |   |   | (2,567 | ) |
|                                                 |   | $              | 535,516 |   |                 | $      | 21,190 |                                      |   | $      | (6,007                                    | )      |   | $                    | (1,381 | ) |   | $ | 549,318 |   |

----

|                                                      |   | Credit Loss    |   |
|-----------------------------------------------------------|--------|----------------|--------|
|                                                      |   | (In thousands) |   |
| Balance at March 31, 2010                                 |   | $              | 552    |   |
| Additions:                                                |   |           |   |   |
| Other-than-temporary impairment not previously recognized |   |           | -      |   |
| Balance at March 31, 2011                                 |   | $              | 552    |   |

|                                                 |   | March 31, 2011 |    |   | March 31, 2010       |   |
|------------------------------------------------------|--------|----------------|---------|--------|----------------------|--------|
|                                                 |   | AmortizedCost  |    |   | EstimatedMarketValue |   |   | AmortizedCost |   |   | EstimatedMarketValue |   |
|                                                 |   | (In thousands) |    |
| Due in one year or less                              |   | $              | 45,149  |   |                 | $      | 45,760 |   |   | $ | 36,384 |   |   | $ | 36,804 |   |
| Due after one year through five years                |   |           | 153,389 |   |                 |   | 161,685 |   |   |   | 153,816 |   |   |   | 160,329 |   |
| Due after five years through ten years               |   |           | 128,973 |   |                 |   | 136,343 |   |   |   | 105,491 |   |   |   | 109,591 |   |
| Due after ten years                                  |   |           | 249,919 |   |                 |   | 259,132 |   |   |   | 196,197 |   |   |   | 201,154 |   |
|                                                 |   |           | 577,430 |   |                 |   | 602,920 |   |   |   | 491,888 |   |   |   | 507,878 |   |
| Mortgage backed securities                           |   |           | 6,740   |   |                 |   | 6,848 |   |   |   | 9,250 |   |   |   | 8,862 |   |
| Redeemable preferred stocks                          |   |           | 31,190  |   |                 |   | 32,080 |   |   |   | 18,723 |   |   |   | 16,775 |   |
| Equity securities                                    |   |           | 28,293  |   |                 |   | 25,958 |   |   |   | 17,840 |   |   |   | 18,370 |   |
| Less: Preferred stock of AMERCO held by subsidiaries |   |           | (7,190  | )      |                 |   | (7,997 | ) |   |   | (2,185 | ) |   |   | (2,567 | ) |
|                                                 |   | $              | 636,463 |   |                 | $      | 659,809 |   |   | $ | 535,516 |   |   | $ | 549,318 |   |

----

|                     |   | March 31,      |    |
|--------------------------|--------|----------------|---------|
|                     |   | 2011           |    |   | 2010 |   |
|                     |   | (In thousands) |    |
| Short-term investments   |   | $              | 77,745  |   |   | $ | 127,385 |   |
| Mortgage loans, net      |   |           | 79,635  |   |   |   | 72,438 |   |
| Real estate              |   |           | 18,777  |   |   |   | 17,621 |   |
| Policy loans             |   |           | 4,404   |   |   |   | 4,190 |   |
| Other equity investments |   |           | 21,307  |   |   |   | 5,852 |   |
|                     |   | $              | 201,868 |   |   | $ | 227,486 |   |

|                                            |   | March 31,      |    |
|-------------------------------------------------|--------|----------------|---------|
|                                            |   | 2011           |    |   | 2010 |   |
|                                            |   | (In thousands) |    |
| Deposits                                        |   | $              | 103,191 |   |   | $ | 47,323 |   |
| Income taxes recoverable                        |   |           | 2,850   |   |   |   | 37,790 |   |
| Cash surrender value of life insurance policies |   |           | 28,784  |   |   |   | 27,825 |   |
| Deferred charges                                |   |           | 13,076  |   |   |   | 15,330 |   |
| Excess of loss reinsurance recoverable          |   |           | 15,000  |   |   |   | 15,000 |   |
| Other                                           |   |           | 3,732   |   |   |   | 2,596 |   |
|                                            |   | $              | 166,633 |   |   | $ | 145,864 |   |

----

|                                                                     |   | Years Ended March 31, |    |
|--------------------------------------------------------------------------|--------|-----------------------|---------|
|                                                                     |   | 2011                  |    |   | 2010 |   |   | 2009 |   |
|                                                                     |   | (In thousands)        |    |
| Fixed maturities                                                         |   | $                     | 32,782  |   |   | $ | 31,234 |   |   | $ | 38,553 |   |
| Real estate                                                              |   |                  | 361     |   |   |   | (56 | ) |   |   | (99 | ) |
| Insurance policy loans                                                   |   |                  | 259     |   |   |   | 262 |   |   |   | 236 |   |
| Mortgage loans                                                           |   |                  | 5,249   |   |   |   | 5,226 |   |   |   | 4,962 |   |
| Short-term, amounts held by ceding reinsurers, net and other investments |   |                  | 749     |   |   |   | 1,110 |   |   |   | 3,539 |   |
| Investment income                                                        |   |                  | 39,400  |   |   |   | 37,776 |   |   |   | 47,191 |   |
| Less: investment expenses                                                |   |                  | (1,269  | ) |   |   | (1,020 | ) |   |   | (1,034 | ) |
| Less: interest credited on annuity policies                              |   |                  | (10,084 | ) |   |   | (11,000 | ) |   |   | (11,824 | ) |
| Investment income - Related party                                        |   |                  | 24,614  |   |   |   | 24,233 |   |   |   | 23,688 |   |
| Net investment and interest income                                       |   | $                     | 52,661  |   |   | $ | 49,989 |   |   | $ | 58,021 |   |

|                                                                                           |   |          |         |   |       |   |        | March 31,      |   |
|------------------------------------------------------------------------------------------------|--------|---------------|--------------|--------|------------|--------|-------------|----------------|--------|
|                                                                                           |   | 2011 Rate (a) |         |   | Maturities |   |        | 2011           |   |   | 2010 |   |
|                                                                                           |   |          |         |   |       |   |        | (In thousands) |   |
| Real estate loan (amortizing term)                                                             |   |          | 6.93         | %      |       |   | 2018        |           |   | $ | 255,000 |   |   | $ | 265,000 |   |
| Real estate loan (revolving credit)                                                            |   |          | -            |   |       |   | 2018        |           |   |   | - |   |   |   | 86,000 |   |
| Real estate loan (amortizing term)                                                             |   |          | 5.00         | %      |       |   | 2011        |           |   |   | 11,222 |   |   |   | 31,865 |   |
| Senior mortgages                                                                               |   |          | 5.47% - 6.13 | %      |       |   | 2015 - 2016 |           |   |   | 476,783 |   |   |   | 489,186 |   |
| Working capital loan (revolving credit)                                                        |   |          | -            |   |       |   | 2012        |           |   |   | - |   |   |   | 15,000 |   |
| Fleet loans (amortizing term)                                                                  |   |          | 4.78% - 7.95 | %      |       |   | 2012 - 2017 |           |   |   | 325,591 |   |   |   | 276,222 |   |
| Fleet loan (securitization)                                                                    |   |          | 4.90% - 5.56 | %      |       |   | 2014 - 2017 |           |   |   | 271,290 |   |   |   | 143,170 |   |
| Other obligations                                                                              |   |          | 3.25% - 9.50 | %      |       |   | 2011 - 2018 |           |   |   | 57,956 |   |   |   | 41,192 |   |
| Total notes, loans and leases payable                                                          |   |          |         |   |       |   |        |           |   | $ | 1,397,842 |   |   | $ | 1,347,635 |   |
|                                                                                           |   |          |         |   |       |   |        |           |   |   |   |   |   |   |   |   |
| (a) Interest rate as of March 31, 2011, including the effect of applicable hedging instruments |   |          |         |   |       |   |        |           |   |

----

----

----

|                                     |   | March 31,      |    |
|------------------------------------------|--------|----------------|---------|
|                                     |   | 2012           |    |   | 2013 |   |   | 2014 |   |   | 2015 |   |   | 2016 |   |   | Thereafter |   |
|                                     |   | (In thousands) |    |
| Notes, loans and leases payable, secured |   | $              | 147,859 |   |   | $ | 244,326 |   |   | $ | 167,983 |   |   | $ | 62,941 |   |   | $ | 472,131 |   |   | $ | 302,602 |   |

|                                        |   | Years Ended March 31, |   |
|---------------------------------------------|--------|-----------------------|--------|
|                                        |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                        |   | (In thousands)        |   |
| Interest expense                            |   | $                     | 60,701 |   |   | $ | 63,516 |   |   | $ | 76,670 |   |
| Capitalized interest                        |   |                  | (425   | ) |   |   | (609 | ) |   |   | (693 | ) |
| Amortization of transaction costs           |   |                  | 4,249  |   |   |   | 5,198 |   |   |   | 4,908 |   |
| Interest expense resulting from derivatives |   |                  | 23,856 |   |   |   | 25,242 |   |   |   | 17,585 |   |
| Total interest expense                      |   |  $               | 88,381 |   |   |  $ | 93,347 |   |   |  $ | 98,470 |   |

----

|                                           |   | Revolving Credit Activity             |    |
|------------------------------------------------|--------|---------------------------------------|---------|
|                                           |   | Years Ended March 31,                 |    |
|                                           |   | 2011                                  |    |   | 2010 |   |   | 2009 |   |
|                                           |   | (In thousands, except interest rates) |    |
| Weighted average interest rate during the year |   |                                  | 1.75    | % |   |   | 1.79 | % |   |   | 3.67 | % |
| Interest rate at year end                      |   |                                  | -       |   |   |   | 1.74 | % |   |   | 2.29 | % |
| Maximum amount outstanding during the year     |   | $                                     | 111,000 |   |   | $ | 207,280 |   |   | $ | 212,280 |   |
| Average amount outstanding during the year     |   | $                                     | 36,942  |   |   | $ | 184,036 |   |   | $ | 177,520 |   |
| Facility fees                                  |   | $                                     | 227     |   |   | $ | 906 |   |   | $ | 622 |   |

| Original variable rate debt amount |   | Agreement Date |     | Effective Date |       | Expiration Date |       | Designated cash flow hedge date |
|------------------------------------|--------|----------------|----------|----------------|------------|-----------------|------------|---------------------------------|
| (In millions)                      |   |           |     |           |       |            |       |                            |
| $                                  | 142.3  |           | (a), (b) |           | 11/15/2005 |            | 5/10/2006  |                            | 4/10/2012 |   | 5/31/2006 |
|                               | 50.0   |           | (a)      |           | 6/21/2006  |            | 7/10/2006  |                            | 7/10/2013 |   | 6/9/2006 |
|                               | 144.9  |           | (a), (b) |           | 6/9/2006   |            | 10/10/2006 |                            | 10/10/2012 |   | 6/9/2006 |
|                               | 300.0  |           | (a)      |           | 8/16/2006  |            | 8/18/2006  |                            | 8/10/2018 |   | 8/4/2006 |
|                               | 30.0   |           | (a)      |           | 2/9/2007   |            | 2/12/2007  |                            | 2/10/2014 |   | 2/9/2007 |
|                               | 20.0   |           | (a)      |           | 3/8/2007   |            | 3/12/2007  |                            | 3/10/2014 |   | 3/8/2007 |
|                               | 20.0   |           | (a)      |           | 3/8/2007   |            | 3/12/2007  |                            | 3/10/2014 |   | 3/8/2007 |
|                               | 19.3   |           | (a), (b) |           | 4/8/2008   |            | 8/15/2008  |                            | 6/15/2015 |   | 3/31/2008 |
|                               | 19.0   |           | (a)      |           | 8/27/2008  |            | 8/29/2008  |                            | 7/10/2015 |   | 4/10/2008 |
|                               | 30.0   |           | (a)      |           | 9/24/2008  |            | 9/30/2008  |                            | 9/10/2015 |   | 9/24/2008 |
|                               | 15.0   |           | (a), (b) |           | 3/24/2009  |            | 3/30/2009  |                            | 4/15/2016 |   | 3/25/2009 |
|                               | 14.7   |           | (a), (b) |           | 7/6/2010   |            | 8/15/2010  |                            | 7/15/2017 |   | 7/6/2010 |
|                               |   |           |     |           |       |            |       |                            |   |   |   |
| (a) interest rate swap agreement   |   |           |     |           |       |            |
| (b) forward swap                   |   |           |     |           |       |            |       |                            |

|                                                      |   | Liability Derivative Fair Value as of |   |
|-----------------------------------------------------------|--------|---------------------------------------|--------|
|                                                      |   | March 31, 2011                        |   |   | March 31, 2010 |   |
|                                                      |   | (In thousands)                        |   |
| Interest rate contracts designated as hedging instruments |   | $                                     | 51,052 |   |   | $ | 54,239 |   |

----

|                                                                                                                      |   | The Effect of Interest Rate               |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                                                                      |   | Contracts on the Statements of Operations |   |
|                                                                                                                      |   | March 31, 2011                            |   |   | March 31, 2010 |   |
|                                                                                                                      |   | (In thousands)                            |   |
| Loss recognized in income on interest rate contracts                                                                      |   | $                                         | 23,856 |   |   | $ | 25,242 |   |
| Gain recognized in AOCI on interest rate contracts (effective portion)                                                    |   | $                                         | (2,411 | ) |   | $ | (23,352 | ) |
| Loss reclassified from AOCI into income (effective portion)                                                               |   | $                                         | 24,632 |   |   | $ | 26,770 |   |
| Gain recognized in income on interest rate contracts (ineffective portion and amount excluded from effectiveness testing) |   | $                                         | (775   | ) |   | $ | (1,528 | ) |

----

|                                        |   | ForeignCurrencyTranslation |    |   | UnrealizedGain (Loss)on Investments |   |   | Fair MarketValue ofCash FlowHedge |   |   | Postretirement Benefit Obligation Gain (Loss) |   |   | AccumulatedOtherComprehensiveIncome (Loss) |   |
|---------------------------------------------|--------|----------------------------|---------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|--------|-----------------------------------------------|--------|--------|--------------------------------------------|--------|
|                                        |   | (In thousands)             |    |
| Balance at March 31, 2008                   |   | $                          | (27,583 | )      |                                | $      | 1,591  |                              |   | $      | (30,578                                       | )      |   | $                                          | 1,291  |   |   | $ | (55,279 | ) |
| Foreign currency translation                |   |                       | (16,030 | )      |                                |   | -      |                              |   |   | -                                             |   |   |                                       | -      |   |   |   | (16,030 | ) |
| Unrealized loss on investments              |   |                       | -       |   |                                |   | (8,914 | )                                 |   |   | -                                             |   |   |                                       | -      |   |   |   | (8,914 | ) |
| Change in fair value of cash flow hedge     |   |                       | -       |   |                                |   | -      |                              |   |   | (17,833                                       | )      |   |                                       | -      |   |   |   | (17,833 | ) |
| Change in postretirement benefit obligation |   |                       | -       |   |                                |   | -      |                              |   |   | -                                             |   |   |                                       | 56     |   |   |   | 56 |   |
| Balance at March 31, 2009                   |   |                       | (43,613 | )      |                                |   | (7,323 | )                                 |   |   | (48,411                                       | )      |   |                                       | 1,347  |   |   |   | (98,000 | ) |
| Foreign currency translation                |   |                       | 14,471  |   |                                |   | -      |                              |   |   | -                                             |   |   |                                       | -      |   |   |   | 14,471 |   |
| Unrealized gain on investments              |   |                       | -       |   |                                |   | 13,254 |                              |   |   | -                                             |   |   |                                       | -      |   |   |   | 13,254 |   |
| Change in fair value of cash flow hedge     |   |                       | -       |   |                                |   | -      |                              |   |   | 14,478                                        |   |   |                                       | -      |   |   |   | 14,478 |   |
| Change in postretirement benefit obligation |   |                       | -       |   |                                |   | -      |                              |   |   | -                                             |   |   |                                       | (410   | ) |   |   | (410 | ) |
| Balance at March 31, 2010                   |   |                       | (29,142 | )      |                                |   | 5,931  |                              |   |   | (33,933                                       | )      |   |                                       | 937    |   |   |   | (56,207 | ) |
| Foreign currency translation                |   |                       | 3,114   |   |                                |   | -      |                              |   |   | -                                             |   |   |                                       | -      |   |   |   | 3,114 |   |
| Unrealized gain on investments              |   |                       | -       |   |                                |   | 4,930  |                              |   |   | -                                             |   |   |                                       | -      |   |   |   | 4,930 |   |
| Change in fair value of cash flow hedge     |   |                       | -       |   |                                |   | -      |                              |   |   | 1,495                                         |   |   |                                       | -      |   |   |   | 1,495 |   |
| Change in postretirement benefit obligation |   |                       | -       |   |                                |   | -      |                              |   |   | -                                             |   |   |                                       | 201    |   |   |   | 201 |   |
| Balance at March 31, 2011                   |   | $                          | (26,028 | )      |                                | $      | 10,861 |                              |   | $      | (32,438                                       | )      |   | $                                          | 1,138  |   |   | $ | (46,467 | ) |

|                                                   |   | Years Ended March 31, |    |
|--------------------------------------------------------|--------|-----------------------|---------|
|                                                   |   | 2011                  |    |   | 2010 |   |   | 2009 |   |
|                                                   |   | (In thousands)        |    |
| Pretax earnings:                                       |   |                  |    |   |   |   |   |   |   |
| U.S.                                                   |   | $                     | 270,695 |   |   | $ | 89,350 |   |   | $ | 18,254 |   |
| Non-U.S.                                               |   |                  | 18,619  |   |   |   | 10,840 |   |   |   | 4,324 |   |
| Total pretax earnings                                  |   | $                     | 289,314 |   |   | $ | 100,190 |   |   | $ | 22,578 |   |
|                                                   |   |                  |    |   |   |   |   |   |   |   |   |   |
| Current provision (benefit)                            |   |                  |    |   |   |   |   |   |   |   |   |   |
| Federal                                                |   | $                     | 14,784  |   |   | $ | (23,965 | ) |   | $ | 5,202 |   |
| State                                                  |   |                  | 7,475   |   |   |   | 1,965 |   |   |   | 1,436 |   |
| Non-U.S.                                               |   |                  | 3,861   |   |   |   | 34 |   |   |   | (31 | ) |
|                                                   |   |                  | 26,120  |   |   |   | (21,966 | ) |   |   | 6,607 |   |
| Deferred provision (benefit)                           |   |                  |    |   |   |   |   |   |   |   |   |   |
| Federal                                                |   |                  | 70,653  |   |   |   | 53,174 |   |   |   | 149 |   |
| State                                                  |   |                  | 7,300   |   |   |   | 3,472 |   |   |   | 1,387 |   |
| Non-U.S.                                               |   |                  | 1,666   |   |   |   | (113 | ) |   |   | 1,025 |   |
|                                                   |   |                  | 79,619  |   |   |   | 56,533 |   |   |   | 2,561 |   |
|                                                   |   |                  |    |   |   |   |   |   |   |   |   |   |
| Provision for income tax expense                       |   | $                     | 105,739 |   |   | $ | 34,567 |   |   | $ | 9,168 |   |
|                                                   |   |                  |    |   |   |   |   |   |   |   |   |   |
| Income taxes paid (net of income tax refunds received) |   | $                     | 14,265  |   |   | $ | 1,558 |   |   | $ | 2,037 |   |

