**UNITED      STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K for Annual and Transition Reports**

**Pursuant      to Section 13 or 15(d)**

**of      the Securities Exchange Act of 1934**

| **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                                  |
| U-Haul                International, Inc.                                  | None                                                                                                 |                                                                    |
|                                                                       |                                                                                                 |                                                                    |
| Securities                registered pursuant to Section 12(g) of the Act: |
|  **Registrant**                                                       |  **Title                of Class**                                                              | **Name                of Each Exchange on Which Registered**            |
| AMERCO                                                                     | Common                                                                                               | NASDAQ                                                                  |
| U-Haul                International, Inc.                                  | None                                                                                                 |                                                                    |

** **

----

**TABLE      OF CONTENTS**

|                    |                                                                                                                                                   | Page                No.              |
|-------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                    | **PART****I**                                                                                                                                          |                                 |
|                    |                                                                                                                                                   |                                 |
| Item                1.  | Business                                                                                                                                               | 2                -                10 |
| Item                1A. | Risk                Factors                                                                                                                            | 10                - 12               |
| Item                1B. | Unresolved                Staff Comments                                                                                                               | 12                                   |
| Item                2.  | Properties                                                                                                                                             | 12                                   |
| Item                3.  | Legal                Proceedings                                                                                                                       | 13                - 14               |
| Item                4.  | Submission                of Matters to a Vote of Security Holders                                                                                     | 14                                   |
|                    |                                                                                                                                                   |                                 |
|                    | **PART                II**                                                                                                                             |                                 |
| Item                5.  | Market                for the Registrant’s Common Equity, Related Stockholder Matters and Issuer                Repurchases of Equity Securities | 14                - 15               |
| Item                6.  | Selected                Financial Data                                                                                                                 | 16                - 17               |
| Item                7.  | Management’s                Discussion and Analysis of Financial Condition and Results of                Operations                              | 18                - 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                and Executive Officers of the Registrants                                                                                     | 50                                   |
| Item                11. | Executive                Compensation                                                                                                                  | 50                                   |
| Item                12. | Security                Ownership of Certain Beneficial Owners and Management and Related                Stockholder Matters                           |  50                             |
| Item                13. | Certain                Relationships and Related Transactions                                                                                          | 50                                   |
| Item                14. | Principal                Accountant Fees and Services                                                                                                  | 50                                   |
|                    |                                                                                                                                                   |                                 |
|                    | **PART                IV**                                                                                                                             |                                 |
| Item                15. | Exhibits                and Financial Statement Schedules                                                                                              | 51                -58                |

----

**PART      I**

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

**Company      Overview**

**Products      and Rental Equipment**

----

----

**Description      of Operating Segments**

***Moving      and Storage Operating Segment***

----

* *

* *
* *

----

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

***Life      Insurance Operating Segment***

***SAC      Holdings Operating Segment***

**Employees**

**Sales      and Marketing**

----

**Competition**

***Moving      and Storage Operating Segment***

***Insurance      Operating Segments***

**Corporate      Governance**

***Board      Responsibilities and Structure***

----

***Board      Committees***

*Audit      Committee. *

*Executive      Finance Committee. *

*Compensation      Committee. *

*Independent      Governance Committee. *

*Advisory      Board Members. *

----

**Recent      Developments **

***Preferred      Stock Dividends***

***Life      Insurance Acquisition***

***Mezzanine      Loan***

***New        Financings***

*    *

----

**Cautionary      Statement Regarding Forward-Looking Statements**

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

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

----

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

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

***Our      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.***

***Our      property and casualty insurance business has suffered extensive      losses.***

----

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

***Our      notes receivable from SAC Holdings.***

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

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

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

* *
* *

----

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

***Shoen***

***Securities      Litigation***

***Securit****ies      and Exchange Commission***

----

***Environmental***

***Other***

**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,** |   |
|-------------------------------------|--------|-----------------------------------------|--------|
|                                |   |                                    |   | **2006** |   | **2005** |   |
|                                |   |                                    |   |   |   | High  |   |   | Low |   |   | High |   |   | Low |   |
| First                quarter   |   |                                    |   |   | $ | 56.10 |   | $ | 42.75 |   | $ | 29.50 |   | $ | 19.76 |   |
| Second                quarter  |   |                                    |   |   | $ | 63.61 |   | $ | 52.80 |   | $ | 38.03 |   | $ | 21.00 |   |
| Third                quarter   |   |                                    |   |   | $ | 73.68 |   | $ | 54.60 |   | $ | 46.54 |   | $ | 36.89 |   |
| Fourth                quarter  |   |                                    |   |   | $ | 101.24 |   | $ | 65.45 |   | $ | 48.23 |   | $ | 41.50 |   |

