**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K **

| **Commission**** ****File                Number**                     | **Registrant,                State of Incorporation****Address                and Telephone Number** | **I.R.S.                Employer****Identification                No.** |
|----------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                                                       |                                                                                                      |                                                                    |
| 1-11255                                                                    | **AMERCO**                                                                                           | **88-0106815**                                                          |
|                                                                       | (A                Nevada Corporation)                                                                |                                                                    |
|                                                                       | 1325                Airmotive Way, Ste. 100                                                          |                                                                    |
|                                                                       | Reno,                Nevada 89502-3239                                                               |                                                                    |
|                                                                       | Telephone                (775) 688-6300                                                              |                                                                    |
|                                                                       |                                                                                                      |                                                                    |
| 2-38498                                                                    | **U-Haul                International, Inc.**                                                        | **86-0663060**                                                          |
|                                                                       | (A                Nevada Corporation)                                                                |                                                                    |
|                                                                       | 2727                N. Central Avenue                                                                |                                                                    |
|                                                                       | Phoenix,                Arizona 85004                                                                |                                                                    |
|                                                                       | Telephone                (602) 263-6645                                                              |                                                                    |
|                                                                       |                                                                                                 |                                                                    |
| Securities                registered pursuant to Section 12(b) of the Act: |
|  **Registrant**                                                       |  **Title                of Class**                                                              | **Name                of Each Exchange on Which Registered**            |
| AMERCO                                                                     | Series                A 8 ½% Preferred Stock                                                    | New                York Stock Exchange                                  |
| AMERCO                                                                     | Common                                                                                               | NASDAQ                                                                  |
| U-Haul                International, Inc.                                  | None                                                                                                 |                                                                    |
|                                                                       |                                                                                                 |                                                                    |

** **

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**TABLE      OF CONTENTS**

|                    |                                                                                                                                                   | Page                No.              |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                    | **PART****I**                                                                                                                                          |                                 |
|                    |                                                                                                                                                   |                                 |
| Item                1.  | Business                                                                                                                                               | 2                -                7  |
| Item                1A. | Risk                Factors                                                                                                                            | 7                -                10 |
| Item                1B. | Unresolved                Staff Comments                                                                                                               | 10                                   |
| Item                2.  | Properties                                                                                                                                             | 10                                   |
| Item                3.  | Legal                Proceedings                                                                                                                       | 11                                   |
| Item                4.  | Submission                of Matters to a Vote of Security Holders                                                                                     | 12                                   |
|                    |                                                                                                                                                   |                                 |
|                    | **PART                II**                                                                                                                             |                                 |
| Item                5.  | Market                for the Registrant’s Common Equity, Related Stockholder Matters and Issuer                Repurchases of Equity Securities | 12                - 14               |
| Item                6.  | Selected                Financial Data                                                                                                                 | 15                - 16               |
| Item                7.  | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                              | 17                - 44               |
| Item                7A. | Quantitative                and Qualitative Disclosures About Market Risk                                                                              | 45                                   |
| Item                8.  | Financial                Statements and Supplementary Data                                                                                             | 45                                   |
| Item                9.  | Changes                in and Disagreements with Accountants on Accounting and Financial                Disclosure                                     | 45                                   |
| Item                9A. | Controls                and Procedures                                                                                                                 | 46                - 47               |
| Item                9B. | Other                information                                                                                                                       | 47                                   |
|                    |                                                                                                                                                   |                                 |
|                    | **PART                III**                                                                                                                            |                                 |
| Item                10. | Directors,                Executive Officers and Corporate Governance                                                                                  | 49                                   |
| Item                11. | Executive                Compensation                                                                                                                  | 49                                   |
| Item                12. | Security                Ownership of Certain Beneficial Owners and Management and Related                Stockholder Matters                           | 49                                   |
| Item                13. | Certain                Relationships and Related Transaction, and Director                Independence                                                 | 49                                   |
| Item                14. | Principal                Accounting Fees and Services                                                                                                  | 49                                   |
|                    |                                                                                                                                                   |                                 |
|                    | **PART                IV**                                                                                                                             |                                 |
| Item                15. | Exhibits                and Financial Statement Schedules                                                                                              | 50                -59                |

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**PART      I**

**Item      1.** ***Business***

**Company      Overview**

**Available      Information**

**Products      and Rental Equipment**

----

----

**Description      of Operating Segments**

***Moving      and Storage Operating Segment***

----

* *

* *
* *

***Property      and Casualty Insurance Operating Segment***

***Life      Insurance Operating Segment***

***SAC      Holding II Operating Segment***

----

**Employees**

**Sales      and Marketing**

**Competition**

***Moving      and Storage Operating Segment***

***Insurance      Operating Segments***

----

**Recent      Developments **

***Preferred      Stock Dividends***

***Fleet      Securitization Transaction***

***RepWest      was upgraded***

**Cautionary      Statement Regarding **
**Forward-Looking      Statements**

**Item      1A.** ***Risk      Factors***

----

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

***We      are controlled by a***
***small      contingent of stockholders.***

----

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

***Our      quarterly results of operations fluctuate due to seasonality and other factors      associated with our industry.***

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

***A.M      Best financial strength ratings are crucial to our life insurance      business.***

***We      bear certain risks related to our notes receivable from SAC      Holdings.***

----

***We      are highly leveraged.***

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

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

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

***We      operate in a highly regulated industry and changes in existing regulations      or      violations of existing or future regulations could have a material adverse      effect on our operations and profitability.***

**Item      1B.**
***Unresolved      Staff Comments***

**Item      2.**
***Properties***

* *
* *

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**Item      3.** ***Legal      Proceedings***

***Shoen***

***Environmental***

***Other***

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

**PART      II**

**Item      5.**
***Market      for the Registrant’s Common Equity, Related Stockholder Matters and Issuer      Purchases of Equity Securities***

|                                |   |   |   |  **Year                Ended March 31,** |   |
|-------------------------------------|--------|--------|--------|-----------------------------------------------|--------|
|                                |   |   |   | **2007**                                      |   | **2006** |   |
|                                |   |   |   |                                          |   | High |   |   | Low |   |   | High |   |   | Low |   |
| First                quarter   |   |   |   |                                          | $      | 106.95 |   | $ | 79.71 |   | $ | 56.10 |   | $ | 42.75 |   |
| Second                quarter  |   |   |   |                                          | $      | 105.35 |   | $ | 66.22 |   | $ | 63.61 |   | $ | 52.80 |   |
| Third                quarter   |   |   |   |                                          | $      | 96.89 |   | $ | 71.81 |   | $ | 73.68 |   | $ | 54.60 |   |
| Fourth                quarter  |   |   |   |                                          | $      | 89.96 |   | $ | 59.83 |   | $ | 101.24 |   | $ | 65.45 |   |

**Dividends**

**Performance      Graph**

----

----

**Issuer      Purchases of Equity Securities**

| **Period**                                |   | **Total                    # of Shares Repurchased** |    | **Average                    Price Paid per Share (1)** |   | **Total                    # of Shares Repurchased as Part of Publicly Announced                    Plan** |   | **Total                    $ of Shares Repurchased as Part of Publicly Announced                    Plan** |    | **Maximum                    $ of Shares That May Yet be Repurchased Under the                    Plan** |   |
|-------------------------------------------|--------|------------------------------------------------------|---------|---------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------|--------|
|                                      |   |
| January                    1 - 31, 2007   |   |                                                 | -       |                                                    |   | -                                                                                                          |   |                                                                                                       | -       |                                                                                                     |   | - |   |  $ | 50,000,000 |   |
| February                    1 - 28, 2007  |   |                                                 | 268,653 |                                                    | $      | 68.37                                                                                                      |   |                                                                                                       | 268,653 |                                                                                                     | $      | 18,368,840 |   |  $ | 31,631,160 |   |
| March                    1 - 31, 2007 (2) |   |                                                 | 470,638 |                                                    | $      | 65.31                                                                                                      |   |                                                                                                       | 470,638 |                                                                                                     | $      | 30,737,262 |   |  $ | 65,893,898 |   |
| Fourth                    Quarter Total   |   |                                                 | 739,291 |                                                    | $      | 66.42                                                                                                      |   |                                                                                                       | 739,291 |                                                                                                     | $      | 49,106,102 |   |   |   |   |

----

**Item      6.**
***Selected      Financial Data***

|                                                                                                                                                            |   |  **Year                Ended March 31,**                        |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|------------|
|                                                                                                                                                            |   |  **2007**                                                       |       | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                                                            |   |  (In                thousands, except share and per share data) |       |
| *Summary                of Operations:*                                                                                                                         |   |                                                            |       |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                                                    |   | $                                                                    | 1,476,579  |   | $ | 1,503,569 |   | $ | 1,437,895 |   | $ | 1,381,208 |   | $ | 1,293,732 |   |
| Self-storage                revenues                                                                                                                            |   |                                                                 | 126,424    |   |   | 119,742 |   |   | 114,155 |   |   | 247,640 |   |   | 238,938 |   |
| Self-moving                and self-storage products and service sales                                                                                          |   |                                                                 | 224,722    |   |   | 223,721 |   |   | 206,098 |   |   | 232,965 |   |   | 223,677 |   |
| Property                management fees                                                                                                                         |   |                                                                 | 21,154     |   |   | 21,195 |   |   | 11,839 |   |   | 259 |   |   | 89 |   |
| Life                insurance premiums                                                                                                                          |   |                                                                 | 120,399    |   |   | 118,833 |   |   | 126,236 |   |   | 145,082 |   |   | 158,719 |   |
| Property                and casualty insurance premiums                                                                                                         |   |                                                                 | 24,335     |   |   | 26,001 |   |   | 24,987 |   |   | 92,036 |   |   | 149,206 |   |
| Net                investment and interest income                                                                                                               |   |                                                                 | 61,093     |   |   | 53,094 |   |   | 56,739 |   |   | 38,281 |   |   | 40,731 |   |
| Other                revenue                                                                                                                                    |   |                                                                 | 30,891     |   |   | 40,471 |   |   | 30,172 |   |   | 38,523 |   |   | 36,252 |   |
| Total                revenues                                                                                                                                   |   |                                                                 | 2,085,597  |   |   | 2,106,626 |   |   | 2,008,121 |   |   | 2,175,994 |   |   | 2,141,344 |   |
|                                                                                                                                                            |   |                                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                                               |   |                                                                 | 1,080,897  |   |   | 1,080,990 |   |   | 1,122,197 |   |   | 1,179,996 |   |   | 1,182,222 |   |
| Commission                expenses                                                                                                                              |   |                                                                 | 177,008    |   |   | 180,101 |   |   | 172,307 |   |   | 147,010 |   |   | 138,652 |   |
| Cost                of sales                                                                                                                                    |   |                                                                 | 117,648    |   |   | 113,135 |   |   | 105,309 |   |   | 111,906 |   |   | 115,115 |   |
| Benefits                and losses                                                                                                                              |   |                                                                 | 118,725    |   |   | 117,160 |   |   | 140,343 |   |   | 217,447 |   |   | 248,349 |   |
| Amortization                of deferred policy acquisition costs                                                                                                |   |                                                                 | 17,138     |   |   | 24,261 |   |   | 28,512 |   |   | 39,083 |   |   | 37,681 |   |
| Lease                expense                                                                                                                                    |   |                                                                 | 149,044    |   |   | 142,781 |   |   | 151,354 |   |   | 160,727 |   |   | 166,101 |   |
| Depreciation,                net of (gains) losses on disposal                                                                                                  |   |                                                                 | 189,589    |   |   | 142,817 |   |   | 121,103 |   |   | 148,813 |   |   | 137,446 |   |
| Restructuring                expense                                                                                                                            |   |                                                                 | -          |   |   | - |   |   | - |   |   | 44,097 |   |   | 6,568 |   |
| Total                costs and expenses                                                                                                                         |   |                                                                 | 1,850,049  |   |   | 1,801,245 |   |   | 1,841,125 |   |   | 2,049,079 |   |   | 2,032,134 |   |
|                                                                                                                                                            |   |                                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                from operations                                                                                                                         |   |                                                                 | 235,548    |   |   | 305,381 |   |   | 166,996 |   |   | 126,915 |   |   | 109,210 |   |
| Interest                expense                                                                                                                                 |   |                                                                 | (82,756    | ) |   | (69,481 | ) |   | (73,205 | ) |   | (121,690 | ) |   | (148,131 | ) |
| Fees                and amortization on early extinguishment of debt (b)                                                                                        |   |                                                                 | (6,969     | ) |   | (35,627 | ) |   | - |   |   | - |   |   | - |   |
| Litigation                settlement, net of costs, fees and expenses                                                                                           |   |                                                                 | -          |   |   | - |   |   | 51,341 |   |   | - |   |   | - |   |
| Pretax                earnings (loss)                                                                                                                           |   |                                                                 | 145,823    |   |   | 200,273 |   |   | 145,132 |   |   | 5,225 |   |   | (38,921 | ) |
| Income                tax benefit (expense)                                                                                                                     |   |                                                                 | (55,270    | ) |   | (79,119 | ) |   | (55,708 | ) |   | (8,077 | ) |   | 13,935 |   |
| Net                earnings (loss)                                                                                                                              |   |                                                                 | 90,553     |   |   | 121,154 |   |   | 89,424 |   |   | (2,852 | ) |   | (24,986 | ) |
| Less:                Preferred stock dividends                                                                                                                  |   |                                                                 | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                (loss) available to common shareholders                                                                                                 |   | $                                                                    | 77,590     |   | $ | 108,191 |   | $ | 76,461 |   | $ | (15,815 | ) | $ | (37,949 | ) |
| Net                earnings (loss) per common share basic and diluted                                                                                           |   | $                                                                    | 3.72       |   | $ | 5.19 |   | $ | 3.68 |   | $ | (0.76 | ) | $ | (1.82 | ) |
| Weighted                average common shares outstanding: Basic and diluted                                                                                    |   |                                                                 | 20,838,570 |   |   | 20,857,108 |   |   | 20,804,773 |   |   | 20,749,998 |   |   | 20,824,618 |   |
| Cash                dividends declared and accrued                                                                                                              |   |                                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred                stock                                                                                                                                  |   | $                                                                    | 12,963     |   | $ | 12,963 |   | $ | 12,963 |   | $ | 12,963 |   | $ | 12,963 |   |
| *Balance                Sheet Data:*                                                                                                                            |   |                                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, net                                                                                                               |   |                                                                 | 1,897,071  |   |   | 1,535,165 |   |   | 1,354,468 |   |   | 1,451,805 |   |   | 1,946,317 |   |
| Total                assets                                                                                                                                     |   |                                                                 | 3,523,048  |   |   | 3,367,218 |   |   | 3,116,173 |   |   | 3,394,748 |   |   | 3,832,372 |   |
| Capital                leases                                                                                                                                   |   |                                                                 | -          |   |   | - |   |   | - |   |   | 99,607 |   |   | 137,031 |   |
| AMERCO's                notes and loans payable                                                                                                                 |   |                                                                 | 1,181,165  |   |   | 965,634 |   |   | 780,008 |   |   | 862,703 |   |   | 940,063 |   |
| SAC                Holdings II notes and loans payable, non-recourse to AMERCO                (a)                                                               |   |                                                                 | 74,887     |   |   | 76,232 |   |   | 77,474 |   |   | 78,637 |   |   | 466,781 |   |
| Stockholders'                equity                                                                                                                             |   |                                                                 | 718,098    |   |   | 695,604 |   |   | 572,839 |   |   | 503,846 |   |   | 327,448 |   |
|                                                                                                                                                            |   |                                                                 |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                The amount for fiscal 2003 includes SAC Holding and SAC Holding                II.                                                           |   |                                                                 |       |   |   |   |   |   |   |   |   |   |
| (b)                Includes the write-off of debt issuance costs of $7.0 million in                fiscal                2007 and $14.4 million in fiscal 2006. |   |                                                                 |       |

----

|                                                                                                                                 |   | **Year                Ended March 31,** |      |
|--------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                                                                                 |   | **2007**                                |      | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                                 |   | (In                thousands)           |      |
| *Summary                of Operations:*                                                                                              |   |                                    |      |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                         |   | $                                       | 1,476,579 |   | $ | 1,503,569 |   | $ | 1,437,895 |   | $ | 1,380,991 |   | $ | 1,293,686 |   |
| Self-storage                revenues                                                                                                 |   |                                    | 104,725   |   |   | 99,060 |   |   | 94,431 |   |   | 118,335 |   |   | 109,985 |   |
| Self-moving                and self-storage products and service sales                                                               |   |                                    | 208,677   |   |   | 207,119 |   |   | 191,078 |   |   | 182,327 |   |   | 174,853 |   |
| Property                management fees                                                                                              |   |                                    | 23,951    |   |   | 23,988 |   |   | 14,434 |   |   | 12,974 |   |   | 12,431 |   |
| Net                investment and interest income                                                                                    |   |                                    | 29,294    |   |   | 24,894 |   |   | 22,030 |   |   | 21,504 |   |   | 29,358 |   |
| Other                revenue                                                                                                         |   |                                    | 31,403    |   |   | 39,303 |   |   | 27,489 |   |   | 35,580 |   |   | 18,378 |   |
| Total                revenues                                                                                                        |   |                                    | 1,874,629 |   |   | 1,897,933 |   |   | 1,787,357 |   |   | 1,751,711 |   |   | 1,638,691 |   |
|                                                                                                                                 |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                    |   |                                    | 1,085,619 |   |   | 1,085,602 |   |   | 1,100,737 |   |   | 1,062,695 |   |   | 1,029,774 |   |
| Commission                expenses                                                                                                   |   |                                    | 186,233   |   |   | 189,599 |   |   | 181,315 |   |   | 176,165 |   |   | 166,334 |   |
| Cost                of sales                                                                                                         |   |                                    | 110,163   |   |   | 105,872 |   |   | 98,877 |   |   | 87,430 |   |   | 93,735 |   |
| Lease                expense                                                                                                         |   |                                    | 149,649   |   |   | 143,344 |   |   | 151,937 |   |   | 159,869 |   |   | 165,020 |   |
| Depreciation,                net of (gains) losses on disposal                                                                       |   |                                    | 180,560   |   |   | 131,803 |   |   | 114,038 |   |   | 125,093 |   |   | 112,815 |   |
| Total                costs and expenses                                                                                              |   |                                    | 1,712,224 |   |   | 1,656,220 |   |   | 1,646,904 |   |   | 1,611,252 |   |   | 1,567,678 |   |
|                                                                                                                                 |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                from operations                                                                                              |   |                                    | 162,405   |   |   | 241,713 |   |   | 140,453 |   |   | 140,459 |   |   | 71,013 |   |
| Interest                income (expense)                                                                                             |   |                                    | (114,051  | ) |   | (14,383 | ) |   | 15,687 |   |   | 8,560 |   |   | (9,991 | ) |
| Fees                and amortization on early extinguishment of debt                                                                 |   |                                    | (302      | ) |   | - |   |   | - |   |   | - |   |   | - |   |
| Pretax                earnings                                                                                                       |   |                                    | 48,052    |   |   | 227,330 |   |   | 156,140 |   |   | 149,019 |   |   | 61,022 |   |
| Income                tax expense                                                                                                    |   |                                    | (17,948   | ) |   | (87,910 | ) |   | (59,160 | ) |   | (52,992 | ) |   | (21,211 | ) |
| Net                earnings                                                                                                          |   | $                                       | 30,104    |   | $ | 139,420 |   | $ | 96,980 |   | $ | 96,027 |   | $ | 39,811 |   |
| *Balance                Sheet Data:*                                                                                                 |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, net                                                                                    |   | $                                       | 1,231,932 |   | $ | 913,871 |   | $ | 796,361 |   | $ | 875,729 |   | $ | 736,499 |   |
| Total                assets                                                                                                          |   |                                    | 1,729,904 |   |   | 1,505,813 |   |   | 1,516,286 |   |   | 1,452,361 |   |   | 1,235,497 |   |
| Capital                leases                                                                                                        |   |                                    | -         |   |   | - |   |   | - |   |   | 99,607 |   |   | 14,793 |   |
| Notes                and loans payable                                                                                               |   |                                    | 406,458   |   |   | 212,133 |   |   | - |   |   | - |   |   | - |   |
| Stockholders'                equity (deficit) (a)                                                                                    |   |                                    | (336,705  | ) |   | (354,481 | ) |   | 701,198 |   |   | 601,514 |   |   | 499,380 |   |
|                                                                                                                                 |   |                                    |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Fiscal 2006 includes a non-cash dividend to AMERCO in the amount                of                $1,200,000,000. |   |                                    |      |   |   |   |   |   |   |

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**Item      7.** ***Management’s      Discussion and Analysis of Financial Condition and Results of      Operations***** **

**General**

**Overall      Strategy**

* *

----

**Description      of Operating Segments**

***Moving      and Storage Operating Segment***

***Property      and Casualty Insurance Operating Segment***

* *
* *
* *
* *

***Life      Insurance Operating Segment***

----

***SAC      Holding II Operating Segment***

**Critical      Accounting Policies and Estimates**

**Principles      of Consolidation**

----

**Recoverability      of Property, Plant and Equipment**

----

**Insurance      Reserves**

**Impairment      of Investments**

**Income      Taxes**

----

**Adoption      of New Accounting Pronouncements**

*Employers’      Accounting for Defined Benefit Pension and Other Post Retirement Plans - an      amendment of SFAS 87, 88, 106 and 132(R)*

*Considering      the Effects of Prior Year Misstatements in Current Year Financial      Statements*

----

**Recent      Accounting Pronouncements**

*Accounting      for Uncertainty in Income Taxes*

*Fair      Value Measurements*

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

----

**Results      of Operations**

***AMERCO      and Consolidated Entities***

***Fiscal      2007 Compared with Fiscal 2006***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2007**                                |      | **2006** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,476,579 |   | $ | 1,503,569 |   |
| Self-storage                revenues                                  |   |                                    | 126,424   |   |   | 119,742 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 224,722   |   |   | 223,721 |   |
| Property                management fees                               |   |                                    | 21,154    |   |   | 21,195 |   |
| Life                insurance premiums                                |   |                                    | 120,399   |   |   | 118,833 |   |
| Property                and casualty insurance premiums               |   |                                    | 24,335    |   |   | 26,001 |   |
| Net                investment and interest income                     |   |                                    | 61,093    |   |   | 53,094 |   |
| Other                revenue                                          |   |                                    | 30,891    |   |   | 40,471 |   |
| Consolidated                revenue                                   |   | $                                       | 2,085,597 |   | $ | 2,106,626 |   |
|                                                                  |   |                                    |      |   |   |   |   |

----

|                                           |   | **Year                Ended March 31,** |      |
|------------------------------------------------|--------|-----------------------------------------|-----------|
|                                           |   | **2007**                                |      | **2006** |   |
|                                           |   | (In                thousands)           |      |
| Moving                and storage              |   |                                    |      |   |   |
| Revenues                                       |   | $                                       | 1,875,860 |   | $ | 1,900,468 |   |
| Earnings                from operations        |   |                                    | 217,937   |   |   | 292,774 |   |
| Property                and casualty insurance |   |                                    |      |   |   |  |   |
| Revenues                                       |   |                                    | 38,486    |   |   | 37,358 |   |
| Earnings                from operations        |   |                                    | 5,741     |   |   | 1,144 |   |
| Life                insurance                  |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 148,820   |   |   | 148,080 |   |
| Earnings                from operations        |   |                                    | 14,521    |   |   | 13,933 |   |
| SAC                Holding II                  |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 46,603    |   |   | 46,239 |   |
| Earnings                from operations        |   |                                    | 13,854    |   |   | 13,643 |   |
| Eliminations                                   |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | (24,172   | ) |   | (25,519 | ) |
| Earnings                (loss) from operations |   |                                    | (16,505   | ) |   | (16,113 | ) |
| Consolidated                Results            |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 2,085,597 |   |   | 2,106,626 |   |
| Earnings                from operations        |   |                                    | 235,548   |   |   | 305,381 |   |

----

***Fiscal      2006 Compared with Fiscal 2005***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2006**                                |      | **2005** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,503,569 |   | $ | 1,437,895 |   |
| Self-storage                revenues                                  |   |                                    | 119,742   |   |   | 114,155 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 223,721   |   |   | 206,098 |   |
| Property                management fees                               |   |                                    | 21,195    |   |   | 11,839 |   |
| Life                insurance premiums                                |   |                                    | 118,833   |   |   | 126,236 |   |
| Property                and casualty insurance premiums               |   |                                    | 26,001    |   |   | 24,987 |   |
| Net                investment and interest income                     |   |                                    | 53,094    |   |   | 56,739 |   |
| Other                revenue                                          |   |                                    | 40,471    |   |   | 30,172 |   |
| Consolidated                revenue                                   |   | $                                       | 2,106,626 |   | $ | 2,008,121 |   |
|                                                                  |   |                                    |      |   |   |   |   |

----

|                                           |   | **Year                Ended March 31,** |      |
|------------------------------------------------|--------|-----------------------------------------|-----------|
|                                           |   | **2006**                                |      | **2005** |   |
|                                           |   | (In                thousands)           |      |
| Moving                and storage              |   |                                    |      |   |   |
| Revenues                                       |   | $                                       | 1,900,468 |   | $ | 1,791,667 |   |
| Earnings                from operations        |   |                                    | 292,774   |   |   | 165,985 |   |
| Property                and casualty insurance |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 37,358    |   |   | 41,417 |   |
| Earnings                (loss) from operations |   |                                    | 1,144     |   |   | (14,814 | ) |
| Life                insurance                  |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 148,080   |   |   | 159,484 |   |
| Earnings                from operations        |   |                                    | 13,933    |   |   | 2,065 |   |
| SAC                Holding II                  |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 46,239    |   |   | 43,172 |   |
| Earnings                from operations        |   |                                    | 13,643    |   |   | 10,466 |   |
| Eliminations                                   |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | (25,519   | ) |   | (27,619 | ) |
| Earnings                (loss) from operations |   |                                    | (16,113   | ) |   | 3,294 |   |
| Consolidated                Results            |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 2,106,626 |   |   | 2,008,121 |   |
| Earnings                from operations        |   |                                    | 305,381   |   |   | 166,996 |   |
|                                           |   |                                    |      |   |   |   |   |

----

----

***Moving      and Storage***

***Fiscal      2007 Compared with Fiscal 2006***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2007**                                |      | **2006** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,476,579 |   | $ | 1,503,569 |   |
| Self-storage                revenues                                  |   |                                    | 106,498   |   |   | 100,873 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 208,677   |   |   | 207,119 |   |
| Property                management fees                               |   |                                    | 23,951    |   |   | 23,988 |   |
| Net                investment and interest income                     |   |                                    | 34,161    |   |   | 30,025 |   |
| Other                revenue                                          |   |                                    | 25,994    |   |   | 34,894 |   |
| Moving                and Storage revenue                             |   | $                                       | 1,875,860 |   | $ | 1,900,468 |   |
|                                                                  |   |                                    |      |   |   |   |   |

|                                                      |   | **Year                Ended March 31,**              |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2007**                                             |   | **2006** |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of March 31                  |   |                                                 | 127    |   |   | 123 |   |
| Square                footage as of March 31              |   |                                                 | 10,062 |   |   | 9,592 |   |
| Average                number of rooms occupied           |   |                                                 | 108    |   |   | 107 |   |
| Average                occupancy rate based on room count |   |                                                 | 86.6   | % |   | 87.9 | % |
| Average                square footage occupied            |   |                                                 | 8,653  |   |   | 8,516 |   |

----

***Fiscal      2006 Compared with Fiscal 2005***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2006**                                |      | **2005** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,503,569 |   | $ | 1,437,895 |   |
| Self-storage                revenues                                  |   |                                    | 100,873   |   |   | 96,202 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 207,119   |   |   | 191,078 |   |
| Property                management fees                               |   |                                    | 23,988    |   |   | 14,434 |   |
| Net                investment and interest income                     |   |                                    | 30,025    |   |   | 29,902 |   |
| Other                revenue                                          |   |                                    | 34,894    |   |   | 22,156 |   |
| Moving                and Storage revenue                             |   | $                                       | 1,900,468 |   | $ | 1,791,667 |   |

|                                                      |   | **Year                Ended March 31,**              |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2006**                                             |   | **2005** |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of March 31                  |   |                                                 | 123    |   |   | 127 |   |
| Square                footage as of March 31              |   |                                                 | 9,592  |   |   | 10,003 |   |
| Average                number of rooms occupied           |   |                                                 | 107    |   |   | 108 |   |
| Average                occupancy rate based on room count |   |                                                 | 87.9   | % |   | 82.4 | % |
| Average                square footage occupied            |   |                                                 | 8,516  |   |   | 8,514 |   |

----

***U-Haul      International, Inc.***

***Fiscal      2007 Compared with Fiscal 2006***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2007**                                |      | **2006** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,476,579 |   | $ | 1,503,569 |   |
| Self-storage                revenues                                  |   |                                    | 104,725   |   |   | 99,060 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 208,677   |   |   | 207,119 |   |
| Property                management fees                               |   |                                    | 23,951    |   |   | 23,988 |   |
| Net                investment and interest income                     |   |                                    | 29,294    |   |   | 24,894 |   |
| Other                revenue                                          |   |                                    | 31,403    |   |   | 39,303 |   |
| U-Haul                International, Inc. revenue                     |   | $                                       | 1,874,629 |   | $ | 1,897,933 |   |

----

***Fiscal      2006 Compared with Fiscal 2005***

|                                                                  |   | **Year                Ended March 31,** |      |
|-----------------------------------------------------------------------|--------|-----------------------------------------|-----------|
|                                                                  |   | **2006**                                |      | **2005** |   |
|                                                                  |   | (In                thousands)           |      |
| Self-moving                equipment rentals                          |   | $                                       | 1,503,569 |   | $ | 1,437,895 |   |
| Self-storage                revenues                                  |   |                                    | 99,060    |   |   | 94,431 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 207,119   |   |   | 191,078 |   |
| Property                management fees                               |   |                                    | 23,988    |   |   | 14,434 |   |
| Net                investment and interest income                     |   |                                    | 24,894    |   |   | 22,030 |   |
| Other                revenue                                          |   |                                    | 39,303    |   |   | 27,489 |   |
| U-Haul                International, Inc. revenue                     |   | $                                       | 1,897,933 |   | $ | 1,787,357 |   |