----

|                                         |   | Years Ended March 31, |   |
|----------------------------------------------|--------|-----------------------|--------|
|                                         |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                         |   | (In percentages)      |   |
| Statutory federal income tax rate            |   |                  | 35.00  | % |   |   | 35.00 | % |   |   | 35.00 | % |
| Increase (reduction) in rate resulting from: |   |                  |   |   |   |   |   |   |   |   |   |   |
| State taxes, net of federal benefit          |   |                  | 3.24   | % |   |   | 3.50 | % |   |   | 8.17 | % |
| Foreign rate differential                    |   |                  | (0.34  | )% |   |   | (1.17 | )% |   |   | (2.30 | )% |
| Federal tax credits                          |   |                  | (0.18  | )% |   |   | (0.46 | )% |   |   | (2.10 | )% |
| Interest on deferred tax                     |   |                  | 0.13   | % |   |   | 0.52 | % |   |   | 2.86 | % |
| Dividend received deduction                  |   |                  | (0.08  | )% |   |   | (0.09 | )% |   |   | - | % |
| Change in valuation allowance                |   |                  | -      | % |   |   | (2.70 | )% |   |   | - | % |
| Other                                        |   |                  | (1.22  | )% |   |   | (0.10 | )% |   |   | (1.02 | )% |
| Actual tax expense of operations             |   |                  | 36.55  | % |   |   | 34.50 | % |   |   | 40.61 | % |

|                                                             |   | March 31,      |    |
|------------------------------------------------------------------|--------|----------------|---------|
|                                                             |   | 2011           |    |   | 2010 |   |
|                                                             |   | (In thousands) |    |
| Deferred tax assets:                                             |   |           |    |   |   |   |
| Net operating loss and credit carry forwards                     |   | $              | 3,559   |   |   | $ | 2,637 |   |
| Accrued expenses                                                 |   |           | 132,140 |   |   |   | 127,785 |   |
| Policy benefit and losses, claims and loss expenses payable, net |   |           | 10,355  |   |   |   | 14,420 |   |
| Unrealized gains                                                 |   |           | 8,834   |   |   |   | 14,818 |   |
| Other                                                            |   |           | 583     |   |   |   | - |   |
| Total deferred tax assets                                        |   | $              | 155,471 |   |   | $ | 159,660 |   |
|                                                             |   |           |    |   |   |   |   |   |
| Deferred tax liabilities:                                        |   |           |    |   |   |   |   |   |
| Property, plant and equipment                                    |   | $              | 421,521 |   |   | $ | 340,641 |   |
| Deferred policy acquisition costs                                |   |           | 5,207   |   |   |   | 5,673 |   |
| Other                                                            |   |           | -       |   |   |   | 116 |   |
| Total deferred tax liabilities                                   |   |           | 426,728 |   |   |   | 346,430 |   |
| Net deferred tax liability                                       |   | $              | 271,257 |   |   | $ | 186,770 |   |

----

|                                                         |   | Unrecognized Tax Benefits |   |
|--------------------------------------------------------------|--------|---------------------------|--------|
|                                                         |   | (In thousands)            |   |
|                                                         |   |                      |   |
| Unrecognized tax benefits as of March 31, 2010               |   | $                         | 8,290  |   |
| Additions based on tax positions related to the current year |   |                      | 1,873  |   |
| Reductions for tax positions of prior years                  |   |                      | (642   | ) |
| Settlements                                                  |   |                      | (18    | ) |
| Unrecognized tax benefits as of March 31, 2011               |   | $                         | 9,503  |   |

----

|           |   |  Outstanding as of |   |   | Interest Payments |   |
|----------------|--------|-------------------------|--------|--------|-------------------|--------|
| Financing Date |   | March 31, 2011          |   |   | 2011              |   |   | 2010 |   |   | 2009 |   |
|           |   | (In thousands)          |   |
| June, 1991     |   | $                       | 5,026  |   |              | $      | 386 |   |   | $ | 443 |   |   | $ | 560 |   |
| March, 1999    |   |                    | -      |   |              |   | - |   |   |   | 1 |   |   |   | 2 |   |
| February, 2000 |   |                    | -      |   |              |   | 6 |   |   |   | 12 |   |   |   | 19 |   |
| April, 2001    |   |                    | 87     |   |              |   | 9 |   |   |   | 8 |   |   |   | 7 |   |
| July, 2009     |   |                    | 316    |   |              |   | 5 |   |   |   | - |   |   |   | - |   |

|                            |   | Years Ended March 31, |   |
|---------------------------------|--------|-----------------------|--------|
|                            |   | 2011                  |   |   | 2010 |   |
|                            |   | (In thousands)        |   |
| Allocated shares                |   |                  | 1,387  |   |   |   | 1,431 |   |
| Unreleased shares               |   |                  | 194    |   |   |   | 269 |   |
| Fair value of unreleased shares |   | $                     | 16,252 |   |   | $ | 12,114 |   |

|                                                |   | Years Ended March 31, |   |
|-----------------------------------------------------|--------|-----------------------|--------|
|                                                |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                                |   | (In thousands)        |   |
| Service cost for benefits earned during the period  |   | $                     | 462    |   |   | $ | 420 |   |   | $ | 411 |   |
| Interest cost on accumulated postretirement benefit |   |                  | 567    |   |   |   | 603 |   |   |   | 537 |   |
| Other components                                    |   |                  | (39    | ) |   |   | (104 | ) |   |   | (93 | ) |
| Net periodic postretirement benefit cost            |   | $                     | 990    |   |   | $ | 919 |   |   | $ | 855 |   |

----

|                                                                                  |   | Years Ended March 31, |   |
|---------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                                  |   | 2011                  |   |   | 2010 |   |
|                                                                                  |   | (In thousands)        |   |
| Beginning of year                                                                     |   | $                     | 10,787 |   |   | $ | 9,563 |   |
| Service cost for benefits earned during the period                                    |   |                  | 462    |   |   |   | 420 |   |
| Interest cost on accumulated post retirement benefit                                  |   |                  | 567    |   |   |   | 603 |   |
| Net benefit payments and expense                                                      |   |                  | (350   | ) |   |   | (356 | ) |
| Actuarial loss (gain)                                                                 |   |                  | (363   | ) |   |   | 557 |   |
| Accumulated postretirement benefit obligation                                         |   |                  | 11,103 |   |   |   | 10,787 |   |
|                                                                                  |   |                  |   |   |   |   |   |   |
| Current liabilities                                                                   |   |                  | 596    |   |   |   | 589 |   |
| Non-current liabilities                                                               |   |                  | 10,507 |   |   |   | 10,198 |   |
|                                                                                  |   |                  |   |   |   |   |   |   |
| Total post retirement benefit liability recognized in statement of financial position |   |                  | 11,103 |   |   |   | 10,787 |   |
| Components included in accumulated other comprehensive income:                        |   |                  |   |   |   |   |   |   |
| Unrecognized net gain                                                                 |   |                  | 1,871  |   |   |   | 1,547 |   |
| Cumulative net periodic benefit cost (in excess of employer contribution)             |   | $                     | 12,974 |   |   | $ | 12,334 |   |

|                                          |   | Years Ended March 31, |   |
|-----------------------------------------------|--------|-----------------------|--------|
|                                          |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                          |   | (In percentages)      |   |
| Accumulated postretirement benefit obligation |   |                  | 5.00   | % |   |   | 5.41 | % |   |   | 6.50 | % |

----

|              |   | Future Net Benefit Payments |   |
|-------------------|--------|-----------------------------|--------|
|              |   | (In thousands)              |   |
| Year-ended:       |   |                        |   |
| 2012              |   | $                           | 596    |   |
| 2013              |   |                        | 690    |   |
| 2014              |   |                        | 795    |   |
| 2015              |   |                        | 903    |   |
| 2016              |   |                        | 1,019  |   |
| 2017 through 2021 |   |                        | 5,968  |   |
| Total             |   | $                           | 9,971  |   |

----

|                                                 |   | Total          |      |   | Quoted Prices in Active Markets for Identical Assets (Level 1) |   |    | Significant Other Observable Inputs (Level 2) |   |   | Significant Unobservable Inputs (Level 3) |   |
|------------------------------------------------------|--------|----------------|-----------|--------|----------------------------------------------------------------|--------|---------|-----------------------------------------------|--------|--------|-------------------------------------------|--------|
|                                                 |   | (In thousands) |      |
| Assets                                               |   |           |      |   |                                                           |   |    |                                          |   |   |                                      |   |
| Short-term investments                               |   | $              | 379,521   |   |                                                           | $      | 379,521 |                                          |   | $      | -                                         |   |   | $ | - |   |
| Fixed maturities - available for sale                |   |           | 609,767   |   |                                                           |   | 484,921 |                                          |   |   | 123,469                                   |   |   |   | 1,377 |   |
| Preferred stock                                      |   |           | 32,081    |   |                                                           |   | 32,081  |                                          |   |   | -                                         |   |   |   | - |   |
| Common stock                                         |   |           | 25,958    |   |                                                           |   | 25,958  |                                          |   |   | -                                         |   |   |   | - |   |
| Less: Preferred stock of AMERCO held by subsidiaries |   |           | (7,997    | )      |                                                           |   | (7,997  | )                                             |   |   | -                                         |   |   |   | - |   |
| Total                                                |   | $              | 1,039,330 |   |                                                           | $      | 914,484 |                                          |   | $      | 123,469                                   |   |   | $ | 1,377 |   |
|                                                 |   |           |      |   |                                                           |   |    |                                          |   |   |                                      |   |   |   |   |   |
|                                                 |   |           |      |   |                                                           |   |    |                                          |   |   |                                      |   |   |   |   |   |
| Liabilities                                          |   |           |      |   |                                                           |   |    |                                          |   |   |                                      |   |   |   |   |   |
| Guaranteed residual values of TRAC leases            |   | $              | -         |   |                                                           | $      | -       |                                          |   | $      | -                                         |   |   | $ | - |   |
| Derivatives                                          |   |           | 51,052    |   |                                                           |   | -       |                                          |   |   | 51,052                                    |   |   |   | - |   |
| Other obligations                                    |   |           | 174       |   |                                                           |   | -       |                                          |   |   | -                                         |   |   |   | 174 |   |
| Total                                                |   | $              | 51,226    |   |                                                           | $      | -       |                                          |   | $      | 51,052                                    |   |   | $ | 174 |   |

|                                                         |   | Fixed Maturities        |   |   |                    |   |
|--------------------------------------------------------------|--------|-------------------------|--------|--------|-------------------------|--------|
|                                                         |   | Auction Rate Securities |   |   | Asset Backed Securities |   |   | Total |   |
|                                                         |   | (In thousands)          |   |
| Balance at March 31, 2010                                    |   | $                       | 1,673  |   |                    | $      | 1,615 |   |   | $ | 3,288 |   |
|                                                         |   |                    |   |   |                    |   |   |   |   |   |   |   |
| Transfers into Level 3 (a)                                   |   |                    | 43     |   |                    |   | - |   |   |   | 43 |   |
| Fixed Maturities - Auction Rate Securities gain (unrealized) |   |                    | 2      |   |                    |   | - |   |   |   | 2 |   |
| Fixed Maturities - Auction Rate Securities loss (unrealized) |   |                    | (24    | )      |                    |   | - |   |   |   | (24 | ) |
| Fixed Maturities - Asset Backed Securities gain (unrealized) |   |                    | -      |   |                    |   | 315 |   |   |   | 315 |   |
| Fixed Maturities - Asset Backed Securities loss (unrealized) |   |                    | -      |   |                    |   | (202 | ) |   |   | (202 | ) |
| Securities called at par                                     |   |                    | (1,694 | )      |                    |   | (95 | ) |   |   | (1,789 | ) |
| Securities OTTI loss (realized)                              |   |                    | -      |   |                    |   | (256 | ) |   |   | (256 | ) |
| Balance at March 31, 2011                                    |   | $                       | -      |   |                    | $      | 1,377 |   |   | $ | 1,377 |   |

| (a)   | Reflects the transfer of asset backed securities for which no meaningful market rate bids are currently available. The valuation of these assets was based on a pricing matrix system as determined by the custodian of these securities. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   | Other Obligations |   |
|----------------------------------------------|--------|-------------------|--------|
|                                         |   | (In thousands)    |   |
| Balance at March 31, 2010                    |   | $                 | -      |   |
|                                         |   |              |   |   |
| Issuance of U-Haul Investors Club Securities |   |              | 174    |   |
| Balance at March 31, 2011                    |   | $                 | 174    |   |

|                         |   | DirectAmount (a) |    |   | Ceded toOtherCompanies |   |   | Assumedfrom OtherCompanies |   |   | NetAmount (a) |   |   | Percentage ofAmountAssumed to Net |      |
|------------------------------|--------|------------------|---------|--------|------------------------|--------|--------|----------------------------|--------|--------|---------------|--------|--------|-----------------------------------|-----------|
|                         |   | (In thousands)   |    |
| Year ended December 31, 2010 |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |
| Life insurance in force      |   | $                | 668,740 |   |                   | $      | 3,567  |                       |   | $      | 884,932       |   |   | $                                 | 1,550,105 |   |   |   | 57 | % |
| Premiums earned:             |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Life                         |   | $                | 77,721  |   |                   | $      | -      |                       |   | $      | 37,300        |   |   | $                                 | 115,021   |   |   |   | 32 | % |
| Accident and health          |   |             | 88,441  |   |                   |   | 575    |                       |   |   | 3,815         |   |   |                              | 91,681    |   |   |   | 4 | % |
| Annuity                      |   |             | -       |   |                   |   | -      |                       |   |   | 290           |   |   |                              | 290       |   |   |   | 100 | % |
| Property and casualty        |   |             | 28,179  |   |                   |   | 68     |                       |   |   | 2,593         |   |   |                              | 30,704    |   |   |   | 8 | % |
| Total                        |   | $                | 194,341 |   |                   | $      | 643    |                       |   | $      | 43,998        |   |   | $                                 | 237,696   |   |   |   |   |   |
|                         |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Year ended December 31, 2009 |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Life insurance in force      |   | $                | 543,236 |   |                   | $      | 4,100  |                       |   | $      | 943,371       |   |   | $                                 | 1,482,507 |   |   |   | 64 | % |
| Premiums earned:             |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Life                         |   | $                | 49,335  |   |                   | $      | 37     |                       |   | $      | 5,108         |   |   | $                                 | 54,406    |   |   |   | 9 | % |
| Accident and health          |   |             | 74,271  |   |                   |   | (803   | )                          |   |   | 4,582         |   |   |                              | 79,656    |   |   |   | 6 | % |
| Annuity                      |   |             | 140     |   |                   |   | -      |                       |   |   | 143           |   |   |                              | 283       |   |   |   | 51 | % |
| Property and casualty        |   |             | 23,260  |   |                   |   | 13     |                       |   |   | 4,378         |   |   |                              | 27,625    |   |   |   | 16 | % |
| Total                        |   | $                | 147,006 |   |                   | $      | (753   | )                          |   | $      | 14,211        |   |   | $                                 | 161,970   |   |   |   |   |   |
|                         |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Year ended December 31, 2008 |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Life insurance in force      |   | $                | 387,783 |   |                   | $      | 4,499  |                       |   | $      | 1,147,982     |   |   | $                                 | 1,531,266 |   |   |   | 75 | % |
| Premiums earned:             |   |             |    |   |                   |   |   |                       |   |   |          |   |   |                              |      |   |   |   |   |   |
| Life                         |   | $                | 16,240  |   |                   | $      | 36     |                       |   | $      | 5,020         |   |   | $                                 | 21,224    |   |   |   | 24 | % |
| Accident and health          |   |             | 81,241  |   |                   |   | 1,066  |                       |   |   | 4,581         |   |   |                              | 84,756    |   |   |   | 5 | % |
| Annuity                      |   |             | 1,436   |   |                   |   | -      |                       |   |   | 2,156         |   |   |                              | 3,592     |   |   |   | 60 | % |
| Property and casualty        |   |             | 19,253  |   |                   |   | 83     |                       |   |   | 9,167         |   |   |                              | 28,337    |   |   |   | 32 | % |
| Total                        |   | $                | 118,170 |   |                   | $      | 1,185  |                       |   | $      | 20,924        |   |   | $                                 | 137,909   |   |   |   |   |   |