----

**Dividends**

----

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

|                                                                                                                                                                  |   | **Year                Ended March 31,**                        |       |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|------------|
|                                                                                                                                                                  |   | **2006**                                                       |       | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
|                                                                                                                                                                  |   | (In                thousands, except share and per share data) |       |
| *Summary                of Operations:*                                                                                                                               |   |                                                           |       |   |   |   |   |   |   |   |   |
| Self-moving                equipment rentals                                                                                                                          |   | $                                                              | 1,503,569  |   | $ | 1,437,895 |   | $ | 1,381,208 |   | $ | 1,293,732 |   | $ | 1,253,887 |   |
| Self-storage                revenues                                                                                                                                  |   |                                                           | 122,119    |   |   | 114,155 |   |   | 247,640 |   |   | 238,938 |   |   | 223,135 |   |
| Self-moving                and self-storage products and service sales                                                                                                |   |                                                           | 223,721    |   |   | 206,098 |   |   | 232,965 |   |   | 223,677 |   |   | 225,510 |   |
| Property                management fees                                                                                                                               |   |                                                           | 21,195     |   |   | 11,839 |   |   | 259 |   |   | 89 |   |   | 88 |   |
| Life                insurance premiums                                                                                                                                |   |                                                           | 118,833    |   |   | 126,236 |   |   | 145,082 |   |   | 158,719 |   |   | 157,371 |   |
| Property                and casualty insurance premiums                                                                                                               |   |                                                           | 26,001     |   |   | 24,987 |   |   | 92,036 |   |   | 149,206 |   |   | 253,799 |   |
| Net                investment and interest income                                                                                                                     |   |                                                           | 53,094     |   |   | 56,739 |   |   | 38,281 |   |   | 40,731 |   |   | 47,343 |   |
| Other                revenue                                                                                                                                          |   |                                                           | 38,094     |   |   | 30,172 |   |   | 38,523 |   |   | 36,252 |   |   | 38,283 |   |
| Total                revenues                                                                                                                                         |   |                                                           | 2,106,626  |   |   | 2,008,121 |   |   | 2,175,994 |   |   | 2,141,344 |   |   | 2,199,416 |   |
|                                                                                                                                                                  |   |                                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses                                                                                                                                     |   |                                                           | 1,080,990  |   |   | 1,122,197 |   |   | 1,179,996 |   |   | 1,182,222 |   |   | 1,212,403 |   |
| Commission                expenses                                                                                                                                    |   |                                                           | 180,101    |   |   | 172,307 |   |   | 147,010 |   |   | 138,652 |   |   | 137,806 |   |
| Cost                of sales                                                                                                                                          |   |                                                           | 113,135    |   |   | 105,309 |   |   | 111,906 |   |   | 115,115 |   |   | 122,694 |   |
| Benefits                and losses                                                                                                                                    |   |                                                           | 117,160    |   |   | 140,343 |   |   | 217,447 |   |   | 248,349 |   |   | 376,673 |   |
| Amortization                of deferred policy acquisition costs                                                                                                      |   |                                                           | 24,261     |   |   | 28,512 |   |   | 39,083 |   |   | 37,681 |   |   | 40,674 |   |
| Lease                expense                                                                                                                                          |   |                                                           | 142,781    |   |   | 151,354 |   |   | 160,727 |   |   | 166,101 |   |   | 164,075 |   |
| Depreciation,                net of (gains) losses on disposal                                                                                                        |   |                                                           | 142,817    |   |   | 121,103 |   |   | 148,813 |   |   | 137,446 |   |   | 102,957 |   |
| Restructuring                expense                                                                                                                                  |   |                                                           | -          |   |   | - |   |   | 44,097 |   |   | 6,568 |   |   | - |   |
| Total                costs and expenses                                                                                                                               |   |                                                           | 1,801,245  |   |   | 1,841,125 |   |   | 2,049,079 |   |   | 2,032,134 |   |   | 2,157,282 |   |
|                                                                                                                                                                  |   |                                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                from operations                                                                                                                               |   |                                                           | 305,381    |   |   | 166,996 |   |   | 126,915 |   |   | 109,210 |   |   | 42,134 |   |
| Interest                expense                                                                                                                                       |   |                                                           | (69,481    | ) |   | (73,205 | ) |   | (121,690 | ) |   | (148,131 | ) |   | (109,465 | ) |
| Fees                on early extinguishment of debt (b)                                                                                                               |   |                                                           | (35,627    | ) |   | - |   |   | - |   |   | - |   |   | - |   |
| Litigation                settlement, net of costs, fees and expenses                                                                                                 |   |                                                           | -          |   |   | 51,341 |   |   | - |   |   | - |   |   | - |   |
| Pretax                earnings (loss)                                                                                                                                 |   |                                                           | 200,273    |   |   | 145,132 |   |   | 5,225 |   |   | (38,921 | ) |   | (67,331 | ) |
| Income                tax benefit (expense)                                                                                                                           |   |                                                           | (79,119    | ) |   | (55,708 | ) |   | (8,077 | ) |   | 13,935 |   |   | 19,891 |   |
| Net                earnings (loss)                                                                                                                                    |   |                                                           | 121,154    |   |   | 89,424 |   |   | (2,852 | ) |   | (24,986 | ) |   | (47,440 | ) |
| Less:                Preferred stock dividends                                                                                                                        |   |                                                           | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                (loss) available to common shareholders                                                                                                       |   | $                                                              | 108,191    |   | $ | 76,461 |   | $ | (15,815 | ) | $ | (37,949 | ) | $ | (60,403 | ) |
| Net                earnings (loss) per common share basic and diluted                                                                                                 |   | $                                                              | 5.19       |   | $ | 3.68 |   | $ | $(0.76 | ) | $ | (1.82 | ) | $ | (2.87 | ) |