----

***Republic      Western Insurance Company***

***2006      Compared with 2005***

***2005      Compared with 2004***

----

|                                                     |   | **Unpaid                Loss and Loss Adjustment Expenses** |    |
|----------------------------------------------------------|--------|-------------------------------------------------------------|---------|
|                                                     |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   | **December                31,**                             |    |
|                                                     |   | **1996**                                                    |    | **1997** |   | **1998** |   | **1999** |   | **2000** |   | **2001** |   | **2002** |   | **2003** |   | **2004** |   | **2005** |   | **2006** |   |
|                                                     |   | (In                thousands)                               |    |
| Unpaid                Loss and Loss Adjustment Expenses  |   | $                                                           | 332,674 |   | $ | 384,816 |   | $ | 344,748 |   | $ | 334,858 |   | $ | 382,651 |   | $ | 448,987 |   | $ | 399,447 |   | $ | 416,259 |   | $ | 380,875 |   | $ | 346,928 |   | $ | 288,783 |   |
| Paid                (Cumulative) as of:                  |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One                year later                            |   |                                                        | 89,336  |   |   | 103,752 |   |   | 82,936 |   |   | 117,025 |   |   | 130,471 |   |   | 130,070 |   |   | 100,851 |   |   | 73,384 |   |   | 44,677 |   |   | 40,116 |   |   | - |   |
| Two                years later                           |   |                                                        | 161,613 |   |   | 174,867 |   |   | 164,318 |   |   | 186,193 |   |   | 203,605 |   |   | 209,525 |   |   | 164,255 |   |   | 114,246 |   |   | 83,230 |   |   | - |   |   | - |   |
| Three                years later                         |   |                                                        | 208,168 |   |   | 216,966 |   |   | 218,819 |   |   | 232,883 |   |   | 255,996 |   |   | 266,483 |   |   | 201,346 |   |   | 151,840 |   |   | - |   |   | - |   |   | - |   |
| Four                years later                          |   |                                                        | 232,726 |   |   | 246,819 |   |   | 255,134 |   |   | 264,517 |   |   | 299,681 |   |   | 295,268 |   |   | 233,898 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Five                years later                          |   |                                                        | 250,312 |   |   | 269,425 |   |   | 274,819 |   |   | 295,997 |   |   | 320,629 |   |   | 322,191 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Six                years later                           |   |                                                        | 263,645 |   |   | 282,598 |   |   | 297,354 |   |   | 314,281 |   |   | 341,543 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Seven                years later                         |   |                                                        | 274,249 |   |   | 300,814 |   |   | 311,963 |   |   | 331,385 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Eight                years later                         |   |                                                        | 289,614 |   |   | 314,322 |   |   | 327,141 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Nine                years later                          |   |                                                        | 298,449 |   |   | 326,805 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Ten                years later                           |   |                                                        | 309,945 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                     |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reserved                Re-estimated as of:              |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One                year later                            |   |                                                        | 354,776 |   |   | 357,733 |   |   | 339,602 |   |   | 383,264 |   |   | 433,222 |   |   | 454,510 |   |   | 471,029 |   |   | 447,524 |   |   | 388,859 |   |   | 326,386 |   |   |   |   |
| Two                years later                           |   |                                                        | 342,164 |   |   | 361,306 |   |   | 371,431 |   |   | 432,714 |   |   | 454,926 |   |   | 523,624 |   |   | 480,713 |   |   | 456,171 |   |   | 368,756 |   |   | - |   |   |   |   |
| Three                years later                         |   |                                                        | 346,578 |   |   | 369,598 |   |   | 429,160 |   |   | 437,712 |   |   | 517,361 |   |   | 500,566 |   |   | 521,319 |   |   | 435,549 |   |   | - |   |   | - |   |   |   |   |
| Four                years later                          |   |                                                        | 349,810 |   |   | 398,899 |   |   | 413,476 |   |   | 480,200 |   |   | 543,554 |   |   | 571,045 |   |   | 502,922 |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Five                years later                          |   |                                                        | 376,142 |   |   | 398,184 |   |   | 443,696 |   |   | 524,548 |   |   | 558,765 |   |   | 569,104 |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Six                years later                           |   |                                                        | 369,320 |   |   | 428,031 |   |   | 477,975 |   |   | 520,675 |   |   | 559,873 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Seven                years later                         |   |                                                        | 396,197 |   |   | 450,728 |   |   | 485,228 |   |   | 527,187 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Eight                years later                         |   |                                                        | 423,928 |   |   | 461,082 |   |   | 496,484 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Nine                years later                          |   |                                                        | 418,177 |   |   | 469,869 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Ten                years later                           |   |                                                        | 417,435 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Cumulative                Redundancy (Deficiency)        |   | $                                                           | (84,761 | ) | $ | (85,053 | ) | $ | (151,736 | ) | $ | (192,329 | ) | $ | (177,222 | ) | $ | (120,117 | ) | $ | (103,475 | ) | $ | (19,290 | ) | $ | 12,119 |   | $ | 20,542 |   |   |   |   |
| Retro                Premium Recoverable                 |   |                                                        | 1,582   |   |   | 3,037 |   |   | (1,879 | ) |   | 6,797 |   |   | 5,613 |   |   | 21,756 |   |   | 7,036 |   |   | 374 |   |   | 2,233 |   |   | - |   |   |   |   |
| Re-estimated                Reserve: Amount (Cumulative) |   | $                                                           | (83,179 | ) | $ | (82,016 | ) | $ | (153,615 | ) | $ | (185,532 | ) | $ | (171,609 | ) | $ | (98,361 | ) | $ | (96,439 | ) | $ | (18,916 | ) | $ | 14,352 |   | $ | 20,542 |   |   |   |   |

----

|                                         |   | **Year                Ended December 31,** |    |
|----------------------------------------------|--------|--------------------------------------------|---------|
|                                         |   | **2006**                                   |    | **2005** |   | **2004** |   |
|                                         |   | (In                thousands)              |    |
| Balance                at January 1          |   | $                                          | 346,928 |   | $ | 380,875 |   | $ | 416,259 |   |
| Less:                reinsurance recoverable |   |                                       | 181,388 |   |   | 189,472 |   |   | 177,635 |   |
| Net                balance at January 1      |   |                                       | 165,540 |   |   | 191,403 |   |   | 238,624 |   |
| Incurred                related to:          |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                  |   |                                       | 6,006   |   |   | 6,429 |   |   | 17,960 |   |
| Prior                years                   |   |                                       | 15,895  |   |   | 16,161 |   |   | 21,773 |   |
| Total                incurred                |   |                                       | 21,901  |   |   | 22,590 |   |   | 39,733 |   |
| Paid                related to:              |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                  |   |                                       | 3,492   |   |   | 3,774 |   |   | 13,570 |   |
| Prior                years                   |   |                                       | 40,116  |   |   | 44,679 |   |   | 73,384 |   |
| Total                paid                    |   |                                       | 43,608  |   |   | 48,453 |   |   | 86,954 |   |
| Net                balance at December 31    |   |                                       | 143,833 |   |   | 165,540 |   |   | 191,403 |   |
| Plus:                reinsurance recoverable |   |                                       | 144,950 |   |   | 181,388 |   |   | 189,472 |   |
| Balance                at December 31        |   | $                                          | 288,783 |   | $ | 346,928 |   | $ | 380,875 |   |

----

***Oxford      Life Insurance Company***

***2006      Compared with 2005***

***2005      Compared with 2004***

----

***SAC      Holding II***

***Fiscal      2007 Compared with Fiscal 2006***

|                                                                  |   | **Year                Ended March 31,** |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                  |   | **2007**                                |   | **2006** |   |
|                                                                  |   | (In                thousands)           |   |
| Self-moving                equipment rentals                          |   | $                                       | 9,225  |   | $ | 9,498 |   |
| Self-storage                revenues                                  |   |                                    | 19,926 |   |   | 18,869 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 16,045 |   |   | 16,602 |   |
| Other                revenue                                          |   |                                    | 1,407  |   |   | 1,270 |   |
| Segment                revenue                                        |   | $                                       | 46,603 |   | $ | 46,239 |   |

***Fiscal      2006 Compared with Fiscal 2005***

|                                                                  |   | **Year                Ended March 31,** |   |
|-----------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                  |   | **2006**                                |   | **2005** |   |
|                                                                  |   | (In                thousands)           |   |
| Self-moving                equipment rentals                          |   | $                                       | 9,498  |   | $ | 9,008 |   |
| Self-storage                revenues                                  |   |                                    | 18,869 |   |   | 17,953 |   |
| Self-moving                and self-storage product and service sales |   |                                    | 16,602 |   |   | 15,020 |   |
| Other                revenue                                          |   |                                    | 1,270  |   |   | 1,191 |   |
| Segment                revenue                                        |   | $                                       | 46,239 |   | $ | 43,172 |   |

----

**Liquidity      and Capital Resources**

|                                        |   | Moving                & Storage |      | RepWest                (a) |   | Oxford                (a) |   | SAC                Holding II |    |
|---------------------------------------------|--------|-------------------------------------|-----------|----------------------------|--------|---------------------------|--------|-------------------------------|---------|
| Cash                & cash equivalents  |   | $                                   | 64,306    |                       | $      | 4,228                     |   | $                             | 6,738   |   | $ | - |   |
| Other                financial assets       |   |                                | 363,373   |                       |   | 396,337                   |   |                          | 633,526 |   |   | 5 |   |
| Debt                obligations (b)         |   |                                | 1,181,165 |                       |   | -                         |   |                          | -       |   |   | 74,887 |   |
|                                        |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |
| (a)                As of December 31, 2006  |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |
| (b)                Payable to third parties |   |                                |      |                       |   |                      |   |                          |    |   |   |   |   |

| Real                estate loan (revolving credit)     |   | $      | 200.0 |   |
|--------------------------------------------------------|--------|--------|-------|--------|
| Construction                loan (revolving credit)    |   |   | 40.0  |   |
| Working                capital loan (revolving credit) |   |   | 20.0  |   |
| Fleet                loan (revolving credit)           |   |   | 100.0 |   |
|                                                   |   | $      | 360.0 |   |

|                                                            |   | **Year                Ended March 31,** |     |
|-----------------------------------------------------------------|--------|-----------------------------------------|----------|
|                                                            |   | **2007**                                |     | **2006** |   | **2005** |   |
|                                                            |   | (In                thousands)           |     |
| Net                cash provided by operating activities        |   | $                                       | 350,721  |   | $ | 270,508 |   | $ | 220,697 |   |
| Net                cash provided (used) by investing activities |   |                                    | (517,619 | ) |   | (258,836 | ) |   | 36,176 |   |
| Net                cash provided (used) by financing activities |   |                                    | 87,685   |   |   | 88,018 |   |   | (282,497 | ) |
| Effects                of exchange rate on cash                 |   |                                    | (974     | ) |   | (186 | ) |   | 22 |   |
| Net                cash flow                                    |   |                                    | (80,187  | ) |   | 99,504 |   |   | (25,602 | ) |
| Cash                at the beginning of the period              |   |                                    | 155,459  |   |   | 55,955 |   |   | 81,557 |   |
| Cash                at the end of the period                    |   | $                                       | 75,272   |   | $ | 155,459 |   | $ | 55,955 |   |

----

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

***Moving      and Self-Storage***

***Property      and Casualty Insurance***

***Life      Insurance***

----

***SAC      Holding II***

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

***Moving      and Self-Storage***

***P***
***roperty**and      Casualty Insurance***

***Life      Insurance***

***SAC      Holding II***

----

**Liquidity      and Capital Resources - Summary**

**Disclosures      about Contractual Obligations and Commercial Commitments**

|                                                               |   |                          |      | **Payment                due by Period (as of March 31, 2007)** |   |
|--------------------------------------------------------------------|--------|-------------------------------|-----------|-----------------------------------------------------------------|--------|
| **Contractual                Obligations**                         |   | **Total**                     |      | **Prior                to****03/31/08**                         |   | **04/01/08****03/31/10** |   | **04/01/10****03/31/12** |   | **April                1, 2012****and                Thereafter** |   |
|                                                               |   | (In                thousands) |      |
| Notes                and loans payable - Principal                 |   | $                             | 1,181,165 |                                                            | $      | 92,335 |   | $ | 146,477 |   | $ | 118,175 |   | $ | 824,178 |   |
| Notes                and loans payable - Interest                  |   |                          | 473,513   |                                                            |   | 71,259 |   |   | 125,812 |   |   | 110,624 |   |   | 165,818 |   |
| Revolving                credit agreement - Principal              |   |                          | -         |                                                            |   | - |   |   | - |   |   | - |   |   | - |   |
| Revolving                credit agreement - Interest               |   |                          | -         |                                                            |   | - |   |   | - |   |   | - |   |   | - |   |
| AMERCO's                operating leases                           |   |                          | 413,199   |                                                            |   | 108,614 |   |   | 170,701 |   |   | 97,080 |   |   | 36,804 |   |
| SAC                Holding II Corporation notes and loans*         |   |                          | 149,975   |                                                            |   | 1,440 |   |   | 3,282 |   |   | 3,833 |   |   | 141,420 |   |
| Elimination                of SAC Holding II obligations to AMERCO |   |                          | (75,088   | )                                                               |   | - |   |   | - |   |   | - |   |   | (75,088 | ) |
| Total                contractual obligations                       |   | $                             | 2,142,764 |                                                            | $      | 273,648 |   | $ | 446,272 |   | $ | 329,712 |   | $ | 1,093,132 |   |

----

**Off      Balance Sheet Arrangements**

----

**Fiscal      2008 Outlook**

----

**Quarterly      Results (unaudited)**

|                                                                                        |   | **Quarter                Ended**                                   |       |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|
|                                                                                        |   | **March                31,****2007**                               |       |  **December                31,****2006                (a)** |   |  **September                30,****2006                (a), (b)** |   |  **June                30,****2006                (a)** |   |
|                                                                                        |   | (In                thousands, except for share and per share data) |       |
| Total                revenues                                                               |   | $                                                                  | 445,197    |   | $ | 466,838 |   | $ | 606,535 |   | $ | 567,027 |   |
| Earnings                (loss) from operations                                              |   |                                                               | (8,774     | ) |   | 8,146 |   |   | 126,133 |   |   | 110,043 |   |
| Net                earnings (loss)                                                          |   |                                                               | (15,660    | ) |   | (9,551 | ) |   | 60,418 |   |   | 55,346 |   |
| Earnings                (loss) available to common shareholders                             |   |                                                               | (18,900    | ) |   | (12,792 | ) |   | 57,177 |   |   | 52,105 |   |
| Weighted                average common shares outstanding:                basic and diluted |   |                                                               | 20,682,087 |   |   | 20,922,433 |   |   | 20,910,204 |   |   | 20,897,688 |   |
| Earnings                (loss) per common share Basic                and diluted            |   | $                                                                  | (0.89      | ) | $ | (0.61 | ) | $ | 2.73 |   | $ | 2.49 |   |

|                                                                                        |   | **Quarter                Ended**                                   |       |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|
|                                                                                        |   | **March                31,****2006**                               |       |  **December                31,****2005** |   |  **September                30,****2005** |   |  **June                30,****2005                (c)** |   |
|                                                                                        |   | (In                thousands, except for share and per share data) |       |
| Total                revenues                                                               |   | $                                                                  | 445,982    |   | $ | 495,670 |   | $ | 605,516 |   | $ | 559,458 |   |
| Earnings                from operations                                                     |   |                                                               | 19,164     |   |   | 45,419 |   |   | 128,238 |   |   | 112,560 |   |
| Net                earnings                                                                 |   |                                                               | 1,800      |   |   | 15,170 |   |   | 69,122 |   |   | 35,062 |   |
| Earnings                (loss) available to common shareholders                             |   |                                                               | (1,440     | ) |   | 11,929 |   |   | 65,881 |   |   | 31,821 |   |
| Weighted                average common shares outstanding:                basic and diluted |   |                                                               | 20,887,258 |   |   | 20,865,684 |   |   | 20,848,620 |   |   | 20,836,458 |   |
| Earnings                (loss) per common share Basic                and diluted            |   | $                                                                  | (0.07      | ) | $ | 0.57 |   | $ | 3.16 |   | $ | 1.53 |   |

----

**Item      7A. **
***Quantitative      and Qualitative Disclosures about Market Risk***

**Interest      Rate Risk**

|   | Notional                Amount                       |        |   |   | Effective                Date |   | Expiration                Date |       | Fixed                Rate |   | Floating                Rate |   |
|--------|------------------------------------------------------|-------------|--------|--------|-------------------------------|--------|--------------------------------|------------|---------------------------|--------|------------------------------|--------|
|   |                                                 |        |   |   |                          |   |                           |       |                      |   |                         |   |
|   | $                                                    | 118,218,369 |   |   | (a),                (c)       |   |                           | 5/10/2006  |                      |   | 4/10/2012                    |   |   | 5.06 | % |   | 1                Month LIBOR |   |
|   |                                                 | 132,498,584 |   |   | (a),                (c)       |   |                           | 10/10/2006 |                      |   | 10/10/2012                   |   |   | 5.57 | % |   | 1                Month LIBOR |   |
|   |                                                 | 43,312,431  |   |   | (a)                           |   |                           | 7/10/2006  |                      |   | 7/10/2013                    |   |   | 5.67 | % |   | 1                Month LIBOR |   |
|   |                                                 | 294,166,667 |   |   | (a)                           |   |                           | 8/18/2006  |                      |   | 8/10/2018                    |   |   | 5.43 | % |   | 1                Month LIBOR |   |
|   |                                                 | 29,500,000  |   |   | (a)                           |   |                           | 2/12/2007  |                      |   | 2/10/2014                    |   |   | 5.24 | % |   | 1                Month LIBOR |   |
|   |                                                 | 20,000,000  |   |   | (a)                           |   |                           | 3/12/2007  |                      |   | 3/10/2014                    |   |   | 4.99 | % |   | 1                Month LIBOR |   |
|   |                                                 | 20,000,000  |   |   | (a)                           |   |                           | 3/12/2007  |                      |   | 3/10/2014                    |   |   | 4.99 | % |   | 1                Month LIBOR |   |
|   |                                                 | 50,000,000  |   |   | (b)                           |   |                           | 5/17/2004  |                      |   | 5/17/2007                    |   |   | 3.00 | % |   | 3                Month LIBOR |   |
|   |                                                 |        |   |   |                          |   |                           |       |                      |   |                         |   |   |   |   |   |   |   |
|   | (a)                interest rate swap agreement      |        |   |   |                          |   |                           |       |                      |   |
|   | (b)                interest rate cap agreement  |        |   |   |                          |   |                           |       |                      |   |
|   | (c)                forward swap                 |        |   |   |                          |   |                           |       |                      |   |

**Foreign      Currency Exchange Rate Risk**

**Item      8.**
***Financial      Statements and Supplementary Data***

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

----

**Item      9A.** ***Controls      and Procedures***

**Evaluation      of Disclosure Controls and Procedures**

**Inherent      Limitations on Effectiveness of Controls **

**Changes      in Internal Control over Financial Reporting**

----

**Management      Report on Internal Control Over Financial Reporting **

**Item      9B.** ***Other      Information***

**Fleet      Securitization Transaction**

----

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

*Internal        Control - Integrated Framework*

----

** **
**PART      III**

**Item 10.** ***Directors,      Executive Officers and Corporate Governance***** **

**Item 11.**
***Executive      Compensation***
** **

**Item 12.** ***Security      Ownership of Certain Beneficial Owners and Management***** **

**Item      13.**
***Certain      Relationships and Related Transactions, and Director      Independence***
** **

**Item      14.**
***Principal      Accounting Fees and Services***

----

**PART      IV**

**Item      15.**
***Exhibits,      Financial Statement Schedules***

|   |                                                                                                                                                 | **Page                No.** |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|
| **1.** | **Financial                Statements:**                                                                                                             |                        |
|   | Report                of Independent Registered Public Accounting Firm                                                                               | F-1                         |
|   | Independent                Auditors' Report                                                                                                          | F-2                         |
|   | Consolidated                Balance Sheets - March 31, 2007 and 2006                                                                                 | F-3                         |
|   | Consolidated                Statements of Operations - Years Ended March 31, 2007, 2006, and                2005                                     | F-4                         |
|   | Consolidated                Statements of Changes in Stockholders' Equity - Years Ended March                31,                2007, 2006, and 2005 | F-5                         |
|   | Consolidated                Statements of Comprehensive Income (Loss) - Years Ended March 31,                2007,                2006 and 2005      | F-6                         |
|   | Consolidated                Statement of Cash Flows - Years Ended March 31, 2007, 2006 and                2005                                       | F-7                         |
|   | Notes                to Consolidated Financial Statements                                                                                            | F-8                - F-58   |
| **2.** | **Additional                Information:**                                                                                                           |                        |
|   | Notes                to Summary of Earnings of Independent Rental Fleets                                                                             | F-59                - F-60  |
| **3.** | **Financial                Statement Schedules required to be filed by Item 8 and Paragraph                (d) of                this Item 15:**     |                        |
|   | Condensed                Financial Information of AMERCO - Schedule 1                                                                                | F-61                - F-64  |
|   | Valuation                and Qualifying Accounts - Schedule II                                                                                       | F-65                        |
|   | Supplemental                Information (For Property-Casualty Insurance Underwriters) - Schedule                V                                   | F-66                        |

| **Exhibit                Number** |  **Description**                                                                                               |  **Page                or Method of Filing**                                                                                                                        |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  2.1                         |  Joint                Plan of Reorganization of AMERCO and AMERCO Real Estate                Company           |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
|  2.2                         |  Disclosure                Statement Concerning the Debtors’ Joint Plan of                Reorganization |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed October 20,                2003, file no. 1-11255                      |
|  2.3                         |  Amended                Joint Plan of Reorganization of AMERCO and AMERCO Real Estate                Company   |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2003, file no. 1-11255  |
|  3.1                         |  Restated                Articles of Incorporation of AMERCO                                                   |  Incorporated                by reference to AMERCO’s Registration Statement on form S-4 filed March                30, 2004, file no. 1-11255                |
|  3.2                         |  Restated                By-Laws of AMERCO                                                                     |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 1996, file no. 1-11255 |
|  3.3                         |  Restated                Articles of Incorporation of U-Haul International, Inc.                               |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255           |

----

|  3.4    |  Bylaws                of U-Haul International, Inc.                                                                                                                                                                                                                                                            |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2003, file no. 1-11255      |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  4.3    |  Indenture                dated as of March 15, 2004, among SAC Holding Corporation and SAC                Holding                II Corporation and Law Debenture Trust Company of New York                                                                                                                    |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed on March 26,                2004, file no. 1-11255                |
|  4.4    |  Rights                Agreement, dated as of August 7, 1998                                                                                                                                                                                                                                                    |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended June 30, 1998, file no. 1-11255 |
|  10.1*  |  AMERCO                Employee Savings, Profit Sharing and Employee Stock Ownership                Plan                                                                                                                                                                                                        |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1993, file no. 1-11255      |
|  10.1A* |  First                Amendment to the AMERCO Employee Savings, Profit Sharing and Employee                Stock Ownership Plan                                                                                                                                                                                 |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2000, file no. 1-11255      |
|  10.3   |  SAC                Participation and Subordination Agreement, dated as of March 15,                2004                among SAC Holding Corporation, SAC Holding II Corporation, AMERCO,                U-Haul                International, Inc., and Law Debenture Trust Company of New                York |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K filed on March 26,                2004, file no. 1-11255                |
|  10.5   |  U-Haul                Dealership Contract                                                                                                                                                                                                                                                                      |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year end March                31, 1993, file no. 1-11255        |
|  10.6   |  Share                Repurchase and Registration Rights Agreement with Paul F.                Shoen                                                                                                                                                                                                            |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1993, file no. 1-11255      |
|  10.7   |  ESOP                Loan Credit Agreement                                                                                                                                                                                                                                                                      |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1990, file no. 1-11255      |
|  10.8   |  ESOP                Loan Agreement                                                                                                                                                                                                                                                                             |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1990, file no. 1-11255      |
|  10.9   |  Trust                Agreement for the AMERCO Employee Savings, Profit Sharing and Employee                Stock Ownership Plan                                                                                                                                                                                |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1990, file no. 1-11255      |
|  10.10  |  Amended                Indemnification Agreement                                                                                                                                                                                                                                                               |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1990, file no. 1-11255      |
|  10.11  |  Indemnification                Trust Agreement                                                                                                                                                                                                                                                                 |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1990, file no. 1-11255      |
|  10.13  |  Management                Agreement between Four SAC Self-Storage Corporation and subsidiaries                of                AMERCO                                                                                                                                                                         |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1997, file no. 1-11255      |
|  10.17  |  Management                Agreement between Five SAC Self-Storage Corporation and subsidiaries                of                AMERCO                                                                                                                                                                         |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1999, file no. 1-11255      |

----

|  10.18 |  Management                Agreement between Eight SAC Self-Storage Corporation and subsidiaries                of                AMERCO   |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1999, file no. 1-11255                          |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.19 |  Management                Agreement between Nine SAC Self-Storage Corporation and subsidiaries                of                AMERCO    |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1999, file no. 1-11255                          |
|  10.20 |  Management                Agreement between Ten SAC Self-Storage Corporation and subsidiaries                of                AMERCO     |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 1999, file no. 1-11255                          |
|  10.21 |  Management                Agreement between Six-A SAC Self-Storage Corporation and subsidiaries                of                AMERCO   |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2000, file no. 1-11255                          |
|  10.22 |  Management                Agreement between Six-B SAC Self-Storage Corporation and subsidiaries                of                AMERCO   |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2000, file no. 1-11255                          |
|  10.23 |  Management                Agreement between Six-C SAC Self-Storage Corporation and subsidiaries                of                AMERCO   |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2000, file no. 1-11255                          |
|  10.24 |  Management                Agreement between Eleven SAC Self-Storage Corporation and subsidiaries                of                AMERCO  |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2000, file no. 1-11255                          |
|  10.25 |  Management                Agreement between Twelve SAC Self-Storage Corporation and subsidiaries                of                AMERCO  |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                                         |
|  10.26 |  Management                Agreement between Thirteen SAC Self-Storage Corporation and subsidiaries                of AMERCO               |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                                         |
|  10.27 |  Management                Agreement between Fourteen SAC Self-Storage Corporation and subsidiaries                of AMERCO               |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                                         |
|  10.28 |  Management                Agreement between Fifteen SAC Self-Storage Corporation and subsidiaries                of                AMERCO |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2000, file no. 1-11255                 |
|  10.29 |  Management                Agreement between Sixteen SAC Self-Storage Corporation and subsidiaries                of                AMERCO |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2000, file no. 1-11255                 |
|  10.30 |  Management                Agreement between Seventeen SAC Self-Storage Corporation and subsidiaries                of AMERCO              |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2001, file no. 1-11255                          |
|  10.31 |  Management                Agreement between Eighteen SAC Self-Storage Corporation and U-Haul                                              |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255                |
|  10.32 |  Management                Agreement between Nineteen SAC Self-Storage Limited Partnership and                U-Haul                       |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no.                1-11255 |

----

|  10.33  |  Management                Agreement between Twenty SAC Self-Storage Corporation and                U-Haul                                                                                                            |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.34  |  Management                Agreement between Twenty-One SAC Self-Storage Corporation and                U-Haul                                                                                                        |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.35  |  Management                Agreement between Twenty-Two SAC Self-Storage Corporation and                U-Haul                                                                                                        |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.36  |  Management                Agreement between Twenty-Three SAC Self-Storage Corporation and                U-Haul                                                                                                      |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.37  |  Management                Agreement between Twenty-Four SAC Self-Storage Limited Partnership                and                U-Haul                                                                                |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.38  |  Management                Agreement between Twenty-Five SAC Self-Storage Limited Partnership                and                U-Haul                                                                                |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.39  |  Management                Agreement between Twenty-Six SAC Self-Storage Limited Partnership                and                U-Haul                                                                                 |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.40  |  Management                Agreement between Twenty-Seven SAC Self-Storage Limited Partnership                and                U-Haul                                                                               |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.42  |  Promissory                Note between SAC Holding Corporation and Oxford Life Insurance                Company                                                                                                      |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended September 30, 2002, file no. 1-11255 |
|  10.42A |  Amendment                and Addendum to Promissory Note between SAC Holding Corporation and                Oxford                Life Insurance Company                                                             |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                373-114042                                          |
|  10.45  |  Fixed                Rate Note between SAC Holding Corporation and U-Haul International,                Inc.                                                                                                         |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                          |
|  10.46  |  Promissory                Note between SAC Holding Corporation and U-Haul International,                Inc.                                                                                                         |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                          |
|  10.47  |  Amended                and Restated Promissory Note between SAC Holding Corporation and                U-Haul                International, Inc. (in an aggregate principal amount up to                $21,000,000) |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                          |
|  10.48  |  Amended                and Restated Promissory Note between SAC Holding Corporation and                U-Haul                International, Inc. (in an aggregate principal amount up to                $47,500,000) |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                          |
|  10.49  |  Amended                and Restated Promissory Note between SAC Holding Corporation and                U-Haul                International, Inc. (in an aggregate principal amount up to                $76,000,000) |  Incorporated                by reference to AMERCO’s Form S-4 Registration Statement, no.                333-114042                                          |

----

|  10.50 |  Property                Management Agreement                                                                                                                                                                                                                                                                                                                                                                               |  Incorporated                by reference to AMERCO’s Annual Report on Form 10-K for the year ended                March 31, 2004, file no. 1-11255          |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.51 |  Property                Management Agreements among Three-A through Three-D SAC Self-Storage                Limited Partnership and the subsidiaries of U-Haul International,                Inc.                                                                                                                                                                                                                          |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended June 30, 2004, file no. 1-11255     |
|  10.52 |  U-Haul                Dealership Contract between U-Haul Leasing & Sales Co., and U-Haul                Moving Partners, Inc.                                                                                                                                                                                                                                                                                          |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended June 30, 2004, file no. 1-11255     |
|  10.53 |  Property                Management Agreement between Mercury Partners, LP, Mercury 99, LLC                and                U-Haul Self-Storage Management (WPC), Inc.                                                                                                                                                                                                                                                    |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended June 30, 2004, file no. 1-11255     |
|  10.54 |  Property                Management Agreement between Three-SAC Self-Storage Corporation and                U-Haul                Co. (Canada), Ltd.                                                                                                                                                                                                                                                                        |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended June 30, 2004, file no. 1-11255     |
|  10.56 |  Property                Management Agreement among subsidiaries of U-Haul International and                Galaxy                Storage Two, L.P.                                                                                                                                                                                                                                                                         |  Incorporated                by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                ended December 31, 2004, file no. 1-11255 |
|  10.58 |  Merrill                Lynch Commitment Letter (re first mortgage loan)                                                                                                                                                                                                                                                                                                                                                    |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed on May 13,                2005, file no. 1-11255                     |
|  10.59 |  Notice                of Early Termination (re Wells Fargo Loan and Security                Agreement)                                                                                                                                                                                                                                                                                                                     |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed on May 13,                2005, file no. 1-11255                     |
|  10.60 |  Notice                of Redemption (re 9% Senior Secured Notes due 2009)                                                                                                                                                                                                                                                                                                                                                  |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed on May 13,                2005, file no. 1-11255                     |
|  10.61 |  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                     |
|  10.62 |  Merrill                Lynch Commitment Letter (re loan to Amerco Real Estate                Company)                                                                                                                                                                                                                                                                                                                      |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed on May 13,                2005, file no. 1-11255                     |
|  10.63 |  Notice                of Redemption (re 12% Senior Subordinated Notes due 2011)                                                                                                                                                                                                                                                                                                                                            |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed on May 13,                2005, file no. 1-11255                     |
|  10.64 |  Refinance                Closing Docs                                                                                                                                                                                                                                                                                                                                                                                      |  Incorporated                by reference to AMERCO’s Current Report on                Form 8-K, filed June 14, 2005, file no. 1-11255                       |
|  10.65 |  Amended                and Restated Credit Agreement, dated June 8, 2005, among Amerco Real                Estate Company, Amerco Real Estate Company of Texas, Inc., Amerco                Real                Estate Company of Alabama Inc., U-Haul Co. of Florida, Inc., U-Haul                International, Inc. and Merrill Lynch Commercial Finance                Corp.                                           |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                       |
|  10.66 |  Security                Agreement dated June 8, 2005, by Amerco Real Estate Company, Amerco                Real                Estate Company of Texas, Inc., Amerco Real Estate Company of Alabama,                Inc., U-Haul Co. of Florida, Inc., U-Haul International, Inc. and                the                Marketing Grantors named therein in favor of Merrill Lynch Commercial                Finance Corp. |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                       |