----

|                                      |   | Years Ended December 31, |    |
|-------------------------------------------|--------|--------------------------|---------|
|                                      |   | 2010                     |    |   | 2009 |   |
|                                      |   | (In thousands)           |    |
| Unpaid losses and loss adjustment expense |   | $                        | 276,355 |   |   | $ | 271,677 |   |
| Reinsurance losses payable                |   |                     | 367     |   |   |   | 759 |   |
| Unearned premiums                         |   |                     | 4       |   |   |   | 2 |   |
| Total                                     |   | $                        | 276,726 |   |   | $ | 272,438 |   |

|                          |   | Years Ended December 31, |    |
|-------------------------------|--------|--------------------------|---------|
|                          |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                          |   | (In thousands)           |    |
| Balance at January 1          |   | $                        | 271,677 |   |   | $ | 287,501 |   |   | $ | 288,410 |   |
| Less: reinsurance recoverable |   |                     | 162,711 |   |   |   | 173,098 |   |   |   | 164,181 |   |
| Net balance at January 1      |   |                     | 108,966 |   |   |   | 114,403 |   |   |   | 124,229 |   |
| Incurred related to:          |   |                     |    |   |   |   |   |   |   |   |   |   |
| Current year                  |   |                     | 9,453   |   |   |   | 8,043 |   |   |   | 8,497 |   |
| Prior years                   |   |                     | 7,832   |   |   |   | 6,516 |   |   |   | 9,384 |   |
| Total incurred                |   |                     | 17,285  |   |   |   | 14,559 |   |   |   | 17,881 |   |
| Paid related to:              |   |                     |    |   |   |   |   |   |   |   |   |   |
| Current year                  |   |                     | 4,971   |   |   |   | 3,974 |   |   |   | 5,006 |   |
| Prior years                   |   |                     | 12,240  |   |   |   | 16,022 |   |   |   | 22,701 |   |
| Total paid                    |   |                     | 17,211  |   |   |   | 19,996 |   |   |   | 27,707 |   |
| Net balance at December 31    |   |                     | 109,040 |   |   |   | 108,966 |   |   |   | 114,403 |   |
| Plus: reinsurance recoverable |   |                     | 167,315 |   |   |   | 162,711 |   |   |   | 173,098 |   |
| Balance at December 31        |   | $                        | 276,355 |   |   | $ | 271,677 |   |   | $ | 287,501 |   |

----

|          |   | Years Ended March 31, |    |
|---------------|--------|-----------------------|---------|
|          |   | 2011                  |    |   | 2010 |   |   | 2009 |   |
|          |   | (In thousands)        |    |
| Lease expense |   | $                     | 150,809 |   |   | $ | 156,951 |   |   | $ | 152,424 |   |

|                 |   | Property,Plant andEquipment |   |   | RentalEquipment |   |    | Total  |   |
|----------------------|--------|-----------------------------|--------|--------|-----------------|--------|---------|--------|--------|
|                 |   | (In thousands)              |   |
| Year-ended March 31: |   |                        |   |   |            |   |    |   |   |
| 2012                 |   | $                           | 14,859 |   |            | $      | 105,364 |   |   | $ | 120,223 |   |
| 2013                 |   |                        | 13,959 |   |            |   | 91,722  |   |   |   | 105,681 |   |
| 2014                 |   |                        | 12,889 |   |            |   | 73,914  |   |   |   | 86,803 |   |
| 2015                 |   |                        | 2,761  |   |            |   | 50,252  |   |   |   | 53,013 |   |
| 2016                 |   |                        | 622    |   |            |   | 22,254  |   |   |   | 22,876 |   |
| Thereafter           |   |                        | 5,387  |   |            |   | 4,772   |   |   |   | 10,159 |   |
| Total                |   | $                           | 50,477 |   |            | $      | 348,278 |   |   | $ | 398,755 |   |

----

----

|                                             |   | Years Ended March 31, |   |
|--------------------------------------------------|--------|-----------------------|--------|
|                                             |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                             |   | (In thousands)        |   |
| U-Haul interest income revenue from SAC Holdings |   | $                     | 19,163 |   |   | $ | 18,900 |   |   | $ | 18,375 |   |
| U-Haul interest income revenue from Private Mini |   |                  | 5,451  |   |   |   | 5,333 |   |   |   | 5,313 |   |
| U-Haul management fee revenue from SAC Holdings  |   |                  | 16,873 |   |   |   | 16,321 |   |   |   | 17,241 |   |
| U-Haul management fee revenue from Private Mini  |   |                  | 2,174  |   |   |   | 2,202 |   |   |   | 2,260 |   |
| U-Haul management fee revenue from Mercury       |   |                  | 3,085  |   |   |   | 3,109 |   |   |   | 3,691 |   |
|                                             |   | $                     | 46,746 |   |   | $ | 45,865 |   |   | $ | 46,880 |   |

----

|                                       |   | Years Ended March 31, |   |
|--------------------------------------------|--------|-----------------------|--------|
|                                       |   | 2011                  |   |   | 2010 |   |   | 2009 |   |
|                                       |   | (In thousands)        |   |
| U-Haul lease expenses to SAC Holdings      |   | $                     | 2,491  |   |   | $ | 2,446 |   |   | $ | 2,418 |   |
| U-Haul commission expenses to SAC Holdings |   |                  | 34,858 |   |   |   | 32,621 |   |   |   | 32,837 |   |
| U-Haul commission expenses to Private Mini |   |                  | 2,399  |   |   |   | 2,116 |   |   |   | 1,825 |   |
|                                       |   | $                     | 39,748 |   |   | $ | 37,183 |   |   | $ | 37,080 |   |

----

|                                                     |   | March 31,      |    |
|----------------------------------------------------------|--------|----------------|---------|
|                                                     |   | 2011           |    |   | 2010 |   |
|                                                     |   | (In thousands) |    |
| U-Haul notes, receivables and interest from Private Mini |   | $              | 69,201  |   |   | $ | 69,867 |   |
| U-Haul notes receivable from SAC Holdings                |   |           | 196,191 |   |   |   | 196,903 |   |
| U-Haul interest receivable from SAC Holdings             |   |           | 17,096  |   |   |   | 13,775 |   |
| U-Haul receivable from SAC Holdings                      |   |           | 16,346  |   |   |   | 15,780 |   |
| U-Haul receivable from Mercury                           |   |           | 3,534   |   |   |   | 6,138 |   |
| Other (a)                                                |   |           | (400    | ) |   |   | (337 | ) |
|                                                     |   | $              | 301,968 |   |   | $ | 302,126 |   |

| (a)   | Timing differences for intercompany balances with insurance subsidiaries. |
|-----------------|---------------------------------------------------------------------------|

----

|                                                       |   | Years Ended December 31, |    |
|------------------------------------------------------------|--------|--------------------------|---------|
|                                                       |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                                                       |   | (In thousands)           |    |
| Repwest:                                                   |   |                     |    |   |   |   |   |   |   |
| Audited statutory net income                               |   | $                        | 6,946   |   |   | $ | 6,016 |   |   | $ | 6,724 |   |
| Audited statutory capital and surplus                      |   |                     | 125,102 |   |   |   | 118,447 |   |   |   | 103,842 |   |
| NAFCIC*:                                                   |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income (loss)                        |   |                     | -       |   |   |   | (6 | ) |   |   | 13 |   |
| Audited statutory capital and surplus                      |   |                     | -       |   |   |   | 3,019 |   |   |   | 3,025 |   |
| ARCOA**:                                                   |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income (loss)                        |   |                     | (773    | ) |   |   | 96 |   |   |   | (29 | ) |
| Audited statutory capital and surplus                      |   |                     | 2,769   |   |   |   | 3,566 |   |   |   | 3,471 |   |
| Oxford:                                                    |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income                               |   |                     | 4,640   |   |   |   | 3,277 |   |   |   | 9,789 |   |
| Audited statutory capital and surplus                      |   |                     | 129,173 |   |   |   | 133,867 |   |   |   | 129,702 |   |
| CFLIC:                                                     |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income                               |   |                     | 4,347   |   |   |   | 6,439 |   |   |   | 4,712 |   |
| Audited statutory capital and surplus                      |   |                     | 32,799  |   |   |   | 39,784 |   |   |   | 34,357 |   |
| NAI:                                                       |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income (loss)                        |   |                     | (857    | ) |   |   | 847 |   |   |   | 1,663 |   |
| Audited statutory capital and surplus                      |   |                     | 11,265  |   |   |   | 9,301 |   |   |   | 10,340 |   |
| DGLIC:                                                     |   |                     |    |   |   |   |   |   |   |   |   |   |
| Audited statutory net income                               |   |                     | 796     |   |   |   | 347 |   |   |   | 299 |   |
| Audited statutory capital and surplus                      |   |                     | 5,966   |   |   |   | 5,115 |   |   |   | 4,528 |   |
|                                                       |   |                     |    |   |   |   |   |   |   |   |   |   |
|   *  Dissolved in August 2010.         |   |                     |    |   |   |   |   |   |   |   |   |   |
|   **  Commenced business in June 2008. |   |                     |    |   |   |   |   |   |   |   |   |   |

----

|                                                             |   | United States                           |      |   | Canada |   |    | Consolidated |   |
|------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|--------|--------|---------|--------------|--------|
|                                                             |   | (All amounts are in thousands U.S. $'s) |      |
| Fiscal Year Ended March 31, 2011                                 |   |                                    |      |   |   |   |    |         |   |
| Total revenues                                                   |   | $                                       | 2,110,513 |   |   | $      | 130,762 |         |   | $ | 2,241,275 |   |
| Depreciation and amortization, net of (gains) losses on disposal |   |                                    | 192,328   |   |   |   | 6,432   |         |   |   | 198,760 |   |
| Interest expense                                                 |   |                                    | 87,717    |   |   |   | 664     |         |   |   | 88,381 |   |
| Pretax earnings                                                  |   |                                    | 270,695   |   |   |   | 18,619  |         |   |   | 289,314 |   |
| Income tax expense                                               |   |                                    | 100,212   |   |   |   | 5,527   |         |   |   | 105,739 |   |
| Identifiable assets                                              |   |                                    | 4,046,369 |   |   |   | 129,785 |         |   |   | 4,176,154 |   |

|                                                             |   | United States                           |      |   | Canada |   |    | Consolidated |   |
|------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|--------|--------|---------|--------------|--------|
|                                                             |   | (All amounts are in thousands U.S. $'s) |      |
| Fiscal Year Ended March 31, 2010                                 |   |                                    |      |   |   |   |    |         |   |
| Total revenues                                                   |   | $                                       | 1,886,990 |   |   | $      | 115,015 |         |   | $ | 2,002,005 |   |
| Depreciation and amortization, net of (gains) losses on disposal |   |                                    | 229,136   |   |   |   | 6,062   |         |   |   | 235,198 |   |
| Interest expense                                                 |   |                                    | 92,756    |   |   |   | 591     |         |   |   | 93,347 |   |
| Pretax earnings                                                  |   |                                    | 89,350    |   |   |   | 10,840  |         |   |   | 100,190 |   |
| Income tax expense (benefit)                                     |   |                                    | 34,646    |   |   |   | (79     | )            |   |   | 34,567 |   |
| Identifiable assets                                              |   |                                    | 3,646,684 |   |   |   | 115,770 |         |   |   | 3,762,454 |   |

|                                                             |   | United States                           |      |   | Canada |   |    | Consolidated |   |
|------------------------------------------------------------------|--------|-----------------------------------------|-----------|--------|--------|--------|---------|--------------|--------|
|                                                             |   | (All amounts are in thousands U.S. $'s) |      |
| Fiscal Year Ended March 31, 2009                                 |   |                                    |      |   |   |   |    |         |   |
| Total revenues                                                   |   | $                                       | 1,881,635 |   |   | $      | 110,631 |         |   | $ | 1,992,266 |   |
| Depreciation and amortization, net of (gains) losses on disposal |   |                                    | 269,658   |   |   |   | 7,949   |         |   |   | 277,607 |   |
| Interest expense                                                 |   |                                    | 97,863    |   |   |   | 607     |         |   |   | 98,470 |   |
| Pretax earnings                                                  |   |                                    | 18,254    |   |   |   | 4,324   |         |   |   | 22,578 |   |
| Income tax expense                                               |   |                                    | 8,174     |   |   |   | 994     |         |   |   | 9,168 |   |
| Identifiable assets                                              |   |                                    | 3,733,302 |   |   |   | 91,771  |         |   |   | 3,825,073 |   |

----

|   | AMERCO’s three reportable segments are: |
|--------|-----------------------------------------------|

| ·   | Moving and Storage, comprised of AMERCO, U-Haul, and Real Estate and the subsidiaries of  U-Haul and Real Estate, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

| ·   | Property and Casualty Insurance, comprised of Repwest and its subsidiaries and ARCOA, |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | Life Insurance, comprised of Oxford and its subsidiaries. |
|--------------------|-----------------------------------------------------------|