| Weighted                average common shares outstanding: Basic and diluted                                                                                          |   |                                                           | 20,857,108 |   |   | 20,804,773 |   |   | 20,749,998 |   |   | 20,824,618 |   |   | 21,063,720 |   |
| 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                                                                                                                     |   |                                                           | 1,535,165  |   |   | 1,354,468 |   |   | 1,451,805 |   |   | 1,946,317 |   |   | 1,936,076 |   |
| Total                assets                                                                                                                                           |   |                                                           | 3,367,218  |   |   | 3,116,173 |   |   | 3,394,748 |   |   | 3,832,372 |   |   | 3,732,317 |   |
| Capital                leases                                                                                                                                         |   |                                                           | -          |   |   | - |   |   | 99,607 |   |   | 137,031 |   |   | - |   |
| AMERCO's                notes and loans payable                                                                                                                       |   |                                                           | 965,634    |   |   | 780,008 |   |   | 862,703 |   |   | 940,063 |   |   | 1,045,801 |   |
| SAC                Holdings' notes and loans payable non-recourse to AMERCO                (a)                                                                        |   |                                                           | 76,232     |   |   | 77,474 |   |   | 78,637 |   |   | 466,781 |   |   | 561,887 |   |
| Stockholders'                equity                                                                                                                                   |   |                                                           | 695,604    |   |   | 572,839 |   |   | 503,846 |   |   | 327,448 |   |   | 381,524 |   |
|                                                                                                                                                                  |   |                                                           |       |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                The amounts for fiscal 2006, 2005 and 2004, respectively are for                SAC                Holding II; 2003 and 2002 include SAC Holdings. |   |                                                           |       |
| (b)                Includes the write off of debt issuance costs of $14.4                million.                                                                     |   |                                                           |       |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                             |   | **Year                  Ended March 31,** |      |
|----------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-----------|
|                                                                                                                             |   | **2006**                                  |      | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
|                                                                                                                             |   | (In                  thousands)           |      |
| *Summary                  of Operations:*                                                                                        |   |                                      |      |   |   |   |   |   |   |   |   |
| Self-moving                  equipment rentals                                                                                   |   | $                                         | 1,503,569 |   | $ | 1,437,895 |   | $ | 1,380,991 |   | $ | 1,293,686 |   | $ | 1,253,695 |   |
| Self-storage                  revenues                                                                                           |   |                                      | 101,437   |   |   | 94,431 |   |   | 118,335 |   |   | 109,985 |   |   | 130,691 |   |
| Self-moving                  and self-storage products and service sales                                                         |   |                                      | 207,119   |   |   | 191,078 |   |   | 182,327 |   |   | 174,853 |   |   | 201,006 |   |
| Property                  management fees                                                                                        |   |                                      | 23,988    |   |   | 14,434 |   |   | 12,974 |   |   | 12,431 |   |   | 8,036 |   |
| Net                  investment and interest income                                                                              |   |                                      | 24,894    |   |   | 22,030 |   |   | 21,504 |   |   | 29,358 |   |   | 22,686 |   |
| Other                  revenue                                                                                                   |   |                                      | 36,926    |   |   | 27,489 |   |   | 35,580 |   |   | 18,378 |   |   | 27,795 |   |
| Total                  revenues                                                                                                  |   |                                      | 1,897,933 |   |   | 1,787,357 |   |   | 1,751,711 |   |   | 1,638,691 |   |   | 1,643,909 |   |
|                                                                                                                             |   |                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses                                                                                              |   |                                      | 1,085,602 |   |   | 1,100,737 |   |   | 1,062,695 |   |   | 1,029,774 |   |   | 1,088,390 |   |
| Commission                  expenses                                                                                             |   |                                      | 189,599   |   |   | 181,315 |   |   | 176,165 |   |   | 166,334 |   |   | 150,691 |   |
| Cost                  of sales                                                                                                   |   |                                      | 105,872   |   |   | 98,877 |   |   | 87,430 |   |   | 93,735 |   |   | 110,449 |   |
| Lease                  expense                                                                                                   |   |                                      | 143,344   |   |   | 151,937 |   |   | 159,869 |   |   | 165,020 |   |   | 171,656 |   |
| Depreciation,                  net of (gains) losses on disposal                                                                 |   |                                      | 131,803   |   |   | 114,038 |   |   | 125,093 |   |   | 112,815 |   |   | 92,351 |   |
| Total                  costs and expenses                                                                                        |   |                                      | 1,656,220 |   |   | 1,646,904 |   |   | 1,611,252 |   |   | 1,567,678 |   |   | 1,613,537 |   |
|                                                                                                                             |   |                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings                  from operations                                                                                        |   |                                      | 241,713   |   |   | 140,453 |   |   | 140,459 |   |   | 71,013 |   |   | 30,372 |   |
| Interest                  income (expense)                                                                                       |   |                                      | (14,383   | ) |   | 15,687 |   |   | 8,560 |   |   | (9,991 | ) |   | (11,675 | ) |
| Pretax                  earnings                                                                                                 |   |                                      | 227,330   |   |   | 156,140 |   |   | 149,019 |   |   | 61,022 |   |   | 18,697 |   |
| Income                  tax expense                                                                                              |   |                                      | (87,910   | ) |   | (59,160 | ) |   | (52,992 | ) |   | (21,211 | ) |   | (6,117 | ) |
| Net                  earnings                                                                                                    |   | $                                         | 139,420   |   | $ | 96,980 |   | $ | 96,027 |   | $ | 39,811 |   | $ | 12,580 |   |
| *Balance                  Sheet Data:*                                                                                           |   |                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment, net                                                                              |   | $                                         | 913,871   |   | $ | 796,361 |   | $ | 875,729 |   | $ | 736,499 |   | $ | 750,779 |   |
| Total                  assets                                                                                                    |   |                                      | 1,505,813 |   |   | 1,516,286 |   |   | 1,452,361 |   |   | 1,235,497 |   |   | 1,099,195 |   |
| Capital                  leases                                                                                                  |   |                                      | -         |   |   | - |   |   | 99,607 |   |   | 14,793 |   |   | 14,793 |   |
| Notes                  and loans payable                                                                                         |   |                                      | 212,133   |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Stockholders'                  equity (deficit) (a)                                                                              |   |                                      | (354,481  | ) |   | 701,198 |   |   | 601,514 |   |   | 499,380 |   |   | 458,639 |   |
|                                                                                                                             |   |                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                  Fiscal 2006 include’s 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      Holdings Operating Segment***