----

|  10.67 |  Guarantee,                dated June 8, 2005, by U-Haul International, Inc. in favor of Merrill                Lynch Commercial Finance Corp.                                                                                                                                     |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.68 |  Promissory                Note, dated June 8, 2005 by Amerco Real Estate Company, Amerco Real                Estate                Company of Texas, Inc., Amerco Real Estate Company of Alabama, Inc.,                U-Haul Co. of Florida, Inc. and U-Haul International, Inc. |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|  10.69 |  Form                of Mortgage, Security Agreement, Assignment of Rents and Fixture                Filing,                dated June 8, 2005 in favor of Morgan Stanley Mortgage Capital                Inc.                                                                     |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|  10.70 |  Form                of Promissory Note, dated June 8, 2005, in favor of Morgan Stanley                Mortgage Capital Inc.                                                                                                                                                       |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|  10.71 |  Form                of Mortgage, Security Agreement, Assignment of Rents and Fixture                Filing,                dated June 8, 2005, in favor of Merrill Lynch Mortgage Lending,                Inc.                                                                    |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|  10.72 |  Form                of Promissory Note, dated June 8, 2005, in favor of Merrill Lynch                Mortgage                Lending, Inc.                                                                                                                                        |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed June 14, 2005,                file no. 1-11255                        |
|  10.75 |  Credit                Agreement, dated 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 Current Report on Form 8-K, filed July 6, 2005,                file no. 1-11255                         |
|  10.76 |  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 Current Report on Form 8-K, filed July 6, 2005,                file no. 1-11255                         |
|  10.77 |  Guarantee,                dated June 28, 2005, made by U-Haul International, Inc. in favor                of                Merrill Lynch Commercial Finance Corporation.                                                                                                         |  Incorporated                by reference to AMERCO’s Current Report on Form 8-K, filed July 6, 2005,                file no. 1-11255                         |
|  10.78 |  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 |
|  10.79 |  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                    |
|  10.80 |  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  |
|  10.81 |  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           |
|  10.82 |  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           |

----

|  10.83 |  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          |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.84 |  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          |
|  10.85 |  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          |
|  10.86 |  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          |
|  10.87 |  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          |
|  10.88 |  First                Amendment to Security Agreement (Aged Truck Revolving 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          |
|  10.89 |  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          |
|  10.90 |  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          |
|  10.91 |  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          |
|  10.92 |  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          |
|  10.93 |  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 |

----

|  10.94 |  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                          |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.95 |  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 |
|  10.96 |  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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  Filed                    herewith                                                                                                                                             |
|  10.97 |  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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  Filed                    herewith                                                                                                                                             |
|  10.98 |  2007-1                    BOX TRUCK BASE INDENTURE, dated as of June 1, 2007, among U-HAUL                    S FLEET,                    LLC, a special purpose limited liability company established                    under the                    laws of Nevada, 2007 TM-1, LLC, a special purpose limited liability                    company established under the laws of Nevada, 2007 DC-1, LLC,                    a special                    purpose limited liability company established under the laws                    of Nevada,                    and 2007 EL-1, LLC, a special purpose limited liability company                    established under the laws of Nevada, as co-issuers (each an“Issuer”                    and collectively, the “Issuers”),                    and U.S. BANK NATIONAL ASSOCIATION, a national banking association,                    as                    trustee (in such capacity, the “Trustee”). |  Filed                    herewith                                                                                                                                             |
|  10.99 |  SCHEDULE                    I TO 2007-1 BOX TRUCK BASE INDENTURE, dated as of June 1,                    2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  Filed                    herewith                                                                                                                                             |

----

|         10.100 |  SERIES                    2007-1 SUPPLEMENT, dated as of June 1, 2007 (this “Series                    Supplement”),                    among U-HAUL S FLEET, LLC, a special purpose limited liability                    company                    established under the laws of Nevada, 2007 TM-1, LLC, a special                    purpose                    limited liability company established under the laws of Nevada,                    2007 DC-1,                    LLC, a special purpose limited liability company established                    under the                    laws of Nevada, and 2007 EL-1, LLC, a special purpose limited                    liability                    company established under the laws of Nevada, as co-issuers (each                    an                    “Issuer”                    and collectively, the “Issuers”),                    and U.S. BANK NATIONAL ASSOCIATION, a national banking association,                    as                    trustee (in such capacity, and together with its successors in                    trust                    thereunder as provided in the 2007-1 Base Indenture referred                    to below, the                    “Trustee”)                    and as securities intermediary, to the 2007-1 Box Truck Base                    Indenture,                    dated as of the date hereof, among the Issuers and the Trustee                    (as                    amended, modified, restated or supplemented from time to time,                    exclusive                    of Series Supplements creating a new Series of Notes, the “2007-1                    Base Indenture”). |  Filed                    herewith |
|--------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|
|  10.101                                           |  CARGO                    VAN/PICK-UP TRUCK BASE INDENTURE, dated as of June 1, 2007, among                    U-HAUL S                    FLEET, LLC, a special purpose limited liability company established                    under                    the laws of Nevada, 2007 BE-1, LLC, a special purpose limited                    liability                    company established under the laws of Nevada, and 2007 BP-1,                    LLC, a                    special purpose limited liability company established under the                    laws of                    Nevada, as co-issuers (each an “Issuer”                    and collectively, the “Issuers”),                    and U.S. BANK NATIONAL ASSOCIATION, a national banking association,                    as                    trustee (in such capacity, the “Trustee”).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  Filed                    herewith |
|  10.102                                           |  SCHEDULE                    I TO CARGO VAN/PICK-UP TRUCK BASE INDENTURE, dated as of June                    1,                    2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Filed                    herewith |

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|  10.103 |  SERIES                    2007-1 SUPPLEMENT, dated as of June 1, 2007 (this “Series                    Supplement”),                    among U-HAUL S FLEET, LLC, a special purpose limited liability                    company                    established under the laws of Nevada, 2007 BE-1, LLC, a special                    purpose                    limited liability company established under the laws of Nevada,                    and 2007                    BP-1, LLC, a special purpose limited liability company established                    under                    the laws of Nevada, as co-issuers (each an “Issuer”                    and collectively, the “Issuers”),                    and U.S. BANK NATIONAL ASSOCIATION, a national banking association,                    as                    trustee (in such capacity, and together with its successors in                    trust                    thereunder as provided in the Base Indenture referred to below,                    the                    “Trustee”)                    and securities intermediary, to the Cargo Van/Pick-Up Truck Base                    Indenture, dated as of the date hereof, among the Issuers and                    the Trustee                    (as amended, modified, restated or supplemented from time to                    time,                    exclusive of Series Supplements creating a new Series of Notes,                    the                    “Base                    Indenture”). |  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 Seidman, LLP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  Filed                    herewith                                                                                                                    |
|  23.2   |  Consent                    of Semple, Marchal & Cooper (re: SAC Holding II)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |  Filed                      herewith                                                                                                                  |
|  24     |  Power                    of Attorney                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  See                    signature page                                                                                                                |
|  31.1   |  Rule                    13a-14(a)/15d-14(a) Certification of Edward J. Shoen, President                    and                    Chairman of the Board of AMERCO and U-Haul International,                    Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  Filed                    herewith                                                                                                                    |
|  31.2   |  Rule                    13a-14(a)/15d-14(a) Certification of Jason A. Berg, Chief Accounting                    Officer of AMERCO                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  Filed                    herewith                                                                                                                    |
|  31.3   |  Rule                    13a-14(a)/15d-14(a) Certification of Robert T. Peterson, Chief                    Financial                    Officer of U-Haul International, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  Filed                    herewith                                                                                                                    |
|  32.1   |  Certification                    of Edward J. Shoen, President and Chairman of the Board of AMERCO                    and                    U-Haul International, Inc. pursuant to Section 906 of the Sarbanes-Oxley                    Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  Furnished                    herewith                                                                                                                |
|  32.2   |  Certification                    of Jason A. Berg, Chief Accounting Officer of AMERCO pursuant                    to Section                    906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  Furnished                    herewith                                                                                                                |
|  32.3   |  Certification                    of Robert T. Peterson, Chief Financial Officer of U-Haul International,                    Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of                    2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  Furnished                    herewith                                                                                                                |

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**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Internal        Control - Integrated Framework *

----

**Independent      Auditors’ Report**

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**AMERCO      AND CONSOLIDATED ENTITIES**

**CONSOLIDATED      BALANCE SHEETS **

|                                                                                                                           |   | **March                31,**  |       |
|--------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|------------|
|                                                                                                                           |   | **2007**                      |       | **2006** |   |
|                                                                                                                           |   | (In                thousands) |       |
| **ASSETS**                                                                                                                     |   |                          |       |   |   |
| Cash                and cash equivalents                                                                                       |   | $                             | 75,272     |   | $ | 155,459 |   |
| Reinsurance                recoverables and trade receivables, net                                                             |   |                          | 184,617    |   |   | 230,179 |   |
| Notes                and mortgage receivables, net                                                                             |   |                          | 1,669      |   |   | 2,532 |   |
| Inventories,                net                                                                                                |   |                          | 67,023     |   |   | 64,919 |   |
| Prepaid                expenses                                                                                                |   |                          | 52,080     |   |   | 53,262 |   |
| Investments,                fixed maturities and marketable equities                                                           |   |                          | 681,801    |   |   | 695,958 |   |
| Investments,                other                                                                                              |   |                          | 178,699    |   |   | 209,361 |   |
| Deferred                policy acquisition costs, net                                                                          |   |                          | 44,514     |   |   | 47,821 |   |
| Other                assets                                                                                                    |   |                          | 95,123     |   |   | 102,094 |   |
| Related                party assets                                                                                            |   |                          | 245,179    |   |   | 270,468 |   |
|                                                                                                                           |   |                          | 1,625,977  |   |   | 1,832,053 |   |
| Property,                plant and equipment, at cost:                                                                         |   |                          |       |   |   |   |   |
| Land                                                                                                                           |   |                          | 202,917    |   |   | 175,785 |   |
| Buildings                and improvements                                                                                      |   |                          | 802,289    |   |   | 739,603 |   |
| Furniture                and equipment                                                                                         |   |                          | 301,751    |   |   | 281,371 |   |
| Rental                trailers and other rental equipment                                                                      |   |                          | 200,208    |   |   | 201,273 |   |
| Rental                trucks                                                                                                   |   |                          | 1,604,123  |   |   | 1,331,891 |   |
| SAC                Holding II - property, plant and equipment                                                                  |   |                          | 80,349     |   |   | 79,217 |   |
|                                                                                                                           |   |                          | 3,191,637  |   |   | 2,809,140 |   |
| Less:                Accumulated depreciation                                                                                  |   |                          | (1,294,566 | ) |   | (1,273,975 | ) |
| Total                property, plant and equipment                                                                             |   |                          | 1,897,071  |   |   | 1,535,165 |   |
| Total                assets                                                                                                    |   | $                             | 3,523,048  |   | $ | 3,367,218 |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**                                                                        |   |                          |       |   |   |   |   |
| Liabilities:                                                                                                                   |   |                          |       |   |   |   |   |
| Accounts                payable and accrued expenses                                                                           |   | $                             | 251,197    |   | $ | 235,878 |   |
| AMERCO's                notes and loans payable                                                                                |   |                          | 1,181,165  |   |   | 965,634 |   |
| SAC                Holding II notes and loans payable, non-recourse to AMERCO                                                  |   |                          | 74,887     |   |   | 76,232 |   |
| Policy                benefits and losses, claims and loss expenses payable                                                    |   |                          | 768,751    |   |   | 800,413 |   |
| Liabilities                from investment contracts                                                                           |   |                          | 386,640    |   |   | 449,149 |   |
| Other                policyholders' funds and liabilities                                                                      |   |                          | 10,563     |   |   | 7,705 |   |
| Deferred                income                                                                                                 |   |                          | 16,478     |   |   | 21,346 |   |
| Deferred                income taxes                                                                                           |   |                          | 113,170    |   |   | 108,092 |   |
| Related                party liabilities                                                                                       |   |                          | 2,099      |   |   | 7,165 |   |
| Total                liabilities                                                                                               |   |                          | 2,804,950  |   |   | 2,671,614 |   |
| Commitments                and contingencies (notes 9, 15,16,17 and 19)                                                        |   |                          |       |   |   |   |   |
| Stockholders'                equity:                                                                                           |   |                          |       |   |   |   |   |
| Series                preferred stock, with or without par value, 50,000,000 shares                authorized:                 |   |                          |       |   |   |   |   |
| Series                A preferred stock, with no par value, 6,100,000 shares                authorized;                        |   |                          |       |   |   |   |   |
| 6,100,000                shares issued and outstanding as of March 31, 2007 and                2006                            |   |                          | -          |   |   | - |   |
| Series                B preferred stock, with no par value, 100,000 shares authorized;                none                     |   |                          |       |   |   |   |   |
| issued                and outstanding as of March 31, 2007 and 2006                                                            |   |                          | -          |   |   | - |   |
| 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, 2007 and 3,716,181 shares issued as of March                31,                2006 |   |                          | -          |   |   | 929 |   |
| Common                stock of $0.25 par value, 150,000,000 shares authorized;                41,985,700                       |   |                          |       |   |   |   |   |
| issued                as of March 31, 2007 and 38,269,519 issued as of March 31,                2006                           |   |                          | 10,497     |   |   | 9,568 |   |
| Additional                paid-in capital                                                                                      |   |                          | 375,412    |   |   | 367,655 |   |
| Accumulated                other comprehensive loss                                                                            |   |                          | (41,779    | ) |   | (28,902 | ) |
| Retained                earnings                                                                                               |   |                          | 849,300    |   |   | 773,784 |   |
| Cost                of common shares in treasury, net (21,440,387 and 20,701,096 shares                as                of    |   |                          |       |   |   |   |   |
| March                31, 2007 and 2006)                                                                                        |   |                          | (467,198   | ) |   | (418,092 | ) |
| Unearned                employee stock ownership plan shares                                                                   |   |                          | (8,134     | ) |   | (9,338 | ) |
| Total                stockholders' equity                                                                                      |   |                          | 718,098    |   |   | 695,604 |   |
| Total                liabilities and stockholders' equity                                                                      |   | $                             | 3,523,048  |   | $ | 3,367,218 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

**CONSOLIDATED      STATEMENTS OF OPERATIONS **

|                                                                                        |   | **Years                Ended March 31,**                       |       |
|---------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|------------|
|                                                                                        |   | **2007**                                                       |       | **2006** |   | **2005** |   |
|                                                                                        |   | (In                thousands, except share and per share data) |       |
| Revenues:                                                                                   |   |                                                           |       |   |   |   |   |
| Self-moving                equipment rentals                                                |   | $                                                              | 1,476,579  |   | $ | 1,503,569 |   | $ | 1,437,895 |   |
| Self-storage                revenues                                                        |   |                                                           | 126,424    |   |   | 119,742 |   |   | 114,155 |   |
| Self-moving                and self-storage products and service sales                      |   |                                                           | 224,722    |   |   | 223,721 |   |   | 206,098 |   |
| Property                management fees                                                     |   |                                                           | 21,154     |   |   | 21,195 |   |   | 11,839 |   |
| Life                insurance premiums                                                      |   |                                                           | 120,399    |   |   | 118,833 |   |   | 126,236 |   |
| Property                and casualty insurance premiums                                     |   |                                                           | 24,335     |   |   | 26,001 |   |   | 24,987 |   |
| Net                investment and interest income                                           |   |                                                           | 61,093     |   |   | 53,094 |   |   | 56,739 |   |
| Other                revenue                                                                |   |                                                           | 30,891     |   |   | 40,471 |   |   | 30,172 |   |
| Total                revenues                                                               |   |                                                           | 2,085,597  |   |   | 2,106,626 |   |   | 2,008,121 |   |
| Costs                and expenses:                                                          |   |                                                           |       |   |   |   |   |   |   |   |
| Operating                expenses                                                           |   |                                                           | 1,080,897  |   |   | 1,080,990 |   |   | 1,122,197 |   |
| Commission                expenses                                                          |   |                                                           | 177,008    |   |   | 180,101 |   |   | 172,307 |   |
| Cost                of sales                                                                |   |                                                           | 117,648    |   |   | 113,135 |   |   | 105,309 |   |
| Benefits                and losses                                                          |   |                                                           | 118,725    |   |   | 117,160 |   |   | 140,343 |   |
| Amortization                of deferred policy acquisition costs                            |   |                                                           | 17,138     |   |   | 24,261 |   |   | 28,512 |   |
| Lease                expense                                                                |   |                                                           | 149,044    |   |   | 142,781 |   |   | 151,354 |   |
| Depreciation,                net of (gains) losses on disposals                             |   |                                                           | 189,589    |   |   | 142,817 |   |   | 121,103 |   |
| Total                costs and expenses                                                     |   |                                                           | 1,850,049  |   |   | 1,801,245 |   |   | 1,841,125 |   |
| Earnings                from operations                                                     |   |                                                           | 235,548    |   |   | 305,381 |   |   | 166,996 |   |
| Interest                expense                                                             |   |                                                           | (82,756    | ) |   | (69,481 | ) |   | (73,205 | ) |
| Fees                and amortization on early extinguishment of debt                        |   |                                                           | (6,969     | ) |   | (35,627 | ) |   | - |   |
| Litigation                settlement, net of costs, fees and expenses                       |   |                                                           | -          |   |   | - |   |   | 51,341 |   |
| Pretax                earnings                                                              |   |                                                           | 145,823    |   |   | 200,273 |   |   | 145,132 |   |
| Income                tax expense                                                           |   |                                                           | (55,270    | ) |   | (79,119 | ) |   | (55,708 | ) |
| Net                earnings                                                                 |   |                                                           | 90,553     |   |   | 121,154 |   |   | 89,424 |   |
| Less:                Preferred stock dividends                                              |   |                                                           | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                available to common shareholders                                    |   | $                                                              | 77,590     |   | $ | 108,191 |   | $ | 76,461 |   |
| Basic                and diluted earnings per common share                                  |   | $                                                              | 3.72       |   | $ | 5.19 |   | $ | 3.68 |   |
| Weighted                average common shares outstanding: Basic                and diluted |   |                                                           | 20,838,570 |   |   | 20,857,108 |   |   | 20,804,773 |   |

----

**AMERCO      AND CONSOLIDATED****ENTITIES**

**CONSOLIDATED      STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY **

| **Description**                                                                                                    |   | **Series                A Common Stock, $0.25 Par Value** |   | **Common                Stock, $0.25 Par Value** |   | **Additional                Paid-In Capital** |   | **Accumulated                Other Comprehensive****Income                (Loss)** |    | **Retained                Earnings** |   | **Less:                Treasury Stock** |   | **Less:                Unearned Employee Stock Ownership Plan Shares** |    | **Total                Stockholders' Equity** |   |
|--------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------------------------------------------------|--------|-----------------------------------------------|--------|------------------------------------------------------------------------------------|---------|--------------------------------------|--------|-----------------------------------------|--------|------------------------------------------------------------------------|---------|-----------------------------------------------|--------|
|                                                                                                               |   | (In                thousands)                             |   |
| **Balance                as of March 31, 2004**                                                                    |   | $                                                         | 1,416  |                                             | $      | 9,081                                         |   | $                                                                                  | 349,732 |                                 | $      | (15,397                                 | )      | $                                                                      | 589,132 |                                          | $      | (418,092 | ) | $ | (12,026 | ) | $ | 503,846 |   |
| Increase                in market value of released ESOP shares and release of unearned ESOP                shares |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 612     |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | 1,135 |   |   | 1,747 |   |
| Foreign                currency translation                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | 1,569                                   |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | 1,569 |   |
| Unrealized                loss on investments                                                                      |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (10,831                                 | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (10,831 | ) |
| Fair                market value of cash flow hedge                                                                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | 47                                      |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | 47 |   |
| Net                earnings                                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | 89,424  |                                          |   | - |   |   | - |   |   | 89,424 |   |
| Preferred                stock dividends: Series A ($2.13 per share for fiscal                2005)                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | (12,963 | )                                             |   | - |   |   | - |   |   | (12,963 | ) |
| Exchange                of shares                                                                                  |   |                                                      | (487   | )                                                |   | 487                                           |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | - |   |
| Net                activity                                                                                        |   |                                                      | (487   | )                                                |   | 487                                           |   |                                                                               | 612     |                                 |   | (9,215                                  | )      |                                                                   | 76,461  |                                          |   | - |   |   | 1,135 |   |   | 68,993 |   |
| **Balance                as of March 31, 2005**                                                                    |   | $                                                         | 929    |                                             | $      | 9,568                                         |   | $                                                                                  | 350,344 |                                 | $      | (24,612                                 | )      | $                                                                      | 665,593 |                                          | $      | (418,092 | ) | $ | (10,891 | ) | $ | 572,839 |   |
| Increase                in market value of released ESOP shares and release of unearned ESOP                shares |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 2,955   |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | 1,553 |   |   | 4,508 |   |
| Foreign                currency translation                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (903                                    | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (903 | ) |
| Unrealized                loss on investments                                                                      |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (7,968                                  | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (7,968 | ) |
| Fair                market value of cash flow hedge                                                                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | 4,581                                   |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | 4,581 |   |
| Net                earnings                                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | 121,154 |                                          |   | - |   |   | - |   |   | 121,154 |   |
| Preferred                stock dividends: Series A ($2.13 per share for fiscal                2006)                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | (12,963 | )                                             |   | - |   |   | - |   |   | (12,963 | ) |
| Contribution                from related party                                                                     |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 14,356  |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | 14,356 |   |
| Net                activity                                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 17,311  |                                 |   | (4,290                                  | )      |                                                                   | 108,191 |                                          |   | - |   |   | 1,553 |   |   | 122,765 |   |
| **Balance                as of March 31, 2006**                                                                    |   | $                                                         | 929    |                                             | $      | 9,568                                         |   | $                                                                                  | 367,655 |                                 | $      | (28,902                                 | )      | $                                                                      | 773,784 |                                          | $      | (418,092 | ) | $ | (9,338 | ) | $ | 695,604 |   |
| Adoption                of SAB 108                                                                                 |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | (1,926  | )                                             |   | - |   |   | - |   |   | (1,926 | ) |
| Adjustment                to initially apply FASB Statement No. 158                                                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (153                                    | )      |                                                                   | (148    | )                                             |   | - |   |   | - |   |   | (301 | ) |
| Increase                in market value of released ESOP shares and release of unearned ESOP                shares |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 3,265   |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | 1,204 |   |   | 4,469 |   |
| Foreign                currency translation                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (1,919                                  | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (1,919 | ) |
| Unrealized                loss on investments                                                                      |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (1,072                                  | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (1,072 | ) |
| Fair                market value of cash flow hedge                                                                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | (9,733                                  | )      |                                                                   | -       |                                          |   | - |   |   | - |   |   | (9,733 | ) |
| Net                earnings                                                                                        |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | 90,553  |                                          |   | - |   |   | - |   |   | 90,553 |   |
| Preferred                stock dividends: Series A ($2.13 per share for fiscal                2007)                |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | (12,963 | )                                             |   | - |   |   | - |   |   | (12,963 | ) |
| Exchange                of shares                                                                                  |   |                                                      | (929   | )                                                |   | 929                                           |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | - |   |
| Treasury                stock                                                                                      |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | -       |                                 |   | -                                       |   |                                                                   | -       |                                          |   | (49,106 | ) |   | - |   |   | (49,106 | ) |
| Contribution                from related party                                                                     |   |                                                      | -      |                                             |   | -                                             |   |                                                                               | 4,492   |                                 |   | -                                       |   |                                                                   | -       |                                          |   | - |   |   | - |   |   | 4,492 |   |
| Net                activity                                                                                        |   |                                                      | (929   | )                                                |   | 929                                           |   |                                                                               | 7,757   |                                 |   | (12,877                                 | )      |                                                                   | 75,516  |                                          |   | (49,106 | ) |   | 1,204 |   |   | 22,494 |   |
| **Balance                as of March 31, 2007**                                                                    |   | $                                                         | -      |                                             | $      | 10,497                                        |   | $                                                                                  | 375,412 |                                 | $      | (41,779                                 | )      | $                                                                      | 849,300 |                                          | $      | (467,198 | ) | $ | (8,134 | ) | $ | 718,098 |   |

----

** ******AMERCO      AND CONSOLIDATED****ENTITIES****

**CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

|                                                         |   | **Years                Ended March 31,** |   |
|--------------------------------------------------------------|--------|------------------------------------------|--------|
|                                                         |   | **2007**                                 |   | **2006** |   | **2005** |   |
|                                                         |   | (In                thousands)            |   |
| Comprehensive                income (loss):                  |   |                                     |   |   |   |   |   |
| Net                earnings                                  |   | $                                        | 90,553 |   | $ | 121,154 |   | $ | 89,424 |   |
| Other                comprehensive income (loss) net of tax: |   |                                     |   |   |   |   |   |   |   |   |
| Foreign                currency translation                  |   |                                     | (1,919 | ) |   | (903 | ) |   | 1,569 |   |
| Unrealized                gain (loss) on investments, net    |   |                                     | (1,072 | ) |   | (7,968 | ) |   | (10,831 | ) |
| Fair                market value of cash flow hedges         |   |                                     | (9,733 | ) |   | 4,581 |   |   | 47 |   |
| Total                comprehensive income                    |   | $                                        | 77,829 |   | $ | 116,864 |   | $ | 80,209 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS **

|                                                                         |   | **Years                Ended March 31,** |     |
|------------------------------------------------------------------------------|--------|------------------------------------------|----------|
|                                                                         |   | **2007**                                 |     | **2006** |   | **2005** |   |
|                                                                         |   | (In                thousands)            |     |
| Cash                flows from operating activities:                         |   |                                     |     |   |   |   |   |
| Net                earnings                                                  |   | $                                        | 90,553   |   | $ | 121,154 |   | $ | 89,424 |   |
| Depreciation                                                                 |   |                                     | 186,106  |   |   | 133,572 |   |   | 118,091 |   |
| Amortization                of deferred policy acquisition costs             |   |                                     | 17,138   |   |   | 24,261 |   |   | 28,512 |   |
| Change                in provision for losses on trade receivables           |   |                                     | 49       |   |   | (183 | ) |   | (506 | ) |
| Change                in provision for losses on mortgage notes              |   |                                     | (40      | ) |   | (2,230 | ) |   | - |   |
| Provision                (reduction) for inventory reserves                  |   |                                     | 2,679    |   |   | 2,458 |   |   | (1,000 | ) |
| Net                loss on sale of real and personal property                |   |                                     | 3,483    |   |   | 9,245 |   |   | 3,012 |   |
| Net                loss on sale of investments                               |   |                                     | 622      |   |   | 2,408 |   |   | 616 |   |
| Write-off                of unamortized debt issuance costs                  |   |                                     | 6,969    |   |   | 13,629 |   |   | - |   |
| Deferred                income taxes                                         |   |                                     | 6,972    |   |   | 28,429 |   |   | 61,113 |   |
| Net                change in other operating assets and liabilities:         |   |                                     |     |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables                |   |                                     | 48,907   |   |   | 10,661 |   |   | 32,189 |   |
| Inventories                                                                  |   |                                     | (4,761   | ) |   | (3,596 | ) |   | (9,856 | ) |
| Prepaid                expenses                                              |   |                                     | (8,205   | ) |   | (28,809 | ) |   | (6,702 | ) |
| Capitalization                of deferred policy acquisition costs           |   |                                     | (8,168   | ) |   | (12,110 | ) |   | (8,873 | ) |
| Other                assets                                                  |   |                                     | 2,929    |   |   | (1,457 | ) |   | (23,887 | ) |
| Related                party assets                                          |   |                                     | 8,616    |   |   | (8,090 | ) |   | 74,780 |   |
| Accounts                payable and accrued expenses                         |   |                                     | 22,658   |   |   | 36,596 |   |   | (96,022 | ) |
| Policy                benefits and losses, claims and loss expenses payable  |   |                                     | (40,169  | ) |   | (4,918 | ) |   | (15,618 | ) |
| Other                policyholders' funds and liabilities                    |   |                                     | 2,709    |   |   | (3,908 | ) |   | 7,910 |   |
| Deferred                income                                               |   |                                     | 1,266    |   |   | (2,588 | ) |   | (14,407 | ) |
| Related                party liabilities                                     |   |                                     | 10,408   |   |   | (44,016 | ) |   | (18,079 | ) |
| Net                cash provided by operating activities                     |   |                                     | 350,721  |   |   | 270,508 |   |   | 220,697 |   |
|                                                                         |   |                                     |     |   |   |   |   |   |   |   |
| Cash                flow from investment activities:                         |   |                                     |     |   |   |   |   |   |   |   |
| Purchase                of:                                                  |   |                                     |     |   |   |   |   |   |   |   |
| Property,                plant and equipment                                 |   |                                     | (648,344 | ) |   | (344,382 | ) |   | (284,966 | ) |
| Short                term investments                                        |   |                                     | (249,392 | ) |   | (534,106 | ) |   | (16,830 | ) |
| Fixed                maturity investments                                    |   |                                     | (109,672 | ) |   | (260,138 | ) |   | (98,211 | ) |
| Equity                securities                                             |   |                                     | -        |   |   | - |   |   | (6,349 | ) |
| Real                estate                                                   |   |                                     | -        |   |   | - |   |   | (63 | ) |
| Mortgage                loans                                                |   |                                     | (10,725  | ) |   | (8,868 | ) |   | (2,750 | ) |
| Proceeds                from sales of:                                       |   |                                     |     |   |   |   |   |   |   |   |
| Property,                plant and equipment                                 |   |                                     | 89,672   |   |   | 59,960 |   |   | 243,707 |   |
| Short                term investments                                        |   |                                     | 276,690  |   |   | 600,850 |   |   | 10,866 |   |
| Fixed                maturity investments                                    |   |                                     | 116,858  |   |   | 159,616 |   |   | 152,024 |   |
| Equity                securities                                             |   |                                     | -        |   |   | 6,769 |   |   | 56 |   |
| Cash                received in excess of purchase of company acquired       |   |                                     | 1,235    |   |   | - |   |   | - |   |
| Preferred                stock                                               |   |                                     | 1,225    |   |   | 11,650 |   |   | 15,803 |   |
| Real                estate                                                   |   |                                     | 6,870    |   |   | 36,388 |   |   | 16,185 |   |
| Mortgage                loans                                                |   |                                     | 7,062    |   |   | 11,762 |   |   | 5,368 |   |
| Payments                from notes and mortgage receivables                  |   |                                     | 902      |   |   | 1,663 |   |   | 1,336 |   |
| Net                cash provided (used) by investing activities              |   |                                     | (517,619 | ) |   | (258,836 | ) |   | 36,176 |   |
|                                                                         |   |                                     |     |   |   |   |   |   |   |   |
| Cash                flow from financing activities:                          |   |                                     |     |   |   |   |   |   |   |   |
| Borrowings                from credit facilities                             |   |                                     | 410,189  |   |   | 1,277,047 |   |   | 129,355 |   |
| Principal                repayments on credit facilties                      |   |                                     | (196,072 | ) |   | (1,093,342 | ) |   | (213,405 | ) |
| Debt                issuance costs                                           |   |                                     | (3,058   | ) |   | (29,588 | ) |   | - |   |
| Leveraged                Employee Stock Ownership Plan - Repayment from loan |   |                                     | 1,204    |   |   | 1,553 |   |   | 1,135 |   |
| Payoff                of capital leases                                      |   |                                     | -        |   |   | - |   |   | (99,609 | ) |
| Treasury                stock repurchases                                    |   |                                     | (49,106  | ) |   | - |   |   | - |   |
| Preferred                stock dividends paid                                |   |                                     | (12,963  | ) |   | (12,963 | ) |   | (29,167 | ) |
| Investment                contract deposits                                  |   |                                     | 16,695   |   |   | 20,322 |   |   | 26,331 |   |
| Investment                contract withdrawals                               |   |                                     | (79,204  | ) |   | (75,011 | ) |   | (97,137 | ) |
| Net                cash provided (used) by financing activities              |   |                                     | 87,685   |   |   | 88,018 |   |   | (282,497 | ) |
|                                                                         |   |                                     |     |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                              |   |                                     | (974     | ) |   | (186 | ) |   | 22 |   |
|                                                                         |   |                                     |     |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents              |   |                                     | (80,187  | ) |   | 99,504 |   |   | (25,602 | ) |
| Cash                and cash equivalents at the beginning of period          |   |                                     | 155,459  |   |   | 55,955 |   |   | 81,557 |   |
| Cash                and cash equivalents at the end of period                |   | $                                        | 75,272   |   | $ | 155,459 |   | $ | 55,955 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS **

**Note      1: Basis of Presentation**

**Note      2: Principles of Consolidation**

----

**AMERCO      AND CONSOLIDATED **
**ENTITIES      **

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

***Description      of Legal Entities***

***Description      of Operating Segments***

**Note      3: Accounting Policies**

***Use      of Estimates***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Cash      and Cash Equivalents***

***Investments***

*Fixed      Maturities. *

*Mortgage      Loans and Notes on Real Estate.*

*Recognition      of Investment Income.*

***Fair      Values***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Derivative      Financial Instruments***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Inventories,      net***

|                                                                                                                           |   | **March                31,**  |   |
|--------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|
|                                                                                                                           |   | **2007**                      |   | **2006** |   |
|                                                                                                                           |   | (In                thousands) |   |
| Truck                and trailer parts and accessories (a)                                                                     |   | $                             | 56,113 |   | $ | 52,089 |   |
| Hitches                and towing components (b)                                                                               |   |                          | 14,169 |   |   | 13,766 |   |
| Moving                supplies and propane (b)                                                                                 |   |                          | 6,613  |   |   | 6,257 |   |
| Subtotal                                                                                                                       |   |                          | 76,895 |   |   | 72,112 |   |
| Less:                LIFO reserves                                                                                             |   |                          | (8,372 | ) |   | (5,693 | ) |
| Less:                excess and obsolete reserves                                                                              |   |                          | (1,500 | ) |   | (1,500 | ) |
| Total                                                                                                                          |   | $                             | 67,023 |   | $ | 64,919 |   |
|                                                                                                                           |   |                          |   |   |   |   |   |
| (a)                Primary held for internal usage, including equipment manufacturing                and                repair |   |                          |   |
| (b)                Primary held for retail sales                                                                               |   |                          |   |   |   |   |   |

***Property,      Plant and Equipment***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Receivables***

***Policy      Benefits and Losses, Claims and Loss Expenses Payable***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Self-Insurance      Reserves***

***Revenue      Recognition***

***Advertising***

***Deferred      Policy Acquisition Costs***

***Environmental      Costs***

***Income      Taxes***

***Comprehensive      Income (Loss)***

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Adoption      of New Accounting Pronouncements***

*Employers’      Accounting for Defined Benefit Pension and Other Post Retirement Plans - an      amendment of SFAS 87, 88, 106 and 132(R)*

*Considering      the Effects of Prior Year Misstatements in Current Year Financial      Statements*

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Recent      Accounting Pronouncements***

*Accounting      for Uncertainty in Income Taxes*

*Fair      Value Measurements*

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

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      4: Earnings **
**Per      Share**

|                                                       |   | **Year                Ended March 31,** |       |
|------------------------------------------------------------|--------|-----------------------------------------|------------|
|                                                       |   | **2007**                                |       | **2006** |   | **2005** |   |
| Basic                and diluted earnings per common share |   | $                                       | 3.72       |   | $ | 5.19 |   | $ | 3.68 |   |
| Weighted                average common shares outstanding: |   |                                    |       |   |   |   |   |   |   |   |
| Basic                and diluted                           |   |                                    | 20,838,570 |   |   | 20,857,108 |   |   | 20,804,773 |   |

**Note      5: **
**Reinsurance      Recoverables and Trade Receivables, Net**

|                                                 |   | **March                31,**  |    |
|------------------------------------------------------|--------|-------------------------------|---------|
|                                                 |   | **2007**                      |    | **2006** |   |
|                                                 |   | (In                thousands) |    |
| Reinsurance                recoverable               |   | $                             | 145,643 |   | $ | 182,382 |   |
| Paid                losses recoverable               |   |                          | 8,394   |   |   | 15,366 |   |
| Trade                accounts receivable             |   |                          | 18,768  |   |   | 17,789 |   |
| Accrued                investment income             |   |                          | 6,810   |   |   | 7,654 |   |
| Premiums                and agents' balances         |   |                          | 1,623   |   |   | 1,962 |   |
| Independent                dealer receivable         |   |                          | 659     |   |   | 763 |   |
| Other                receivable                      |   |                          | 3,777   |   |   | 5,465 |   |
|                                                 |   |                          | 185,674 |   |   | 231,381 |   |
| Less:                Allowance for doubtful accounts |   |                          | (1,057  | ) |   | (1,202 | ) |
|                                                 |   | $                             | 184,617 |   | $ | 230,179 |   |

**Note      6: Notes and Mortgage Receivables, Net**

|                                                                  |   | **March                31,**  |   |
|-----------------------------------------------------------------------|--------|-------------------------------|--------|
|                                                                  |   | **2007**                      |   | **2006** |   |
|                                                                  |   | (In                thousands) |   |
| Notes,                mortgage receivables and other, net of discount |   | $                             | 2,023  |   | $ | 2,926 |   |
| Less:                Allowance for doubtful accounts                  |   |                          | (354   | ) |   | (394 | ) |
|                                                                  |   | $                             | 1,669  |   | $ | 2,532 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      7: Investments**

***Held-to      Maturity Investments***

|                                                               |   | **Amortized                Cost** |   | **Gross                Unrealized Gains** |   | **Gross****Unrealized****Losses** |   | **Estimated****Market****Value** |   |
|--------------------------------------------------------------------|--------|-----------------------------------|--------|-------------------------------------------|--------|-----------------------------------|--------|----------------------------------|--------|
|                                                               |   |                              |   |                                      |   |                              |   |
| U.S.                treasury securities and government obligations |   | $                                 | 613    |                                      | $      | 107                               |   | $                                | -      |   | $ | 720 |   |
| Mortgage-backed                securities                          |   |                              | 409    |                                      |   | 6                                 |   |                             | -      |   |   | 415 |   |
|                                                               |   | $                                 | 1,022  |                                      | $      | 113                               |   | $                                | -      |   | $ | 1,135 |   |

|                                                  |   | **December                31, 2005** |   |
|-------------------------------------------------------|--------|--------------------------------------|--------|
|                                                  |   |                                 |   |   |   |
|                                                  |   | **Amortized****Cost**                |   | **Estimated****Market****Value** |   |
|                                                  |   | (In                thousands)        |   |
| Due                in one year or less                |   | $                                    | 169    |   | $ | 172 |   |
| Due                after one year through five years  |   |                                 | 203    |   |   | 228 |   |
| Due                after five years through ten years |   |                                 | 167    |   |   | 210 |   |
| After                ten years                        |   |                                 | 74     |   |   | 110 |   |
|                                                  |   |                                 | 613    |   |   | 720 |   |
| Mortgage                backed securities             |   |                                 | 409    |   |   | 415 |   |
|                                                  |   | $                                    | 1,022  |   | $ | 1,135 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Available-for-Sale      Investments***

|                                                               |   | **Amortized****Cost**         |    | **Gross****Unrealized****Gains** |   | **Gross****Unrealized****Losses                More than 12 Months** |   | **Gross****Unrealized****Losses                Less than 12 Months** |   | **Estimated****Market****Value** |   |
|--------------------------------------------------------------------|--------|-------------------------------|---------|----------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                               |   | (In                thousands) |    |
| U.S.                treasury securities and government obligations |   | $                             | 159,490 |                             | $      | 975                                                                  |   | $                                                                    | (2,353 | )                                | $      | (81 | ) | $ | 158,031 |   |
| U.S.                government agency mortgage-backed securities   |   |                          | 101,354 |                             |   | 442                                                                  |   |                                                                 | (578   | )                                |   | (207 | ) |   | 101,011 |   |
| Obligations                of states and political subdivisions    |   |                          | 2,027   |                             |   | 11                                                                   |   |                                                                 | (33    | )                                |   | - |   |   | 2,005 |   |
| Corporate                securities                                |   |                          | 385,723 |                             |   | 5,588                                                                |   |                                                                 | (3,464 | )                                |   | (732 | ) |   | 387,115 |   |
| Mortgage-backed                securities                          |   |                          | 16,149  |                             |   | 50                                                                   |   |                                                                 | (233   | )                                |   | (13 | ) |   | 15,953 |   |
| Redeemable                preferred stocks                         |   |                          | 17,331  |                             |   | 272                                                                  |   |                                                                 | -      |                             |   | (2 | ) |   | 17,601 |   |
| Common                stocks                                       |   |                          | 112     |                             |   | -                                                                    |   |                                                                 | (27    | )                                |   | - |   |   | 85 |   |
|                                                               |   | $                             | 682,186 |                             | $      | 7,338                                                                |   | $                                                                    | (6,688 | )                                | $      | (1,035 | ) | $ | 681,801 |   |

|                                                               |   | **Amortized****Cost**         |    | **Gross****Unrealized****Gains** |   | **Gross****Unrealized****Losses                More than 12 Months** |   | **Gross****Unrealized****Losses                Less than 12 Months** |   | **Estimated****Market****Value** |   |
|--------------------------------------------------------------------|--------|-------------------------------|---------|----------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                               |   | (In                thousands) |    |
| U.S.                treasury securities and government obligations |   | $                             | 55,075  |                             | $      | 1,385                                                                |   | $                                                                    | (126   | )                                | $      | (391 | ) | $ | 55,943 |   |
| U.S.                government agency mortgage-backed securities   |   |                          | 45,480  |                             |   | 573                                                                  |   |                                                                 | (47    | )                                |   | (219 | ) |   | 45,787 |   |
| Obligations                of states and political subdivisions    |   |                          | 1,568   |                             |   | 1                                                                    |   |                                                                 | (24    | )                                |   | (3 | ) |   | 1,542 |   |
| Corporate                securities                                |   |                          | 458,658 |                             |   | 9,672                                                                |   |                                                                 | (3,538 | )                                |   | (3,843 | ) |   | 460,949 |   |
| Mortgage-backed                securities                          |   |                          | 112,432 |                             |   | 670                                                                  |   |                                                                 | (641   | )                                |   | (879 | ) |   | 111,582 |   |
| Redeemable                preferred stocks                         |   |                          | 18,531  |                             |   | 517                                                                  |   |                                                                 | -      |                             |   | - |   |   | 19,048 |   |
| Common                stocks                                       |   |                          | 184     |                             |   | -                                                                    |   |                                                                 | (70    | )                                |   | (29 | ) |   | 85 |   |
|                                                               |   | $                             | 691,928 |                             | $      | 12,818                                                               |   | $                                                                    | (4,446 | )                                | $      | (5,364 | ) | $ | 694,936 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

|                                                  |   | **December                31, 2006** |    | **December                31, 2005** |   |
|-------------------------------------------------------|--------|--------------------------------------|---------|--------------------------------------|--------|
|                                                  |   | **Amortized****Cost**                |    | **Estimated****Market****Value**     |   | **Amortized****Cost** |   | **Estimated****Market****Value** |   |
|                                                  |   | (In                thousands)        |    |
| Due                in one year or less                |   | $                                    | 57,304  |                                 | $      | 57,183 |   | $ | 58,593 |   | $ | 58,466 |   |
| Due                after one year through five years  |   |                                 | 227,023 |                                 |   | 225,926 |   |   | 216,188 |   |   | 216,119 |   |
| Due                after five years through ten years |   |                                 | 166,473 |                                 |   | 165,477 |   |   | 154,656 |   |   | 154,490 |   |
| After                ten years                        |   |                                 | 197,794 |                                 |   | 199,576 |   |   | 131,344 |   |   | 135,147 |   |
|                                                  |   |                                 | 648,594 |                                 |   | 648,162 |   |   | 560,781 |   |   | 564,222 |   |
| Mortgage                backed securities             |   |                                 | 16,149  |                                 |   | 15,953 |   |   | 112,432 |   |   | 111,581 |   |
| Redeemable                preferred stocks            |   |                                 | 17,331  |                                 |   | 17,601 |   |   | 18,531 |   |   | 19,048 |   |
| Equity                securities                      |   |                                 | 112     |                                 |   | 85 |   |   | 184 |   |   | 85 |   |
|                                                  |   | $                                    | 682,186 |                                 | $      | 681,801 |   | $ | 691,928 |   | $ | 694,936 |   |

***Investments,      other***

|                                    |   | **March                31,**  |    |
|-----------------------------------------|--------|-------------------------------|---------|
|                                    |   | **2007**                      |    | **2006** |   |
|                                    |   | (In                thousands) |    |
| Short-term                investments   |   | $                             | 102,304 |   | $ | 129,325 |   |
| Real                estate              |   |                          | 18,107  |   |   | 25,344 |   |
| Mortgage                loans, net      |   |                          | 52,463  |   |   | 48,392 |   |
| Policy                loans             |   |                          | 4,749   |   |   | 5,027 |   |
| Other                equity investments |   |                          | 1,076   |   |   | 1,273 |   |
|                                    |   | $                             | 178,699 |   | $ | 209,361 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      8: **
**Net      Investment and Interest Income**

|                                                                                                   |   | **Year                Ended March 31,** |    |
|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                                                   |   | **2007**                                |    | **2006** |   | **2005** |   |
|                                                                                                   |   | (In                thousands)           |    |
| Fixed                maturities                                                                        |   | $                                       | 52,714  |   | $ | 39,918 |   | $ | 41,594 |   |
| Real                estate                                                                             |   |                                    | 609     |   |   | 6,593 |   |   | 12,836 |   |
| Insurance                policy loans                                                                  |   |                                    | 280     |   |   | 309 |   |   | 160 |   |
| Mortgage                loans                                                                          |   |                                    | 4,570   |   |   | 5,788 |   |   | 6,312 |   |
| Short-term,                amounts held by ceding reinsurers, net                and other investments |   |                                    | 6,616   |   |   | 5,253 |   |   | (2,442 | ) |
| Investment                income                                                                       |   |                                    | 64,789  |   |   | 57,861 |   |   | 58,460 |   |
| Less:                investment expenses                                                               |   |                                    | (894    | ) |   | (2,422 | ) |   | (3,154 | ) |
| Less:                interest credited on annuity policies                                             |   |                                    | (15,060 | ) |   | (16,888 | ) |   | (20,509 | ) |
| Investment                income - Related party                                                       |   |                                    | 12,258  |   |   | 14,543 |   |   | 21,942 |   |
| Net                investment and interest income                                                      |   | $                                       | 61,093  |   | $ | 53,094 |   | $ | 56,739 |   |

**Note      9: Borrowings**

***Long-Term      Debt***

|                                                                                                                         |   |                             |                        |            |   | **March                31,**  |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|-----------------------------|----------------------|--------|-------------------------------|--------|
|                                                                                                                         |   | **2007                Rate (a)** |                        |  **Maturities** |   | **2007**                      |   | **2006** |   |
|                                                                                                                         |   |                             |                        |            |   | (In                thousands) |   |
| Real                estate loan (amortizing term)                                                                            |   |                             | 6.93                        | %                    |   | 2018                          |   | $ | 295,000 |   | $ | 242,585 |   |
| Real                estate loan (revolving credit)                                                                           |   |                             | -                           |                 |   | 2018                          |   |   | - |   |   | - |   |
| Senior                mortgages                                                                                              |   |                             | 5.47%                - 5.75 | %                    |   | 2015                          |   |   | 521,332 |   |   | 531,309 |   |
| Mezzanine                loan (floating) (b)                                                                                 |   |                             | -                           |                 |   | -                             |   |   | - |   |   | 19,393 |   |
| Construction                loan (revolving credit)                                                                          |   |                             | -                           |                 |   | 2009                          |   |   | - |   |   | - |   |
| Working                capital loan (revolving credit)                                                                       |   |                             | -                           |                 |   | 2008                          |   |   | - |   |   | - |   |
| Fleet                loans (amortizing term)                                                                                 |   |                             | 6.11%                - 7.42 | %                    |   | 2012-2014                     |   |   | 364,833 |   |   | 82,347 |   |
| Fleet                loan (revolving credit)                                                                                 |   |                             | -                           |                 |   | 2011                          |   |   | - |   |   | 90,000 |   |
| Total                AMERCO notes and loans payable                                                                          |   |                             |                        |                 |   |                          |   | $ | 1,181,165 |   | $ | 965,634 |   |
|                                                                                                                         |   |                             |                        |                 |   |                          |   |   |   |   |   |   |   |
| (a)                Interest rate as of March 31, 2007, including the effect of applicable                hedging instruments |   |                             |                        |
| (b)                Paid in full on August 30, 2006                                                                           |   |                             |                        |                 |   |                          |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Real      Estate Backed Loans***

*Real      Estate Loan*

*Senior      Mortgages*

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

*Construction*
*Working Capital Loans*

***Fleet      Loans***

*Rental      Truck Amortizing Loans*

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

*Revolving      Credit Agreement*

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

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

|                                  |   | **March                31,**  |   |
|---------------------------------------|--------|-------------------------------|--------|
|                                  |   | **2008**                      |   | **2009** |   | **2010** |   | **2011** |   | **2012** |   | **Thereafter** |   |
|                                  |   | (In                thousands) |   |
| Notes                payable, secured |   | $                             | 92,335 |   | $ | 83,444 |   | $ | 63,033 |   | $ | 45,890 |   | $ | 72,285 |   | $ | 824,178 |   |

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

|                                                                 |   | **March                31,**  |   |
|----------------------------------------------------------------------|--------|-------------------------------|--------|
|                                                                 |   | **2007**                      |   | **2006** |   |
|                                                                 |   | (In                thousands) |   |
| Notes                payable, secured, 7.87% interest rate, due 2027 |   | $                             | 74,887 |   | $ | 76,232 |   |

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

|                                  |   | **March                31,**  |   |
|---------------------------------------|--------|-------------------------------|--------|
|                                  |   | **2008**                      |   | **2009** |   | **2010** |   | **2011** |   | **2012** |   | **Thereafter** |   |
|                                  |   | (In                thousands) |   |
| Notes                payable, secured |   | $                             | 1,440  |   | $ | 1,576 |   | $ | 1,706 |   | $ | 1,847 |   | $ | 1,986 |   | $ | 66,332 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      10: Interest on Borrowings**

***Interest      Expense***

|                                                                                                  |   | **Year                ended March 31,** |   |
|-------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                                                  |   | **2007**                                |   | **2006** |   | **2005** |   |
|                                                                                                  |   | (In                thousands)           |   |
| Interest                expense                                                                       |   | $                                       | 76,034 |   | $ | 61,285 |   | $ | 62,706 |   |
| Capitalized                interest                                                                   |   |                                    | (596   | ) |   | (151 | ) |   | (186 | ) |
| Amortization                of transaction costs                                                      |   |                                    | 3,960  |   |   | 3,871 |   |   | 3,321 |   |
| Interest                (income) expense resulting from derivatives                                   |   |                                    | (2,669 | ) |   | (1,655 | ) |   | 1,137 |   |
| Write-off                of transactions costs related to early                extinguishment of debt |   |                                    | 6,969  |   |   | 14,384 |   |   | - |   |
| Fees                on early extinguishment of debt                                                   |   |                                    | -      |   |   | 21,243 |   |   | - |   |
| Total                AMERCO interest expense                                                          |   |                                    | 83,698 |   |   | 98,977 |   |   | 66,978 |   |
| SAC                Holding II interest expense                                                        |   |                                    | 13,062 |   |   | 12,840 |   |   | 14,187 |   |
| Less:                Intercompany transactions                                                        |   |                                    | (7,035 | ) |   | (6,709 | ) |   | (7,960 | ) |
| Total                SAC Holding II interest expense                                                  |   |                                    | 6,027  |   |   | 6,131 |   |   | 6,227 |   |
| Total                                                                                                 |   | $                                       | 89,725 |   | $ | 105,108 |   | $ | 73,205 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Interest      Rates***

|                                                          |   | **Revolving                Credit Activity**         |   |
|---------------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                          |   | **Year                Ended March 31,**              |   |
|                                                          |   | **2007**                                             |   | **2006** |   | **2005** |   |
|                                                          |   | (In                thousands, except interest rates) |   |
| Weighted                average interest rate during the year |   | 6.76%                                                |   | 5.95% |   | 5.69% |   |
| Interest                rate at year end                      |   | -                                                    |   | 6.45% |   | 6.43% |   |
| Maximum                amount outstanding during the year     |   | $                                                    | 90,000 |   | $ | 158,011 |   | $ | 164,051 |   |
| Average                amount outstanding during the year     |   | $                                                    | 70,027 |   | $ | 96,710 |   | $ | 46,771 |   |
| Facility                fees                                  |   | $                                                    | 300    |   | $ | - |   | $ | - |   |

**Note      11: Stockholders’ Equity**

| **Period**                                |   | **Total                    # of Shares Repurchased** |    | **Average                    Price Paid per Share (1)** |   | **Total                    # of Shares Repurchased as Part of Publicly Announced                    Plan** |   | **Total                    $ of Shares Repurchased as Part of Publicly Announced                    Plan** |    | **Maximum                    $ of Shares That May Yet be Repurchased Under the                    Plan** |   |
|-------------------------------------------|--------|------------------------------------------------------|---------|---------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------|--------|
|                                      |   |
| January                    1 - 31, 2007   |   |                                                 | -       |                                                    |   | -                                                                                                          |   |                                                                                                       | -       |                                                                                                     |   | - |   |  $ | 50,000,000 |   |
| February                    1 - 28, 2007  |   |                                                 | 268,653 |                                                    | $      | 68.37                                                                                                      |   |                                                                                                       | 268,653 |                                                                                                     | $      | 18,368,840 |   |  $ | 31,631,160 |   |
| March                    1 - 31, 2007 (2) |   |                                                 | 470,638 |                                                    | $      | 65.31                                                                                                      |   |                                                                                                       | 470,638 |                                                                                                     | $      | 30,737,262 |   |  $ | 65,893,898 |   |
| Fourth                    Quarter Total   |   |                                                 | 739,291 |                                                    | $      | 66.42                                                                                                      |   |                                                                                                       | 739,291 |                                                                                                     | $      | 49,106,102 |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      12: Comprehensive Income**
**      (Loss)**

|                                                                |   | **Foreign****Currency****Translation** |    | **Unrealized****Gain                (Loss)****on                Investments** |   | **Fair                Market****Value                of****Cash                Flow****Hedge** |   | **Adjustment                to initially apply FASB Statement No. 158** |   | **Accumulated****Other****Comprehensive****Income                (Loss)** |   |
|---------------------------------------------------------------------|--------|----------------------------------------|---------|-------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|
|                                                                |   | (In                thousands)          |    |
| **Balance                at March 31, 2004**                        |   | $                                      | (34,913 | )                                                                             | $      | 19,516                                                                                         |   | $                                                                       | -      |                                                                      | $      | - |   | $ | (15,397 | ) |
| Foreign                currency translation - U-Haul                |   |                                   | 1,569   |                                                                          |   | -                                                                                              |   |                                                                    | -      |                                                                      |   | - |   |   | 1,569 |   |
| Unrealized                loss on investments                       |   |                                   | -       |                                                                          |   | (10,831                                                                                        | )      |                                                                    | -      |                                                                      |   | - |   |   | (10,831 | ) |
| Change                in fair value of cash flow hedge              |   |                                   | -       |                                                                          |   | -                                                                                              |   |                                                                    | 47     |                                                                      |   | - |   |   | 47 |   |
| **Balance                at March 31, 2005**                        |   |                                   | (33,344 | )                                                                             |   | 8,685                                                                                          |   |                                                                    | 47     |                                                                      |   | - |   |   | (24,612 | ) |
| Foreign                currency translation - U-Haul                |   |                                   | (903    | )                                                                             |   | -                                                                                              |   |                                                                    | -      |                                                                      |   | - |   |   | (903 | ) |
| Unrealized                loss on investments                       |   |                                   | -       |                                                                          |   | (7,968                                                                                         | )      |                                                                    | -      |                                                                      |   | - |   |   | (7,968 | ) |
| Change                in fair value of cash flow hedge              |   |                                   | -       |                                                                          |   | -                                                                                              |   |                                                                    | 4,581  |                                                                      |   | - |   |   | 4,581 |   |
| **Balance                at March 31, 2006**                        |   |                                   | (34,247 | )                                                                             |   | 717                                                                                            |   |                                                                    | 4,628  |                                                                      |   | - |   |   | (28,902 | ) |
| Foreign                currency translation - U-Haul                |   |                                   | (1,919  | )                                                                             |   | -                                                                                              |   |                                                                    | -      |                                                                      |   | - |   |   | (1,919 | ) |
| Unrealized                loss on investments                       |   |                                   | -       |                                                                          |   | (1,072                                                                                         | )      |                                                                    | -      |                                                                      |   | - |   |   | (1,072 | ) |
| Change                in fair value of cash flow hedge              |   |                                   | -       |                                                                          |   | -                                                                                              |   |                                                                    | (9,733 | )                                                                         |   | - |   |   | (9,733 | ) |
| Adjustment                to initially apply FASB Statement No. 158 |   |                                   | -       |                                                                          |   | -                                                                                              |   |                                                                    | -      |                                                                      |   | (153 | ) |   | (153 | ) |
| **Balance                at March 31, 2007**                        |   | $                                      | (36,166 | )                                                                             | $      | (355                                                                                           | )      | $                                                                       | (5,105 | )                                                                         | $      | (153 | ) | $ | (41,779 | ) |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      13: Provision for Taxes**

|                                    |   | **Year                Ended March 31,** |    |
|-----------------------------------------|--------|-----------------------------------------|---------|
|                                    |   | **2007**                                |    | **2006** |   | **2005** |   |
|                                    |   | (In                thousands)           |    |
| Pretax                earnings:         |   |                                    |    |   |   |   |   |
| U.S.                                    |   | $                                       | 149,169 |   | $ | 199,847 |   | $ | 143,840 |   |
| Non-U.S.                                |   |                                    | (3,346  | ) |   | 426 |   |   | 1,292 |   |
| Total                pretax earnings    |   | $                                       | 145,823 |   | $ | 200,273 |   | $ | 145,132 |   |
| Provision                for taxes:     |   |                                    |    |   |   |   |   |   |   |   |
| Federal:                                |   |                                    |         |   |   |  |   |   |  |   |
| Current                                 |   | $                                       | 47,758  |   | $ | 49,652 |   | $ | 30,539 |   |
| Deferred                                |   |                                    | 900     |   |   | 16,239 |   |   | 17,801 |   |
| State:                                  |   |                                    |    |   |   |   |   |   |   |   |
| Current                                 |   |                                    | 2,251   |   |   | 6,115 |   |   | 5,752 |   |
| Deferred                                |   |                                    | 5,128   |   |   | 6,329 |   |   | 1,616 |   |
| Non-U.S.:                               |   |                                    |    |   |   |   |   |   |   |   |
| Current                                 |   |                                    | 338     |   |   | 439 |   |   | - |   |
| Deferred                                |   |                                    | (1,105  | ) |   | 345 |   |   | - |   |
| Total                income tax expense |   | $                                       | 55,270  |   | $ | 79,119 |   | $ | 55,708 |   |

|                                                           |   | **Year                ended March 31,** |   |
|----------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                           |   | **2007**                                |   | **2006** |   | **2005** |   |
|                                                           |   | (In                percentages)         |   |
| Statutory                federal income tax rate               |   |                                    | 35.00  | % |   | 35.00 | % |   | 35.00 | % |
| Increase                (reduction) in rate resulting from:    |   |                                    |   |   |   |   |   |   |   |   |
| State                and foreign taxes, net of federal benefit |   |                                    | 2.78   | % |   | 4.41 | % |   | 3.16 | % |
| Canadian                subsidiary loss                        |   |                                    | 0.80   | % |   | (0.07 | )% |   | (0.31 | )% |
| Interest                on deferred taxes                      |   |                                    | 0.69   | % |   | 0.44 | % |   | 0.43 | % |
| Dividend                received deduction                     |   |                                    | (0.03  | )% |   | 0.00 | % |   | 0.00 | % |
| Other                                                          |   |                                    | (1.34  | )% |   | (0.27 | )% |   | 0.10 | % |
| Effective                tax rate                              |   |                                    | 37.90  | % |   | 39.51 | % |   | 38.38 | % |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

|                                                                            |   | **March                31,**  |    |
|---------------------------------------------------------------------------------|--------|-------------------------------|---------|
|                                                                            |   | **2007**                      |    | **2006** |   |
|                                                                            |   | (In                thousands) |    |
| Deferred                tax assets:                                             |   |                          |    |   |   |
| Net                operating loss and credit carry forwards                     |   | $                             | 11,342  |   | $ | 7,906 |   |
| Accrued                expenses                                                 |   |                          | 116,989 |   |   | 102,159 |   |
| Policy                benefit and losses, claims and loss expenses payable, net |   |                          | 13,527  |   |   | 17,476 |   |
| Unrealized                gains                                                 |   |                          | -       |   |   | 677 |   |
| Total                deferred tax assets                                        |   |                          | 141,858 |   |   | 128,218 |   |
| Deferred                tax liabilities:                                        |   |                          |    |   |   |   |   |
| Property,                plant and equipment                                    |   |                          | 246,992 |   |   | 221,578 |   |
| Deferred                policy acquisition costs                                |   |                          | 5,330   |   |   | 7,608 |   |
| Other                                                                           |   |                          | 625     |   |   | 7,124 |   |
| Unrealized                losses                                                |   |                          | 2,081   |   |   | - |   |
| Total                deferred tax liabilities                                   |   |                          | 255,028 |   |   | 236,310 |   |
| Net                deferred tax liability                                       |   | $                             | 113,170 |   | $ | 108,092 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