----

|                                                  |   | Moving & Storage |      |   |   |  AMERCO Legal Group |
|-------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------------------------|
|                                                  |   | AMERCO               |      |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                  |   | (In thousands)       |      |
| Assets:                                               |   |                 |      |
| Cash and cash equivalents                             |   | $                    | 250,104   |   |   | $                        | 72,634 |   |   | $ | 757 |   | $ | - |   |   |   | $ | 323,495 |   |   | $ | 14,700 |   |   | $ | 37,301 |   | $ | - |   |   |   | $ | 375,496 |   |
| Reinsurance recoverables and trade receivables, net   |   |                 | -         |   |   |                     | 19,210 |   |   |   | - |   |   | - |   |   |   |   | 19,210 |   |   |   | 173,256 |   |   |   | 12,905 |   |   | - |   |   |   |   | 205,371 |   |
| Inventories, net                                      |   |                 | -         |   |   |                     | 59,942 |   |   |   | - |   |   | - |   |   |   |   | 59,942 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 59,942 |   |
| Prepaid expenses                                      |   |                 | 15,966    |   |   |                     | 41,533 |   |   |   | 125 |   |   | - |   |   |   |   | 57,624 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 57,624 |   |
| Investments, fixed maturities and marketable equities |   |                 | 22,946    |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | 22,946 |   |   |   | 126,240 |   |   |   | 518,620 |   |   | (7,997 | ) | (d) |   |   | 659,809 |   |
| Investments, other                                    |   |                 | -         |   |   |                     | 10,385 |   |   |   | 18,605 |   |   | - |   |   |   |   | 28,990 |   |   |   | 90,615 |   |   |   | 82,263 |   |   | - |   |   |   |   | 201,868 |   |
| Deferred policy acquisition costs, net                |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 52,870 |   |   | - |   |   |   |   | 52,870 |   |
| Other assets                                          |   |                 | 2,863     |   |   |                     | 134,330 |   |   |   | 28,251 |   |   | - |   |   |   |   | 165,444 |   |   |   | 877 |   |   |   | 312 |   |   | - |   |   |   |   | 166,633 |   |
| Related party assets                                  |   |                 | 1,146,296 |   |   |                     | 247,024 |   |   |   | 72 |   |   | (1,089,457 | ) | (c) |   |   | 303,935 |   |   |   | 2,801 |   |   |   | - |   |   | (4,768 | ) | (c) |   |   | 301,968 |   |
|                                                  |   |                 | 1,438,175 |   |   |                     | 585,058 |   |   |   | 47,810 |   |   | (1,089,457 | ) |   |   |   | 981,586 |   |   |   | 408,489 |   |   |   | 704,271 |   |   | (12,765 | ) |   |   |   | 2,081,581 |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment in subsidiaries                            |   |                 | (138,714  | )      |   |                     | - |   |   |   | - |   |   | 482,025 |   | (b) |   |   | 343,311 |   |   |   | - |   |   |   | - |   |   | (343,311 | ) | (b) |   |   | - |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment, at cost:               |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                  |   |                 | -         |   |   |                     | 46,651 |   |   |   | 192,526 |   |   | - |   |   |   |   | 239,177 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 239,177 |   |
| Buildings and improvements                            |   |                 | -         |   |   |                     | 150,585 |   |   |   | 874,084 |   |   | - |   |   |   |   | 1,024,669 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,024,669 |   |
| Furniture and equipment                               |   |                 | 203       |   |   |                     | 292,242 |   |   |   | 18,226 |   |   | - |   |   |   |   | 310,671 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 310,671 |   |
| Rental trailers and other rental equipment            |   |                 | -         |   |   |                     | 249,700 |   |   |   | - |   |   | - |   |   |   |   | 249,700 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 249,700 |   |
| Rental trucks                                         |   |                 | -         |   |   |                     | 1,611,763 |   |   |   | - |   |   | - |   |   |   |   | 1,611,763 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,611,763 |   |
|                                                  |   |                 | 203       |   |   |                     | 2,350,941 |   |   |   | 1,084,836 |   |   | - |   |   |   |   | 3,435,980 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 3,435,980 |   |
| Less:  Accumulated depreciation             |   |                 | (176      | )      |   |                     | (996,192 | ) |   |   | (345,039 | ) |   | - |   |   |   |   | (1,341,407 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (1,341,407 | ) |
| Total property, plant and equipment                   |   |                 | 27        |   |   |                     | 1,354,749 |   |   |   | 739,797 |   |   | - |   |   |   |   | 2,094,573 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 2,094,573 |   |
| Total assets                                          |   | $                    | 1,299,488 |   |   | $                        | 1,939,807 |   |   | $ | 787,607 |   | $ | (607,432 | ) |   |   | $ | 3,419,470 |   |   | $ | 408,489 |   |   | $ | 704,271 |   | $ | (356,076 | ) |   |   | $ | 4,176,154 |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances as of December 31, 2010       |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate investment in subsidiaries              |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany receivables and payables   |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate intercompany preferred stock investment |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                         |   | Moving & Storage |      |   |   |  AMERCO Legal Group |
|--------------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------------------------|
|                                                         |   | AMERCO               |      |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |
|                                                         |   | (In thousands)       |      |
| Liabilities:                                                 |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                        |   | $                    | 854       |   |   | $                        | 294,387 |   |   | $ | 3,729 |   | $ | - |   |   |   | $ | 298,970 |   |   | $ | - |   |   | $ | 5,036 |   |   | $ | - |   |   |   |   |   | $ | 304,006 |   |
| Notes, loans and leases payable                              |   |                 | -         |   |   |                     | 693,801 |   |   |   | 704,041 |   |   | - |   |   |   |   | 1,397,842 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 1,397,842 |   |
| Policy benefits and losses, claims and loss expenses payable |   |                 | -         |   |   |                     | 397,381 |   |   |   | - |   |   | - |   |   |   |   | 397,381 |   |   |   | 276,726 |   |   |   | 253,269 |   |   |   | - |   |   |   |   |   |   | 927,376 |   |
| Liabilities from investment contracts                        |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 246,717 |   |   |   | - |   |   |   |   |   |   | 246,717 |   |
| Other policyholders' funds and liabilities                   |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 4,820 |   |   |   | 3,907 |   |   |   | - |   |   |   |   |   |   | 8,727 |   |
| Deferred income                                              |   |                 | -         |   |   |                     | 27,209 |   |   |   | - |   |   | - |   |   |   |   | 27,209 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 27,209 |   |
| Deferred income taxes                                        |   |                 | 294,518   |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | 294,518 |   |   |   | (29,519 | ) |   |   | 6,541 |   |   |   | (283 | ) |   | (d) |   |   |   | 271,257 |   |
| Related party liabilities                                    |   |                 | -         |   |   |                     | 858,655 |   |   |   | 233,618 |   |   | (1,089,457 | ) | (c) |   |   | 2,816 |   |   |   | 1,816 |   |   |   | 136 |   |   |   | (4,768 | ) |   | (c) |   |   |   | - |   |
| Total liabilities                                            |   |                 | 295,372   |   |   |                     | 2,271,433 |   |   |   | 941,388 |   |   | (1,089,457 | ) |   |   |   | 2,418,736 |   |   |   | 253,843 |   |   |   | 515,606 |   |   |   | (5,051 | ) |   |   |   |   |   | 3,183,134 |   |
|                                                         |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stockholders' equity :                                       |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series preferred stock:                                      |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A preferred stock                                     |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |
| Series B preferred stock                                     |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |
| Series A common stock                                        |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | - |   |
| Common stock                                                 |   |                 | 10,497    |   |   |                     | 540 |   |   |   | 1 |   |   | (541 | ) | (b) |   |   | 10,497 |   |   |   | 3,301 |   |   |   | 2,500 |   |   |   | (5,801 | ) |   | (b) |   |   |   | 10,497 |   |
| Additional paid-in capital                                   |   |                 | 425,422   |   |   |                     | 121,230 |   |   |   | 147,941 |   |   | (269,171 | ) | (b) |   |   | 425,422 |   |   |   | 89,620 |   |   |   | 26,271 |   |   |   | (123,290 | ) |   | (b,d | ) |   |   | 418,023 |   |
| Accumulated other comprehensive income (loss)                |   |                 | (45,942   | )      |   |                     | (57,328 | ) |   |   | - |   |   | 57,328 |   | (b) |   |   | (45,942 | ) |   |   | 2,707 |   |   |   | 9,951 |   |   |   | (13,183 | ) |   | (b,d | ) |   |   | (46,467 | ) |
| Retained earnings (deficit)                                  |   |                 | 1,139,792 |   |   |                     | (392,686 | ) |   |   | (301,723 | ) |   | 694,409 |   | (b) |   |   | 1,139,792 |   |   |   | 59,018 |   |   |   | 149,943 |   |   |   | (208,751 | ) |   | (b,d | ) |   |   | 1,140,002 |   |
| Cost of common shares in treasury, net                       |   |                 | (525,653  | )      |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | (525,653 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (525,653 | ) |
| Unearned employee stock ownership plan shares                |   |                 | -         |   |   |                     | (3,382 | ) |   |   | - |   |   | - |   |   |   |   | (3,382 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (3,382 | ) |
| Total stockholders' equity (deficit)                         |   |                 | 1,004,116 |   |   |                     | (331,626 | ) |   |   | (153,781 | ) |   | 482,025 |   |   |   |   | 1,000,734 |   |   |   | 154,646 |   |   |   | 188,665 |   |   |   | (351,025 | ) |   |   |   |   |   |   | 993,020 |   |
| Total liabilities and stockholders' equity                   |   | $                    | 1,299,488 |   |   | $                        | 1,939,807 |   |   | $ | 787,607 |   | $ | (607,432 | ) |   |   | $ | 3,419,470 |   |   | $ | 408,489 |   |   | $ | 704,271 |   |   | $ | (356,076 | ) |   |   |   |   |   | $ | 4,176,154 |   |
|                                                         |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances as of December 31, 2010              |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate investment in subsidiaries                     |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany receivables and payables          |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate intercompany preferred stock investment        |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                  |   | Moving & Storage |      |   |   |  AMERCO Legal Group |
|-------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------------------------|
|                                                  |   | AMERCO               |      |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   |
|                                                  |   | (In thousands)       |      |
| Assets:                                               |   |                 |      |
| Cash and cash equivalents                             |   | $                    | 100,460   |   |   | $                        | 107,241 |   |   | $ | 4 |   | $ | - |   |   |   | $ | 207,705 |   |   | $ | 22,126 |   |   | $ | 14,287 |   | $ | - |   |   |   | $ | 244,118 |   |
| Reinsurance recoverables and trade receivables, net   |   |                 | -         |   |   |                     | 17,797 |   |   |   | - |   |   | - |   |   |   |   | 17,797 |   |   |   | 168,119 |   |   |   | 12,367 |   |   | - |   |   |   |   | 198,283 |   |
| Inventories, net                                      |   |                 | -         |   |   |                     | 52,837 |   |   |   | - |   |   | - |   |   |   |   | 52,837 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 52,837 |   |
| Prepaid expenses                                      |   |                 | -         |   |   |                     | 53,305 |   |   |   | 74 |   |   | - |   |   |   |   | 53,379 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 53,379 |   |
| Investments, fixed maturities and marketable equities |   |                 | 18,247    |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | 18,247 |   |   |   | 98,623 |   |   |   | 435,015 |   |   | (2,567 | ) | (d) |   |   | 549,318 |   |
| Investments, other                                    |   |                 | -         |   |   |                     | 2,626 |   |   |   | 12,990 |   |   | - |   |   |   |   | 15,616 |   |   |   | 106,334 |   |   |   | 105,536 |   |   | - |   |   |   |   | 227,486 |   |
| Deferred policy acquisition costs, net                |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 39,194 |   |   | - |   |   |   |   | 39,194 |   |
| Other assets                                          |   |                 | 37,800    |   |   |                     | 79,607 |   |   |   | 28,489 |   |   | - |   |   |   |   | 145,896 |   |   |   | 912 |   |   |   | 517 |   |   | - |   |   |   |   | 147,325 |   |
| Related party assets                                  |   |                 | 1,176,096 |   |   |                     | 247,074 |   |   |   | 8 |   |   | (1,118,983 | ) | (c) |   |   | 304,195 |   |   |   | 2,446 |   |   |   | - |   |   | (4,515 | ) | (c) |   |   | 302,126 |   |
|                                                  |   |                 | 1,332,603 |   |   |                     | 560,487 |   |   |   | 41,565 |   |   | (1,118,983 | ) |   |   |   | 815,672 |   |   |   | 398,560 |   |   |   | 606,916 |   |   | (7,082 | ) |   |   |   | 1,814,066 |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Investment in subsidiaries                            |   |                 | (279,582  | )      |   |                     | - |   |   |   | - |   |   | 604,478 |   | (b) |   |   | 324,896 |   |   |   | - |   |   |   | - |   |   | (324,896 | ) | (b) |   |   | - |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment, at cost:               |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                  |   |                 | -         |   |   |                     | 44,525 |   |   |   | 180,379 |   |   | - |   |   |   |   | 224,904 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 224,904 |   |
| Buildings and improvements                            |   |                 | -         |   |   |                     | 157,073 |   |   |   | 813,864 |   |   | - |   |   |   |   | 970,937 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 970,937 |   |
| Furniture and equipment                               |   |                 | 248       |   |   |                     | 304,926 |   |   |   | 18,160 |   |   | - |   |   |   |   | 323,334 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 323,334 |   |
| Rental trailers and other rental equipment            |   |                 | -         |   |   |                     | 244,131 |   |   |   | - |   |   | - |   |   |   |   | 244,131 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 244,131 |   |
| Rental trucks                                         |   |                 | -         |   |   |                     | 1,529,817 |   |   |   | - |   |   | - |   |   |   |   | 1,529,817 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,529,817 |   |
|                                                  |   |                 | 248       |   |   |                     | 2,280,472 |   |   |   | 1,012,403 |   |   | - |   |   |   |   | 3,293,123 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 3,293,123 |   |
| Less:  Accumulated depreciation             |   |                 | (216      | )      |   |                     | (1,012,575 | ) |   |   | (331,944 | ) |   | - |   |   |   |   | (1,344,735 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (1,344,735 | ) |
| Total property, plant and equipment                   |   |                 | 32        |   |   |                     | 1,267,897 |   |   |   | 680,459 |   |   | - |   |   |   |   | 1,948,388 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,948,388 |   |
| Total assets                                          |   | $                    | 1,053,053 |   |   | $                        | 1,828,384 |   |   | $ | 722,024 |   | $ | (514,505 | ) |   |   | $ | 3,088,956 |   |   | $ | 398,560 |   |   | $ | 606,916 |   | $ | (331,978 | ) |   |   | $ | 3,762,454 |   |
|                                                  |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances as of December 31, 2009       |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate investment in subsidiaries              |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany receivables and payables   |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate intercompany preferred stock investment |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                         |   | Moving & Storage |      |   |   |  AMERCO Legal Group |
|--------------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------------------------|
|                                                         |   | AMERCO               |      |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   |   | Eliminations |   |   |   |   | AMERCOConsolidated |   |
|                                                         |   | (In thousands)       |      |
|                                                         |   |                 |      |
| Liabilities:                                                 |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                        |   | $                    | 12,496    |   |   | $                        | 275,150 |   |   | $ | 4,212 |   | $ | - |   |   |   | $ | 291,858 |   |   | $ | - |   |   | $ | 4,199 |   |   | $ | - |   |   |   |   | $ | 296,057 |   |
| Notes, loans and leases payable                              |   |                 | -         |   |   |                     | 508,930 |   |   |   | 838,705 |   |   | - |   |   |   |   | 1,347,635 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 1,347,635 |   |
| Policy benefits and losses, claims and loss expenses payable |   |                 | -         |   |   |                     | 385,520 |   |   |   | - |   |   | - |   |   |   |   | 385,520 |   |   |   | 272,438 |   |   |   | 158,951 |   |   |   | - |   |   |   |   |   | 816,909 |   |
| Liabilities from investment contracts                        |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 268,810 |   |   |   | - |   |   |   |   |   | 268,810 |   |
| Other policyholders' funds and liabilities                   |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 5,609 |   |   |   | 2,546 |   |   |   | - |   |   |   |   |   | 8,155 |   |
| Deferred income                                              |   |                 | -         |   |   |                     | 25,207 |   |   |   | - |   |   | - |   |   |   |   | 25,207 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 25,207 |   |
| Deferred income taxes                                        |   |                 | 220,659   |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | 220,659 |   |   |   | (32,819 | ) |   |   | (936 | ) |   |   | (134 | ) | (d) |   |   |   | 186,770 |   |
| Related party liabilities                                    |   |                 | -         |   |   |                     | 1,081,278 |   |   |   | 40,438 |   |   | (1,118,983 | ) | (c) |   |   | 2,733 |   |   |   | 1,655 |   |   |   | 127 |   |   |   | (4,515 | ) | (c) |   |   |   | - |   |
| Total liabilities                                            |   |                 | 233,155   |   |   |                     | 2,276,085 |   |   |   | 883,355 |   |   | (1,118,983 | ) |   |   |   | 2,273,612 |   |   |   | 246,883 |   |   |   | 433,697 |   |   |   | (4,649 | ) |   |   |   |   | 2,949,543 |   |
| Stockholders' equity:                                        |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series preferred stock:                                      |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series A preferred stock                                     |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | - |   |
| Series B preferred stock                                     |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | - |   |
| Series A common stock                                        |   |                 | -         |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | - |   |
| Common stock                                                 |   |                 | 10,497    |   |   |                     | 540 |   |   |   | 1 |   |   | (541 | ) | (b) |   |   | 10,497 |   |   |   | 3,301 |   |   |   | 2,500 |   |   |   | (5,801 | ) | (b) |   |   |   | 10,497 |   |
| Additional paid-in capital                                   |   |                 | 422,384   |   |   |                     | 121,230 |   |   |   | 147,941 |   |   | (269,171 | ) | (b) |   |   | 422,384 |   |   |   | 89,620 |   |   |   | 26,271 |   |   |   | (118,464 | ) | (b,d | ) |   |   | 419,811 |   |
| Accumulated other comprehensive loss                         |   |                 | (55,959   | )      |   |                     | (62,138 | ) |   |   | - |   |   | 62,138 |   | (b) |   |   | (55,959 | ) |   |   | 242 |   |   |   | 5,625 |   |   |   | (6,115 | ) | (b,d | ) |   |   | (56,207 | ) |
| Retained earnings (deficit)                                  |   |                 | 968,629   |   |   |                     | (502,779 | ) |   |   | (309,273 | ) |   | 812,052 |   | (b) |   |   | 968,629 |   |   |   | 58,514 |   |   |   | 138,823 |   |   |   | (196,949 | ) | (b,d | ) |   |   | 969,017 |   |
| Cost of common shares in treasury, net                       |   |                 | (525,653  | )      |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | (525,653 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (525,653 | ) |