----

**Critical      Accounting Policies and Estimates**

**Principles      of Consolidation**

----

**Recoverability      of Property, Plant and Equipment**

----

***Insurance      Reserves***

***Investments***

***Income      Taxes***

----

***Recent      Accounting Pronouncements***

EITF      03-1      and      supersedes EITF      Topic No. D-44 “Recognition of Other-Than-Temporary Impairment upon the Planned      Sale of a Security Whose Cost Exceeds Fair Value.” This      FSP      addresses (1) the determination of when an investment is considered impaired,      (2) whether such impairment is other than temporary, and (3) the measurement      of      an impairment loss. This FSP also includes accounting considerations subsequent      to the recognition of an other-than-temporary impairment and requires certain      disclosures about unrealized losses that have not been recognized as      other-than-temporary impairments. FSP      SFAS      115-1 and SFAS 124-1 is      effective for periods beginning after December 15, 2005, with earlier      application permitted. We do not believe that the application of FSP SFAS 115-1      and SFAS 124-1 will have a material effect on our results of operations or      financial position.

      SOP      05-1      is      effective for internal replacement transactions occurring in fiscal years      beginning after December 15, 2006, with earlier application encouraged.      Retroactive application to previously issued financial statements is not      permitted. Initial application should be as of the start of the entity's fiscal      year. We do not believe that the application of SOP 05-1 will have a material      effect on our results of operations or financial position.

----

**Results      of Operations**

***AMERCO      and Consolidated Entities***

***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                                  |   |                                    | 122,119   |   |   | 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                                          |   |                                    | 38,094    |   |   | 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                (loss) 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                (loss) from operations |   |                                    | 13,933    |   |   | 2,065 |   |
| SAC                Holding II                  |   |                                    |      |   |   |   |   |
| Revenues                                       |   |                                    | 46,239    |   |   | 43,172 |   |
| Earnings                (loss) 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                (loss) from operations |   |                                    | 305,381   |   |   | 166,996 |   |

----

----

***Fiscal      2005 Compared with Fiscal 2004***

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

----

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

----

***Moving      and Storage***

***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                                  |   |                                    | 103,250   |   |   | 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                                          |   |                                    | 32,517    |   |   | 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 |   |
|                                                      |   |                                                 |   |   |   |   |   |

----

***Fiscal      2005 Compared with Fiscal 2004***

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

|                                                      |   | **Year                Ended March 31,**              |   |
|-----------------------------------------------------------|--------|------------------------------------------------------|--------|
|                                                      |   | **2005**                                             |   | **2004** |   |
|                                                      |   | (In                thousands, except occupancy rate) |   |
| Room                count as of March 31                  |   |                                                 | 127    |   |   | 175 |   |
| Square                footage as of March 31              |   |                                                 | 10,003 |   |   | 14,206 |   |
| Average                number of rooms occupied           |   |                                                 | 108    |   |   | 130 |   |
| Average                occupancy rate based on room count |   |                                                 | 82.4   | % |   | 75.3 | % |
| Average                square footage occupied            |   |                                                 | 8,514  |   |   | 10,463 |   |
|                                                      |   |                                                 |   |   |   |   |   |

----

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

***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                                  |   |                                    | 101,437   |   |   | 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                                          |   |                                    | 36,926    |   |   | 27,489 |   |
| U-Haul                International, Inc. revenue                     |   | $                                       | 1,897,933 |   | $ | 1,787,357 |   |
|                                                                  |   |                                    |      |   |   |   |   |