**Note      14: Employee Benefit Plans**

***Profit      Sharing Plans***

***ESOP      Plan***

|                              |   |                                                   |   | **Interest                Payments** |   |
|-----------------------------------|--------|--------------------------------------------------------|--------|--------------------------------------|--------|
| **Financing                Date** |   | **Outstanding                as of March 31,****2007** |   | **2007**                             |   | **2006** |   | **2005** |   |
|                              |   |                                                   |   | (In                thousands)        |   |
| June,                1991         |   | $                                                      | 10,433 |                                 | $      | 694 |   | $ | 1,070 |   | $ | 1,008 |   |
| March,                1999        |   |                                                   | 60     |                                 |   | 5 |   |   | 9 |   |   | 8 |   |
| February,                2000     |   |                                                   | 419    |                                 |   | 31 |   |   | 53 |   |   | 54 |   |
| April,                2001        |   |                                                   | 117    |                                 |   | 6 |   |   | 10 |   |   | 9 |   |

|                                           |   | **Year                Ended March 31,** |   |
|------------------------------------------------|--------|-----------------------------------------|--------|
|                                           |   | **2007**                                |   | **2006** |   |
|                                           |   | (In                thousands)           |   |
| Allocated                shares                |   |                                    | 1,416  |   |   | 1,474 |   |
| Unreleased                shares               |   |                                    | 494    |   |   | 569 |   |
| Fair                value of unreleased shares |   | $                                       | 26,288 |   | $ | 41,726 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

***Insurance      Plans***

***Post      Retirement and Post Employment Benefits***

|                                                               |   | **Year                Ended March 31,** |   |
|--------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                               |   | **2007**                                |   | **2006** |   | **2005** |   |
|                                                               |   | (In                thousands)           |   |
| Service                cost for benefits earned during the period  |   | $                                       | 572    |   | $ | 373 |   | $ | 316 |   |
| Interest                cost on accumulated postretirement benefit |   |                                    | 464    |   |   | 306 |   |   | 313 |   |
| Other                components                                    |   |                                    | (63    | ) |   | (299 | ) |   | (317 | ) |
| Net                periodic postretirement benefit cost            |   | $                                       | 973    |   | $ | 380 |   | $ | 312 |   |

|                                                                                                                |   | **Year                Ended March 31,** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                                                                                |   | **2007**                                |   | **2006** |   |
|                                                                                                                |   | (In                thousands)           |   |
| Beginning                of year                                                                                    |   | $                                       | 8,183  |   | $ | 5,376 |   |
| Service                cost for benefits earned during the period                                                   |   |                                    | 715    |   |   | 373 |   |
| Interest                cost on accumulated post retirement benefit                                                 |   |                                    | 580    |   |   | 306 |   |
| Net                benefit payments and expense                                                                     |   |                                    | (429   | ) |   | (417 | ) |
| Actuarial                (gain) loss                                                                                |   |                                    | 1,735  |   |   | 2,545 |   |
| Accumulated                postretirement benefit obligation                                                        |   |                                    | 10,784 |   |   | 8,183 |   |
| Unrecognized                net gain                                                                                |   |                                    | -      |   |   | 1,563 |   |
| Total                post retirement benefit liability recognized in statement of financial                position |   |                                    | 10,784 |   |   | 9,746 |   |
| Components                included in accumulated other comprehensive income:                                       |   |                                    |   |   |   |   |   |
| Unrecognized                net gain (loss)                                                                         |   |                                    | (251   | ) |   | - |   |
| Cumulative                net periodic benefit cost (in excess of employer                contribution)             |   | $                                       | 10,533 |   | $ | 9,746 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES **

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

|                                                         |   | **Year                Ended March 31,** |   |
|--------------------------------------------------------------|--------|-----------------------------------------|--------|
|                                                         |   | **2007**                                |   | **2006** |   | **2005** |   |
|                                                         |   | (In                percentages)         |   |
| Accumulated                postretirement benefit obligation |   |                                    | 5.75   | % |   | 5.75 | % |   | 5.75 | % |

|                             |   | **Amount**                    |   |
|----------------------------------|--------|-------------------------------|--------|
|                             |   | (In                thousands) |   |
| Year-ended:                      |   |                          |   |
| 2008                             |   | $                             | 387    |   |
| 2009                             |   |                          | 443    |   |
| 2010                             |   |                          | 517    |   |
| 2011                             |   |                          | 586    |   |
| 2012                             |   |                          | 668    |   |
| 2013                through 2017 |   |                          | 4,810  |   |
| Total                            |   | $                             | 7,411  |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      15: Reinsurance**
**      and Policy Benefits and Losses, Claims and Loss Expenses      Payable**

|                                            |   | **Direct****Amount                (a)** |      | **Ceded                to****Other****Companies** |   | **Assumed****from                Other****Companies** |   | **Net****Amount                (a)** |      | **Percentage                of****Amount****Assumed                to Net** |   |
|-------------------------------------------------|--------|-----------------------------------------|-----------|---------------------------------------------------|--------|-------------------------------------------------------|--------|--------------------------------------|-----------|-----------------------------------------------------------------------------|--------|
|                                            |   | (In                thousands)           |      |
| **Year                ended December 31, 2006** |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |
| Life                insurance in force          |   | $                                       | 393,400   |                                              | $      | 5,662                                                 |   | $                                    | 1,483,250 |                                                                        | $      | 1,870,988 |   |   | 79 | % |
| Premiums                earned:                 |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| Life                                            |   | $                                       | 9,569     |                                              | $      | 315                                                   |   | $                                    | 4,980     |                                                                        | $      | 14,234 |   |   | 35 | % |
| Accident                and health              |   |                                    | 96,285    |                                              |   | 1,390                                                 |   |                                 | 6,234     |                                                                        |   | 101,129 |   |   | 6 | % |
| Annuity                                         |   |                                    | 2,558     |                                              |   | -                                                     |   |                                 | 2,478     |                                                                        |   | 5,036 |   |   | 49 | % |
| Property                and casualty            |   |                                    | 18,710    |                                              |   | 2,220                                                 |   |                                 | 7,845     |                                                                        |   | 24,335 |   |   | 32 | % |
| Total                                           |   | $                                       | 127,122   |                                              | $      | 3,925                                                 |   | $                                    | 21,537    |                                                                        | $      | 144,734 |   |   |   |   |
|                                            |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| **Year                ended December 31, 2005** |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| Life                insurance in force          |   | $                                       | 586,835   |                                              | $      | 120,220                                               |   | $                                    | 1,642,876 |                                                                        | $      | 2,109,491 |   |   | 78 | % |
| Premiums                earned:                 |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| Life                                            |   | $                                       | 8,708     |                                              | $      | 1,862                                                 |   | $                                    | 7,211     |                                                                        | $      | 14,057 |   |   | 51 | % |
| Accident                and health              |   |                                    | 91,986    |                                              |   | 1,887                                                 |   |                                 | 10,071    |                                                                        |   | 100,170 |   |   | 10 | % |
| Annuity                                         |   |                                    | 2,174     |                                              |   | -                                                     |   |                                 | 2,432     |                                                                        |   | 4,606 |   |   | 53 | % |
| Property                and casualty            |   |                                    | 22,559    |                                              |   | 3,288                                                 |   |                                 | 6,730     |                                                                        |   | 26,001 |   |   | 26 | % |
| Total                                           |   | $                                       | 125,427   |                                              | $      | 7,037                                                 |   | $                                    | 26,444    |                                                                        | $      | 144,834 |   |   |   |   |
|                                            |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| **Year                ended December 31, 2004** |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| Life                insurance in force          |   | $                                       | 1,147,380 |                                              | $      | 336,575                                               |   | $                                    | 1,785,441 |                                                                        | $      | 2,596,246 |   |   | 69 | % |
| Premiums                earned:                 |   |                                    |      |                                              |   |                                                  |   |                                 |      |                                                                        |   |   |   |   |   |   |
| Life                                            |   | $                                       | 9,372     |                                              | $      | 6,106                                                 |   | $                                    | 8,365     |                                                                        | $      | 11,631 |   |   | 72 | % |
| Accident                and health              |   |                                    | 99,402    |                                              |   | 6,715                                                 |   |                                 | 17,726    |                                                                        |   | 110,413 |   |   | 16 | % |
| Annuity                                         |   |                                    | 1,901     |                                              |   | -                                                     |   |                                 | 2,291     |                                                                        |   | 4,192 |   |   | 55 | % |
| Property                and casualty            |   |                                    | 29,965    |                                              |   | 10,235                                                |   |                                 | 5,257     |                                                                        |   | 24,987 |   |   | 21 | % |
| Total                                           |   | $                                       | 140,640   |                                              | $      | 23,056                                                |   | $                                    | 33,639    |                                                                        | $      | 151,223 |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|   |   | **RepWest**                   |   | **Oxford** |   |
|--------|--------|-------------------------------|--------|------------|--------|
|   |   | (In                thousands) |   |
| 2006   |   | $                             | -      |       | $      | 1,191 |   |
| 2005   |   |                          | -      |       |   | 1,519 |   |
| 2004   |   |                          | -      |       |   | 1,474 |   |

|                                                     |   | **Year                Ended December 31,** |    |
|----------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                     |   | **2006**                                   |    | **2005** |   |
|                                                     |   | (In                thousands)              |    |
| Unpaid                losses and loss adjustment expense |   | $                                          | 288,783 |   | $ | 346,928 |   |
| Reinsurance                losses payable                |   |                                       | 1,999   |   |   | 3,475 |   |
| Unearned                premiums                         |   |                                       | 459     |   |   | 2,557 |   |
| Total                                                    |   | $                                          | 291,241 |   | $ | 352,960 |   |

|                                        |   | **Year                Ended December 31,** |    |
|---------------------------------------------|--------|--------------------------------------------|---------|
|                                        |   | **2006**                                   |    | **2005** |   | **2004** |   |
|                                        |   | (In                thousands)              |    |
| Balance                at January 1         |   | $                                          | 346,928 |   | $ | 380,875 |   | $ | 416,259 |   |
| Less                reinsurance recoverable |   |                                       | 181,388 |   |   | 189,472 |   |   | 177,635 |   |
| Net                balance at January 1     |   |                                       | 165,540 |   |   | 191,403 |   |   | 238,624 |   |
| Incurred                related to:         |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                 |   |                                       | 6,006   |   |   | 6,429 |   |   | 17,960 |   |
| Prior                years                  |   |                                       | 15,895  |   |   | 16,161 |   |   | 21,773 |   |
| Total                incurred               |   |                                       | 21,901  |   |   | 22,590 |   |   | 39,733 |   |
| Paid                related to:             |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                 |   |                                       | 3,492   |   |   | 3,774 |   |   | 13,570 |   |
| Prior                years                  |   |                                       | 40,116  |   |   | 44,679 |   |   | 73,384 |   |
| Total                paid                   |   |                                       | 43,608  |   |   | 48,453 |   |   | 86,954 |   |
| Net                balance at December 31   |   |                                       | 143,833 |   |   | 165,540 |   |   | 191,403 |   |
| Plus                reinsurance recoverable |   |                                       | 144,950 |   |   | 181,388 |   |   | 189,472 |   |
| Balance                at December 31       |   | $                                          | 288,783 |   | $ | 346,928 |   | $ | 380,875 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      16: Contingent Liabilities and Commitments**

|                         |   | **Year                Ended March 31,** |    |
|------------------------------|--------|-----------------------------------------|---------|
|                         |   | **2007**                                |    | **2006** |   | **2005** |   |
|                         |   | (In                thousands)           |    |
| Lease                expense |   | $                                       | 149,044 |   | $ | 142,781 |   | $ | 151,354 |   |

|                                |   | **Property,****Plant                and****Equipment** |   | **Rental****Equipment**       |   | **Total** |   |
|-------------------------------------|--------|--------------------------------------------------------|--------|-------------------------------|--------|-----------|--------|
|                                |   |                                                   |   | (In                thousands) |   |      |   |
| Year-ended                March 31: |   |                                                   |   |                          |   |      |   |
| 2008                                |   | $                                                      | 12,414 |                          | $      | 108,614   |   | $ | 121,028 |   |
| 2009                                |   |                                                   | 12,204 |                          |   | 91,355    |   |   | 103,559 |   |
| 2010                                |   |                                                   | 11,790 |                          |   | 79,346    |   |   | 91,136 |   |
| 2011                                |   |                                                   | 11,567 |                          |   | 57,233    |   |   | 68,800 |   |
| 2012                                |   |                                                   | 11,325 |                          |   | 39,847    |   |   | 51,172 |   |
| Thereafter                          |   |                                                   | 27,879 |                          |   | 36,804    |   |   | 64,683 |   |
| Total                               |   | $                                                      | 87,179 |                          | $      | 413,199   |   | $ | 500,378 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      17: Contingencies**

***Shoen***

***Environmental***

***Other***

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      18: Preferred Stock Purchase Rights**

**Note      19: Related Party Transactions**

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

***Related      Party Assets***

|                                                                   |   | **March                31,**  |    |
|------------------------------------------------------------------------|--------|-------------------------------|---------|
|                                                                   |   | **2007**                      |    | **2006** |   |
|                                                                   |   | (In                thousands) |    |
| Private                Mini notes, receivables and interest            |   | $                             | 71,785  |   | $ | 74,427 |   |
| Oxford                note receivable from SAC Holding Corporation (a) |   |                          | 5,040   |   |   | 5,040 |   |
| U-Haul                notes receivable from SAC Holding Corporation    |   |                          | 123,578 |   |   | 123,578 |   |
| U-Haul                interest receivable from SAC Holding Corporation |   |                          | 23,361  |   |   | 42,189 |   |
| U-Haul                receivable from SAC Holding Corporation          |   |                          | 16,596  |   |   | 5,688 |   |
| SAC                Holding II receivable from parent                   |   |                          | -       |   |   | 2,900 |   |
| U-Haul                receivable from Mercury                          |   |                          | 4,278   |   |   | 2,342 |   |
| Oxford                and RepWest investment in Securespace (b)        |   |                          | -       |   |   | 11,585 |   |
| Other                                                                  |   |                          | 541     |   |   | 2,719 |   |
|                                                                   |   | $                             | 245,179 |   | $ | 270,468 |   |

***Related      Party Liabilities***

|                                               |   | **March                31,**  |   |
|----------------------------------------------------|--------|-------------------------------|--------|
|                                               |   | **2007**                      |   | **2006** |   |
|                                               |   | (In                thousands) |   |
| SAC                Holding II payable to affiliate |   | $                             | 2,099  |   | $ | 7,165 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      20: Statutory Financial Information of Insurance      Subsidiaries**

|                                                  |   | **Year                Ended December 31,** |    |
|-------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                  |   | **2006**                                   |    | **2005** |   | **2004** |   |
|                                                  |   | (In                thousands)              |    |
| RepWest:                                              |   |                                       |    |   |   |   |   |
| Audited                statutory net income (loss)    |   | $                                          | 8,980   |   | $ | 1,825 |   | $ | (5,262 | ) |
| Audited                statutory capital and surplus  |   |                                       | 101,236 |   |   | 89,824 |   |   | 64,789 |   |
| NAFCIC:                                               |   |                                       |    |   |   |   |   |   |   |   |
| Audited                statutory net income (loss)    |   |                                       | 517     |   |   | (82 | ) |   | (494 | ) |
| Audited                statutory capital and surplus  |   |                                       | 4,512   |   |   | 3,681 |   |   | 3,759 |   |
| Oxford:                                               |   |                                       |    |   |   |   |   |   |   |   |
| Audited                statutory net income           |   |                                       | 14,869  |   |   | 10,237 |   |   | 10,736 |   |
| Audited                statutory capital and surplus  |   |                                       | 112,998 |   |   | 101,466 |   |   | 83,396 |   |
| CFLIC:                                                |   |                                       |    |   |   |   |   |   |   |   |
| Audited                statutory net income           |   |                                       | 2,652   |   |   | 1,470 |   |   | 2,410 |   |
| Audited                statutory capital and surplus  |   |                                       | 21,040  |   |   | 22,455 |   |   | 20,981 |   |
| NAI:                                                  |   |                                       |    |   |   |   |   |   |   |   |
| Audited                statutory net income           |   |                                       | 6,198   |   |   | 3,076 |   |   | 1,718 |   |
| Audited                statutory capital and surplus  |   |                                       | 17,432  |   |   | 16,150 |   |   | 14,442 |   |
| DGLIC*:                                               |   |                                       |    |   |   |   |   |   |   |   |
| Audited                statutory net loss             |   |                                       | (700    | ) |   | - |   |   | - |   |
| Audited                statutory capital and surplus  |   |                                       | 4,354   |   |   | - |   |   | - |   |
|                                                  |   |                                       |    |   |   |   |   |   |   |   |
| *                Acquired by CFLIC February 28, 2006. |   |                                       |    |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      21: Financial Information by Geographic Area**

| **Year                Ended**                                                   |   | **United                States**                       |      | **Canada** |   | **Consolidated** |   |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                            |   | (All                amounts are in thousands U.S. $'s) |      |
| **March                31, 2007**                                               |   |                                                   |      |       |   |             |   |
| Total                revenues                                                   |   | $                                                      | 1,994,464 |       | $      | 91,133           |   | $ | 2,085,597 |   |
| Depreciation                and amortization, net of (gains) losses on disposal |   |                                                   | 199,486   |       |   | 7,241            |   |   | 206,727 |   |
| Interest                expense                                                 |   |                                                   | 82,202    |       |   | 554              |   |   | 82,756 |   |
| Pretax                earnings (loss)                                           |   |                                                   | 149,169   |       |   | (3,346           | )      |   | 145,823 |   |
| Income                tax expense (benefit)                                     |   |                                                   | 56,037    |       |   | (767             | )      |   | 55,270 |   |
| Identifiable                assets                                              |   |                                                   | 3,433,891 |       |   | 89,157           |   |   | 3,523,048 |   |

| **Year                Ended**                                                   |   | **United                States**                       |      | **Canada** |   | **Consolidated** |   |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                            |   | (All                amounts are in thousands U.S. $'s) |      |
| **March                31, 2006**                                               |   |                                                   |      |       |   |             |   |
| Total                revenues                                                   |   | $                                                      | 2,022,587 |       | $      | 84,039           |   | $ | 2,106,626 |   |
| Depreciation                and amortization, net of (gains) losses on disposal |   |                                                   | 160,295   |       |   | 6,783            |   |   | 167,078 |   |
| Interest                expense                                                 |   |                                                   | 68,722    |       |   | 759              |   |   | 69,481 |   |
| Pretax                earnings                                                  |   |                                                   | 199,847   |       |   | 426              |   |   | 200,273 |   |
| Income                tax expense                                               |   |                                                   | 78,335    |       |   | 784              |   |   | 79,119 |   |
| Identifiable                assets                                              |   |                                                   | 3,298,083 |       |   | 69,135           |   |   | 3,367,218 |   |

| **Year                Ended**                                                   |   | **United                States**                       |      | **Canada** |   | **Consolidated** |   |
|---------------------------------------------------------------------------------|--------|--------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                            |   | (All                amounts are in thousands U.S. $'s) |      |
| **March                31, 2005**                                               |   |                                                   |      |       |   |             |   |
| Total                revenues                                                   |   | $                                                      | 1,935,199 |       | $      | 72,922           |   | $ | 2,008,121 |   |
| Depreciation                and amortization, net of (gains) losses on disposal |   |                                                   | 144,653   |       |   | 4,962            |   |   | 149,615 |   |
| Interest                expense                                                 |   |                                                   | 73,179    |       |   | 26               |   |   | 73,205 |   |
| Pretax                earnings                                                  |   |                                                   | 143,840   |       |   | 1,292            |   |   | 145,132 |   |
| Income                tax expense                                               |   |                                                   | 55,708    |       |   | -                |   |   | 55,708 |   |
| Identifiable                assets                                              |   |                                                   | 3,045,591 |       |   | 70,582           |   |   | 3,116,173 |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