| Unearned employee stock ownership plan shares                |   |                 | -         |   |   |                     | (4,554 | ) |   |   | - |   |   | - |   |   |   |   | (4,554 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (4,554 | ) |
| Total stockholders' equity (deficit)                         |   |                 | 819,898   |   |   |                     | (447,701 | ) |   |   | (161,331 | ) |   | 604,478 |   |   |   |   | 815,344 |   |   |   | 151,677 |   |   |   | 173,219 |   |   |   | (327,329 | ) |   |   |   |   |   | 812,911 |   |
| Total liabilities and stockholders' equity                   |   | $                    | 1,053,053 |   |   | $                        | ,828,384 |   |   | $ | 722,024 |   | $ | (514,505 | ) |   |   | $ | 3,088,956 |   |   | $ | 398,560 |   |   | $ | 606,916 |   |   | $ | (331,978 | ) |   |   |   |   | $ | 3,762,454 |   |
|                                                         |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)  Balances as of December 31, 2009              |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate investment in subsidiaries                     |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany receivables and payables          |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate intercompany preferred stock investment        |   |                 |      |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                               |   | Moving & Storage |    |   |   |  AMERCO Legal Group |
|--------------------------------------------------------------------|--------|----------------------|---------|--------|--------|--------------------------|
|                                                               |   | AMERCO               |    |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   |   | Eliminations |   |   |   |   |   | AMERCOConsolidated |   |
|                                                               |   | (In thousands)       |    |
| Revenues:                                                          |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving equipment rentals                                      |   | $                    | -       |   |   | $                        | 1,549,058 |   |   | $ | - |   | $ | - |   |   |   | $ | 1,549,058 |   |   | $ | - |   |   | $ | - |   |   | $ | (2,043 | ) |   | (c) |   |   | $ | 1,547,015 |   |
| Self-storage revenues                                              |   |                 | -       |   |   |                     | 119,359 |   |   |   | 1,339 |   |   | - |   |   |   |   | 120,698 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 120,698 |   |
| Self-moving & self-storage products & service sales        |   |                 | -       |   |   |                     | 205,570 |   |   |   | - |   |   | - |   |   |   |   | 205,570 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 205,570 |   |
| Property management fees                                           |   |                 | -       |   |   |                     | 22,132 |   |   |   | - |   |   | - |   |   |   |   | 22,132 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 22,132 |   |
| Life insurance premiums                                            |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 206,992 |   |   |   | - |   |   |   |   |   |   | 206,992 |   |
| Property and casualty insurance premiums                           |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 30,704 |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 30,704 |   |
| Net investment and interest income                                 |   |                 | 5,140   |   |   |                     | 20,562 |   |   |   | - |   |   | - |   |   |   |   | 25,702 |   |   |   | 7,959 |   |   |   | 20,738 |   |   |   | (1,738 | ) |   | (b,e | ) |   |   | 52,661 |   |
| Other revenue                                                      |   |                 | 20      |   |   |                     | 60,230 |   |   |   | 77,947 |   |   | (83,531 | ) | (b) |   |   | 54,666 |   |   |   | - |   |   |   | 2,181 |   |   |   | (1,344 | ) |   | (b) |   |   |   | 55,503 |   |
| Total revenues                                                     |   |                 | 5,160   |   |   |                     | 1,976,911 |   |   |   | 79,286 |   |   | (83,531 | ) |   |   |   | 1,977,826 |   |   |   | 38,663 |   |   |   | 229,911 |   |   |   | (5,125 | ) |   |   |   |   |   |   | 2,241,275 |   |
|                                                               |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                 |   |                 | 7,489   |   |   |                     | 1,050,921 |   |   |   | 9,473 |   |   | (83,531 | ) | (b) |   |   | 984,352 |   |   |   | 15,824 |   |   |   | 29,754 |   |   |   | (3,353 | ) |   | (b,c | ) |   |   | 1,026,577 |   |
| Commission expenses                                                |   |                 | -       |   |   |                     | 190,981 |   |   |   | - |   |   | - |   |   |   |   | 190,981 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 190,981 |   |
| Cost of sales                                                      |   |                 | -       |   |   |                     | 106,024 |   |   |   | - |   |   | - |   |   |   |   | 106,024 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 106,024 |   |
| Benefits and losses                                                |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 17,201 |   |   |   | 173,228 |   |   |   | - |   |   |   |   |   |   |   | 190,429 |   |
| Amortization of deferred policy acquisition costs                  |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 9,494 |   |   |   | - |   |   |   |   |   |   |   | 9,494 |   |
| Lease expense                                                      |   |                 | 90      |   |   |                     | 151,918 |   |   |   | 22 |   |   | - |   |   |   |   | 152,030 |   |   |   | - |   |   |   | - |   |   |   | (1,221 | ) |   | (b) |   |   |   | 150,809 |   |
| Depreciation, net of (gains) losses on disposals                   |   |                 | 9       |   |   |                     | 177,116 |   |   |   | 12,141 |   |   | - |   |   |   |   | 189,266 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | 189,266 |   |
| Total costs and expenses                                           |   |                 | 7,588   |   |   |                     | 1,676,960 |   |   |   | 21,636 |   |   | (83,531 | ) |   |   |   | 1,622,653 |   |   |   | 33,025 |   |   |   | 212,476 |   |   |   | (4,574 | ) |   |   |   |   |   |   | 1,863,580 |   |
|                                                               |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of subsidiaries                                 |   |                 | 132,570 |   |   |                     | - |   |   |   | - |   |   | (117,643 | ) | (d) |   |   | 14,927 |   |   |   | - |   |   |   | - |   |   |   | (14,927 | ) |   | (d) |   |   |   | - |   |
|                                                               |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from operations                                           |   |                 | 130,142 |   |   |                     | 299,951 |   |   |   | 57,650 |   |   | (117,643 | ) |   |   |   | 370,100 |   |   |   | 5,638 |   |   |   | 17,435 |   |   |   | (15,478 | ) |   |   |   |   |   |   | 377,695 |   |
| Interest income (expense)                                          |   |                 | 85,584  |   |   |                     | (129,516 | ) |   |   | (44,449 | ) |   | - |   |   |   |   | (88,381 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | (88,381 | ) |
| Pretax earnings                                                    |   |                 | 215,726 |   |   |                     | 170,435 |   |   |   | 13,201 |   |   | (117,643 | ) |   |   |   | 281,719 |   |   |   | 5,638 |   |   |   | 17,435 |   |   |   | (15,478 | ) |   |   |   |   |   |   | 289,314 |   |
| Income tax expense                                                 |   |                 | (31,600 | )      |   |                     | (60,342 | ) |   |   | (5,651 | ) |   | - |   |   |   |   | (97,593 | ) |   |   | (1,831 | ) |   |   | (6,315 | ) |   |   | - |   |   |   |   |   |   |   | (105,739 | ) |
| Net earnings                                                       |   |                 | 184,126 |   |   |                     | 110,093 |   |   |   | 7,550 |   |   | (117,643 | ) |   |   |   | 184,126 |   |   |   | 3,807 |   |   |   | 11,120 |   |   |   | (15,478 | ) |   |   |   |   |   |   | 183,575 |   |
| Loss of carrying amount of preferred stock over consideration paid |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (178 | ) |   |   |   |   |   |   | (178 | ) |
| Less:  Preferred stock dividends                         |   |                 | (12,963 | )      |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   |   | 551 |   |   | (e) |   |   |   | (12,412 | ) |
| Earnings available to common shareholders                          |   | $                    | 171,163 |   |   | $                        | 110,093 |   |   | $ | 7,550 |   | $ | (117,643 | ) |   |   | $ | 171,163 |   |   | $ | 3,807 |   |   | $ | 11,120 |   |   | $ | (15,105 | ) |   |   |   |   |   | $ | 170,985 |   |
| (a)  Balances for the year ended December 31, 2010       |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate intercompany lease income                            |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany premiums                                |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate equity in earnings of subsidiaries                   |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e) Eliminate preferred stock dividends paid to affiliates         |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                 |   | Moving & Storage |    |   |   |  AMERCO Legal Group |
|----------------------------------------------------------------------|--------|----------------------|---------|--------|--------|--------------------------|
|                                                                 |   | AMERCO               |    |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   |   | Eliminations |   |   |   |   | AMERCOConsolidated |   |
|                                                                 |   | (In thousands)       |    |
| Revenues:                                                            |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving equipment rentals                                        |   | $                    | -       |   |   | $                        | 1,421,331 |   |   | $ | - |   | $ | - |   |   |   | $ | 1,421,331 |   |   | $ | - |   |   | $ | - |   |   | $ | (1,605 | ) | (c) |   |   | $ | 1,419,726 |   |
| Self-storage revenues                                                |   |                 | -       |   |   |                     | 109,047 |   |   |   | 1,322 |   |   | - |   |   |   |   | 110,369 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 110,369 |   |
| Self-moving & self-storage products & service sales          |   |                 | -       |   |   |                     | 198,785 |   |   |   | - |   |   | - |   |   |   |   | 198,785 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 198,785 |   |
| Property management fees                                             |   |                 | -       |   |   |                     | 21,632 |   |   |   | - |   |   | - |   |   |   |   | 21,632 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 21,632 |   |
| Life insurance premiums                                              |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 134,345 |   |   |   | - |   |   |   |   |   | 134,345 |   |
| Property and casualty insurance premiums                             |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 27,625 |   |   |   | - |   |   |   | - |   |   |   |   |   | 27,625 |   |
| Net investment and interest income                                   |   |                 | 4,390   |   |   |                     | 21,665 |   |   |   | - |   |   | - |   |   |   |   | 26,055 |   |   |   | 6,765 |   |   |   | 18,463 |   |   |   | (1,294 | ) | (b,e | ) |   |   | 49,989 |   |
| Other revenue                                                        |   |                 | -       |   |   |                     | 43,836 |   |   |   | 74,481 |   |   | (80,167 | ) | (b) |   |   | 38,150 |   |   |   | - |   |   |   | 2,917 |   |   |   | (1,533 | ) | (b) |   |   |   | 39,534 |   |
| Total revenues                                                       |   |                 | 4,390   |   |   |                     | 1,816,296 |   |   |   | 75,803 |   |   | (80,167 | ) |   |   |   | 1,816,322 |   |   |   | 34,390 |   |   |   | 155,725 |   |   |   | (4,432 | ) |   |   |   |   |   | 2,002,005 |   |
|                                                                 |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                  |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                   |   |                 | 8,120   |   |   |                     | 1,050,844 |   |   |   | 8,064 |   |   | (80,167 | ) | (b) |   |   | 986,861 |   |   |   | 13,552 |   |   |   | 24,752 |   |   |   | (3,104 | ) | (b,c | ) |   |   | 1,022,061 |   |
| Commission expenses                                                  |   |                 | -       |   |   |                     | 169,104 |   |   |   | - |   |   | - |   |   |   |   | 169,104 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 169,104 |   |
| Cost of sales                                                        |   |                 | -       |   |   |                     | 104,049 |   |   |   | - |   |   | - |   |   |   |   | 104,049 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 104,049 |   |
| Benefits and losses                                                  |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 14,559 |   |   |   | 106,546 |   |   |   | - |   |   |   |   |   |   | 121,105 |   |
| Amortization of deferred policy acquisition costs                    |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 7,569 |   |   |   | - |   |   |   |   |   |   | 7,569 |   |
| Lease expense                                                        |   |                 | 85      |   |   |                     | 158,079 |   |   |   | 8 |   |   | - |   |   |   |   | 158,172 |   |   |   | - |   |   |   | - |   |   |   | (1,221 | ) | (b) |   |   |   | 156,951 |   |
| Depreciation, net of (gains) losses on disposals                     |   |                 | 17      |   |   |                     | 214,625 |   |   |   | 12,987 |   |   | - |   |   |   |   | 227,629 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 227,629 |   |
| Total costs and expenses                                             |   |                 | 8,222   |   |   |                     | 1,696,701 |   |   |   | 21,059 |   |   | (80,167 | ) |   |   |   | 1,645,815 |   |   |   | 28,111 |   |   |   | 138,867 |   |   |   | (4,325 | ) |   |   |   |   |   | 1,808,468 |   |
|                                                                 |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of subsidiaries                                   |   |                 | 7,208   |   |   |                     | - |   |   |   | - |   |   | 7,614 |   | (d) |   |   | 14,822 |   |   |   | - |   |   |   | - |   |   |   | (14,822 | ) | (d) |   |   |   | - |   |
|                                                                 |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from operations                                             |   |                 | 3,376   |   |   |                     | 119,595 |   |   |   | 54,744 |   |   | 7,614 |   |   |   |   | 185,329 |   |   |   | 6,279 |   |   |   | 16,858 |   |   |   | (14,929 | ) |   |   |   |   |   | 193,537 |   |
| Interest income (expense)                                            |   |                 | 96,274  |   |   |                     | (155,519 | ) |   |   | (34,102 | ) |   | - |   |   |   |   | (93,347 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (93,347 | ) |
| Pretax earnings (loss)                                               |   |                 | 99,650  |   |   |                     | (35,924 | ) |   |   | 20,642 |   |   | 7,614 |   |   |   |   | 91,982 |   |   |   | 6,279 |   |   |   | 16,858 |   |   |   | (14,929 | ) |   |   |   |   |   | 100,190 |   |
| Income tax benefit (expense)                                         |   |                 | (33,920 | )      |   |                     | 16,368 |   |   |   | (8,700 | ) |   | - |   |   |   |   | (26,252 | ) |   |   | (1,796 | ) |   |   | (6,519 | ) |   |   | - |   |   |   |   |   |   | (34,567 | ) |
| Net earnings (loss)                                                  |   |                 | 65,730  |   |   |                     | (19,556 | ) |   |   | 11,942 |   |   | 7,614 |   |   |   |   | 65,730 |   |   |   | 4,483 |   |   |   | 10,339 |   |   |   | (14,929 | ) |   |   |   |   |   | 65,623 |   |
| Excess of carrying amount of preferred stock over consideration paid |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 388 |   |   |   |   |   |   | 388 |   |
| Less:  Preferred stock dividends                           |   |                 | (12,963 | )      |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   |   | 107 |   | (e) |   |   |   | (12,856 | ) |
| Earnings (loss) available to common shareholders                     |   | $                    | 52,767  |   |   | $                        | (19,556 | ) |   | $ | 11,942 |   | $ | 7,614 |   |   |   | $ | 52,767 |   |   | $ | 4,483 |   |   | $ | 10,339 |   |   | $ | (14,434 | ) |   |   |   |   | $ | 53,155 |   |
| (a)  Balances for the year ended December 31, 2009         |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate intercompany lease income                              |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany premiums                                  |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate equity in earnings of subsidiaries                     |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e) Elimination of preferred stock dividend paid to affiliate        |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                         |   | Moving & Storage |    |   |   |  AMERCO Legal Group |
|--------------------------------------------------------------|--------|----------------------|---------|--------|--------|--------------------------|
|                                                         |   | AMERCO               |    |   | U-Haul |                     |   | Real Estate |   | Eliminations |   |   |   | Moving & StorageConsolidated |   |   | Property & Casualty Insurance (a) |   |   | LifeInsurance (a) |   |   | Eliminations |   |   |   |   | AMERCOConsolidated |   |
|                                                         |   | (In thousands)       |    |
| Revenues:                                                    |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving equipment rentals                                |   | $                    | -       |   |   | $                        | 1,423,330 |   |   | $ | - |   | $ | - |   |   |   | $ | 1,423,330 |   |   | $ | - |   |   | $ | - |   |   | $ | (308 | ) | (c) |   |   | $ | 1,423,022 |   |
| Self-storage revenues                                        |   |                 | -       |   |   |                     | 108,859 |   |   |   | 1,689 |   |   | - |   |   |   |   | 110,548 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 110,548 |   |
| Self-moving & self-storage products & service sales  |   |                 | -       |   |   |                     | 199,394 |   |   |   | - |   |   | - |   |   |   |   | 199,394 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 199,394 |   |
| Property management fees                                     |   |                 | -       |   |   |                     | 23,192 |   |   |   | - |   |   | - |   |   |   |   | 23,192 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   | 23,192 |   |
| Life insurance premiums                                      |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | - |   |   |   | 109,572 |   |   |   | - |   |   |   |   |   | 109,572 |   |
| Property and casualty insurance premiums                     |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 28,337 |   |   |   | - |   |   |   | - |   |   |   |   |   | 28,337 |   |
| Net investment and interest income                           |   |                 | 4,389   |   |   |                     | 25,441 |   |   |   | 35 |   |   | - |   |   |   |   | 29,865 |   |   |   | 9,082 |   |   |   | 20,402 |   |   |   | (1,328 | ) | (b,d) |   |   |   | 58,021 |   |
| Other revenue                                                |   |                 | -       |   |   |                     | 42,379 |   |   |   | 70,949 |   |   | (76,608 | ) | (b) |   |   | 36,720 |   |   |   | - |   |   |   | 5,082 |   |   |   | (1,622 | ) | (b) |   |   |   | 40,180 |   |
| Total revenues                                               |   |                 | 4,389   |   |   |                     | 1,822,595 |   |   |   | 72,673 |   |   | (76,608 | ) |   |   |   | 1,823,049 |   |   |   | 37,419 |   |   |   | 135,056 |   |   |   | (3,258 | ) |   |   |   |   |   | 1,992,266 |   |
|                                                         |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                          |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                           |   |                 | 8,873   |   |   |                     | 1,080,255 |   |   |   | 10,166 |   |   | (76,608 | ) | (b) |   |   | 1,022,686 |   |   |   | 15,863 |   |   |   | 21,348 |   |   |   | (2,017 | ) | (b,c,d | ) |   |   | 1,057,880 |   |
| Commission expenses                                          |   |                 | -       |   |   |                     | 171,303 |   |   |   | - |   |   | - |   |   |   |   | 171,303 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 171,303 |   |
| Cost of sales                                                |   |                 | -       |   |   |                     | 114,387 |   |   |   | - |   |   | - |   |   |   |   | 114,387 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 114,387 |   |
| Benefits and losses                                          |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 14,029 |   |   |   | 83,588 |   |   |   | - |   |   |   |   |   |   | 97,617 |   |
| Amortization of deferred policy acquisition costs            |   |                 | -       |   |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | - |   |   |   | 22 |   |   |   | 12,372 |   |   |   | - |   |   |   |   |   |   | 12,394 |   |
| Lease expense                                                |   |                 | 91      |   |   |                     | 153,534 |   |   |   | 7 |   |   | - |   |   |   |   | 153,632 |   |   |   | - |   |   |   | - |   |   |   | (1,208 | ) | (b) |   |   |   | 152,424 |   |
| Depreciation, net of (gains) losses on disposals             |   |                 | 18      |   |   |                     | 254,960 |   |   |   | 10,235 |   |   | - |   |   |   |   | 265,213 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | 265,213 |   |
| Total costs and expenses                                     |   |                 | 8,982   |   |   |                     | 1,774,439 |   |   |   | 20,408 |   |   | (76,608 | ) |   |   |   | 1,727,221 |   |   |   | 29,914 |   |   |   | 117,308 |   |   |   | (3,225 | ) |   |   |   |   |   | 1,871,218 |   |
|                                                         |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity in earnings of subsidiaries                           |   |                 | (41,557 | )      |   |                     | - |   |   |   | - |   |   | 57,809 |   | (e) |   |   | 16,252 |   |   |   | - |   |   |   | - |   |   |   | (16,252 | ) | (e) |   |   |   | - |   |