----

***Fiscal      2005 Compared with Fiscal 2004***

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

***Republic      Western Insurance Company***

***2005      Compared with 2004***

----

***2004      Compared with 2003***

----

|                                                     |   | **Unpaid                Loss and Loss Adjustment Expenses** |    |
|----------------------------------------------------------|--------|-------------------------------------------------------------|---------|
|                                                     |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   | **December                31,**                             |    |
|                                                     |   | **1995**                                                    |    | **1996** |   | **1997** |   | **1998** |   | **1999** |   | **2000** |   | **2001** |   | **2002** |   | **2003** |   | **2004** |   | **2005** |   |
|                                                     |   | (In                thousands)                               |    |
| Unpaid                Loss and Loss Adjustment Expenses  |   | $                                                           | 341,981 |   | $ | 332,674 |   | $ | 384,816 |   | $ | 344,748 |   | $ | 334,858 |   | $ | 382,651 |   | $ | 448,987 |   | $ | 399,447 |   | $ | 416,259 |   | $ | 380,875 |   | $ | 346,928 |   |
| Paid                (Cumulative) as of:                  |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One                year later                            |   |                                                        | 89,041  |   |   | 89,336 |   |   | 103,752 |   |   | 82,936 |   |   | 117,025 |   |   | 130,471 |   |   | 130,070 |   |   | 100,851 |   |   | 73,384 |   |   | 44,679 |   |   | - |   |
| Two                years later                           |   |                                                        | 150,001 |   |   | 161,613 |   |   | 174,867 |   |   | 164,318 |   |   | 186,193 |   |   | 203,605 |   |   | 209,525 |   |   | 164,255 |   |   | 114,426 |   |   | - |   |   | - |   |
| Three                years later                         |   |                                                        | 195,855 |   |   | 208,168 |   |   | 216,966 |   |   | 218,819 |   |   | 232,883 |   |   | 255,996 |   |   | 266,483 |   |   | 201,346 |   |   | - |   |   | - |   |   | - |   |
| Four                years later                          |   |                                                        | 226,815 |   |   | 232,726 |   |   | 246,819 |   |   | 255,134 |   |   | 264,517 |   |   | 299,681 |   |   | 295,268 |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Five                years later                          |   |                                                        | 243,855 |   |   | 250,312 |   |   | 269,425 |   |   | 274,819 |   |   | 295,997 |   |   | 320,629 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Six                years later                           |   |                                                        | 254,204 |   |   | 263,645 |   |   | 282,598 |   |   | 297,354 |   |   | 314,281 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Seven                years later                         |   |                                                        | 264,120 |   |   | 274,249 |   |   | 300,814 |   |   | 311,963 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Eight                years later                         |   |                                                        | 273,205 |   |   | 289,614 |   |   | 314,322 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Nine                years later                          |   |                                                        | 286,708 |   |   | 298,449 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Ten                years later                           |   |                                                        | 294,806 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
|                                                     |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reserved                Re-estimated as of:              |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| One                year later                            |   |                                                        | 353,508 |   |   | 354,776 |   |   | 357,733 |   |   | 339,602 |   |   | 383,264 |   |   | 433,222 |   |   | 454,510 |   |   | 471,029 |   |   | 447,524 |   |   | 388,859 |   |   |   |   |
| Two                years later                           |   |                                                        | 369,852 |   |   | 342,164 |   |   | 361,306 |   |   | 371,431 |   |   | 432,714 |   |   | 454,926 |   |   | 523,624 |   |   | 480,713 |   |   | 456,171 |   |   | - |   |   |   |   |
| Three                years later                         |   |                                                        | 328,445 |   |   | 346,578 |   |   | 369,598 |   |   | 429,598 |   |   | 437,712 |   |   | 517,361 |   |   | 500,566 |   |   | 521,319 |   |   | - |   |   | - |   |   |   |   |
| Four                years later                          |   |                                                        | 331,897 |   |   | 349,810 |   |   | 398,899 |   |   | 413,476 |   |   | 480,200 |   |   | 543,554 |   |   | 571,045 |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Five                years later                          |   |                                                        | 339,665 |   |   | 376,142 |   |   | 398,184 |   |   | 443,696 |   |   | 524,548 |   |   | 558,765 |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Six                years later                           |   |                                                        | 347,664 |   |   | 369,320 |   |   | 428,031 |   |   | 477,975 |   |   | 520,675 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Seven                years later                         |   |                                                        | 344,451 |   |   | 396,197 |   |   | 450,728 |   |   | 485,228 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Eight                years later                         |   |                                                        | 360,149 |   |   | 423,928 |   |   | 461,082 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Nine                years later                          |   |                                                        | 378,778 |   |   | 418,177 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Ten                years later                           |   |                                                        | 364,992 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |
| Cumulative                Redundancy (Deficiency)        |   | $                                                           | (23,011 | ) | $ | (85,503 | ) | $ | (76,266 | ) | $ | (140,480 | ) | $ | (185,817 | ) | $ | (176,114 | ) | $ | (122,058 | ) | $ | (121,872 | ) | $ | (39,912 | ) | $ | (7,984 | ) |   |   |   |
| Retro                Premium Recoverable                 |   |                                                        | 623     |   |   | 1,582 |   |   | 3,037 |   |   | (1,879 | ) |   | 6,797 |   |   | 5,613 |   |   | 21,756 |   |   | 7,036 |   |   | 374 |   |   | 2,233 |   |   |   |   |
| Re-estimated                Reserve: Amount (Cumulative) |   | $                                                           | (22,388 | ) | $ | (83,921 | ) |   | (73,229 | ) | $ | (142,359 | ) | $ | (179,020 | ) | $ | (170,501 | ) | $ | (100,302 | ) | $ | (114,836 | ) | $ | (39,538 | ) | $ | (5,751 | ) |   |   |   |
|                                                     |   |                                                        |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                         |   | **Year                Ended December 31,** |    |
|----------------------------------------------|--------|--------------------------------------------|---------|
|                                         |   | **2005**                                   |    | **2004** |   | **2003** |   |
|                                         |   | (In                thousands)              |    |
| Balance                at January 1          |   | $                                          | 380,875 |   | $ | 416,259 |   | $ | 399,447 |   |
| Less:                reinsurance recoverable |   |                                       | 189,472 |   |   | 177,635 |   |   | 146,622 |   |
| Net                balance at January 1      |   |                                       | 191,403 |   |   | 238,624 |   |   | 252,825 |   |
| Incurred                related to:          |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                  |   |                                       | 6,429   |   |   | 17,960 |   |   | 56,454 |   |
| Prior                years                   |   |                                       | 16,161  |   |   | 21,773 |   |   | 53,127 |   |
| Total                incurred                |   |                                       | 22,590  |   |   | 39,733 |   |   | 109,581 |   |
| Paid                related to:              |   |                                       |    |   |   |   |   |   |   |   |
| Current                year                  |   |                                       | 3,774   |   |   | 13,570 |   |   | 22,931 |   |
| Prior                years                   |   |                                       | 44,679  |   |   | 73,384 |   |   | 100,851 |   |
| Total                paid                    |   |                                       | 48,453  |   |   | 86,954 |   |   | 123,782 |   |
| Net                balance at December 31    |   |                                       | 165,540 |   |   | 191,403 |   |   | 238,624 |   |
| Plus:                reinsurance recoverable |   |                                       | 181,388 |   |   | 189,472 |   |   | 177,635 |   |
| Balance                at December 31        |   | $                                          | 346,928 |   | $ | 380,875 |   | $ | 416,259 |   |
|                                         |   |                                       |    |   |   |   |   |   |   |   |