**Note      21A: Consolidating Financial Information by Industry      Segment**

----

**AMERCO      AND CONSOLIDATED **
**ENTITIES**

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

**Note      21A: Financial Information by Consolidating Industry      Segment:**

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

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

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                                                     |   | Moving                & Storage |      |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                                                     |   | AMERCO                              |      | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                                                     |   |                                |      |
|                                                                                                                                                                     |   | (In                thousands)       |      |
| Assets:                                                                                                                                                                  |   |                                |      |
| Cash                and cash equivalents                                                                                                                                 |   | $                                   | 7         |   | $      | 140,499                    |   | $                                 | 856      |   | $      | -                                               |   |   |   |   | $ | 141,362 |   | $ | 9,815 |   | $ | 4,027 |   | $ | - |   |   |   |   | $ | 155,204 |   | $ | 255 |   | $ | - |   |   |   |   | $ | 155,459 |   |
| Reinsurance                recoverables and trade receivables, net                                                                                                       |   |                                | -         |   |   | 17,325                     |   |                              | 25       |   |   | -                                               |   |   |   |   |   | 17,350 |   |   | 199,908 |   |   | 12,921 |   |   | - |   |   |   |   |   | 230,179 |   |   | - |   |   | - |   |   |   |   |   | 230,179 |   |
| Notes                and mortgage receivables, net                                                                                                                       |   |                                | -         |   |   | 1,333                      |   |                              | 1,199    |   |   | -                                               |   |   |   |   |   | 2,532 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,532 |   |   | - |   |   | - |   |   |   |   |   | 2,532 |   |
| Inventories,                net                                                                                                                                          |   |                                | -         |   |   | 63,585                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 63,585 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 63,585 |   |   | 1,334 |   |   | - |   |   |   |   |   | 64,919 |   |
| Prepaid                expenses                                                                                                                                          |   |                                | 2,051     |   |   | 51,166                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 53,217 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 53,217 |   |   | 45 |   |   | - |   |   |   |   |   | 53,262 |   |
| Investments,                fixed maturities and marketable equities                                                                                                     |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 108,563 |   |   | 587,395 |   |   | - |   |   |   |   |   | 695,958 |   |   | - |   |   | - |   |   |   |   |   | 695,958 |   |
| Investments,                other                                                                                                                                        |   |                                | -         |   |   | 1,314                      |   |                              | 7,853    |   |   | -                                               |   |   |   |   |   | 9,167 |   |   | 113,456 |   |   | 86,738 |   |   | - |   |   |   |   |   | 209,361 |   |   | - |   |   | - |   |   |   |   |   | 209,361 |   |
| Deferred                policy acquisition costs, net                                                                                                                    |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 1,160 |   |   | 46,661 |   |   | - |   |   |   |   |   | 47,821 |   |   | - |   |   | - |   |   |   |   |   | 47,821 |   |
| Other                assets                                                                                                                                              |   |                                | 2         |   |   | 54,390                     |   |                              | 40,866   |   |   | -                                               |   |   |   |   |   | 95,258 |   |   | 2,027 |   |   | 438 |   |   | - |   |   |   |   |   | 97,723 |   |   | 4,371 |   |   | - |   |   |   |   |   | 102,094 |   |
| Related                party assets                                                                                                                                      |   |                                | 1,219,703 |   |   | 262,330                    |   |                              | 12,671   |   |   | (1,147,881                                      | )      |   | (d | ) |   | 346,823 |   |   | 24,293 |   |   | 10,915 |   |   | (30,156 | ) |   | (d | ) |   | 351,875 |   |   | 2,900 |   |   | (84,307 | ) |   | (d | ) |   | 270,468 |   |
|                                                                                                                                                                     |   |                                | 1,221,763 |   |   | 591,942                    |   |                              | 63,470   |   |   | (1,147,881                                      | )      |   |   |   |   | 729,294 |   |   | 459,222 |   |   | 749,095 |   |   | (30,156 | ) |   |   |   |   | 1,907,455 |   |   | 8,905 |   |   | (84,307 | ) |   |   |   |   | 1,832,053 |   |
| Investment                in subsidiaries                                                                                                                                |   |                                | (262,277  | )      |   | -                          |   |                              | -        |   |   | 526,979                                         |   |   | (c | ) |   | 264,702 |   |   | - |   |   | - |   |   | (264,702 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Investment                in SAC Holding II                                                                                                                              |   |                                | (14,275   | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (14,275 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,275 | ) |   | - |   |   | 14,275 |   |   | (c | ) |   | - |   |
| Total                investment in subsidiaries and SAC Holding II                                                                                                       |   |                                | (276,552  | )      |   | -                          |   |                              | -        |   |   | 526,979                                         |   |   |   |   |   | 250,427 |   |   | - |   |   | - |   |   | (264,702 | ) |   |   |   |   | (14,275 | ) |   | - |   |   | 14,275 |   |   |   |   |   | - |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment, at cost:                                                                                                                   |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                     |   |                                | -         |   |   | 29,159                     |   |                              | 146,626  |   |   | -                                               |   |   |   |   |   | 175,785 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 175,785 |   |   | - |   |   | - |   |   |   |   |   | 175,785 |   |
| Buildings                and improvements                                                                                                                                |   |                                | -         |   |   | 78,244                     |   |                              | 661,359  |   |   | -                                               |   |   |   |   |   | 739,603 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 739,603 |   |   | - |   |   | - |   |   |   |   |   | 739,603 |   |
| Furniture                and equipment                                                                                                                                   |   |                                | 2,590     |   |   | 260,902                    |   |                              | 17,879   |   |   | -                                               |   |   |   |   |   | 281,371 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 281,371 |   |   | - |   |   | - |   |   |   |   |   | 281,371 |   |
| Rental                trailers and other rental equipment                                                                                                                |   |                                | -         |   |   | 201,273                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 201,273 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 201,273 |   |   | - |   |   | - |   |   |   |   |   | 201,273 |   |
| Rental                trucks                                                                                                                                             |   |                                | -         |   |   | 1,331,891                  |   |                              | -        |   |   | -                                               |   |   |   |   |   | 1,331,891 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,331,891 |   |   | - |   |   | - |   |   |   |   |   | 1,331,891 |   |
| SAC                Holding II - property, plant and equipment (b)                                                                                                        |   |                                | -         |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 153,429 |   |   | (74,212 | ) |   | (e | ) |   | 79,217 |   |
|                                                                                                                                                                     |   |                                | 2,590     |   |   | 1,901,469                  |   |                              | 825,864  |   |   | -                                               |   |   |   |   |   | 2,729,923 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,729,923 |   |   | 153,429 |   |   | (74,212 | ) |   |   |   |   | 2,809,140 |   |
| Less:                Accumulated depreciation                                                                                                                            |   |                                | (334      | )      |   | (987,598                   | )      |                              | (285,687 | )      |   | -                                               |   |   |   |   |   | (1,273,619 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,273,619 | ) |   | (10,020 | ) |   | 9,664 |   |   | (e | ) |   | (1,273,975 | ) |
| Total                property, plant and equipment                                                                                                                       |   |                                | 2,256     |   |   | 913,871                    |   |                              | 540,177  |   |   | -                                               |   |   |   |   |   | 1,456,304 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,456,304 |   |   | 143,409 |   |   | (64,548 | ) |   |   |   |   | 1,535,165 |   |
| Total                assets                                                                                                                                              |   | $                                   | 947,467   |   | $      | 1,505,813                  |   | $                                 | 603,647  |   | $      | (620,902                                        | )      |   |   |   | $ | 2,436,025 |   | $ | 459,222 |   | $ | 749,095 |   | $ | (294,858 | ) |   |   |   | $ | 3,349,484 |   | $ | 152,314 |   | $ | (134,580 | ) |   |   |   | $ | 3,367,218 |   |
|                                                                                                                                                                     |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2005                                                                                                                      |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Included in this caption is land of $57,169, buildings and improvements                of                $95,876, and furniture and equipment of $384 |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate investment in subsidiaries and SAC Holding II                                                                                               |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany receivables and payables                                                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of property from U-Haul to SAC Holding                II                                                                       |   |                                |      |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                     |   | Moving                & Storage |     |   |   |                       |   | AMERCO                Legal Group |     |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|----------------------------|--------|-----------------------------------|----------|--------|--------|-------------------------------------------------|--------|
|                                                                                                     |   | AMERCO                              |     | U-Haul |   | Real                Estate |   | Eliminations                      |     |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                     |   |                                |     |
|                                                                                                     |   | (In                thousands)       |     |
| Liabilities:                                                                                             |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                                                     |   | $                                   | 23,405   |   | $      | 203,243                    |   | $                                 | 4,988    |   | $      | -                                               |   |   |   |   | $ | 231,636 |   | $ | - |   | $ | 3,188 |   | $ | - |   |   |   |   | $ | 234,824 |   | $ | 1,054 |   | $ | - |   |   |   |   | $ | 235,878 |   |
| AMERCO's                notes and loans payable                                                          |   |                                | -        |   |   | 212,133                    |   |                              | 753,501  |   |   | -                                               |   |   |   |   |   | 965,634 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 965,634 |   |   | - |   |   | - |   |   |   |   |   | 965,634 |   |
| SAC                Holding II Corporation notes and loans payable,                non-recourse to AMERCO |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 76,232 |   |   | - |   |   |   |   |   | 76,232 |   |
| Policy                benefits and losses, claims                and loss expenses payable               |   |                                | -        |   |   | 295,567                    |   |                              | -        |   |   | -                                               |   |   |   |   |   | 295,567 |   |   | 352,960 |   |   | 151,886 |   |   | - |   |   |   |   |   | 800,413 |   |   | - |   |   | - |   |   |   |   |   | 800,413 |   |
| Liabilities                from investment contracts                                                     |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 449,149 |   |   | - |   |   |   |   |   | 449,149 |   |   | - |   |   | - |   |   |   |   |   | 449,149 |   |
| Other                policyholders' funds and liabilities                                                |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | 5,222 |   |   | 2,483 |   |   | - |   |   |   |   |   | 7,705 |   |   | - |   |   | - |   |   |   |   |   | 7,705 |   |
| Deferred                income                                                                           |   |                                | -        |   |   | 14,412                     |   |                              | -        |   |   | -                                               |   |   |   |   |   | 14,412 |   |   | 6,136 |   |   | - |   |   | - |   |   |   |   |   | 20,548 |   |   | 798 |   |   | - |   |   |   |   |   | 21,346 |   |
| Deferred                income taxes                                                                     |   |                                | 181,355  |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 181,355 |   |   | (46,219 | ) |   | 2,907 |   |   | - |   |   |   |   |   | 138,043 |   |   | (2,967 | ) |   | (26,984 | ) |   | (d | ) |   | 108,092 |   |
| Related                party liabilities                                                                 |   |                                | 201      |   |   | 1,134,939                  |   |                              | 26,994   |   |   | (1,147,881                                      | )      |   | (c | ) |   | 14,253 |   |   | 3,728 |   |   | 12,175 |   |   | (30,156 | ) |   | (c | ) |   | - |   |   | 91,472 |   |   | (84,307 | ) |   | (c | ) |   | 7,165 |   |
| Total                liabilities                                                                         |   |                                | 204,961  |   |   | 1,860,294                  |   |                              | 785,483  |   |   | (1,147,881                                      | )      |   |   |   |   | 1,702,857 |   |   | 321,827 |   |   | 621,788 |   |   | (30,156 | ) |   |   |   |   | 2,616,316 |   |   | 166,589 |   |   | (111,291 | ) |   |   |   |   | 2,671,614 |   |
| Stockholders'                equity:                                                                     |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                preferred stock:                                                                   |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                A preferred stock                                                                  |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                B preferred stock                                                                  |   |                                | -        |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                A common stock                                                                     |   |                                | 929      |   |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                stock                                                                              |   |                                | 9,568    |   |   | 540                        |   |                              | 1        |   |   | (541                                            | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                paid-in capital                                                                |   |                                | 413,726  |   |   | 121,230                    |   |                              | 147,481  |   |   | (268,711                                        | )      |   | (b | ) |   | 413,726 |   |   | 80,369 |   |   | 26,271 |   |   | (106,640 | ) |   | (b | ) |   | 413,726 |   |   | - |   |   | (46,071 | ) |   | (b | ) |   | 367,655 |   |
| Accumulated                other comprehensive income (loss)                                             |   |                                | (28,902  | )      |   | (29,996                    | )      |                              | -        |   |   | 29,996                                          |   |   | (b | ) |   | (28,902 | ) |   | 386 |   |   | 331 |   |   | (717 | ) |   | (b | ) |   | (28,902 | ) |   | - |   |   | - |   |   |   |   |   | (28,902 | ) |
| Retained                earnings (deficit)                                                               |   |                                | 765,277  |   |   | (436,917                   | )      |                              | (329,318 | )      |   | 766,235                                         |   |   | (b | ) |   | 765,277 |   |   | 53,340 |   |   | 98,205 |   |   | (151,545 | ) |   | (b | ) |   | 765,277 |   |   | (14,275 | ) |   | 22,782 |   |   | (b,d | ) |   | 773,784 |   |
| Cost                of common shares in treasury, net                                                    |   |                                | (418,092 | )      |   | -                          |   |                              | -        |   |   | -                                               |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                employee stock ownership                plan shares                              |   |                                | -        |   |   | (9,338                     | )      |                              | -        |   |   | -                                               |   |   |   |   |   | (9,338 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (9,338 | ) |   | - |   |   | - |   |   | - |   |   | (9,338 | ) |
| Total                stockholders' equity (deficit)                                                      |   |                                | 742,506  |   |   | (354,481                   | )      |                              | (181,836 | )      |   | 526,979                                         |   |   |   |   |   | 733,168 |   |   | 137,395 |   |   | 127,307 |   |   | (264,702 | ) |   |   |   |   | 733,168 |   |   | (14,275 | ) |   | (23,289 | ) |   |   |   |   | 695,604 |   |
| Total                liabilities and stockholders' equity                                                |   | $                                   | 947,467  |   | $      | 1,505,813                  |   | $                                 | 603,647  |   | $      | (620,902                                        | )      |   |   |   | $ | 2,436,025 |   | $ | 459,222 |   | $ | 749,095 |   | $ | (294,858 | ) |   |   |   | $ | 3,349,484 |   | $ | 152,314 |   | $ | (134,580 | ) |   |   |   | $ | 3,367,218 |   |
|                                                                                                     |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                Balances as of December 31, 2005                                                      |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate investment in subsidiaries and SAC Holding II                               |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                Eliminate intercompany receivables and payables                                       |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate gain on sale of property from U-Haul to SAC Holding                II       |   |                                |     |   |   |                       |   |                              |     |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   |                                |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 1,476,579                  |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 1,476,579 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,476,579 |   | $ | 9,225 |   | $ | (9,225 | ) |   | (b | ) | $ | 1,476,579 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 104,725                    |   |                              | 1,773   |   |   | -                                               |   |   |   |   |   | 106,498 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 106,498 |   |   | 19,926 |   |   | - |   |   |   |   |   | 126,424 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 208,677                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 208,677 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 208,677 |   |   | 16,045 |   |   | - |   |   |   |   |   | 224,722 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 23,951                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 23,951 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 23,951 |   |   | - |   |   | (2,797 | ) |   | (g | ) |   | 21,154 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 121,590 |   |   | (1,191 | ) |   | (c | ) |   | 120,399 |   |   | - |   |   | - |   |   |   |   |   | 120,399 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 24,335 |   |   | - |   |   | - |   |   |   |   |   | 24,335 |   |   | - |   |   | - |   |   |   |   |   | 24,335 |   |
| Net                investment and interest income                                                                                      |   |                                | 4,867   |   |   | 29,294                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 34,161 |   |   | 14,151 |   |   | 22,490 |   |   | (2,674 | ) |   | (d | ) |   | 68,128 |   |   | - |   |   | (7,035 | ) |   | (d | ) |   | 61,093 |   |
| Other                revenue                                                                                                           |   |                                | 204     |   |   | 31,403                     |   |                              | 67,436  |   |   | (73,049                                         | )      |   | (b | ) |   | 25,994 |   |   | - |   |   | 4,740 |   |   | (540 | ) |   | (b | ) |   | 30,194 |   |   | 1,407 |   |   | (710 | ) |   | (b | ) |   | 30,891 |   |
| Total                revenues                                                                                                          |   |                                | 5,071   |   |   | 1,874,629                  |   |                              | 69,209  |   |   | (73,049                                         | )      |   |   |   |   | 1,875,860 |   |   | 38,486 |   |   | 148,820 |   |   | (4,405 | ) |   |   |   |   | 2,058,761 |   |   | 46,603 |   |   | (19,767 | ) |   |   |   |   | 2,085,597 |   |
|                                                                                                                                   |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 12,096  |   |   | 1,085,619                  |   |                              | 8,843   |   |   | (73,049                                         | )      |   | (b | ) |   | 1,033,509 |   |   | 8,787 |   |   | 30,871 |   |   | (12,046 | ) |   | (b,c | ) |   | 1,061,121 |   |   | 22,573 |   |   | (2,797 | ) |   | (g | ) |   | 1,080,897 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 186,233                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 186,233 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 186,233 |   |   | - |   |   | (9,225 | ) |   | (b | ) |   | 177,008 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 110,163                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 110,163 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 110,163 |   |   | 7,485 |   |   | - |   |   |   |   |   | 117,648 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 21,901 |   |   | 88,347 |   |   | 8,477 |   |   | (c | ) |   | 118,725 |   |   | - |   |   | - |   |   |   |   |   | 118,725 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 2,057 |   |   | 15,081 |   |   | - |   |   |   |   |   | 17,138 |   |   | - |   |   | - |   |   |   |   |   | 17,138 |   |
| Lease                expense                                                                                                           |   |                                | 88      |   |   | 149,649                    |   |                              | 853     |   |   | -                                               |   |   |   |   |   | 150,590 |   |   | - |   |   | - |   |   | (836 | ) |   | (b | ) |   | 149,754 |   |   | - |   |   | (710 | ) |   | (b | ) |   | 149,044 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 293     |   |   | 180,560                    |   |                              | 6,605   |   |   | -                                               |   |   |   |   |   | 187,458 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 187,458 |   |   | 2,691 |   |   | (560 | ) |   | (e | ) |   | 189,589 |   |
| Total                costs and expenses                                                                                                |   |                                | 12,477  |   |   | 1,712,224                  |   |                              | 16,301  |   |   | (73,049                                         | )      |   |   |   |   | 1,667,953 |   |   | 32,745 |   |   | 134,299 |   |   | (4,405 | ) |   |   |   |   | 1,830,592 |   |   | 32,749 |   |   | (13,292 | ) |   |   |   |   | 1,850,049 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 35,269  |   |   | -                          |   |                              | -       |   |   | (25,766                                         | )      |   | (f | ) |   | 9,503 |   |   | - |   |   | - |   |   | (9,503 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 527     |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 527 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 527 |   |   | - |   |   | (527 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 35,796  |   |   | -                          |   |                              | -       |   |   | (25,766                                         | )      |   |   |   |   | 10,030 |   |   | - |   |   | - |   |   | (9,503 | ) |   |   |   |   | 527 |   |   | - |   |   | (527 | ) |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | 28,390  |   |   | 162,405                    |   |                              | 52,908  |   |   | (25,766                                         | )      |   |   |   |   | 217,937 |   |   | 5,741 |   |   | 14,521 |   |   | (9,503 | ) |   |   |   |   | 228,696 |   |   | 13,854 |   |   | (7,002 | ) |   |   |   |   | 235,548 |   |
| Interest                income (expense)                                                                                               |   |                                | 89,026  |   |   | (114,051                   | )      |                              | (51,704 | )      |   | -                                               |   |   |   |   |   | (76,729 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (76,729 | ) |   | (13,062 | ) |   | 7,035 |   |   | (d | ) |   | (82,756 | ) |
| Fees                and amortization on early extinguishment of debt                                                                   |   |                                | -       |   |   | (302                       | )      |                              | (6,667  | )      |   | -                                               |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |   | - |   |   | - |   |   |   |   |   | (6,969 | ) |
| Pretax                earnings (loss)                                                                                                  |   |                                | 117,416 |   |   | 48,052                     |   |                              | (5,463  | )      |   | (25,766                                         | )      |   |   |   |   | 134,239 |   |   | 5,741 |   |   | 14,521 |   |   | (9,503 | ) |   |   |   |   | 144,998 |   |   | 792 |   |   | 33 |   |   |   |   |   | 145,823 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | (27,211 | )      |   | (17,948                    | )      |                              | 1,125   |   |   | -                                               |   |   |   |   |   | (44,034 | ) |   | (5,896 | ) |   | (4,863 | ) |   | - |   |   |   |   |   | (54,793 | ) |   | (265 | ) |   | (212 | ) |   | (e | ) |   | (55,270 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 90,205  |   |   | 30,104                     |   |                              | (4,338  | )      |   | (25,766                                         | )      |   |   |   |   | 90,205 |   |   | (155 | ) |   | 9,658 |   |   | (9,503 | ) |   |   |   |   | 90,205 |   |   | 527 |   |   | (179 | ) |   |   |   |   | 90,553 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (12,963 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 77,242  |   | $      | 30,104                     |   | $                                 | (4,338  | )      | $      | (25,766                                         | )      |   |   |   | $ | 77,242 |   | $ | (155 | ) | $ | 9,658 |   | $ | (9,503 | ) |   |   |   | $ | 77,242 |   | $ | 527 |   | $ | (179 | ) |   |   |   | $ | 77,590 |   |
| (a)                Balances for the year ended December 31, 2006                                                                       |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   |                                |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 1,503,569                  |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 1,503,569 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,503,569 |   | $ | 9,498 |   | $ | (9,498 | ) |   | (b | ) | $ | 1,503,569 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 99,060                     |   |                              | 1,813   |   |   | -                                               |   |   |   |   |   | 100,873 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 100,873 |   |   | 18,869 |   |   | - |   |   |   |   |   | 119,742 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 207,119                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 207,119 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 207,119 |   |   | 16,602 |   |   | - |   |   |   |   |   | 223,721 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 23,988                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 23,988 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 23,988 |   |   | - |   |   | (2,793 | ) |   | (g | ) |   | 21,195 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 120,352 |   |   | (1,519 | ) |   | (c | ) |   | 118,833 |   |   | - |   |   | - |   |   |   |   |   | 118,833 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 26,001 |   |   | - |   |   | - |   |   |   |   |   | 26,001 |   |   | - |   |   | - |   |   |   |   |   | 26,001 |   |
| Net                investment and interest income                                                                                      |   |                                | 5,108   |   |   | 24,894                     |   |                              | 23      |   |   | -                                               |   |   |   |   |   | 30,025 |   |   | 11,357 |   |   | 21,964 |   |   | (3,543 | ) |   | (d | ) |   | 59,803 |   |   | - |   |   | (6,709 | ) |   | (d | ) |   | 53,094 |   |
| Other                revenue                                                                                                           |   |                                | 459     |   |   | 39,303                     |   |                              | 61,910  |   |   | (66,778                                         | )      |   | (b | ) |   | 34,894 |   |   | - |   |   | 5,764 |   |   | (747 | ) |   | (b | ) |   | 39,911 |   |   | 1,270 |   |   | (710 | ) |   | (b | ) |   | 40,471 |   |
| Total                revenues                                                                                                          |   |                                | 5,567   |   |   | 1,897,933                  |   |                              | 63,746  |   |   | (66,778                                         | )      |   |   |   |   | 1,900,468 |   |   | 37,358 |   |   | 148,080 |   |   | (5,809 | ) |   |   |   |   | 2,080,097 |   |   | 46,239 |   |   | (19,710 | ) |   |   |   |   | 2,106,626 |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 12,722  |   |   | 1,085,602                  |   |                              | 6,197   |   |   | (66,778                                         | )      |   | (b | ) |   | 1,037,743 |   |   | 10,769 |   |   | 27,009 |   |   | (14,647 | ) |   | (b,c | ) |   | 1,060,874 |   |   | 22,909 |   |   | (2,793 | ) |   | (g | ) |   | 1,080,990 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 189,599                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 189,599 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 189,599 |   |   | - |   |   | (9,498 | ) |   | (b | ) |   | 180,101 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 105,872                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 105,872 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 105,872 |   |   | 7,263 |   |   | - |   |   |   |   |   | 113,135 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 22,590 |   |   | 85,732 |   |   | 8,838 |   |   | (c | ) |   | 117,160 |   |   | - |   |   | - |   |   |   |   |   | 117,160 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 2,855 |   |   | 21,406 |   |   | - |   |   |   |   |   | 24,261 |   |   | - |   |   | - |   |   |   |   |   | 24,261 |   |
| Lease                expense                                                                                                           |   |                                | 81      |   |   | 143,344                    |   |                              | 66      |   |   | -                                               |   |   |   |   |   | 143,491 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 143,491 |   |   | - |   |   | (710 | ) |   | (b | ) |   | 142,781 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 79      |   |   | 131,803                    |   |                              | 9,071   |   |   | -                                               |   |   |   |   |   | 140,953 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 140,953 |   |   | 2,424 |   |   | (560 | ) |   | (e | ) |   | 142,817 |   |
| Total                costs and expenses                                                                                                |   |                                | 12,882  |   |   | 1,656,220                  |   |                              | 15,334  |   |   | (66,778                                         | )      |   |   |   |   | 1,617,658 |   |   | 36,214 |   |   | 134,147 |   |   | (5,809 | ) |   |   |   |   | 1,782,210 |   |   | 32,596 |   |   | (13,561 | ) |   |   |   |   | 1,801,245 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 163,004 |   |   | -                          |   |                              | -       |   |   | (153,424                                        | )      |   | (f | ) |   | 9,580 |   |   | - |   |   | - |   |   | (9,580 | ) |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | 384     |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 384 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 384 |   |   | - |   |   | (384 | ) |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 163,388 |   |   | -                          |   |                              | -       |   |   | (153,424                                        | )      |   |   |   |   | 9,964 |   |   | - |   |   | - |   |   | (9,580 | ) |   |   |   |   | 384 |   |   | - |   |   | (384 | ) |   |   |   |   | - |   |
| Earnings                from operations                                                                                                |   |                                | 156,073 |   |   | 241,713                    |   |                              | 48,412  |   |   | (153,424                                        | )      |   |   |   |   | 292,774 |   |   | 1,144 |   |   | 13,933 |   |   | (9,580 | ) |   |   |   |   | 298,271 |   |   | 13,643 |   |   | (6,533 | ) |   |   |   |   | 305,381 |   |
| Interest                expense                                                                                                        |   |                                | (24,636 | )      |   | (14,383                    | )      |                              | (24,331 | )      |   | -                                               |   |   |   |   |   | (63,350 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (63,350 | ) |   | (12,840 | ) |   | 6,709 |   |   | (d | ) |   | (69,481 | ) |
| Fees                and amortization on early extinguishment of debt                                                                   |   |                                | (35,627 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |   | - |   |   | - |   |   |   |   |   | (35,627 | ) |
| Pretax                earnings                                                                                                         |   |                                | 95,810  |   |   | 227,330                    |   |                              | 24,081  |   |   | (153,424                                        | )      |   |   |   |   | 193,797 |   |   | 1,144 |   |   | 13,933 |   |   | (9,580 | ) |   |   |   |   | 199,294 |   |   | 803 |   |   | 176 |   |   |   |   |   | 200,273 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 24,996  |   |   | (87,910                    | )      |                              | (10,077 | )      |   | -                                               |   |   |   |   |   | (72,991 | ) |   | (513 | ) |   | (4,984 | ) |   | - |   |   |   |   |   | (78,488 | ) |   | (419 | ) |   | (212 | ) |   | (e | ) |   | (79,119 | ) |
| Net                earnings                                                                                                            |   |                                | 120,806 |   |   | 139,420                    |   |                              | 14,004  |   |   | (153,424                                        | )      |   |   |   |   | 120,806 |   |   | 631 |   |   | 8,949 |   |   | (9,580 | ) |   |   |   |   | 120,806 |   |   | 384 |   |   | (36 | ) |   |   |   |   | 121,154 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (12,963 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |
| Earnings                available to common shareholders                                                                               |   | $                                   | 107,843 |   | $      | 139,420                    |   | $                                 | 14,004  |   | $      | (153,424                                        | )      |   |   |   | $ | 107,843 |   | $ | 631 |   | $ | 8,949 |   | $ | (9,580 | ) |   |   |   | $ | 107,843 |   | $ | 384 |   | $ | (36 | ) |   |   |   | $ | 108,191 |   |
| (a)                Balances for the year ended December 31, 2005                                                                       |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                                                                                   |   | Moving                & Storage |    |   |   |                       |   | AMERCO                Legal Group |    |   |   | AMERCO                as Consolidated           |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|----------------------------|--------|-----------------------------------|---------|--------|--------|-------------------------------------------------|--------|
|                                                                                                                                   |   | AMERCO                              |    | U-Haul |   | Real                Estate |   | Eliminations                      |    |   |   | Moving                & StorageConsolidated |   | Property                & Casualty Insurance (a) |   | Life                Insurance                (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                Holding II |   | Eliminations |   |   |   | Total                Consolidated |   |
|                                                                                                                                   |   |                                |    |
|                                                                                                                                   |   | (In                thousands)       |    |
| Revenues:                                                                                                                              |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                           |   | $                                   | -       |   | $      | 1,437,895                  |   | $                                 | -       |   | $      | -                                               |   |   |   |   | $ | 1,437,895 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,437,895 |   | $ | 9,008 |   | $ | (9,008 | ) |   | (b | ) | $ | 1,437,895 |   |
| Self-storage                revenues                                                                                                   |   |                                | -       |   |   | 94,431                     |   |                              | 1,771   |   |   | -                                               |   |   |   |   |   | 96,202 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 96,202 |   |   | 17,953 |   |   | - |   |   |   |   |   | 114,155 |   |
| Self-moving                & self-storage products & service sales                                                             |   |                                | -       |   |   | 191,078                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 191,078 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 191,078 |   |   | 15,020 |   |   | - |   |   |   |   |   | 206,098 |   |
| Property                management fees                                                                                                |   |                                | -       |   |   | 14,434                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 14,434 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 14,434 |   |   | - |   |   | (2,595 | ) |   | (g | ) |   | 11,839 |   |
| Life                insurance premiums                                                                                                 |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | - |   |   | 127,710 |   |   | (1,474 | ) |   | (c | ) |   | 126,236 |   |   | - |   |   | - |   |   |   |   |   | 126,236 |   |
| Property                and casualty insurance premiums                                                                                |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 24,987 |   |   | - |   |   | - |   |   |   |   |   | 24,987 |   |   | - |   |   | - |   |   |   |   |   | 24,987 |   |
| Net                investment and interest income                                                                                      |   |                                | 7,796   |   |   | 22,030                     |   |                              | 76      |   |   | -                                               |   |   |   |   |   | 29,902 |   |   | 16,430 |   |   | 23,476 |   |   | (5,109 | ) |   | (d | ) |   | 64,699 |   |   | - |   |   | (7,960 | ) |   | (d | ) |   | 56,739 |   |
| Other                revenue                                                                                                           |   |                                | 552     |   |   | 27,489                     |   |                              | 56,116  |   |   | (62,001                                         | )      |   | (b | ) |   | 22,156 |   |   | - |   |   | 8,298 |   |   | (763 | ) |   | (b | ) |   | 29,691 |   |   | 1,191 |   |   | (710 | ) |   | (b | ) |   | 30,172 |   |
| Total                revenues                                                                                                          |   |                                | 8,348   |   |   | 1,787,357                  |   |                              | 57,963  |   |   | (62,001                                         | )      |   |   |   |   | 1,791,667 |   |   | 41,417 |   |   | 159,484 |   |   | (7,346 | ) |   |   |   |   | 1,985,222 |   |   | 43,172 |   |   | (20,273 | ) |   |   |   |   | 2,008,121 |   |
| Costs                and expenses:                                                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                      |   |                                | 18,065  |   |   | 1,100,737                  |   |                              | 7,051   |   |   | (62,001                                         | )      |   | (b | ) |   | 1,063,852 |   |   | 11,787 |   |   | 42,166 |   |   | (16,504 | ) |   | (b,c | ) |   | 1,101,301 |   |   | 23,491 |   |   | (2,595 | ) |   | (g | ) |   | 1,122,197 |   |
| Commission                expenses                                                                                                     |   |                                | -       |   |   | 181,315                    |   |                              | -       |   |   | -                                               |   |   |   |   |   | 181,315 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 181,315 |   |   | - |   |   | (9,008 | ) |   | (b | ) |   | 172,307 |   |
| Cost                of sales                                                                                                           |   |                                | -       |   |   | 98,877                     |   |                              | -       |   |   | -                                               |   |   |   |   |   | 98,877 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 98,877 |   |   | 6,432 |   |   | - |   |   |   |   |   | 105,309 |   |
| Benefits                and losses                                                                                                     |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 39,733 |   |   | 91,452 |   |   | 9,158 |   |   | (c | ) |   | 140,343 |   |   | - |   |   | - |   |   |   |   |   | 140,343 |   |
| Amortization                of deferred policy acquisition costs                                                                       |   |                                | -       |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | - |   |   | 4,711 |   |   | 23,801 |   |   | - |   |   |   |   |   | 28,512 |   |   | - |   |   | - |   |   |   |   |   | 28,512 |   |
| Lease                expense                                                                                                           |   |                                | 90      |   |   | 151,937                    |   |                              | 37      |   |   | -                                               |   |   |   |   |   | 152,064 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 152,064 |   |   | - |   |   | (710 | ) |   | (b | ) |   | 151,354 |   |
| Depreciation,                net of (gains) losses on disposals                                                                        |   |                                | 31      |   |   | 114,038                    |   |                              | 4,811   |   |   | -                                               |   |   |   |   |   | 118,880 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 118,880 |   |   | 2,783 |   |   | (560 | ) |   | (e | ) |   | 121,103 |   |
| Total                costs and expenses                                                                                                |   |                                | 18,186  |   |   | 1,646,904                  |   |                              | 11,899  |   |   | (62,001                                         | )      |   |   |   |   | 1,614,988 |   |   | 56,231 |   |   | 157,419 |   |   | (7,346 | ) |   |   |   |   | 1,821,292 |   |   | 32,706 |   |   | (12,873 | ) |   |   |   |   | 1,841,125 |   |
| Equity                in earnings of subsidiaries                                                                                      |   |                                | 108,673 |   |   | -                          |   |                              | -       |   |   | (117,135                                        | )      |   | (f | ) |   | (8,462 | ) |   | - |   |   | - |   |   | 8,462 |   |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                in earnings of SAC Holding II                                                                                    |   |                                | (2,232  | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (2,232 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (2,232 | ) |   | - |   |   | 2,232 |   |   | (f | ) |   | - |   |
| Total                - equity in earnings of subsidiaries and SAC Holding II                                                           |   |                                | 106,441 |   |   | -                          |   |                              | -       |   |   | (117,135                                        | )      |   |   |   |   | (10,694 | ) |   | - |   |   | - |   |   | 8,462 |   |   |   |   |   | (2,232 | ) |   | - |   |   | 2,232 |   |   |   |   |   | - |   |
| Earnings                (loss) from operations                                                                                         |   |                                | 96,603  |   |   | 140,453                    |   |                              | 46,064  |   |   | (117,135                                        | )      |   |   |   |   | 165,985 |   |   | (14,814 | ) |   | 2,065 |   |   | 8,462 |   |   |   |   |   | 161,698 |   |   | 10,466 |   |   | (5,168 | ) |   |   |   |   | 166,996 |   |
| Interest                income (expense)                                                                                               |   |                                | (70,235 | )      |   | 15,687                     |   |                              | (12,430 | )      |   | -                                               |   |   |   |   |   | (66,978 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (66,978 | ) |   | (14,187 | ) |   | 7,960 |   |   | (d | ) |   | (73,205 | ) |
| Litigation                settlement, net of costs, fees and expenses                                                                  |   |                                | 51,341  |   |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | 51,341 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 51,341 |   |   | - |   |   | - |   |   |   |   |   | 51,341 |   |
| Pretax                earnings (loss)                                                                                                  |   |                                | 77,709  |   |   | 156,140                    |   |                              | 33,634  |   |   | (117,135                                        | )      |   |   |   |   | 150,348 |   |   | (14,814 | ) |   | 2,065 |   |   | 8,462 |   |   |   |   |   | 146,061 |   |   | (3,721 | ) |   | 2,792 |   |   |   |   |   | 145,132 |   |
| Income                tax benefit (expense)                                                                                            |   |                                | 11,367  |   |   | (59,160                    | )      |                              | (13,479 | )      |   | -                                               |   |   |   |   |   | (61,272 | ) |   | 5,104 |   |   | (817 | ) |   | - |   |   |   |   |   | (56,985 | ) |   | 1,489 |   |   | (212 | ) |   | (e | ) |   | (55,708 | ) |
| Net                earnings (loss)                                                                                                     |   |                                | 89,076  |   |   | 96,980                     |   |                              | 20,155  |   |   | (117,135                                        | )      |   |   |   |   | 89,076 |   |   | (9,710 | ) |   | 1,248 |   |   | 8,462 |   |   |   |   |   | 89,076 |   |   | (2,232 | ) |   | 2,580 |   |   |   |   |   | 89,424 |   |
| Less:                Preferred stock dividends                                                                                         |   |                                | (12,963 | )      |   | -                          |   |                              | -       |   |   | -                                               |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |
| Earnings                (loss) available to common shareholders                                                                        |   | $                                   | 76,113  |   | $      | 96,980                     |   | $                                 | 20,155  |   | $      | (117,135                                        | )      |   |   |   | $ | 76,113 |   | $ | (9,710 | ) | $ | 1,248 |   | $ | 8,462 |   |   |   |   | $ | 76,113 |   | $ | (2,232 | ) | $ | 2,580 |   |   |   |   | $ | 76,461 |   |
| (a)                Balances for the year ended December 31, 2004                                                                       |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                Eliminate intercompany lease income and commission income                                                           |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c                )                Eliminate intercompany premiums                                                                     |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                Eliminate intercompany interest on debt                                                                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                Eliminate gain on sale of surplus property from U-Haul to SAC Holding                II                             |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                Eliminate equity in earnings of subsidiaries and equity in earnings                of SAC                Holding II |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                Eliminate management fees charged to SAC Holding II and other intercompany                operating expenses        |   |                                |    |   |   |                       |   |                              |    |   |   |                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                        |   | Moving                & Storage      |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                                   |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   |                                     |    |
| Cash                flows from operating activities:                        |   | (In                thousands)            |    |
| Net                earnings (loss)                                          |   | $                                        | 90,205  |   | $      | 30,104                            |   | $           | (4,338  | )                                                | $      | (25,766                                                                            | )      | $                                                | 90,205   |   | $ | (155 | ) | $ | 9,658 |   | $ | (9,503 | ) | $ | 90,205 |   | $ | 527 |   | $ | (179 | ) | $ | 90,553 |   |
| Earnings                from consolidated entities                          |   |                                     | (35,796 | )      |   | -                                 |   |        | -       |                                             |   | 25,766                                                                             |   |                                             | (10,030  | ) |   | - |   |   | - |   |   | 9,503 |   |   | (527 | ) |   | - |   |   | 527 |   |   | - |   |
| Depreciation                                                                |   |                                     | 293     |   |   | 172,698                           |   |        | 10,984  |                                             |   | -                                                                                  |   |                                             | 183,975  |   |   | - |   |   | - |   |   | - |   |   | 183,975 |   |   | 2,691 |   |   | (560 | ) |   | 186,106 |   |
| Amortization                of deferred policy acquisition costs            |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 2,057 |   |   | 15,081 |   |   | - |   |   | 17,138 |   |   | - |   |   | - |   |   | 17,138 |   |
| Changes                in provision for losses on trade receivables         |   |                                     | -       |   |   | (145                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (145     | ) |   | - |   |   | 194 |   |   | - |   |   | 49 |   |   | - |   |   | - |   |   | 49 |   |
| Changes                in provision for losses on mortgage notes            |   |                                     |    |   |   | (40                               | )      |        | -       |                                             |   |                                                                               |   |                                             | (40      | ) |   | - |   |   | - |   |   | - |   |   | (40 | ) |   | - |   |   | - |   |   | (40 | ) |
| Provision                (reduction) for inventory reserves                 |   |                                     | -       |   |   | 2,679                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 2,679    |   |   | - |   |   | - |   |   | - |   |   | 2,679 |   |   | - |   |   | - |   |   | 2,679 |   |
| Net                (gain) loss on sale of real and personal property        |   |                                     | -       |   |   | 7,862                             |   |        | (4,379  | )                                                |   | -                                                                                  |   |                                             | 3,483    |   |   | - |   |   | - |   |   | - |   |   | 3,483 |   |   | - |   |   | - |   |   | 3,483 |   |
| Net                (gain) loss on sale of investments                       |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 559 |   |   | 63 |   |   | - |   |   | 622 |   |   | - |   |   | - |   |   | 622 |   |
| Write-off                of unamortized debt issuance costs                 |   |                                     | -       |   |   | 302                               |   |        | 6,667   |                                             |   | -                                                                                  |   |                                             | 6,969    |   |   | - |   |   | - |   |   | - |   |   | 6,969 |   |   | - |   |   | - |   |   | 6,969 |   |
| Deferred                income taxes                                        |   |                                     | 5,239   |   |   | (19                               | )      |        | -       |                                             |   | -                                                                                  |   |                                             | 5,220    |   |   | 5,292 |   |   | (4,456 | ) |   | - |   |   | 6,056 |   |   | 704 |   |   | 212 |   |   | 6,972 |   |
| Net                change in other operating assets and liabilities:        |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                     | -       |   |   | (859                              | )      |        | (2      | )                                                |   | -                                                                                  |   |                                             | (861     | ) |   | 44,736 |   |   | 5,032 |   |   | - |   |   | 48,907 |   |   | - |   |   | - |   |   | 48,907 |   |
| Inventories                                                                 |   |                                     | -       |   |   | (4,718                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (4,718   | ) |   | - |   |   | - |   |   | - |   |   | (4,718 | ) |   | (43 | ) |   | - |   |   | (4,761 | ) |
| Prepaid                expenses                                             |   |                                     | (9,122  | )      |   | 1,193                             |   |        | (30     | )                                                |   | -                                                                                  |   |                                             | (7,959   | ) |   | - |   |   | - |   |   | - |   |   | (7,959 | ) |   | (246 | ) |   | - |   |   | (8,205 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (1,093 | ) |   | (7,075 | ) |   | - |   |   | (8,168 | ) |   | - |   |   | - |   |   | (8,168 | ) |
| Other                assets                                                 |   |                                     | (10     | )      |   | 1,111                             |   |        | 2,182   |                                             |   | -                                                                                  |   |                                             | 3,283    |   |   | 284 |   |   | (395 | ) |   | - |   |   | 3,172 |   |   | (243 | ) |   | - |   |   | 2,929 |   |
| Related                party assets                                         |   |                                     | (1,479  | )      |   | (12,973                           | )      |        | 8       |                                             |   | -                                                                                  |   |                                             | (14,444  | ) |   | 14,384 |   |   | 5,781 |   |   | - |   |   | 5,721 |   |   | 2,895 |   |   | - |   |   | 8,616 |   |
| Accounts                payable and accrued expenses                        |   |                                     | (19,561 | )      |   | 33,125                            |   |        | 4,312   |                                             |   | -                                                                                  |   |                                             | 17,876   |   |   | - |   |   | 4,451 |   |   | - |   |   | 22,327 |   |   | 331 |   |   | - |   |   | 22,658 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                     | -       |   |   | 35,298                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 35,298   |   |   | (61,719 | ) |   | (13,748 | ) |   | - |   |   | (40,169 | ) |   | - |   |   | - |   |   | (40,169 | ) |
| Other                policyholders' funds and liabilities                   |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 2,411 |   |   | 298 |   |   | - |   |   | 2,709 |   |   | - |   |   | - |   |   | 2,709 |   |
| Deferred                income                                              |   |                                     | -       |   |   | 1,215                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 1,215    |   |   | - |   |   | - |   |   | - |   |   | 1,215 |   |   | 51 |   |   | - |   |   | 1,266 |   |
| Related                party liabilities                                    |   |                                     | (201    | )      |   | 19,878                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 19,677   |   |   | (1,317 | ) |   | (3,507 | ) |   | - |   |   | 14,853 |   |   | (4,445 | ) |   | - |   |   | 10,408 |   |
| Net                cash provided (used) by operating activities             |   |                                     | 29,568  |   |   | 286,711                           |   |        | 15,404  |                                             |   | -                                                                                  |   |                                             | 331,683  |   |   | 5,439 |   |   | 11,377 |   |   | - |   |   | 348,499 |   |   | 2,222 |   |   | - |   |   | 350,721 |   |
| Cash                flows from investing activities:                        |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | (1,998  | )      |   | (586,737                          | )      |        | (58,477 | )                                                |   | -                                                                                  |   |                                             | (647,212 | ) |   | - |   |   | - |   |   | - |   |   | (647,212 | ) |   | (1,132 | ) |   | - |   |   | (648,344 | ) |
| Short                term investments                                       |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (83,277 | ) |   | (166,115 | ) |   | - |   |   | (249,392 | ) |   | - |   |   | - |   |   | (249,392 | ) |
| Fixed                maturity investments                                   |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (71,630 | ) |   | (38,042 | ) |   | - |   |   | (109,672 | ) |   | - |   |   | - |   |   | (109,672 | ) |
| Mortgage                loans                                               |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (10,725 | ) |   | - |   |   | (10,725 | ) |   | - |   |   | - |   |   | (10,725 | ) |
| Proceeds                from sales of:                                      |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                     | -       |   |   | 85,134                            |   |        | 4,538   |                                             |   | -                                                                                  |   |                                             | 89,672   |   |   | - |   |   | - |   |   | - |   |   | 89,672 |   |   | - |   |   | - |   |   | 89,672 |   |
| Short                term investments                                       |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 111,936 |   |   | 164,754 |   |   | - |   |   | 276,690 |   |   | - |   |   | - |   |   | 276,690 |   |
| Fixed                maturity investments                                   |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 22,409 |   |   | 94,449 |   |   | - |   |   | 116,858 |   |   | - |   |   | - |   |   | 116,858 |   |
| Cash                received in excess of purchase of company acquired      |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 1,235 |   |   | - |   |   | 1,235 |   |   | - |   |   | - |   |   | 1,235 |   |
| Preferred                stock                                              |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 1,225 |   |   | - |   |   | 1,225 |   |   | - |   |   | - |   |   | 1,225 |   |
| Real                estate                                                  |   |                                     | -       |   |   | 195                               |   |        | (2,861  | )                                                |   | -                                                                                  |   |                                             | (2,666   | ) |   | 9,536 |   |   | - |   |   | - |   |   | 6,870 |   |   | - |   |   | - |   |   | 6,870 |   |
| Mortgage                loans                                               |   |                                     | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 7,062 |   |   | - |   |   | 7,062 |   |   | - |   |   | - |   |   | 7,062 |   |
| Payments                from notes and mortgage receivables                 |   |                                     | -       |   |   | 136                               |   |        | 766     |                                             |   | -                                                                                  |   |                                             | 902      |   |   | - |   |   | - |   |   | - |   |   | 902 |   |   | - |   |   | - |   |   | 902 |   |
| Net                cash provided (used) by investing activities             |   |                                     | (1,998  | )      |   | (501,272                          | )      |        | (56,034 | )                                                |   | -                                                                                  |   |                                             | (559,304 | ) |   | (11,026 | ) |   | 53,843 |   |   | - |   |   | (516,487 | ) |   | (1,132 | ) |   | - |   |   | (517,619 | ) |
|                                                                        |   | (page                1 of 2)   |
| (a)                Balance for the year ended December 31, 2006             |   |                                     |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |    |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------|---------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                          |   | AMERCO                              |    | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   |                                |    |
| Cash                flows from financing activities:                          |   | (In                thousands)       |    |
| Borrowings                from credit facilities                              |   |                                | -       |   |   | 345,760                           |   |        | 64,429  |                                             |   | -                                                                                  |   |                                             | 410,189  |   |   | - |   |   | - |   |   | - |   |   | 410,189 |   |   | - |   |   | - |   |   | 410,189 |   |
| Principal                repayments on credit facilities                      |   |                                | -       |   |   | (151,511                          | )      |        | (43,216 | )                                                |   | -                                                                                  |   |                                             | (194,727 | ) |   | - |   |   | - |   |   | - |   |   | (194,727 | ) |   | (1,345 | ) |   | - |   |   | (196,072 | ) |
| Debt                issuance costs                                            |   |                                | -       |   |   | (3,281                            | )      |        | 223     |                                             |   | -                                                                                  |   |                                             | (3,058   | ) |   | - |   |   | - |   |   | - |   |   | (3,058 | ) |   | - |   |   | - |   |   | (3,058 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -       |   |   | 1,204                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 1,204    |   |   | - |   |   | - |   |   | - |   |   | 1,204 |   |   | - |   |   | - |   |   | 1,204 |   |
| Treasury                stock repurchases                                     |   |                                | (49,106 | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (49,106  | ) |   | - |   |   | - |   |   | - |   |   | (49,106 | ) |   | - |   |   | - |   |   | (49,106 | ) |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 34,501  |   |   | (53,646                           | )      |        | 19,145  |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (12,963 | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (12,963  | ) |   | - |   |   | - |   |   | - |   |   | (12,963 | ) |   | - |   |   | - |   |   | (12,963 | ) |
| Investment                contract deposits                                   |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 16,695 |   |   | - |   |   | 16,695 |   |   | - |   |   | - |   |   | 16,695 |   |
| Investment                contract withdrawals                                |   |                                | -       |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (79,204 | ) |   | - |   |   | (79,204 | ) |   | - |   |   | - |   |   | (79,204 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (27,568 | )      |   | 138,526                           |   |        | 40,581  |                                             |   | -                                                                                  |   |                                             | 151,539  |   |   | - |   |   | (62,509 | ) |   | - |   |   | 89,030 |   |   | (1,345 | ) |   | - |   |   | 87,685 |   |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -       |   |   | (974                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (974     | ) |   | - |   |   | - |   |   | - |   |   | (974 | ) |   | - |   |   | - |   |   | (974 | ) |
|                                                                          |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 2       |   |   | (77,009                           | )      |        | (49     | )                                                |   | -                                                                                  |   |                                             | (77,056  | ) |   | (5,587 | ) |   | 2,711 |   |   | - |   |   | (79,932 | ) |   | (255 | ) |   | - |   |   | (80,187 | ) |
| Cash                and cash equivalents at beginning of period               |   |                                | 7       |   |   | 140,499                           |   |        | 856     |                                             |   | -                                                                                  |   |                                             | 141,362  |   |   | 9,815 |   |   | 4,027 |   |   | - |   |   | 155,204 |   |   | 255 |   |   | - |   |   | 155,459 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 9       |   | $      | 63,490                            |   | $           | 807     |                                             | $      | -                                                                                  |   | $                                                | 64,306   |   | $ | 4,228 |   | $ | 6,738 |   | $ | - |   | $ | 75,272 |   | $ | - |   | $ | - |   | $ | 75,272 |   |
|                                                                          |   | (page                2 of 2)        |
| (a)                Balance for the year ended December 31, 2006               |   |                                |    |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                        |   | Moving                & Storage |     |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                              |     | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   |                                |     |
| Cash                flows from operating activities:                        |   | (In                thousands)       |     |
| Net                earnings (loss)                                          |   | $                                   | 120,806  |   | $      | 139,420                           |   | $           | 14,004  |                                             | $      | (153,424                                                                           | )      | $                                                | 120,806  |   | $ | 631 |   | $ | 8,949 |   | $ | (9,580 | ) | $ | 120,806 |   | $ | 384 |   | $ | (36 | ) | $ | 121,154 |   |
| Earnings                from consolidated entities                          |   |                                | (163,388 | )      |   | -                                 |   |        | -       |                                             |   | 153,424                                                                            |   |                                             | (9,964   | ) |   | - |   |   | - |   |   | 9,580 |   |   | (384 | ) |   | - |   |   | 384 |   |   | - |   |
| Depreciation                                                                |   |                                | 79       |   |   | 121,942                           |   |        | 9,687   |                                             |   | -                                                                                  |   |                                             | 131,708  |   |   | - |   |   | - |   |   | - |   |   | 131,708 |   |   | 2,424 |   |   | (560 | ) |   | 133,572 |   |
| Amortization                of deferred policy acquisition costs            |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 2,855 |   |   | 21,406 |   |   | - |   |   | 24,261 |   |   | - |   |   | - |   |   | 24,261 |   |
| Change                in provision for losses on trade receivables          |   |                                | -        |   |   | (188                              | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (188     | ) |   | - |   |   | 5 |   |   | - |   |   | (183 | ) |   | - |   |   | - |   |   | (183 | ) |
| Change                in provision for losses on mortgage notes             |   |                                | -        |   |   | (2,230                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (2,230   | ) |   | - |   |   | - |   |   | - |   |   | (2,230 | ) |   | - |   |   | - |   |   | (2,230 | ) |
| Provision                for inventory reserve                              |   |                                | -        |   |   | 2,458                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 2,458    |   |   | - |   |   | - |   |   | - |   |   | 2,458 |   |   | - |   |   | - |   |   | 2,458 |   |
| Net                (gain) loss on sale of real and personal property        |   |                                | -        |   |   | 9,861                             |   |        | (616    | )                                                |   | -                                                                                  |   |                                             | 9,245    |   |   | - |   |   | - |   |   | - |   |   | 9,245 |   |   | - |   |   | - |   |   | 9,245 |   |
| Net                loss on sale of investments                              |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 1,377 |   |   | 1,031 |   |   | - |   |   | 2,408 |   |   | - |   |   | - |   |   | 2,408 |   |
| Write-off                of unamortized debt issuance costs                 |   |                                | 13,629   |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 13,629   |   |   | - |   |   | - |   |   | - |   |   | 13,629 |   |   | - |   |   | - |   |   | 13,629 |   |
| Deferred                income taxes                                        |   |                                | 22,940   |   |   | (8                                | )      |        | -       |                                             |   | -                                                                                  |   |                                             | 22,932   |   |   | 3,526 |   |   | (300 | ) |   | - |   |   | 26,158 |   |   | 2,006 |   |   | 265 |   |   | 28,429 |   |
| Net                change in other operating assets and liabilities:        |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -        |   |   | (3,999                            | )      |        | 1       |                                             |   | -                                                                                  |   |                                             | (3,998   | ) |   | 11,913 |   |   | 2,746 |   |   | - |   |   | 10,661 |   |   | - |   |   | - |   |   | 10,661 |   |
| Inventories                                                                 |   |                                | -        |   |   | (3,431                            | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (3,431   | ) |   | - |   |   | - |   |   | - |   |   | (3,431 | ) |   | (165 | ) |   | - |   |   | (3,596 | ) |
| Prepaid                expenses                                             |   |                                | 3,142    |   |   | (32,052                           | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (28,910  | ) |   | - |   |   | - |   |   | - |   |   | (28,910 | ) |   | 101 |   |   | - |   |   | (28,809 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,742 | ) |   | (9,368 | ) |   | - |   |   | (12,110 | ) |   | - |   |   | - |   |   | (12,110 | ) |
| Other                assets                                                 |   |                                | 576      |   |   | 10,345                            |   |        | (14,684 | )                                                |   | -                                                                                  |   |                                             | (3,763   | ) |   | 1,661 |   |   | 777 |   |   | - |   |   | (1,325 | ) |   | (132 | ) |   | - |   |   | (1,457 | ) |
| Related                party assets                                         |   |                                | (218     | )      |   | (14,223                           | )      |        | (79     | )                                                |   | -                                                                                  |   |                                             | (14,520  | ) |   | 4,932 |   |   | (181 | ) |   | - |   |   | (9,769 | ) |   | (698 | ) |   | 2,377 |   |   | (8,090 | ) |
| Accounts                payable and accrued expenses                        |   |                                | 30,128   |   |   | 23,089                            |   |        | (4,009  | )                                                |   | -                                                                                  |   |                                             | 49,208   |   |   | - |   |   | (12,735 | ) |   | - |   |   | 36,473 |   |   | 123 |   |   | - |   |   | 36,596 |   |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -        |   |   | 46,514                            |   |        | -       |                                             |   | -                                                                                  |   |                                             | 46,514   |   |   | (38,423 | ) |   | (13,009 | ) |   | - |   |   | (4,918 | ) |   | - |   |   | - |   |   | (4,918 | ) |
| Other                policyholders' funds and liabilities                   |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (3,447 | ) |   | (461 | ) |   | - |   |   | (3,908 | ) |   | - |   |   | - |   |   | (3,908 | ) |
| Deferred                income                                              |   |                                | -        |   |   | 2,672                             |   |        | (2      | )                                                |   | -                                                                                  |   |                                             | 2,670    |   |   | (6,007 | ) |   | 554 |   |   | - |   |   | (2,783 | ) |   | 195 |   |   | - |   |   | (2,588 | ) |
| Related                party liabilities                                    |   |                                | (447     | )      |   | (55,594                           | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (56,041  | ) |   | (5,182 | ) |   | (140 | ) |   | 21,252 |   |   | (40,111 | ) |   | (1,475 | ) |   | (2,430 | ) |   | (44,016 | ) |
| Net                cash provided (used) by operating activities             |   |                                | 27,247   |   |   | 244,576                           |   |        | 4,302   |                                             |   | -                                                                                  |   |                                             | 276,125  |   |   | (28,906 | ) |   | (726 | ) |   | 21,252 |   |   | 267,745 |   |   | 2,763 |   |   | - |   |   | 270,508 |   |
| Cash                flows from investing activities:                        |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | (2,298   | )      |   | (314,793                          | )      |        | (65,025 | )                                                |   | -                                                                                  |   |                                             | (382,116 | ) |   | - |   |   | - |   |   | 39,358 |   |   | (342,758 | ) |   | (1,624 | ) |   | - |   |   | (344,382 | ) |
| Short                term investments                                       |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (245,950 | ) |   | (288,156 | ) |   | - |   |   | (534,106 | ) |   | - |   |   | - |   |   | (534,106 | ) |
| Fixed                maturity investments                                   |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | (51,021 | ) |   | (209,117 | ) |   | - |   |   | (260,138 | ) |   | - |   |   | - |   |   | (260,138 | ) |
| Mortgage                loans                                               |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (8,868 | ) |   | - |   |   | (8,868 | ) |   | - |   |   | - |   |   | (8,868 | ) |
| Proceeds                from sales of:                                      |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -        |   |   | 59,301                            |   |        | 659     |                                             |   | -                                                                                  |   |                                             | 59,960   |   |   | - |   |   | - |   |   | - |   |   | 59,960 |   |   | - |   |   | - |   |   | 59,960 |   |
| Short                term investments                                       |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 229,590 |   |   | 371,260 |   |   | - |   |   | 600,850 |   |   | - |   |   | - |   |   | 600,850 |   |
| Fixed                maturity investments                                   |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 28,863 |   |   | 130,753 |   |   | - |   |   | 159,616 |   |   | - |   |   | - |   |   | 159,616 |   |
| Equity                securities                                            |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 6,769 |   |   | - |   |   | 6,769 |   |   | - |   |   | - |   |   | 6,769 |   |
| Preferred                stock                                              |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 10,030 |   |   | 1,620 |   |   | - |   |   | 11,650 |   |   | - |   |   | - |   |   | 11,650 |   |
| Real                estate                                                  |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | 56,571 |   |   | 19,175 |   |   | (39,358 | ) |   | 36,388 |   |   | - |   |   | - |   |   | 36,388 |   |
| Mortgage                loans                                               |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 33,014 |   |   | (21,252 | ) |   | 11,762 |   |   | - |   |   | - |   |   | 11,762 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -        |   |   | 1,917                             |   |        | (254    | )                                                |   | -                                                                                  |   |                                             | 1,663    |   |   | - |   |   | - |   |   | - |   |   | 1,663 |   |   | - |   |   | - |   |   | 1,663 |   |
| Net                cash provided (used) by investing activities             |   |                                | (2,298   | )      |   | (253,575                          | )      |        | (64,620 | )                                                |   | -                                                                                  |   |                                             | (320,493 | ) |   | 28,083 |   |   | 56,450 |   |   | (21,252 | ) |   | (257,212 | ) |   | (1,624 | ) |   | - |   |   | (258,836 | ) |
|                                                                        |   | (page                1 of 2)   |
| (a)                Balance for the year ended December 31, 2005             |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |     |   |   | AMERCO                Legal Group |   |        |     |                                             |   | AMERCO                as Consolidated                                              |   |                                             |       |
|-------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|----------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|------------|
|                                                                          |   | AMERCO                              |     | U-Haul |   | Real                Estate        |   | Elimination |     | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |       | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   |                                |     |
| Cash                flows from financing activities:                          |   | (In                thousands)       |     |
| Borrowings                from credit facilities                              |   |                                | 80,266   |   |   | 244,447                           |   |        | 952,334  |                                             |   | -                                                                                  |   |                                             | 1,277,047  |   |   | - |   |   | - |   |   | - |   |   | 1,277,047 |   |   | - |   |   | - |   |   | 1,277,047 |   |
| Principal                repayments on credit facilities                      |   |                                | (860,274 | )      |   | (12,970                           | )      |        | (218,856 | )                                                |   | -                                                                                  |   |                                             | (1,092,100 | ) |   | - |   |   | - |   |   | - |   |   | (1,092,100 | ) |   | (1,242 | ) |   | - |   |   | (1,093,342 | ) |
| Debt                issuance costs                                            |   |                                | -        |   |   | (5,143                            | )      |        | (24,445  | )                                                |   | -                                                                                  |   |                                             | (29,588    | ) |   | - |   |   | - |   |   | - |   |   | (29,588 | ) |   | - |   |   | - |   |   | (29,588 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -        |   |   | 1,553                             |   |        | -        |                                             |   | -                                                                                  |   |                                             | 1,553      |   |   | - |   |   | - |   |   | - |   |   | 1,553 |   |   | - |   |   | - |   |   | 1,553 |   |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 768,015  |   |   | (115,829                          | )      |        | (652,186 | )                                                |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (12,963  | )      |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | (12,963    | ) |   | - |   |   | - |   |   | - |   |   | (12,963 | ) |   | - |   |   | - |   |   | (12,963 | ) |
| Investment                contract deposits                                   |   |                                | -        |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | 20,322 |   |   | - |   |   | 20,322 |   |   | - |   |   | - |   |   | 20,322 |   |
| Investment                contract withdrawals                                |   |                                | -        |   |   | -                                 |   |        | -        |                                             |   | -                                                                                  |   |                                             | -          |   |   | - |   |   | (75,011 | ) |   | - |   |   | (75,011 | ) |   | - |   |   | - |   |   | (75,011 | ) |
| Net                cash provided (used) by financing activities               |   |                                | (24,956  | )      |   | 112,058                           |   |        | 56,847   |                                             |   | -                                                                                  |   |                                             | 143,949    |   |   | - |   |   | (54,689 | ) |   | - |   |   | 89,260 |   |   | (1,242 | ) |   | - |   |   | 88,018 |   |
|                                                                          |   |                                |     |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -        |   |   | (186                              | )      |        | -        |                                             |   | -                                                                                  |   |                                             | (186       | ) |   | - |   |   | - |   |   | - |   |   | (186 | ) |   | - |   |   | - |   |   | (186 | ) |
|                                                                          |   |                                |     |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | (7       | )      |   | 102,873                           |   |        | (3,471   | )                                                |   | -                                                                                  |   |                                             | 99,395     |   |   | (823 | ) |   | 1,035 |   |   | - |   |   | 99,607 |   |   | (103 | ) |   | - |   |   | 99,504 |   |
| Cash                and cash equivalents at beginning of period               |   |                                | 14       |   |   | 37,626                            |   |        | 4,327    |                                             |   | -                                                                                  |   |                                             | 41,967     |   |   | 10,638 |   |   | 2,992 |   |   | - |   |   | 55,597 |   |   | 358 |   |   | - |   |   | 55,955 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 7        |   | $      | 140,499                           |   | $           | 856      |                                             | $      | -                                                                                  |   | $                                                | 141,362    |   | $ | 9,815 |   | $ | 4,027 |   | $ | - |   | $ | 155,204 |   | $ | 255 |   | $ | - |   | $ | 155,459 |   |
|                                                                          |   | (page                2 of 2)        |
| (a)                Balance for the year ended December 31, 2005               |   |                                |     |   |   |                              |   |        |     |                                             |   |                                                                               |   |                                             |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                        |   | Moving                & Storage |     |   |   | AMERCO                Legal Group |   |        |   |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-----------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|--------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                        |   | AMERCO                              |     | U-Haul |   | Real                Estate        |   | Elimination |   | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                        |   |                                |     |
| Cash                flows from operating activities:                        |   | (In                thousands)       |     |
| Net                earnings (loss)                                          |   | $                                   | 89,076   |   | $      | 96,980                            |   | $           | 20,155 |                                             | $      | (117,135                                                                           | )      | $                                                | 89,076   |   | $ | (9,710 | ) | $ | 1,248 |   | $ | 8,462 |   | $ | 89,076 |   | $ | (2,232 | ) | $ | 2,580 |   | $ | 89,424 |   |
| Earnings                from consolidated entities                          |   |                                | (106,441 | )      |   | -                                 |   |        | -      |                                             |   | 117,135                                                                            |   |                                             | 10,694   |   |   | - |   |   | - |   |   | (8,462 | ) |   | 2,232 |   |   | - |   |   | (2,232 | ) |   | - |   |
| Depreciation                                                                |   |                                | 31       |   |   | 107,234                           |   |        | 8,603  |                                             |   | -                                                                                  |   |                                             | 115,868  |   |   | - |   |   | - |   |   | - |   |   | 115,868 |   |   | 2,783 |   |   | (560 | ) |   | 118,091 |   |
| Amortization                of deferred policy acquisition costs            |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 4,711 |   |   | 23,801 |   |   | - |   |   | 28,512 |   |   | - |   |   | - |   |   | 28,512 |   |
| Change                in provision for losses on trade receivables          |   |                                | -        |   |   | (620                              | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (620     | ) |   | - |   |   | - |   |   | - |   |   | (620 | ) |   | 114 |   |   | - |   |   | (506 | ) |
| Reduction                for inventory reserves                             |   |                                | -        |   |   | (1,000                            | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (1,000   | ) |   | - |   |   | - |   |   | - |   |   | (1,000 | ) |   | - |   |   | - |   |   | (1,000 | ) |
| Net                (gain) loss on sale of real and personal property        |   |                                | -        |   |   | 6,804                             |   |        | (3,792 | )                                                |   | -                                                                                  |   |                                             | 3,012    |   |   | - |   |   | - |   |   | - |   |   | 3,012 |   |   | - |   |   | - |   |   | 3,012 |   |
| Net                loss on sale of investments                              |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 577 |   |   | 39 |   |   | - |   |   | 616 |   |   | - |   |   | - |   |   | 616 |   |
| Deferred                income taxes                                        |   |                                | 33,060   |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | 33,060   |   |   | (3,740 | ) |   | (13,649 | ) |   | 46,947 |   |   | 62,618 |   |   | (1,505 | ) |   | - |   |   | 61,113 |   |
| Net                change in other operating assets and liabilities:        |   |                                |     |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                recoverables and trade receivables               |   |                                | -        |   |   | 4,730                             |   |        | 14,830 |                                             |   | -                                                                                  |   |                                             | 19,560   |   |   | 11,926 |   |   | 703 |   |   | - |   |   | 32,189 |   |   | - |   |   | - |   |   | 32,189 |   |
| Inventories                                                                 |   |                                | -        |   |   | (9,567                            | )      |        | -      |                                             |   | -                                                                                  |   |                                             | (9,567   | ) |   | - |   |   | - |   |   | - |   |   | (9,567 | ) |   | (289 | ) |   | - |   |   | (9,856 | ) |
| Prepaid                expenses                                             |   |                                | (4,782   | )      |   | (1,918                            | )      |        | 2      |                                             |   | -                                                                                  |   |                                             | (6,698   | ) |   | - |   |   | - |   |   | - |   |   | (6,698 | ) |   | (4 | ) |   | - |   |   | (6,702 | ) |
| Capitalization                of deferred policy acquisition costs          |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,141 | ) |   | (6,732 | ) |   | - |   |   | (8,873 | ) |   | - |   |   | - |   |   | (8,873 | ) |
| Other                assets                                                 |   |                                | 5,388    |   |   | (28,134                           | )      |        | (1,727 | )                                                |   | -                                                                                  |   |                                             | (24,473  | ) |   | (250 | ) |   | 442 |   |   | - |   |   | (24,281 | ) |   | 394 |   |   | - |   |   | (23,887 | ) |
| Related                party assets                                         |   |                                | 23,123   |   |   | (6,069                            | )      |        | 701    |                                             |   | 41,674                                                                             |   |                                             | 59,429   |   |   | 18,377 |   |   | 17,955 |   |   | (15,610 | ) |   | 80,151 |   |   | (2,204 | ) |   | (3,167 | ) |   | 74,780 |   |
| Accounts                payable and accrued expenses                        |   |                                | (61,640  | )      |   | (13,864                           | )      |        | (413   | )                                                |   | -                                                                                  |   |                                             | (75,917  | ) |   | (734 | ) |   | (19,846 | ) |   | - |   |   | (96,497 | ) |   | 475 |   |   | - |   |   | (96,022 | ) |
| Policy                benefits and losses, claims and loss expenses payable |   |                                | -        |   |   | 42,458                            |   |        | -      |                                             |   | -                                                                                  |   |                                             | 42,458   |   |   | (45,211 | ) |   | (12,865 | ) |   | - |   |   | (15,618 | ) |   | - |   |   | - |   |   | (15,618 | ) |
| Other                policyholders' funds and liabilities                   |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (2,700 | ) |   | 10,610 |   |   | - |   |   | 7,910 |   |   | - |   |   | - |   |   | 7,910 |   |
| Deferred                income                                              |   |                                | -        |   |   | (11,329                           | )      |        | (34    | )                                                |   | -                                                                                  |   |                                             | (11,363  | ) |   | (3,086 | ) |   | - |   |   | - |   |   | (14,449 | ) |   | 42 |   |   | - |   |   | (14,407 | ) |
| Related                party liabilities                                    |   |                                | (21,652  | )      |   | 47,024                            |   |        | (754   | )                                                |   | (41,674                                                                            | )      |                                             | (17,056  | ) |   | 377 |   |   | 23,067 |   |   | (31,337 | ) |   | (24,949 | ) |   | 3,491 |   |   | 3,379 |   |   | (18,079 | ) |
| Net                cash provided (used) by operating activities             |   |                                | (43,837  | )      |   | 232,729                           |   |        | 37,571 |                                             |   | -                                                                                  |   |                                             | 226,463  |   |   | (31,604 | ) |   | 24,773 |   |   | - |   |   | 219,632 |   |   | 1,065 |   |   | - |   |   | 220,697 |   |
| Cash                flows from investing activities:                        |   |                                |     |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                of:                                                |   |                                |     |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | (3       | )      |   | (280,141                          | )      |        | (4,267 | )                                                |   | -                                                                                  |   |                                             | (284,411 | ) |   | - |   |   | - |   |   | - |   |   | (284,411 | ) |   | (555 | ) |   | - |   |   | (284,966 | ) |
| Short                term investments                                       |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (16,830 | ) |   | - |   |   | - |   |   | (16,830 | ) |   | - |   |   | - |   |   | (16,830 | ) |
| Fixed                maturity investments                                   |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | (4,992 | ) |   | (93,219 | ) |   | - |   |   | (98,211 | ) |   | - |   |   | - |   |   | (98,211 | ) |
| Equity                securities                                            |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (6,349 | ) |   | - |   |   | (6,349 | ) |   | - |   |   | - |   |   | (6,349 | ) |
| Real                estate                                                  |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (63 | ) |   | - |   |   | (63 | ) |   | - |   |   | - |   |   | (63 | ) |
| Mortgage                loans                                               |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (2,750 | ) |   | - |   |   | (2,750 | ) |   | - |   |   | - |   |   | (2,750 | ) |
| Proceeds                from sales of:                                      |   |                                |     |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                plant and equipment                                |   |                                | -        |   |   | 232,691                           |   |        | 11,016 |                                             |   | -                                                                                  |   |                                             | 243,707  |   |   | - |   |   | - |   |   | - |   |   | 243,707 |   |   | - |   |   | - |   |   | 243,707 |   |
| Short                term investments                                       |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 10,866 |   |   | - |   |   | 10,866 |   |   | - |   |   | - |   |   | 10,866 |   |
| Fixed                maturity investments                                   |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 36,336 |   |   | 115,688 |   |   | - |   |   | 152,024 |   |   | - |   |   | - |   |   | 152,024 |   |
| Equity                securities                                            |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 56 |   |   | - |   |   | - |   |   | 56 |   |   | - |   |   | - |   |   | 56 |   |
| Preferred                stock                                              |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 12,000 |   |   | 3,803 |   |   | - |   |   | 15,803 |   |   | - |   |   | - |   |   | 15,803 |   |
| Real                estate                                                  |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | 15,672 |   |   | 513 |   |   | - |   |   | 16,185 |   |   | - |   |   | - |   |   | 16,185 |   |
| Mortgage                loans                                               |   |                                | -        |   |   | -                                 |   |        | -      |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 5,368 |   |   | - |   |   | 5,368 |   |   | - |   |   | - |   |   | 5,368 |   |
| Payments                from notes and mortgage receivables                 |   |                                | -        |   |   | 717                               |   |        | 619    |                                             |   | -                                                                                  |   |                                             | 1,336    |   |   | - |   |   | - |   |   | - |   |   | 1,336 |   |   | - |   |   | - |   |   | 1,336 |   |
| Net                cash provided (used) by investing activities             |   |                                | (3       | )      |   | (46,733                           | )      |        | 7,368  |                                             |   | -                                                                                  |   |                                             | (39,368  | ) |   | 42,242 |   |   | 33,857 |   |   | - |   |   | 36,731 |   |   | (555 | ) |   | - |   |   | 36,176 |   |
|                                                                        |   | (page                1 of 2)        |
| (a)                Balance for the year ended December 31, 2004             |   |                                |     |   |   |                              |   |        |   |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