|                                                         |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from operations                              |   |                 | (46,150 | )      |   |                     | 48,156 |   |   |   | 52,265 |   |   | 57,809 |   |   |   |   | 112,080 |   |   |   | 7,505 |   |   |   | 17,748 |   |   |   | (16,285 | ) |   |   |   |   |   | 121,048 |   |
| Interest income (expense)                                    |   |                 | 92,854  |   |   |                     | (151,163 | ) |   |   | (40,194 | ) |   | - |   |   |   |   | (98,503 | ) |   |   | - |   |   |   | - |   |   |   | 33 |   | (d) |   |   |   | (98,470 | ) |
| Pretax earnings (loss)                                       |   |                 | 46,704  |   |   |                     | (103,007 | ) |   |   | 12,071 |   |   | 57,809 |   |   |   |   | 13,577 |   |   |   | 7,505 |   |   |   | 17,748 |   |   |   | (16,252 | ) |   |   |   |   |   | 22,578 |   |
| Income tax benefit (expense)                                 |   |                 | (33,294 | )      |   |                     | 38,827 |   |   |   | (5,700 | ) |   | - |   |   |   |   | (167 | ) |   |   | (2,494 | ) |   |   | (6,507 | ) |   |   | - |   |   |   |   |   |   | (9,168 | ) |
| Net earnings (loss)                                          |   |                 | 13,410  |   |   |                     | (64,180 | ) |   |   | 6,371 |   |   | 57,809 |   |   |   |   | 13,410 |   |   |   | 5,011 |   |   |   | 11,241 |   |   |   | (16,252 | ) |   |   |   |   |   | 13,410 |   |
| Less:  Preferred stock dividends                   |   |                 | (12,963 | )      |   |                     | - |   |   |   | - |   |   | - |   |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   | (12,963 | ) |
| Earnings (loss) available to common shareholders             |   | $                    | 447     |   |   | $                        | (64,180 | ) |   | $ | 6,371 |   | $ | 57,809 |   |   |   | $ | 447 |   |   | $ | 5,011 |   |   | $ | 11,241 |   |   | $ | (16,252 | ) |   |   |   |   | $ | 447 |   |
| (a)  Balances for the year ended December 31, 2008 |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate intercompany lease income                      |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c) Eliminate intercompany premiums                          |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d) Eliminate intercompany interest on debt                  |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e) Eliminate equity in earnings of subsidiaries             |   |                 |    |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                      |   | Moving & Storage |     |   |  AMERCO Legal Group |
|---------------------------------------------------------------------------|--------|----------------------|----------|--------|--------------------------|
|                                                                      |   | AMERCO               |     |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                                      |   | (In thousands)       |     |
| Cash flows from operating activities:                                     |   |                 |     |
| Net earnings                                                              |   | $                    | 184,126  |   |                     | $ | 110,093 |   |   | $ | 7,550 |   |   | $ | (117,643 | ) |   | $ | 184,126 |   |   | $ | 3,807 |   |   | $ | 11,120 |   |   | $ | (15,478 | ) |   | $ | 183,575 |   |
| Earnings from consolidated subsidiaries                                   |   |                 | (132,570 | )      |                     |   | - |   |   |   | - |   |   |   | 117,643 |   |   |   | (14,927 | ) |   |   | - |   |   |   | - |   |   |   | 14,927 |   |   |   | - |   |
| Adjustments to reconcile net earnings to the cash provided by operations: |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                              |   |                 | 9        |   |                     |   | 198,991 |   |   |   | 13,324 |   |   |   | - |   |   |   | 212,324 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 212,324 |   |
| Amortization of deferred policy acquisition costs                         |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9,494 |   |   |   | - |   |   |   | 9,494 |   |
| Change in allowance for losses on trade receivables                       |   |                 | -        |   |                     |   | 30 |   |   |   | - |   |   |   | - |   |   |   | 30 |   |   |   | - |   |   |   | (2 | ) |   |   | - |   |   |   | 28 |   |
| Change in allowance for losses on mortgage notes                          |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Change in allowance for inventory reserve                                 |   |                 | -        |   |                     |   | (674 | ) |   |   | - |   |   |   | - |   |   |   | (674 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (674 | ) |
| Net gain on sale of real and personal property                            |   |                 | -        |   |                     |   | (21,875 | ) |   |   | (1,183 | ) |   |   | - |   |   |   | (23,058 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (23,058 | ) |
| Net (gain) loss on sale of investments                                    |   |                 | (65      | )      |                     |   | (11 | ) |   |   | - |   |   |   | - |   |   |   | (76 | ) |   |   | 285 |   |   |   | (1,344 | ) |   |   | - |   |   |   | (1,135 | ) |
| Deferred income taxes                                                     |   |                 | 73,790   |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 73,790 |   |   |   | 1,960 |   |   |   | 5,148 |   |   |   | - |   |   |   | 80,898 |   |
| Net change in other operating assets and liabilities:                     |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance recoverables and trade receivables                            |   |                 | -        |   |                     |   | (1,443 | ) |   |   | - |   |   |   | - |   |   |   | (1,443 | ) |   |   | (5,137 | ) |   |   | (533 | ) |   |   | - |   |   |   | (7,113 | ) |
| Inventories                                                               |   |                 | -        |   |                     |   | (6,431 | ) |   |   | - |   |   |   | - |   |   |   | (6,431 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,431 | ) |
| Prepaid expenses                                                          |   |                 | (15,966  | )      |                     |   | 11,773 |   |   |   | (51 | ) |   |   | - |   |   |   | (4,244 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,244 | ) |
| Capitalization of deferred policy acquisition costs                       |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (25,239 | ) |   |   | - |   |   |   | (25,239 | ) |
| Other assets                                                              |   |                 | 34,937   |   |                     |   | (5,888 | ) |   |   | 238 |   |   |   | - |   |   |   | 29,287 |   |   |   | 30 |   |   |   | 205 |   |   |   | - |   |   |   | 29,522 |   |
| Related party assets                                                      |   |                 | 273      |   |                     |   | 55 |   |   |   | (64 | ) |   |   | - |   |   |   | 264 |   |   |   | (351 | ) |   |   | - |   |   |   | - |   |   |   | (87 | ) |
| Accounts payable and accrued expenses                                     |   |                 | (8,603   | )      |                     |   | 18,923 |   |   |   | (486 | ) |   |   | - |   |   |   | 9,834 |   |   |   | - |   |   |   | 2,713 |   |   |   | - |   |   |   | 12,547 |   |
| Policy benefits and losses, claims and loss expenses payable              |   |                 | -        |   |                     |   | 10,994 |   |   |   | - |   |   |   | - |   |   |   | 10,994 |   |   |   | 4,288 |   |   |   | 94,317 |   |   |   | - |   |   |   | 109,599 |   |
| Other policyholders' funds and liabilities                                |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (789 | ) |   |   | 1,361 |   |   |   | - |   |   |   | 572 |   |
| Deferred income                                                           |   |                 | -        |   |                     |   | 1,967 |   |   |   | - |   |   |   | - |   |   |   | 1,967 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,967 |   |
| Related party liabilities                                                 |   |                 | -        |   |                     |   | 83 |   |   |   | - |   |   |   | - |   |   |   | 83 |   |   |   | 157 |   |   |   | 9 |   |   |   | - |   |   |   | 249 |   |
| Net cash provided (used) by operating activities                          |   |                 | 135,931  |   |                     |   | 316,587 |   |   |   | 19,328 |   |   |   | - |   |   |   | 471,846 |   |   |   | 4,250 |   |   |   | 97,249 |   |   |   | (551 | ) |   |   | 572,794 |   |
|                                                                      |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                     |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of:                                                             |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                             |   |                 | (5       | )      |                     |   | (407,526 | ) |   |   | (72,887 | ) |   |   | - |   |   |   | (480,418 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (480,418 | ) |
| Short term investments                                                    |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (76,381 | ) |   |   | (184,385 | ) |   |   | - |   |   |   | (260,766 | ) |
| Fixed maturities investments                                              |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (34,580 | ) |   |   | (181,351 | ) |   |   | - |   |   |   | (215,931 | ) |
| Equity securities                                                         |   |                 | (8,253   | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (8,253 | ) |   |   | (3,297 | ) |   |   | - |   |   |   | - |   |   |   | (11,550 | ) |
| Preferred stock                                                           |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (11,644 | ) |   |   | (2,708 | ) |   |   | - |   |   |   | (14,352 | ) |
| Real estate                                                               |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (76 | ) |   |   | (117 | ) |   |   | - |   |   |   | (193 | ) |
| Mortgage loans                                                            |   |                 | -        |   |                     |   | (13,117 | ) |   |   | (8,692 | ) |   |   | - |   |   |   | (21,809 | ) |   |   | (13,244 | ) |   |   | (7,395 | ) |   |   | 3,890 |   |   |   | (38,558 | ) |
| Other investments                                                         |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,000 | ) |   |   | - |   |   |   | (2,000 | ) |
| Proceeds from sales of:                                                   |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                             |   |                 | -        |   |                     |   | 179,043 |   |   |   | 1,368 |   |   |   | - |   |   |   | 180,411 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 180,411 |   |
| Short term investments                                                    |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 99,112 |   |   |   | 211,083 |   |   |   | - |   |   |   | 310,195 |   |
| Fixed maturities investments                                              |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 23,275 |   |   |   | 108,706 |   |   |   | - |   |   |   | 131,981 |   |
| Equity securities                                                         |   |                 | 1,065    |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,065 |   |   |   | 133 |   |   |   | - |   |   |   | - |   |   |   | 1,198 |   |
| Preferred stock                                                           |   |                 | -        |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,914 |   |   |   | - |   |   |   | - |   |   |   | 1,914 |   |
| Real estate                                                               |   |                 | -        |   |                     |   | - |   |   |   | 125 |   |   |   | - |   |   |   | 125 |   |   |   | 309 |   |   |   | 1,491 |   |   |   | - |   |   |   | 1,925 |   |
| Mortgage loans                                                            |   |                 | -        |   |                     |   | 5,412 |   |   |   | 2,995 |   |   |   | - |   |   |   | 8,407 |   |   |   | 6,106 |   |   |   | 4,533 |   |   |   | (3,890 | ) |   |   | 15,156 |   |
| Net cash provided (used) by investing activities                          |   |                 | (7,193   | )      |                     |   | (236,188 | ) |   |   | (77,091 | ) |   |   | - |   |   |   | (320,472 | ) |   |   | (8,373 | ) |   |   | (52,143 | ) |   |   | - |   |   |   | (380,988 | ) |
|                                                                      |   | (page 1 of 2)        |     |
| (a) Balance for the period ended December 31, 2010                        |   |                 |     |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                           |   | Moving & Storage |    |   |  AMERCO Legal Group |
|----------------------------------------------------------------|--------|----------------------|---------|--------|--------------------------|
|                                                           |   | AMERCO               |    |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   | Elimination |   |   |   | AMERCOConsolidated |   |
|                                                           |   | (In thousands)       |    |
| Cash flows from financing activities:                          |   |                 |    |
| Borrowings from credit facilities                              |   |                 | -       |   |                     |   | 257,728 |   |   |   | 64,134 |   |   |   | - |   |   |   | 321,862 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 321,862 |   |
| Principal repayments on credit facilities                      |   |                 | -       |   |                     |   | (90,084 | ) |   |   | (198,798 | ) |   |   | - |   |   |   | (288,882 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (288,882 | ) |
| Debt issuance costs                                            |   |                 | -       |   |                     |   | (1,987 | ) |   |   | - |   |   |   | - |   |   |   | (1,987 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (1,987 | ) |
| Capital lease payments                                         |   |                 | -       |   |                     |   | (11,522 | ) |   |   | - |   |   |   | - |   |   |   | (11,522 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (11,522 | ) |
| Leveraged Employee Stock Ownership Plan - repayments from loan |   |                 | -       |   |                     |   | 1,172 |   |   |   | - |   |   |   | - |   |   |   | 1,172 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,172 |   |
| Securitization deposits                                        |   |                 | -       |   |                     |   | (46,838 | ) |   |   | - |   |   |   | - |   |   |   | (46,838 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (46,838 | ) |
| Proceeds from (repayment of) intercompany loans                |   |                 | 30,566  |   |                     |   | (223,746 | ) |   |   | 193,180 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | - |   |
| Preferred stock dividends paid                                 |   |                 | (12,963 | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   | 551 |   | (b) |   |   | (12,412 | ) |
| Dividend from (to) related party                               |   |                 | 3,303   |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 3,303 |   |   |   | (3,303 | ) |   |   | - |   |   | - |   |   |   |   | - |   |
| Investment contract deposits                                   |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 11,138 |   |   | - |   |   |   |   | 11,138 |   |
| Investment contract withdrawals                                |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (33,230 | ) |   | - |   |   |   |   | (33,230 | ) |
| Net cash provided (used) by financing activities               |   |                 | 20,906  |   |                     |   | (115,277 | ) |   |   | 58,516 |   |   |   | - |   |   |   | (35,855 | ) |   |   | (3,303 | ) |   |   | (22,092 | ) |   | 551 |   |   |   |   | (60,699 | ) |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects of exchange rate on cash                               |   |                 | -       |   |                     |   | 271 |   |   |   | - |   |   |   | - |   |   |   | 271 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 271 |   |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents               |   |                 | 149,644 |   |                     |   | (34,607 | ) |   |   | 753 |   |   |   | - |   |   |   | 115,790 |   |   |   | (7,426 | ) |   |   | 23,014 |   |   | - |   |   |   |   | 131,378 |   |
| Cash and cash equivalents at beginning of period               |   |                 | 100,460 |   |                     |   | 107,241 |   |   |   | 4 |   |   |   | - |   |   |   | 207,705 |   |   |   | 22,126 |   |   |   | 14,287 |   |   | - |   |   |   |   | 244,118 |   |
| Cash and cash equivalents at end of period                     |   | $                    | 250,104 |   |                     | $ | 72,634 |   |   | $ | 757 |   |   | $ | - |   |   | $ | 323,495 |   |   | $ | 14,700 |   |   | $ | 37,301 |   | $ | - |   |   |   | $ | 375,496 |   |
|                                                           |   | (page 2 of 2)        |    |
| (a) Balance for the period ended December 31, 2010             |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate preferred stock dividends paid to affiliates     |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                  |   | Moving & Storage |    |   |  AMERCO Legal Group |
|-----------------------------------------------------------------------|--------|----------------------|---------|--------|--------------------------|
|                                                                  |   | AMERCO               |    |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                                  |   | (In thousands)       |    |
| Cash flows from operating activities:                                 |   |                 |    |
| Net earnings (loss)                                                   |   | $                    | 65,730  |   |                     | $ | (19,556 | ) |   | $ | 11,942 |   |   | $ | 7,614 |   |   | $ | 65,730 |   |   | $ | 4,483 |   |   | $ | 10,339 |   |   | $ | (14,929 | ) |   | $ | 65,623 |   |
| Earnings from consolidated subsidiaries                               |   |                 | (7,208  | )      |                     |   | - |   |   |   | - |   |   |   | (7,614 | ) |   |   | (14,822 | ) |   |   | - |   |   |   | - |   |   |   | 14,822 |   |   |   | - |   |
| Adjustments to reconcile net earnings to cash provided by operations: |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                          |   |                 | 17      |   |                     |   | 216,685 |   |   |   | 12,887 |   |   |   | - |   |   |   | 229,589 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 229,589 |   |
| Amortization of deferred policy acquisition costs                     |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,569 |   |   |   | - |   |   |   | 7,569 |   |
| Change in allowance for losses on trade receivables                   |   |                 | -       |   |                     |   | (158 | ) |   |   | - |   |   |   | - |   |   |   | (158 | ) |   |   | - |   |   |   | (5 | ) |   |   | - |   |   |   | (163 | ) |
| Change in allowance for losses on mortgage notes                      |   |                 | -       |   |                     |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |
| Change in allowance for inventory reserve                             |   |                 | -       |   |                     |   | 1,153 |   |   |   | - |   |   |   | - |   |   |   | 1,153 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,153 |   |
| Net (gain) loss on sale of real and personal property                 |   |                 | -       |   |                     |   | (2,060 | ) |   |   | 100 |   |   |   | - |   |   |   | (1,960 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,960 | ) |
| Net loss on sale of investments                                       |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 710 |   |   |   | (378 | ) |   |   | - |   |   |   | 332 |   |
| Deferred income taxes                                                 |   |                 | 7,828   |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 7,828 |   |   |   | 1,876 |   |   |   | 5,793 |   |   |   | - |   |   |   | 15,497 |   |
| Net change in other operating assets and liabilities:                 |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance recoverables and trade receivables                        |   |                 | -       |   |                     |   | 625 |   |   |   | 31 |   |   |   | - |   |   |   | 656 |   |   |   | 16,793 |   |   |   | (1,734 | ) |   |   | - |   |   |   | 15,715 |   |
| Inventories                                                           |   |                 | -       |   |                     |   | 16,759 |   |   |   | - |   |   |   | - |   |   |   | 16,759 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16,759 |   |
| Prepaid expenses                                                      |   |                 | 1,129   |   |                     |   | (304 | ) |   |   | (3 | ) |   |   | - |   |   |   | 822 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 822 |   |
| Capitalization of deferred policy acquisition costs                   |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (13,934 | ) |   |   | - |   |   |   | (13,934 | ) |
| Other assets                                                          |   |                 | 5,187   |   |                     |   | 28,076 |   |   |   | 1,573 |   |   |   | - |   |   |   | 34,836 |   |   |   | (65 | ) |   |   | (145 | ) |   |   | - |   |   |   | 34,626 |   |
| Related party assets                                                  |   |                 | 665     |   |                     |   | 899 |   |   |   | 34 |   |   |   | - |   |   |   | 1,598 |   |   |   | 771 |   |   |   | - |   |   |   | - |   |   |   | 2,369 |   |
| Accounts payable and accrued expenses                                 |   |                 | 11,604  |   |                     |   | (7,188 | ) |   |   | (3,305 | ) |   |   | - |   |   |   | 1,111 |   |   |   | - |   |   |   | (4,207 | ) |   |   | - |   |   |   | (3,096 | ) |
| Policy benefits and losses, claims and loss expenses payable          |   |                 | -       |   |                     |   | 24,228 |   |   |   | - |   |   |   | - |   |   |   | 24,228 |   |   |   | (16,011 | ) |   |   | 26,372 |   |   |   | - |   |   |   | 34,589 |   |
| Other policyholders' funds and liabilities                            |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (4,167 | ) |   |   | 362 |   |   |   | - |   |   |   | (3,805 | ) |
| Deferred income                                                       |   |                 | -       |   |                     |   | 396 |   |   |   | - |   |   |   | - |   |   |   | 396 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 396 |   |