----

***Oxford      Life Insurance Company***

***2005      Compared with 2004***

***2004      Compared with 2003***

----

***SAC      Holding II***

***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 |   |
|                                                                  |   |                                    |   |   |   |   |   |

***Fiscal      2005 Compared with Fiscal 2004***

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

----

** **
**Liquidity      and Capital Resources**

|                                               |   | **Year                Ended March 31,** |     |
|----------------------------------------------------|--------|-----------------------------------------|----------|
|                                               |   | **2006**                                |     | **2005** |   | **2004** |   |
|                                               |   | (In                thousands)           |     |
| Cash                flow from operating activities |   | $                                       | 270,508  |   | $ | 220,697 |   | $ | (62,818 | ) |
| Cash                flow from investing activities |   |                                    | (258,836 | ) |   | 36,176 |   |   | 60,187 |   |
| Cash                flow from financing activities |   |                                    | 88,018   |   |   | (282,497 | ) |   | 17,369 |   |
| Effects                of exchange rate on cash    |   |                                    | (186     | ) |   | 22 |   |   | (15 | ) |
| Net                cash flow                       |   |                                    | 99,504   |   |   | (25,602 | ) |   | 14,723 |   |
| Cash                at the beginning of the period |   |                                    | 55,955   |   |   | 81,557 |   |   | 66,834 |   |
| Cash                at the end of the period       |   | $                                       | 155,459  |   | $ | 55,955 |   | $ | 81,557 |   |
|                                               |   |                                    |     |   |   |   |   |   |   |   |

----

**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, 2006)** |   |
|--------------------------------------------------------------------|--------|-------------------------------|-----------|-----------------------------------------------------------------|--------|
| **Contractual                Obligations**                         |   | **Total**                     |      | **Prior                to****03/31/07**                         |   | **04/01/07****03/31/09** |   | **04/01/09****03/31/11** |   | **April                1, 2011****and                Thereafter** |   |
|                                                               |   | (In                thousands) |      |
| Notes                and loans payable - Principal                 |   | $                             | 875,634   |                                                            | $      | 30,239 |   | $ | 81,527 |   | $ | 303,724 |   | $ | 460,144 |   |
| Notes                and loans payable - Interest                  |   |                          | 322,697   |                                                            |   | 51,030 |   |   | 93,724 |   |   | 73,465 |   |   | 104,478 |   |
| Revolving                credit agreement - Principal              |   |                          | 90,000    |                                                            |   | - |   |   | - |   |   | 90,000 |   |   | - |   |
| Revolving                credit agreement - Interest               |   |                          | 23,448    |                                                            |   | 5,309 |   |   | 10,618 |   |   | 7,521 |   |   | - |   |
| AMERCO's                operating leases                           |   |                          | 429,164   |                                                            |   | 124,943 |   |   | 167,153 |   |   | 102,575 |   |   | 34,493 |   |
| SAC                Holding II Corporation notes and loans*         |   |                          | 151,320   |                                                            |   | 1,313 |   |   | 3,078 |   |   | 3,728 |   |   | 143,201 |   |
| Elimination                of SAC Holding II obligations to AMERCO |   |                          | (75,088   | )                                                               |   | - |   |   | - |   |   | - |   |   | (75,088 | ) |
| Total                contractual obligations                       |   | $                             | 1,817,175 |                                                            | $      | 212,834 |   | $ | 356,100 |   | $ | 581,013 |   | $ | 667,228 |   |
|                                                               |   |                          |      |                                                            |   |   |   |   |   |   |   |   |   |   |   |   |

----

**Off      Balance Sheet Arrangements**

***Fiscal      200***
**7      Outlook**

----

----

**Quarterly      Results (unaudited)**

|                                                                                        |   | **Quarter                Ended**                                   |       |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|
|                                                                                        |   | **March                31,****2006**                               |       |  **December                31,****2005** |   |  **September                30,****2005** |   |  **June                30,****2005                (a)** |   |
|                                                                                        |   | (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 |   |

|                                                                                        |   | **Quarter                Ended**                                   |       |
|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|
|                                                                                        |   | **March                31,****2005**                               |       |  **December                31,****2004                (b)** |   |  **September                30,****2004** |   |  **June                30,****2004** |   |
|                                                                                        |   | (In                thousands, except for share and per share data) |       |
| Total                revenues (c )                                                          |   | $                                                                  | 414,259    |   | $ | 461,497 |   | $ | 579,420 |   | $ | 552,945 |   |
| Earnings                (loss) from operations                                              |   |                                                               | (28,676    | ) |   | 291 |   |   | 104,193 |   |   | 91,188 |   |
| Net                earnings (loss)                                                          |   |                                                               | (29,600    | ) |   | 21,546 |   |   | 53,059 |   |   | 44,419 |   |
| Earnings                (loss) available to common shareholders                             |   |                                                               | (32,840    | ) |   | 18,305 |   |   | 49,818 |   |   | 41,178 |   |
| Weighted                average common shares outstanding:                basic and diluted |   |                                                               | 20,824,296 |   |   | 20,813,805 |   |   | 20,801,525 |   |   | 20,788,074 |   |
| Earnings                (loss) per common share Basic                and diluted            |   | $                                                                  | (1.57      | ) | $ | 0.88 |   | $ | 2.39 |   | $ | 1.98 |   |