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

|                                                                          |   | Moving                & Storage |     |   |   | AMERCO                Legal Group |   |        |    |                                             |   | AMERCO                as Consolidated                                              |   |                                             |     |
|-------------------------------------------------------------------------------|--------|-------------------------------------|----------|--------|--------|-----------------------------------|--------|-------------|---------|--------------------------------------------------|--------|------------------------------------------------------------------------------------|--------|--------------------------------------------------|----------|
|                                                                          |   | AMERCO                              |     | U-Haul |   | Real                Estate        |   | Elimination |    | Moving                & Storage Consolidated |   | Property                & Casualty                Insurance                (a) |   | Life                Insurance                (a) |     | Elimination |   | AMERCO                Consolidated |   | SAC                Holding II |   | Elimination |   | Total                Consolidated |   |
|                                                                          |   |                                |     |
| Cash                flows from financing activities:                          |   | (In                thousands)       |     |
| Borrowings                from credit facilities                              |   |                                | 129,355  |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | 129,355  |   |   | - |   |   | - |   |   | - |   |   | 129,355 |   |   | - |   |   | - |   |   | 129,355 |   |
| Principal                repayments on credit facilities                      |   |                                | (212,242 | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (212,242 | ) |   | - |   |   | - |   |   | - |   |   | (212,242 | ) |   | (1,163 | ) |   | - |   |   | (213,405 | ) |
| Leveraged                Employee Stock Ownership Plan - repayments from loan |   |                                | -        |   |   | 1,135                             |   |        | -       |                                             |   | -                                                                                  |   |                                             | 1,135    |   |   | - |   |   | - |   |   | - |   |   | 1,135 |   |   | - |   |   | - |   |   | 1,135 |   |
| Payoff                of capital leases                                       |   |                                | -        |   |   | (99,609                           | )      |        | -       |                                             |   | -                                                                                  |   |                                             | (99,609  | ) |   | - |   |   | - |   |   | - |   |   | (99,609 | ) |   | - |   |   | - |   |   | (99,609 | ) |
| Proceeds                from (repayment of) intercompany loans                |   |                                | 155,908  |   |   | (114,635                          | )      |        | (41,273 | )                                                |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                stock dividends paid                                 |   |                                | (29,167  | )      |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | (29,167  | ) |   | - |   |   | - |   |   | - |   |   | (29,167 | ) |   | - |   |   | - |   |   | (29,167 | ) |
| Investment                contract deposits                                   |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | 26,331 |   |   | - |   |   | 26,331 |   |   | - |   |   | - |   |   | 26,331 |   |
| Investment                contract withdrawals                                |   |                                | -        |   |   | -                                 |   |        | -       |                                             |   | -                                                                                  |   |                                             | -        |   |   | - |   |   | (97,137 | ) |   | - |   |   | (97,137 | ) |   | - |   |   | - |   |   | (97,137 | ) |
| Net                cash provided (used) by financing activities               |   |                                | 43,854   |   |   | (213,109                          | )      |        | (41,273 | )                                                |   | -                                                                                  |   |                                             | (210,528 | ) |   | - |   |   | (70,806 | ) |   | - |   |   | (281,334 | ) |   | (1,163 | ) |   | - |   |   | (282,497 | ) |
|                                                                          |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                of exchange rate on cash                               |   |                                | -        |   |   | 22                                |   |        | -       |                                             |   | -                                                                                  |   |                                             | 22       |   |   | - |   |   | - |   |   | - |   |   | 22 |   |   | - |   |   | - |   |   | 22 |   |
|                                                                          |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents               |   |                                | 14       |   |   | (27,091                           | )      |        | 3,666   |                                             |   | -                                                                                  |   |                                             | (23,411  | ) |   | 10,638 |   |   | (12,176 | ) |   | - |   |   | (24,949 | ) |   | (653 | ) |   | - |   |   | (25,602 | ) |
| Cash                and cash equivalents at beginning of period               |   |                                | -        |   |   | 64,717                            |   |        | 661     |                                             |   | -                                                                                  |   |                                             | 65,378   |   |   | - |   |   | 15,168 |   |   | - |   |   | 80,546 |   |   | 1,011 |   |   | - |   |   | 81,557 |   |
| Cash                and cash equivalents at end of period                     |   | $                                   | 14       |   | $      | 37,626                            |   | $           | 4,327   |                                             | $      | -                                                                                  |   | $                                                | 41,967   |   | $ | 10,638 |   | $ | 2,992 |   | $ | - |   | $ | 55,597 |   | $ | 358 |   | $ | - |   | $ | 55,955 |   |
|                                                                          |   | (page                2 of 2)   |
| (a)                Balance for the year ended December 31, 2004               |   |                                |     |   |   |                              |   |        |    |                                             |   |                                                                               |   |                                             |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO      AND CONSOLIDATED ENTITIES**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENT**
**S      -- (CONTINUED)**

**Note      22: Subsequent Events**

***Preferred      Stock Dividends***

***Note      Receivable***

***Fleet      Securitization Transaction***

----

**ADDITIONAL      INFORMATION**

**NOTES      T**
**O      SUMMARY OF EARNINGS OF INDEPENDENT RENTAL FLEETS**

|                                                                                                                                                           |   | **Year                Ended March 31,**                                                      |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                           |   | **2007**                                                                                     |   | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                                                           |   | (In                thousands, except earnings per $100 of                average Investment) |   |
| Earnings                data (Note A):                                                                                                                         |   |                                                                                         |   |   |   |   |   |   |   |   |   |
| Fleet                owner income:                                                                                                                             |   |                                                                                         |   |   |   |   |   |   |   |   |   |
| Credited                to fleet owner gross rental income                                                                                                     |   | $                                                                                            | 278    |   | $ | 430 |   | $ | 560 |   | $ | 739 |   | $ | 823 |   |
| Credited                to trailer accident fund (Notes D and E)                                                                                               |   |                                                                                         | 15     |   |   | 27 |   |   | 34 |   |   | 46 |   |   | 49 |   |
| Total                fleet owner income                                                                                                                        |   |                                                                                         | 293    |   |   | 457 |   |   | 594 |   |   | 785 |   |   | 872 |   |
| Fleet                owner operation expenses:                                                                                                                 |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charged                to fleet owner (Note C)                                                                                                                 |   |                                                                                         | 193    |   |   | 301 |   |   | 383 |   |   | 437 |   |   | 422 |   |
| Charged                to trailer accident fund (Note F)                                                                                                       |   |                                                                                         | 3      |   |   | 6 |   |   | 7 |   |   | 8 |   |   | 9 |   |
| Total                fleet owner operation expenses                                                                                                            |   |                                                                                         | 196    |   |   | 307 |   |   | 390 |   |   | 445 |   |   | 431 |   |
| Fleet                owner earnings before trailer accident fund credit, depreciation                and income taxes                                          |   |                                                                                         | 85     |   |   | 130 |   |   | 177 |   |   | 304 |   |   | 402 |   |
| Trailer                accident fund credit (Note D)                                                                                                           |   |                                                                                         | 12     |   |   | 20 |   |   | 27 |   |   | 36 |   |   | 39 |   |
| Net                fleet owner earnings before depreciation and income                taxes                                                                    |   |                                                                                         | 97     |   |   | 150 |   |   | 204 |   |   | 340 |   |   | 441 |   |
| Investment                data (Note A):                                                                                                                       |   |                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amount                at end of year                                                                                                                           |   |                                                                                         | 489    |   |   | 717 |   |   | 967 |   |   | 1,202 |   |   | 1,389 |   |
| Average                amount during year                                                                                                                      |   |                                                                                         | 603    |   |   | 842 |   |   | 1,085 |   |   | 1,296 |   |   | 1,526 |   |
| Net                fleet owner earnings before depreciation and income taxes per $100                of                average investment (Note B) (unaudited) |   | $                                                                                            | 10.07  |   | $ | 12.48 |   | $ | 14.01 |   | $ | 18.84 |   | $ | 19.95 |   |

----

|                                      |   | **Year                Ended March 31,** |   |
|-------------------------------------------|--------|-----------------------------------------|--------|
|                                      |   | **2007**                                |   | **2006** |   | **2005** |   | **2004** |   | **2003** |   |
|                                      |   | (In                thousands)           |   |
| Licenses                                  |   | $                                       | 18     |   | $ | 24 |   | $ | 31 |   | $ | 41 |   | $ | 52 |   |
| Public                liability insurance |   |                                    | 17     |   |   | 33 |   |   | 37 |   |   | 48 |   |   | 53 |   |
| Repairs                and maintenance    |   |                                    | 158    |   |   | 244 |   |   | 315 |   |   | 348 |   |   | 317 |   |
|                                      |   | $                                       | 193    |   | $ | 301 |   | $ | 383 |   | $ | 437 |   | $ | 422 |   |

|                           |   | **Fleet                Owners**       |   |
|--------------------------------|--------|---------------------------------------|--------|
|                           |   | **Subsidiary****U-Haul****Companies** |   | **Subsidiary****Companies** |   | **Independent** |   | **Total** |   |
|                           |   | (In                thousands)         |   |
| **Year                ended:** |   |                                  |   |   |   |   |   |   |   |
| March                31, 2007  |   | $                                     | 9,357  |   | $ | 5,024 |   | $ | 15 |   | $ | 14,396 |   |
| March                31, 2006  |   |                                  | 9,285  |   |   | 4,972 |   |   | 27 |   |   | 14,284 |   |
| March                31, 2005  |   |                                  | 8,450  |   |   | 4,516 |   |   | 34 |   |   | 13,000 |   |
| March                31, 2004  |   |                                  | 7,704  |   |   | 4,102 |   |   | 46 |   |   | 11,852 |   |
| March                31, 2003  |   |                                  | 6,845  |   |   | 3,637 |   |   | 49 |   |   | 10,531 |   |

|                           |   | **Fleet                Owners**       |   |                        |   |
|--------------------------------|--------|---------------------------------------|--------|-----------------------------|--------|
|                           |   | **Subsidiary****U-Haul****Companies** |   | **Subsidiary****Companies** |   | **Independent** |   | **Sub****Total** |   | **Trailer****Accident****Retirements** |   | **Total                Trailer****Accident****Repair****Expenses** |   |
|                           |   | (In                thousands)         |   |
| **Year                ended:** |   |                                  |   |                        |   |   |   |   |   |   |   |   |   |
| March                31, 2007  |   | $                                     | 1,804  |                        | $      | 968 |   | $ | 3 |   | $ | 2,775 |   | $ | 317 |   | $ | 3,092 |   |
| March                31, 2006  |   |                                  | 2,170  |                        |   | 1,162 |   |   | 6 |   |   | 3,338 |   |   | 443 |   |   | 3,781 |   |
| March                31, 2005  |   |                                  | 1,717  |                        |   | 917 |   |   | 7 |   |   | 2,641 |   |   | 388 |   |   | 3,029 |   |
| March                31, 2004  |   |                                  | 1,366  |                        |   | 727 |   |   | 8 |   |   | 2,101 |   |   | 466 |   |   | 2,567 |   |
| March                31, 2003  |   |                                  | 1,095  |                        |   | 582 |   |   | 8 |   |   | 1,685 |   |   | 394 |   |   | 2,079 |   |

----

**SCHEDULE I**** **

**CONDENSED      FINANCIAL INFORMATION OF AMERCO**

**BALANCE      SHEETS**

|                                                         |   | **March                31,**  |      |
|--------------------------------------------------------------|--------|-------------------------------|-----------|
|                                                         |   | **2007**                      |      | **2006** |   |
|                                                         |   | (In                thousands) |      |
| **ASSETS**                                                   |   |
| Cash                and cash equivalents                     |   | $                             | 9         |   | $ | 7 |   |
| Investment                in subsidiaries and SAC Holding II |   |                          | (245,116  | ) |   | (276,552 | ) |
| Related                party assets                          |   |                          | 1,180,929 |   |   | 1,219,703 |   |
| Other                assets                                  |   |                          | 15,146    |   |   | 4,309 |   |
| Total                assets                                  |   |                          | 950,968   |   |   | 947,467 |   |
|                                                         |   |                          |      |   |   |   |   |
| **LIABILITIES                AND STOCKHOLDERS' EQUITY**      |
| Liabilities:                                                 |   |                          |      |   |   |   |   |
| Related                party liabilities                     |   | $                             | -         |   | $ | 201 |   |
| Other                liabilities                             |   |                          | 187,520   |   |   | 204,760 |   |
|                                                         |   |                          | 187,520   |   |   | 204,961 |   |
| Stockholders'                equity:                         |   |                          |      |   |   |   |   |
| Preferred                stock                               |   |                          | -         |   |   | - |   |
| Common                stock                                  |   |                          | 10,497    |   |   | 10,497 |   |
| Additional                paid-in capital                    |   |                          | 421,483   |   |   | 413,726 |   |
| Accumulated                other comprehensive loss          |   |                          | (41,779   | ) |   | (28,902 | ) |
| Retained                earnings:                            |   |                          |      |   |   |   |   |
| Beginning                of period                           |   |                          | 763,203   |   |   | 657,434 |   |
| Net                earnings                                  |   |                          | 90,205    |   |   | 120,806 |   |
| Dividends                                                    |   |                          | (12,963   | ) |   | (12,963 | ) |
|                                                         |   |                          | 1,230,646 |   |   | 1,160,598 |   |
|                                                         |   |                          |      |   |   |   |   |
| Less:                Cost of common shares in treasury       |   |                          | (467,198  | ) |   | (418,092 | ) |
| Total                stockholders' equity                    |   |                          | 763,448   |   |   | 742,506 |   |
| Total                liabilities and stockholders' equity    |   | $                             | 950,968   |   | $ | 947,467 |   |

----

**CONDENSED      FINANCIAL INFORMATION OF AMERCO **

**STATEMENTS      OF OPERATIONS **

|                                                                         |   | **Years                Ended March 31,**                       |       |
|------------------------------------------------------------------------------|--------|----------------------------------------------------------------|------------|
|                                                                         |   | **2007**                                                       |       | **2006** |   | **2005** |   |
|                                                                         |   | (In                thousands, except share and per share data) |       |
| Revenues:                                                                    |   |                                                           |       |   |   |   |   |
| Net                interest income from subsidiaries                         |   | $                                                              | 5,071      |   | $ | 5,567 |   | $ | 8,348 |   |
| Expenses:                                                                    |   |                                                           |       |   |   |   |   |   |   |   |
| Operating                expenses                                            |   |                                                           | 12,096     |   |   | 12,722 |   |   | 18,065 |   |
| Other                expenses                                                |   |                                                           | 381        |   |   | 160 |   |   | 121 |   |
| Total                expenses                                                |   |                                                           | 12,477     |   |   | 12,882 |   |   | 18,186 |   |
| Equity                in earnings of subsidiaries and SAC Holding II         |   |                                                           | 35,796     |   |   | 163,388 |   |   | 106,441 |   |
| Interest                income (expense)                                     |   |                                                           | 89,026     |   |   | (24,636 | ) |   | (70,235 | ) |
| Fees                on early extinguishment of debt                          |   |                                                           | -          |   |   | (35,627 | ) |   | - |   |
| Litigation                settlement income, net of costs, fees and expenses |   |                                                           | -          |   |   | - |   |   | 51,341 |   |
| Pretax                earnings                                               |   |                                                           | 117,416    |   |   | 95,810 |   |   | 77,709 |   |
| Income                tax benefit                                            |   |                                                           | (27,211    | ) |   | 24,996 |   |   | 11,367 |   |
| Net                earnings                                                  |   |                                                           | 90,205     |   |   | 120,806 |   |   | 89,076 |   |
| Less:                Preferred stock dividends                               |   |                                                           | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                available to common shareholders                     |   | $                                                              | 77,242     |   | $ | 107,843 |   | $ | 76,113 |   |
| Basic                and diluted earnings per common share                   |   | $                                                              | 3.71       |   | $ | 5.17 |   | $ | 3.66 |   |
| Weighted                average common shares outstanding: Basic and diluted |   |                                                           | 20,838,570 |   |   | 20,857,108 |   |   | 20,804,773 |   |

The      accompanying notes are an integral part of these consolidated financial      statements. 

----

**CONDENSED      FINANCIAL INFORMATION OF      AMERCO**

**STATEMENTS      OF CASH FLOWS**

|                                                                    |   | **Year                Ended March 31,** |    |
|-------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                    |   | **2007**                                |    | **2006** |   | **2005** |   |
|                                                                    |   | (In                thousands)           |    |
| Cash                flows from operating activities:                    |   |                                    |    |   |   |   |   |
| Net                earnings                                             |   | $                                       | 90,205  |   | $ | 120,806 |   | $ | 89,076 |   |
| Change                in investments in subsidiaries and SAC Holding II |   |                                    | (35,796 | ) |   | (163,388 | ) |   | (106,441 | ) |
| Depreciation                                                            |   |                                    | 293     |   |   | 79 |   |   | 31 |   |
| Write-off                of unamortized debt issuance costs             |   |                                    | -       |   |   | 13,629 |   |   | - |   |
| Deferred                income taxes                                    |   |                                    | 5,239   |   |   | 22,940 |   |   | 33,060 |   |
| Net                change in other operating assets and liabilities:    |   |                                    |    |   |   |   |   |   |   |   |
| Prepaid                expenses                                         |   |                                    | (9,122  | ) |   | 3,142 |   |   | (4,782 | ) |
| Other                assets                                             |   |                                    | (10     | ) |   | 576 |   |   | 5,388 |   |
| Related                party assets                                     |   |                                    | (1,479  | ) |   | (218 | ) |   | 23,123 |   |
| Accounts                payable and accrued expenses                    |   |                                    | (19,561 | ) |   | 30,128 |   |   | (61,640 | ) |
| Related                party liabilities                                |   |                                    | (201    | ) |   | (447 | ) |   | (21,652 | ) |
| Net                cash provided (used) by operating activities         |   |                                    | 29,568  |   |   | 27,247 |   |   | (43,837 | ) |
|                                                                    |   |                                    |    |   |   |   |   |   |   |   |
| Cash                flows from investment activities:                   |   |                                    |    |   |   |   |   |   |   |   |
| Purchase                of property, plant and equipment                |   |                                    | (1,998  | ) |   | (2,298 | ) |   | (3 | ) |
| Net                cash used by investing activities                    |   |                                    | (1,998  | ) |   | (2,298 | ) |   | (3 | ) |
|                                                                    |   |                                    |    |   |   |   |   |   |   |   |
| Cash                flows from financing activities:                    |   |                                    |    |   |   |   |   |   |   |   |
| Borrowings                from credit facilities                        |   |                                    | -       |   |   | 80,266 |   |   | 129,355 |   |
| Principal                repayments on credit facilities                |   |                                    | -       |   |   | (860,274 | ) |   | (212,242 | ) |
| Treasury                stock repurchases                               |   |                                    | (49,106 | ) |   | - |   |   | - |   |
| Proceeds                from intercompany loans                         |   |                                    | 34,501  |   |   | 768,015 |   |   | 155,908 |   |
| Preferred                stock dividends paid                           |   |                                    | (12,963 | ) |   | (12,963 | ) |   | (29,167 | ) |
| Net                cash provided (used) by financing activities         |   |                                    | (27,568 | ) |   | (24,956 | ) |   | 43,854 |   |
|                                                                    |   |                                    |    |   |   |   |   |   |   |   |
| Increase                (decrease) in cash and cash equivalents         |   |                                    | 2       |   |   | (7 | ) |   | 14 |   |
| Cash                and cash equivalents at beginning of period         |   |                                    | 7       |   |   | 14 |   |   | - |   |
| Cash                and cash equivalents at end of period               |   | $                                       | 9       |   | $ | 7 |   | $ | 14 |   |

----

**CONDENSED      FINANCIAL INFORMATION OF AMERCO **

**NOTES      TO CONDENSED FINANCIAL INFORMATION **

**March      31, 2007, 2006, and 2005 **

**1.      Summary of Significant Accounting Policies **

**2.      Guarantees **

----

**SCHEDULE****II**

**AMERCO      AND CONSOLIDATED SUBSIDIARIES **

**VALUATION      AND QUALIFYING ACCOUNTS**

**Years      Ended March 31, 2007, 2006 and 2005**

|                                                         |   | **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, 2007**                 |   | (In                thousands)                   |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |
| (deducted                from trade receivable)              |   | $                                               | 1,202  |                                                       | $      | 2,928                                                  |   | $              | -      |                                   | $      | (3,073 | ) | $ | 1,057 |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from notes and mortgage receivable) |   | $                                               | 394    |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | (40 | ) | $ | 354 |   |
| Allowance                for LIFO                            |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 5,693  |                                                       | $      | 2,679                                                  |   | $              | -      |                                   | $      | - |   | $ | 8,372 |   |
| Allowance                for obsolescence                    |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 1,500  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | - |   | $ | 1,500 |   |
|                                                         |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| **Year                ended March 31, 2006**                 |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from trade receivable)              |   | $                                               | 1,391  |                                                       | $      | 1,988                                                  |   | $              | -      |                                   | $      | (2,177 | ) | $ | 1,202 |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from notes and mortgage receivable) |   | $                                               | 2,624  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | (2,230 | ) | $ | 394 |   |
| Allowance                for LIFO                            |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 3,234  |                                                       | $      | 2,570                                                  |   | $              | -      |                                   | $      | (111 | ) | $ | 5,693 |   |
| Allowance                for obsolescence                    |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 1,500  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | - |   | $ | 1,500 |   |
|                                                         |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| **Year                ended March 31, 2005**                 |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from trade receivable)              |   | $                                               | 2,011  |                                                       | $      | 2,689                                                  |   | $              | -      |                                   | $      | (3,309 | ) | $ | 1,391 |   |
| Allowance                for doubtful accounts               |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from notes and mortgage receivable) |   | $                                               | 2,643  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | (19 | ) | $ | 2,624 |   |
| Allowance                for LIFO                            |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 3,234  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | - |   | $ | 3,234 |   |
| Allowance                for obsolescence                    |   |                                            |   |                                                       |   |                                                   |   |           |   |                                   |   |   |   |   |   |   |
| (deducted                from inventory)                     |   | $                                               | 2,500  |                                                       | $      | -                                                      |   | $              | -      |                                   | $      | (1,000 | ) | $ | 1,500 |   |

----

**SCHEDULE      V **

**AMERCO      AND CONSOLIDATED SUBSIDIARIES **

**SUPPLEMENTAL      INFORMATION (FOR PROPERTY-CASUALTY INSURANCE UNDERWRITERS)**

**Years      Ended December 31, 2006, 2005 AND 2004 **

| **Year**                        |   | **Affiliation                  with Registrant**                        |   | **Deferred                  Policy Acquisiton 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) |   |
| 2007                            |   | Consolidated                  property casualty entity                  |   | $                                                    | 196    |                                                                    | $      | 288,783                                        |   |                                   | N/A    |                                         | $      | 459                                            |   | $                                                                                                          | 24,335 |                                                                                                     | $      | 14,440                                                                 |   | $                                                             | 6,006  |                                          | $      | 15,895 |   | $ | 2,057 |   | $ | 43,608 |   | $ | 23,232 |   |
| 2006                            |   | Consolidated                  property casualty                  entity |   |                                                 | 1,160  |                                                                    |   | 346,928                                        |   |                                   | N/A    |                                         |   | 2,557                                          |   |                                                                                                       | 26,001 |                                                                                                     |   | 12,639                                                                 |   |                                                          | 6,429  |                                          |   | 16,161 |   |   | 2,855 |   |   | 48,453 |   |   | 25,771 |   |
| 2005                            |   | Consolidated                  property casualty                  entity |   |                                                 | 1,273  |                                                                    |   | 380,875                                        |   |                                   | N/A    |                                         |   | 2,992                                          |   |                                                                                                       | 24,987 |                                                                                                     |   | 15,825                                                                 |   |                                                          | 17,960 |                                          |   | 21,773 |   |   | 4,711 |   |   | 86,955 |   |   | 17,901 |   |

----

**SIGNATURES      **

|                                 AMERCO |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                   |   |   |
|                                                                                                                                                                                                   | By: | /s/                Edward J. Shoen |
|                                                                                                                                                                                                   | Edward                J. Shoen |
|                                                                                                                                                                                                   | *Chairman                of the Board and President* |
| Dated:                June 6, 2007                                                                                                                                                                     |   |   |

**POWER      OF ATTORNEY **

**KNOW      ALL MEN BY THESE PRESENTS, **

| **Signature**                                       | **Title**                                                                                       | **Date**                      |
|-----------------------------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------|
| */s/*EDWARD                J. SHOEN                 | Chairman                of the Board and President (Principal                Executive Officer) | June                6, 2007   |
| Edward                J. Shoen                      |                                                                                            |                          |
| */s/*JASON                A. BERG                   | Chief                Accounting Officer (Principal                Accounting Officer)           | June                  6, 2007 |
| Jason                A. Berg                        |                                                                                            |                          |
| *s/*JAMES                P. SHOEN                   | Director                                                                                        | June                  6, 2007 |
| James                  P. Shoen                     |                                                                                            |                          |
| */*s/CHARLES                  J. BAYER              | Director                                                                                        | June                  6, 2007 |
| Charles                  J. Bayer                   |                                                                                            |                          |
| /s/JOHN                  M. DODDS                   | Director                                                                                        | June                  6, 2007 |
| John                  M. Dodds                      |                                                                                            |                          |
| /s/DANIEL                  R. MULLEN                | Director                                                                                        | June                  6, 2007 |
| Daniel                  R. Mullen                   |                                                                                            |                          |
| /s/JOHN                  P.                  BROGAN | Director                                                                                        | June                  6, 2007 |
| John                  P. Brogan                     |                                                                                            |                          |
| /s/M.                  FRANK LYONS                  | Director                                                                                        | June                  6, 2007 |
| M.                  Frank Lyons                     |                                                                                            |                          |
| */s/*MICHAEL                L. GALLAGHER       | Director                                                                                        | June                  6, 2007 |
| Michael                L. Gallagher                 |                                                                                            |                          |

----

**SIGNATURES**

|                               |                    U-Haul International, Inc.       |                               |
|------------------------------------|--------------------------------------------------------------------|------------------------------------|
|                               |                                                               |                               |
|                               | By:                                                                | /s/                Edward J. Shoen |
|                               | Edward                J. Shoen                                     |
|                               | *Chief                Executive Officer and Chairman of the Board* |
| Dated:                June 6, 2007 |                                                               |                               |

**POWER      OF ATTORNEY **

**KNOW      ALL MEN BY THESE PRESENTS, **

| **Signature**                         | **Title**                                                                                                                    | **Date**                          |
|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
| */s/*EDWARD                J. SHOEN   | Chief                Executive Officer and Chairman of the                Board (Principal                Executive Officer) | June                  6, 2007     |
| Edward                J. Shoen        |                                                                                                                         |                              |
| */s/*JASON                A. BERG     | Chief Accounting                Officer (Principal Accounting                Officer)                              | June                  6, 2007     |
| Robert                T. Peterson     |                                                                                                                         |                              |
| */s/*SAMUEL                J. SHOEN   | Director                                                                                                                     | June                  6, 2007     |
| Samuel                J. Shoen        |                                                                                                                         |                              |
| */s/*ROBERT                A. DOLAN   | Director                                                                                                                     | June                  6, 2007     |
| Robert                A. Dolan        |                                                                                                                         |                              |
| */s/*DANIEL                R. MULLEN  | Director                                                                                                                     | June                  6, 2007     |
| Daniel                R. Mullen       |                                                                                                                         |                              |
| */s/*JOHN                M. DODDS     | Director                                                                                                                     | June                  6, 2007     |
| John                M. Dodds          |                                                                                                                         |                              |
| */s/*JOHN                C. TAYLOR    | Director                                                                                                                     | June                  6, 2007     |
| John                C. Taylor         |                                                                                                                         |                              |
| /s/ROBERT              T. PETERSON    |  Chief Financial                Officer (U-Haul                International, Inc.)                                |  June                6, 2007 |
|  Robert              T. Peterson |                                                                                                                         |                              |

----