| Related party liabilities                                             |   |                 | -       |   |                     |   | (62 | ) |   |   | - |   |   |   | - |   |   |   | (62 | ) |   |   | (742 | ) |   |   | 77 |   |   |   | - |   |   |   | (727 | ) |
| Net cash provided (used) by operating activities                      |   |                 | 84,952  |   |                     |   | 259,487 |   |   |   | 23,259 |   |   |   | - |   |   |   | 367,698 |   |   |   | 3,648 |   |   |   | 30,109 |   |   |   | (107 | ) |   |   | 401,348 |   |
|                                                                  |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                 |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of:                                                         |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                         |   |                 | (3      | )      |                     |   | (233,136 | ) |   |   | (26,352 | ) |   |   | - |   |   |   | (259,491 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (259,491 | ) |
| Short term investments                                                |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (130,977 | ) |   |   | (191,689 | ) |   |   | - |   |   |   | (322,666 | ) |
| Fixed maturities investments                                          |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (37,071 | ) |   |   | (112,675 | ) |   |   | - |   |   |   | (149,746 | ) |
| Equity securities                                                     |   |                 | (17,745 | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (17,745 | ) |   |   | (70 | ) |   |   | - |   |   |   | - |   |   |   | (17,815 | ) |
| Preferred stock                                                       |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,185 | ) |   |   | - |   |   |   | - |   |   |   | (2,185 | ) |
| Real estate                                                           |   |                 | -       |   |                     |   | (1,752 | ) |   |   | - |   |   |   | - |   |   |   | (1,752 | ) |   |   | - |   |   |   | (558 | ) |   |   | - |   |   |   | (2,310 | ) |
| Mortgage loans                                                        |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,364 | ) |   |   | (137 | ) |   |   | - |   |   |   | (1,501 | ) |
| Proceeds from sales of:                                               |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                         |   |                 | -       |   |                     |   | 141,788 |   |   |   | 1,081 |   |   |   | - |   |   |   | 142,869 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 142,869 |   |
| Short term investments                                                |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 139,593 |   |   |   | 179,665 |   |   |   | - |   |   |   | 319,258 |   |
| Fixed maturities investments                                          |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 31,719 |   |   |   | 131,935 |   |   |   | - |   |   |   | 163,654 |   |
| Preferred stock                                                       |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,061 |   |   |   | 1,016 |   |   |   | - |   |   |   | 5,077 |   |
| Real estate                                                           |   |                 | -       |   |                     |   | - |   |   |   | 707 |   |   |   | - |   |   |   | 707 |   |   |   | 64 |   |   |   | - |   |   |   | - |   |   |   | 771 |   |
| Mortgage loans                                                        |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 75 |   |   |   | 6,032 |   |   |   | - |   |   |   | 6,107 |   |
| Net cash provided (used) by investing activities                      |   |                 | (17,748 | )      |                     |   | (93,100 | ) |   |   | (24,564 | ) |   |   | - |   |   |   | (135,412 | ) |   |   | 3,845 |   |   |   | 13,589 |   |   |   | - |   |   |   | (117,978 | ) |
|                                                                  |   | (page 1 of 2)        |    |
| (a) Balance for the period ended December 31, 2009                    |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                           |   | Moving & Storage |    |   |  AMERCO Legal Group |
|----------------------------------------------------------------|--------|----------------------|---------|--------|--------------------------|
|                                                           |   | AMERCO               |    |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   | Elimination |   |   |   | AMERCOConsolidated |   |
|                                                           |   | (In thousands)       |    |
| Cash flows from financing activities:                          |   |                 |    |
| Borrowings from credit facilities                              |   |                 | -       |   |                     |   | 42,794 |   |   |   | 29,359 |   |   |   | - |   |   |   | 72,153 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 72,153 |   |
| Principal repayments on credit facilities                      |   |                 | -       |   |                     |   | (187,410 | ) |   |   | (114,556 | ) |   |   | - |   |   |   | (301,966 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (301,966 | ) |
| Debt issuance costs                                            |   |                 | -       |   |                     |   | (2,129 | ) |   |   | (216 | ) |   |   | - |   |   |   | (2,345 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (2,345 | ) |
| Capital lease payments                                         |   |                 | -       |   |                     |   | (4,057 | ) |   |   | - |   |   |   | - |   |   |   | (4,057 | ) |   |   | - |   |   |   | - |   |   | - |   |   |   |   | (4,057 | ) |
| Leveraged Employee Stock Ownership Plan - repayments from loan |   |                 | -       |   |                     |   | 1,111 |   |   |   | - |   |   |   | - |   |   |   | 1,111 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 1,111 |   |
| Proceeds from (repayment of) intercompany loans                |   |                 | 38,417  |   |                     |   | (125,139 | ) |   |   | 86,722 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | - |   |
| Preferred stock dividends paid                                 |   |                 | (12,963 | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   | 107 |   | (b) |   |   | (12,856 | ) |
| Dividend from (to) related party                               |   |                 | 7,764   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   | 7,764 |   |   |   | (4,564 | ) |   |   | (3,200 | ) |   |   |   |   |   |   | - |   |
| Investment contract deposits                                   |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12,712 |   |   | - |   |   |   |   | 12,712 |   |
| Investment contract withdrawals                                |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (47,235 | ) |   | - |   |   |   |   | (47,235 | ) |
| Net cash provided (used) by financing activities               |   |                 | 33,218  |   |                     |   | (274,830 | ) |   |   | 1,309 |   |   |   | - |   |   |   | (240,303 | ) |   |   | (4,564 | ) |   |   | (37,723 | ) |   | 107 |   |   |   |   | (282,483 | ) |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects of exchange rate on cash                               |   |                 | -       |   |                     |   | 2,644 |   |   |   | - |   |   |   | - |   |   |   | 2,644 |   |   |   | - |   |   |   | - |   |   | - |   |   |   |   | 2,644 |   |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents               |   |                 | 100,422 |   |                     |   | (105,799 | ) |   |   | 4 |   |   |   | - |   |   |   | (5,373 | ) |   |   | 2,929 |   |   |   | 5,975 |   |   | - |   |   |   |   | 3,531 |   |
| Cash and cash equivalents at beginning of period               |   |                 | 38      |   |                     |   | 213,040 |   |   |   | - |   |   |   | - |   |   |   | 213,078 |   |   |   | 19,197 |   |   |   | 8,312 |   |   | - |   |   |   |   | 240,587 |   |
| Cash and cash equivalents at end of period                     |   | $                    | 100,460 |   |                     | $ | 107,241 |   |   | $ | 4 |   |   | $ | - |   |   | $ | 207,705 |   |   | $ | 22,126 |   |   | $ | 14,287 |   | $ | - |   |   |   | $ | 244,118 |   |
|                                                           |   | (page 2 of 2)        |    |
| (a) Balance for the period ended December 31, 2009             |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b) Eliminate preferred stock dividends paid to affiliate      |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                  |   | Moving & Storage |   |   |  AMERCO Legal Group |
|-----------------------------------------------------------------------|--------|----------------------|--------|--------|--------------------------|
|                                                                  |   | AMERCO               |   |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                                  |   | (In thousands)       |   |
| Cash flows from operating activities:                                 |   |                 |   |
| Net earnings (loss)                                                   |   | $                    | 13,410 |   |                     | $ | (64,180 | ) |   | $ | 6,371 |   |   | $ | 57,809 |   |   | $ | 13,410 |   |   | $ | 5,011 |   |   | $ | 11,241 |   |   | $ | (16,252 | ) |   | $ | 13,410 |   |
| Earnings from consolidated subsidiaries                               |   |                 | 41,557 |   |                     |   | - |   |   |   | - |   |   |   | (57,809 | ) |   |   | (16,252 | ) |   |   | - |   |   |   | - |   |   |   | 16,252 |   |   |   | - |   |
| Adjustments to reconcile net earnings to cash provided by operations: |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                          |   |                 | 18     |   |                     |   | 235,916 |   |   |   | 12,635 |   |   |   | - |   |   |   | 248,569 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 248,569 |   |
| Amortization of deferred policy acquisition costs                     |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 22 |   |   |   | 12,372 |   |   |   | - |   |   |   | 12,394 |   |
| Change in allowance for losses on trade receivables                   |   |                 | -      |   |                     |   | (118 | ) |   |   | - |   |   |   | - |   |   |   | (118 | ) |   |   | - |   |   |   | 101 |   |   |   | - |   |   |   | (17 | ) |
| Change in allowance for losses on mortgage notes                      |   |                 | -      |   |                     |   | (309 | ) |   |   | - |   |   |   | - |   |   |   | (309 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (309 | ) |
| Change in allowance for inventory reserves                            |   |                 | -      |   |                     |   | 792 |   |   |   | - |   |   |   | - |   |   |   | 792 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 792 |   |
| Net (gain) loss on sale of real and personal property                 |   |                 | -      |   |                     |   | 19,044 |   |   |   | (2,400 | ) |   |   | - |   |   |   | 16,644 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16,644 |   |
| Net (gain) loss on sale of investments                                |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 110 |   |   |   | (46 | ) |   |   | - |   |   |   | 64 |   |
| Deferred income taxes                                                 |   |                 | 4,353  |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,353 |   |   |   | 1,992 |   |   |   | 1,596 |   |   |   | - |   |   |   | 7,941 |   |
| Net change in other operating assets and liabilities:                 |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance recoverables and trade receivables                        |   |                 | -      |   |                     |   | 2,383 |   |   |   | 4 |   |   |   | - |   |   |   | 2,387 |   |   |   | (12,958 | ) |   |   | (498 | ) |   |   | - |   |   |   | (11,069 | ) |
| Inventories                                                           |   |                 | -      |   |                     |   | (6,192 | ) |   |   | - |   |   |   | - |   |   |   | (6,192 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,192 | ) |
| Prepaid expenses                                                      |   |                 | 3,681  |   |                     |   | (1,417 | ) |   |   | 164 |   |   |   | - |   |   |   | 2,428 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,428 |   |
| Capitalization of deferred policy acquisition costs                   |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8 |   |   |   | (10,914 | ) |   |   | - |   |   |   | (10,906 | ) |
| Other assets                                                          |   |                 | (302   | )      |                     |   | (6,607 | ) |   |   | 1,630 |   |   |   | - |   |   |   | (5,279 | ) |   |   | 312 |   |   |   | 170 |   |   |   | - |   |   |   | (4,797 | ) |
| Related party assets                                                  |   |                 | 3,857  |   |                     |   | (3,071 | ) |   |   | (23 | ) |   |   | - |   |   |   | 763 |   |   |   | 3,814 |   |   |   | - |   |   |   | - |   |   |   | 4,577 |   |
| Accounts payable and accrued expenses                                 |   |                 | 2,521  |   |                     |   | (4,256 | ) |   |   | 416 |   |   |   | - |   |   |   | (1,319 | ) |   |   | - |   |   |   | (502 | ) |   |   | - |   |   |   | (1,821 | ) |
| Policy benefits and losses, claims and loss expenses payable          |   |                 | -      |   |                     |   | 417 |   |   |   | - |   |   |   | - |   |   |   | 417 |   |   |   | (2,869 | ) |   |   | (5,168 | ) |   |   | - |   |   |   | (7,620 | ) |
| Other policyholders' funds and liabilities                            |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,922 |   |   |   | (1,429 | ) |   |   | - |   |   |   | 1,493 |   |
| Deferred income                                                       |   |                 | -      |   |                     |   | 13,037 |   |   |   | - |   |   |   | - |   |   |   | 13,037 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 13,037 |   |
| Related party liabilities                                             |   |                 | -      |   |                     |   | (1,390 | ) |   |   | - |   |   |   | - |   |   |   | (1,390 | ) |   |   | 385 |   |   |   | (3,187 | ) |   |   | - |   |   |   | (4,192 | ) |
| Net cash provided (used) by operating activities                      |   |                 | 69,095 |   |                     |   | 184,049 |   |   |   | 18,797 |   |   |   | - |   |   |   | 271,941 |   |   |   | (1,251 | ) |   |   | 3,736 |   |   |   | - |   |   |   | 274,426 |   |
|                                                                  |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                 |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases of:                                                         |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                         |   |                 | (1     | )      |                     |   | (342,180 | ) |   |   | (54,509 | ) |   |   | - |   |   |   | (396,690 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (396,690 | ) |
| Short term investments                                                |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (116,778 | ) |   |   | (204,144 | ) |   |   | - |   |   |   | (320,922 | ) |
| Fixed maturities investments                                          |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (15,321 | ) |   |   | (128,344 | ) |   |   | - |   |   |   | (143,665 | ) |
| Equity securities                                                     |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1 | ) |   |   | - |   |   |   | (1 | ) |
| Preferred stock                                                       |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,000 | ) |   |   | - |   |   |   | (2,000 | ) |
| Real estate                                                           |   |                 | -      |   |                     |   | (36 | ) |   |   | (182 | ) |   |   | - |   |   |   | (218 | ) |   |   | (396 | ) |   |   | - |   |   |   | - |   |   |   | (614 | ) |
| Mortgage loans                                                        |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,187 | ) |   |   | (12,512 | ) |   |   | - |   |   |   | (24,699 | ) |
| Proceeds from sales of:                                               |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                         |   |                 | -      |   |                     |   | 124,892 |   |   |   | 3,296 |   |   |   | - |   |   |   | 128,188 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 128,188 |   |
| Short term investments                                                |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 96,420 |   |   |   | 202,562 |   |   |   | - |   |   |   | 298,982 |   |
| Fixed maturities investments                                          |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 63,871 |   |   |   | 170,446 |   |   |   | - |   |   |   | 234,317 |   |
| Equity securities                                                     |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 28 |   |   |   | - |   |   |   | 28 |   |
| Preferred stock                                                       |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Real estate                                                           |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Mortgage loans                                                        |   |                 | -      |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 5,883 |   |   |   | - |   |   |   | 5,884 |   |
| Net cash provided (used) by investing activities                      |   |                 | (1     | )      |                     |   | (217,324 | ) |   |   | (51,395 | ) |   |   | - |   |   |   | (268,720 | ) |   |   | 15,610 |   |   |   | 31,918 |   |   |   | - |   |   |   | (221,192 | ) |
|                                                                  |   | (page 1 of 2)        |   |
| (a) Balance for the period ended December 31, 2008                    |   |                 |   |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                           |   | Moving & Storage |    |   |  AMERCO Legal Group |
|----------------------------------------------------------------|--------|----------------------|---------|--------|--------------------------|
|                                                           |   | AMERCO               |    |   | U-Haul                   |   |   | Real Estate |   |   | Elimination |   |   | Moving & StorageConsolidated |   |   | Property &CasualtyInsurance (a) |   |   | LifeInsurance (a) |   |   | Elimination |   |   | AMERCOConsolidated |   |
|                                                           |   | (In thousands)       |    |
| Cash flows from financing activities:                          |   |                 |    |
| Borrowings from credit facilities                              |   |                 | -       |   |                     |   | 98,099 |   |   |   | 82,232 |   |   |   | - |   |   |   | 180,331 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 180,331 |   |
| Principal repayments on credit facilities                      |   |                 | -       |   |                     |   | (115,923 | ) |   |   | (32,475 | ) |   |   | - |   |   |   | (148,398 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (148,398 | ) |
| Debt issuance costs                                            |   |                 | -       |   |                     |   | (360 | ) |   |   | (54 | ) |   |   | - |   |   |   | (414 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (414 | ) |
| Capital lease payments                                         |   |                 | -       |   |                     |   | (776 | ) |   |   | - |   |   |   | - |   |   |   | (776 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (776 | ) |
| Leveraged Employee Stock Ownership Plan - repayments from loan |   |                 | -       |   |                     |   | 1,230 |   |   |   | - |   |   |   | - |   |   |   | 1,230 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,230 |   |
| Treasury stock repurchase                                      |   |                 | (976    | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (976 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (976 | ) |
| Proceeds from (repayment of) intercompany loans                |   |                 | (57,157 | )      |                     |   | 74,262 |   |   |   | (17,105 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Preferred stock dividends paid                                 |   |                 | (12,963 | )      |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,963 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (12,963 | ) |
| Net dividend from (to) related party                           |   |                 | 2,010   |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,010 |   |   |   | (2,010 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Investment contract deposits                                   |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 17,739 |   |   |   | - |   |   |   | 17,739 |   |
| Investment contract withdrawals                                |   |                 | -       |   |                     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (53,605 | ) |   |   | - |   |   |   | (53,605 | ) |
| Net cash provided (used) by financing activities               |   |                 | (69,086 | )      |                     |   | 56,532 |   |   |   | 32,598 |   |   |   | - |   |   |   | 20,044 |   |   |   | (2,010 | ) |   |   | (35,866 | ) |   |   | - |   |   |   | (17,832 | ) |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects of exchange rate on cash                               |   |                 | -       |   |                     |   | (1,437 | ) |   |   | - |   |   |   | - |   |   |   | (1,437 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (1,437 | ) |
|                                                           |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase (decrease) in cash and cash equivalents               |   |                 | 8       |   |                     |   | 21,820 |   |   |   | - |   |   |   | - |   |   |   | 21,828 |   |   |   | 12,349 |   |   |   | (212 | ) |   |   | - |   |   |   | 33,965 |   |
| Cash and cash equivalents at beginning of period               |   |                 | 30      |   |                     |   | 191,220 |   |   |   | - |   |   |   | - |   |   |   | 191,250 |   |   |   | 6,848 |   |   |   | 8,524 |   |   |   | - |   |   |   | 206,622 |   |
| Cash and cash equivalents at end of period                     |   | $                    | 38      |   |                     | $ | 213,040 |   |   | $ | - |   |   | $ | - |   |   | $ | 213,078 |   |   | $ | 19,197 |   |   | $ | 8,312 |   |   | $ | - |   |   | $ | 240,587 |   |
|                                                           |   | (page 2 of 2)        |    |
| (a) Balance for the period ended December 31, 2008             |   |                 |    |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