----

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

**Interest      Rate Risk**

|   |                                              |   |                            |   |                             |   |                        |   |                           |
|--------|---------------------------------------------------|--------|---------------------------------|--------|----------------------------------|--------|-----------------------------|--------|--------------------------------|
|   | Notional                  Amount                  |   | Effective                  Date |   | Expiration                  Date |   | Fixed                  Rate |   | Floating                  Rate |
|   |                                              |   |                            |   |                             |   |                        |   |                           |
| $      | 100,000,000                  (a)                  |   | 6/8/2005                        |   | 6/8/2008                         |   | 3.97%                       |   | 3                  Month LIBOR |
|   | 100,000,000                  (a)                  |   | 6/8/2005                        |   | 6/8/2010                         |   | 4.09%                       |   | 3                  Month LIBOR |
|   | 142,264,071                  (a)                  |   | 5/10/2006                       |   | 4/10/2012                        |   | 5.06%                       |   | 1                  Month LIBOR |
|   | 200,000,000                  (b)                  |   | 5/17/2004                       |   | 5/17/2006                        |   | 3.00%                       |   | 3                  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  |   |                            |   |                             |   |                        |
|   |                                              |   |                            |   |                             |   |                        |   |                           |

**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**

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

----

**Inherent      Limitations on Effectiveness of Controls **

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

**New          Financings**

----

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

*Internal      Control - Integrated Framework*

*Internal      Control - Integrated Framework*
*Internal      Control - Integrated Framework*

----

----

** **
**PART      III**

**Item 10.** ***Directors      and Executive Officers of the Registrants***** **

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

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

**Item      13.**
***Certain      Relationships and Related Transactions***
** **

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

----

**PART      IV**

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

|   |                                                                                                                                                  | **Page                No.** |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|
| **1.** | **Financial                Statements:**                                                                                                              |                        |
|   | Report                of Independent Registered Public Accounting Firm                                                                                | F-1                         |
|   | Independent                Auditors' Report                                                                                                           | F-2                         |
|   | Consolidated                Balance Sheets - March 31, 2006 and 2005                                                                                  | F-3                         |
|   | Consolidated                Statements of Operations - Years Ended March 31, 2006, 2005, and                2004                                      | F-4                         |
|   | Consolidated                Statements of Changes in Stockholders' Equity - Years Ended March                31,                2006, 2005, and 2004  | F-5                         |
|   | Consolidated                Statements of Other Comprehensive Income (Loss) - Years Ended March                31,                2006, 2005 and 2004 | F-6                         |
|   | Consolidated                Statement of Cash Flows - Years Ended March 31, 2006, 2005 and                2004                                        | F-7                         |
|   | Notes                to Consolidated Financial Statements                                                                                             | F-8                - F-55   |
| **2.** | **Additional                Information:**                                                                                                            |                        |
|   | Summary                of Earnings of Independent Rental Fleets                                                                                       | F-56                - F-57  |
| **3.** | **Financial                Statement Schedules required to be filed by Item 8 and Paragraph                (d) of                this Item 15:**      |                        |
|   | Condensed                Financial Information of Registrant - Schedule 1                                                                             | F-58                - F-61  |
|   | Valuation                and Qualifying Accounts - Schedule II                                                                                        | F-62                        |
|   | Supplemental                Information (For Property-Casualty Insurance Underwriters) - Schedule                V                                    | F-63                        |

| **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 |
|                                |                                                                                                                    |                                                                                                                                                                         |
|                                |                                                                                                                    |                                                                                                                                                                         |

----

| **Exhibit                  Number** |  **Description**                                                                                                                                                                                                                                                                                                            |  **Page                  or Method of Filing**                                                                                                                                 |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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 |

----

| **Exhibit                  Number** |  **Description**                                                                                                                                 |  **Page                  or Method of Filing**                                                                                                                                 |
|-------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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 |

----

| **Exhibit                  Number** |  **Description**                                                                                                                                                                                                              |  **Page                  or Method of Filing**                                                                                                                          |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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                                          |
|                                |                                                                                                                                                                                                                               |                                                                                                                                                                         |