----

| CONDENSED FINANCIAL INFORMATION OF AMERCO |
|-------------------------------------------|

|  BALANCE SHEETS |
|----------------------|

|                                       |   | March 31,      |      |
|--------------------------------------------|--------|----------------|-----------|
|                                       |   | 2011           |      |   | 2010 |   |
|                                       |   | (In thousands) |      |
| ASSETS                                     |   |
| Cash and cash equivalents                  |   | $              | 250,104   |   |   | $ | 100,460 |   |
| Investment in subsidiaries                 |   |           | (138,714  | ) |   |   | (279,582 | ) |
| Related party assets                       |   |           | 1,146,296 |   |   |   | 1,176,096 |   |
| Other assets                               |   |           | 41,802    |   |   |   | 56,079 |   |
| Total assets                               |   | $              | 1,299,488 |   |   | $ | 1,053,053 |   |
|                                       |   |           |      |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY       |   |
| Liabilities:                               |   |           |      |   |   |   |   |   |
| Other liabilities                          |   | $              | 295,372   |   |   | $ | 233,155 |   |
|                                       |   |           | 295,372   |   |   |   | 233,155 |   |
| Stockholders' equity:                      |   |           |      |   |   |   |   |   |
| Preferred stock                            |   |           | -         |   |   |   | - |   |
| Common stock                               |   |           | 10,497    |   |   |   | 10,497 |   |
| Additional paid-in capital                 |   |           | 425,422   |   |   |   | 422,384 |   |
| Accumulated other comprehensive loss       |   |           | (45,942   | ) |   |   | (55,959 | ) |
| Retained earnings:                         |   |           |      |   |   |   |   |   |
| Beginning of period                        |   |           | 968,629   |   |   |   | 915,862 |   |
| Net earnings                               |   |           | 184,126   |   |   |   | 65,730 |   |
| Dividends                                  |   |           | (12,963   | ) |   |   | (12,963 | ) |
|                                       |   |           | 1,529,769 |   |   |   | 1,345,551 |   |
|                                       |   |           |      |   |   |   |   |   |
| Cost of common shares in treasury          |   |           | (525,653  | ) |   |   | (525,653 | ) |
| Total stockholders' equity                 |   |           | 1,004,116 |   |   |   | 819,898 |   |
| Total liabilities and stockholders' equity |   | $              | 1,299,488 |   |   | $ | 1,053,053 |   |

----

|                                                          |   | Years Ended March 31,                           |       |
|---------------------------------------------------------------|--------|-------------------------------------------------|------------|
|                                                          |   | 2011                                            |       |   | 2010 |   |   | 2009 |   |
|                                                          |   | (In thousands, except share and per share data) |       |
| Revenues:                                                     |   |                                            |       |   |   |   |   |   |   |
| Net interest income from subsidiaries                         |   | $                                               | 5,160      |   |   | $ | 4,390 |   |   | $ | 4,389 |   |
| Expenses:                                                     |   |                                            |       |   |   |   |   |   |   |   |   |   |
| Operating expenses                                            |   |                                            | 7,489      |   |   |   | 8,120 |   |   |   | 8,873 |   |
| Other expenses                                                |   |                                            | 99         |   |   |   | 102 |   |   |   | 109 |   |
| Total expenses                                                |   |                                            | 7,588      |   |   |   | 8,222 |   |   |   | 8,982 |   |
| Equity in earnings of subsidiaries                            |   |                                            | 132,570    |   |   |   | 7,208 |   |   |   | (41,557 | ) |
| Interest income                                               |   |                                            | 85,584     |   |   |   | 96,274 |   |   |   | 92,854 |   |
| Pretax earnings                                               |   |                                            | 215,726    |   |   |   | 99,650 |   |   |   | 46,704 |   |
| Income tax expense                                            |   |                                            | (31,600    | ) |   |   | (33,920 | ) |   |   | (33,294 | ) |
| Net earnings                                                  |   |                                            | 184,126    |   |   |   | 65,730 |   |   |   | 13,410 |   |
| Less: Preferred stock dividends                               |   |                                            | (12,963    | ) |   |   | (12,963 | ) |   |   | (12,963 | ) |
| Earnings available to common shareholders                     |   | $                                               | 171,163    |   |   | $ | 52,767 |   |   | $ | 447 |   |
| Basic and diluted earnings per common share                   |   | $                                               | 8.81       |   |   | $ | 2.72 |   |   | $ | 0.02 |   |
| Weighted average common shares outstanding: Basic and diluted |   |                                            | 19,432,781 |   |   |   | 19,386,791 |   |   |   | 19,350,041 |   |

----

|                                                                        |   | Years Ended March 31, |     |
|-----------------------------------------------------------------------------|--------|-----------------------|----------|
|                                                                        |   | 2011                  |     |   | 2010 |   |   | 2009 |   |
|                                                                        |   | (In thousands)        |     |
|  Cash flows from operating activities:                                 |   |                  |     |   |   |   |   |   |   |
|  Net earnings                                                          |   | $                     | 184,126  |   |   | $ | 65,730 |   |   | $ | 13,410 |   |
|  Change in investments in subsidiaries                                 |   |                  | (132,570 | ) |   |   | (7,208 | ) |   |   | 41,557 |   |
|  Adjustments to reconcile net earnings to cash provided by operations: |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Depreciation                                                          |   |                  | 9        |   |   |   | 17 |   |   |   | 18 |   |
|  Net gain on sale of investments                                       |   |                  | (65      | ) |   |   | - |   |   |   | - |   |
|  Deferred income taxes                                                 |   |                  | 73,790   |   |   |   | 7,828 |   |   |   | 4,353 |   |
|  Net change in other operating assets and liabilities:                 |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Prepaid expenses                                                      |   |                  | (15,966  | ) |   |   | 1,129 |   |   |   | 3,681 |   |
|  Other assets                                                          |   |                  | 34,937   |   |   |   | 5,187 |   |   |   | (302 | ) |
|  Related party assets                                                  |   |                  | 273      |   |   |   | 665 |   |   |   | 3,857 |   |
|  Accounts payable and accrued expenses                                 |   |                  | (8,603   | ) |   |   | 11,604 |   |   |   | 2,521 |   |
|  Related party liabilities                                             |   |                  | -        |   |   |   | - |   |   |   | - |   |
|  Net cash provided by operating activities                             |   |                  | 135,931  |   |   |   | 84,952 |   |   |   | 69,095 |   |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Cash flows from investing activities:                                 |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Purchases of property, plant and equipment                            |   |                  | (5       | ) |   |   | (3 | ) |   |   | (1 | ) |
|  Purchases of equity securities                                        |   |                  | (8,253   | ) |   |   | (17,745 | ) |   |   | - |   |
|  Proceeds of equity securities                                         |   |                  | 1,065    |   |   |   | - |   |   |   | - |   |
|  Net cash used by investing activities                                 |   |                  | (7,193   | ) |   |   | (17,748 | ) |   |   | (1 | ) |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Cash flows from financing activities:                                 |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Treasury stock repurchases                                            |   |                  | -        |   |   |   | - |   |   |   | (976 | ) |
|  Proceeds from (repayments) of intercompany loans                      |   |                  | 30,566   |   |   |   | 38,417 |   |   |   | (57,157 | ) |
|  Preferred stock dividends paid                                        |   |                  | (12,963  | ) |   |   | (12,963 | ) |   |   | (12,963 | ) |
|  Dividend from related party                                           |   |                  | 3,303    |   |   |   | 7,764 |   |   |   | 2,010 |   |
|  Net cash provided (used) by financing activities                      |   |                  | 20,906   |   |   |   | 33,218 |   |   |   | (69,086 | ) |
|                                                                        |   |                  |     |   |   |   |   |   |   |   |   |   |
|  Increase in cash and cash equivalents                                 |   |                  | 149,644  |   |   |   | 100,422 |   |   |   | 8 |   |
|  Cash and cash equivalents at beginning of period                      |   |                  | 100,460  |   |   |   | 38 |   |   |   | 30 |   |
|  Cash and cash equivalents at end of period                            |   | $                     | 250,104  |   |   | $ | 100,460 |   |   | $ | 38 |   |

----

----

|                                          |   | Balance at Beginning of Year |   |   | Additions Charged to Costs and Expenses |   |   | Additions Charged to Other Accounts |   |   | Deductions |   |   | Balance at Year End |   |
|-----------------------------------------------|--------|------------------------------|--------|--------|-----------------------------------------|--------|--------|-------------------------------------|--------|--------|------------|--------|--------|---------------------|--------|
|                                          |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |
| Year ended March 31, 2011                     |   | (In thousands)               |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |
| (deducted from trade receivable)              |   | $                            | 1,308  |   |                                    | $      | 2,611  |                                |   | $      | -          |   |   | $                   | (2,583 | ) |   | $ | 1,336 |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from notes and mortgage receivable) |   | $                            | -      |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | -      |   |   | $ | - |   |
| Allowance for obsolescence                    |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from inventory)                     |   | $                            | 2,600  |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (2,005 | ) |   | $ | 595 |   |
| Allowance for probable losses                 |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from mortgage loans)                |   | $                            | 370    |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | -      |   |   | $ | 370 |   |
|                                          |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| Year ended March 31, 2010                     |   |                         |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from trade receivable)              |   | $                            | 1,471  |   |                                    | $      | 2,141  |                                |   | $      | -          |   |   | $                   | (2,304 | ) |   | $ | 1,308 |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from notes and mortgage receivable) |   | $                            | 6      |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (6     | ) |   | $ | - |   |
| Allowance for obsolescence                    |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from inventory)                     |   | $                            | 941    |   |                                    | $      | 1,659  |                                |   | $      | -          |   |   | $                   | -      |   |   | $ | 2,600 |   |
| Allowance for probable losses                 |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from mortgage loans)                |   | $                            | 621    |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (251   | ) |   | $ | 370 |   |
|                                          |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| Year ended March 31, 2009                     |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from trade receivable)              |   | $                            | 1,488  |   |                                    | $      | 3,101  |                                |   | $      | -          |   |   | $                   | (3,118 | ) |   | $ | 1,471 |   |
| Allowance for doubtful accounts               |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from notes and mortgage receivable) |   | $                            | 315    |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (309   | ) |   | $ | 6 |   |
| Allowance for obsolescence                    |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from inventory)                     |   | $                            | 1,542  |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (601   | ) |   | $ | 941 |   |
| Allowance for probable losses                 |   |                         |   |   |                                    |   |   |                                |   |   |       |   |   |                |   |   |   |   |   |   |
| (deducted from mortgage loans)                |   | $                            | 675    |   |                                    | $      | -      |                                |   | $      | -          |   |   | $                   | (54    | ) |   | $ | 621 |   |

----

| Fiscal Year    |   | Affiliation with Registrant          |   | Deferred Policy Acquisition Cost |   | Reserves for Unpaid Claims and Adjustment Expenses |   | Discount if any, Deducted |   | Unearned Premiums |   | Net Earned Premiums (1) |   | Net Investment Income (2) |   | Claim and Claim Adjustment Expenses Incurred Related to Current Year |   | Claim and Claim Adjustment Expenses Incurred Related to Prior Year |   | Amortization of Deferred Policy Acquisition Costs |   | Paid Claims and Claim Adjustment Expense |   | Net Premiums Written (1) |   |
|----------------|--------|--------------------------------------|--------|----------------------------------|--------|----------------------------------------------------|--------|---------------------------|--------|-------------------|--------|-------------------------|--------|---------------------------|--------|----------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|---------------------------------------------------|--------|------------------------------------------|--------|--------------------------|--------|
| (In thousands) |   |
| 2011           |   | Consolidated propertycasualty entity |   | $                                | -      |                                               | $      | 276,355                   |   |              | N/A    |                    | $      | 4                         |   | $                                                                    | 30,704 |                                                               | $      | 8,234                                             |   | $                                        | 9,453  |                     | $      | 7,832 |   | $ | - |   | $ | 17,211 |   | $ | 30,706 |   |
| 2010           |   | Consolidated propertycasualty entity |   |                             | -      |                                               |   | 271,677                   |   |              | N/A    |                    |   | 2                         |   |                                                                 | 27,625 |                                                               |   | 7,411                                             |   |                                     | 8,043  |                     |   | 6,516 |   |   | - |   |   | 19,996 |   |   | 27,608 |   |
| 2009           |   | Consolidated propertycasualty entity |   |                             | -      |                                               |   | 287,501                   |   |              | N/A    |                    |   | 19                        |   |                                                                 | 28,337 |                                                               |   | 9,192                                             |   |                                     | 8,497  |                     |   | 9,384 |   |   | 22 |   |   | 27,707 |   |   | 28,157 |   |

|   | (1) | The earned and written premiums are reported net of intersegment transactions. There were no earned premiums eliminated for the years ended December 31, 2010, 2009 and 2008, respectively. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  (2) | Net Investment Income excludes net realized losses on investments of $0.3 million, $0.6 million and $0.1 million for the years ended December 31, 2010, 2009 and 2008, respectively. |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| AMERCO              |
|---------------------|
|                |
| By:                 | /s/ Edward J. Shoen |
|                | Edward J. Shoen |
|                | President and Chairman of the Board |
| Dated: June 8, 2011 |   |   |

| AMERCO              |
|---------------------|
|                |
| By:                 | /s/ Jason A. Berg |
|                | Jason A. Berg |
|                | Principal Financial Officer and Chief Accounting Officer |
| Dated: June 8, 2011 |   |   |

----

| Signature                     | Title                                                                  | Date         |
|-------------------------------|------------------------------------------------------------------------|--------------|
| /s/ Edward J. Shoen           | President and Chairman of the Board (Principal Executive Officer) | June 8, 2011 |
| Edward J. Shoen               |                                                                   |         |
| /s/ Jason A. Berg             | Chief Accounting Officer (Principal Financial Officer)            | June 8, 2011 |
| Jason A. Berg            |                                                                   |         |
| /s/ Charles J. Bayer          | Director                                                               | June 8, 2011 |
| Charles J. Bayer         |                                                                   |         |
| /s/ John  P. Brogan | Director                                                               | June 8, 2011 |
| John P. Brogan           |                                                                   |         |
| /s/ John M. Dodds             | Director                                                               | June 8, 2011 |
| John M. Dodds            |                                                                   |         |
| /s/ Michael L. Gallagher      | Director                                                               | June 8, 2011 |
| Michael L. Gallagher     |                                                                   |         |
| /s/ M. Frank Lyons            | Director                                                               | June 8, 2011 |
| M. Frank Lyons           |                                                                   |         |
| /s/ Daniel R. Mullen          | Director                                                               | June 8, 2011 |
| Daniel R. Mullen         |                                                                   |         |
| /s/ James P. Shoen            | Director                                                               | June 8, 2011 |
| James P. Shoen                |                                                                   |         |

----