----

| **Exhibit                  Number** |  **Description**                                                                                                                                                                                                              |  **Page                  or Method of Filing**                                                                                                                         |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  10.48                         |  Amended                  and Restated Promissory Note between SAC Holding Corporation and                  U-Haul                  International, Inc. (in an aggregate principal amount up to                  $47,500,000) |  Incorporated                  by reference to AMERCO’s Form S-4 Registration Statement, no.                  333-114042                                         |
|  10.49                         |  Amended                  and Restated Promissory Note between SAC Holding Corporation and                  U-Haul                  International, Inc. (in an aggregate principal amount up to                  $76,000,000) |  Incorporated                  by reference to AMERCO’s Form S-4 Registration Statement, no.                  333-114042                                         |
|  10.50                         |  Property                  Management Agreement                                                                                                                                                                               |  Incorporated                  by reference to AMERCO’s Annual Report on Form 10-K for the year ended                  March 31, 2004, file no. 1-11255          |
|  10.51                         |  Property                  Management Agreements among Three-A through Three-D SAC Self-Storage                  Limited Partnership and the subsidiaries of U-Haul International,                  Inc.                      |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended June 30, 2004, file no. 1-11255     |
|  10.52                         |  U-Haul                  Dealership Contract between U-Haul Leasing & Sales Co., and U-Haul                  Moving Partners, Inc.                                                                                        |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended June 30, 2004, file no. 1-11255     |
|  10.53                         |  Property                  Management Agreement between Mercury Partners, LP, Mercury 99,                  LLC and                  U-Haul Self-Storage Management (WPC), Inc.                                                |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended June 30, 2004, file no. 1-11255     |
|  10.54                         |  Property                  Management Agreement between Three-SAC Self-Storage Corporation                  and U-Haul                  Co. (Canada), Ltd.                                                                    |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended June 30, 2004, file no. 1-11255     |
|  10.55**                       |  Settlement                  and Release Agreement among PricewaterhouseCoopers LLP, AMERCO,                  and SAC                  Holding Corporation                                                                    |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended December 31, 2004, file no. 1-11255 |
|  10.56                         |  Property                  Management Agreement among subsidiaries of U-Haul International                  and Galaxy                  Storage Two, L.P.                                                                     |  Incorporated                  by reference to AMERCO’s Quarterly Report on Form 10-Q for the quarter                  ended December 31, 2004, file no. 1-11255 |
|  10.57                         |  Kocher                  Settlement and Release Agreement                                                                                                                                                                     |  Incorporated                  by reference to AMERCO’s Current Report on Form 8-K, filed on March 8,                  2005, 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                     |

----

| **Exhibit                  Number** |  **Description**                                                                                                                                                                                                                                                                                                                                                                                                                          |  **Page                  or Method of Filing**                                                                                                   |
|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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  |

----

| **Exhibit                  Number** |  **Description** |  **Page                  or Method of Filing** |
|-------------------------------------|-----------------------|-----------------------------------------------------|

|  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.                                                                                                                                                                    |  Filed                    herewith                                                                                                                                          |
|  10.82 |  Property                    Management Agreements between Subsidiaries of U-Haul and subsidiaries                    of                    PM Preferred Properties, LP., dated June 25, 2005                                                                                                                                                        |  Filed                    herewith                                                                                                                                          |
|  10.83 |  Promissory                    note, dated December 1, 2005, by Private Mini Storage Realty,                    LP in favor                    of AMERCO.                                                                                                                                                                                            |  Filed                    herewith                                                                                                                                          |
|  10.84 |  Promissory                    note dated December 1, 2005 by PMSI Investments, LP in favor                    of U-Haul                    International, Inc.                                                                                                                                                                                      |  Filed                    herewith                                                                                                                                          |
|  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.                                                                                                   |  Filed                    herewith                                                                                                                                          |
|  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                                                                 |  Filed                    herewith                                                                                                                                          |
|  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.                                                                                                                                            |  Filed                    herewith                                                                                                                                          |
|  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. |  Filed                    herewith                                                                                                                                          |
|  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.       |  Filed                    herewith                                                                                                                                          |

----

| **Exhibit                Number** |  **Description** |  **Page                or Method of Filing** |
|-----------------------------------|-----------------------|---------------------------------------------------|

|  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                                                   |  Filed                  herewith                                                                                                                  |
|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
|  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                    |  Filed                  herewith                                                                                                                  |
|  10.92 |  Guarantee                  dated June 6, 2006, made by U-Haul International, Inc. in favor of                  HVB                                                                                                                      |  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 & 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                                                                                                              |
|  99.1  |  Letter                  of Preferability Regarding Change in LIFO Approach From Internal                  Index to                  External Index From BDO Seidman, LLP.                                                                    |  Filed                  herewith                                                                                                                  |

----

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*Internal        Control - Integrated Framework*

----

**INDEPENDENT AUDITORS’        REPORT**

----

**AMERCO        AND CONSOLIDATED ENTITIES**

**CONSOLIDATED        BALANCE SHEETS **

|                                                                                                               |   | **March                  31,**  |       |
|--------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|------------|
|                                                                                                               |   | **2006**                        |       | **2005** |   |
|                                                                                                               |   | (In                  thousands) |       |
| **ASSETS**                                                                                                         |   |                            |       |   |   |
| Cash                  and cash equivalents                                                                         |   | $                               | 155,459    |   | $ | 55,955 |   |
| Reinsurance                  recoverables and trade receivables, net                                               |   |                            | 230,179    |   |   | 240,593 |   |
| Notes                  and mortgage receivables, net                                                               |   |                            | 2,532      |   |   | 1,965 |   |
| Inventories,                  net                                                                                  |   |                            | 64,919     |   |   | 63,658 |   |
| Prepaid                  expenses                                                                                  |   |                            | 53,262     |   |   | 29,045 |   |
| Investments,                  fixed maturities and marketable equities                                             |   |                            | 695,958    |   |   | 635,178 |   |
| Investments,                  other                                                                                |   |                            | 209,361    |   |   | 345,207 |   |
| Deferred                  policy acquisition costs, net                                                            |   |                            | 47,821     |   |   | 52,543 |   |
| Other                  assets                                                                                      |   |                            | 102,094    |   |   | 84,895 |   |
| Related                  party assets                                                                              |   |                            | 270,468    |   |   | 252,666 |   |
|                                                                                                               |   |                            | 1,832,053  |   |   | 1,761,705 |   |
| Property,                  plant and equipment, at cost:                                                           |   |                            |       |   |   |   |   |
| Land                                                                                                               |   |                            | 175,785    |   |   | 151,145 |   |
| Buildings                  and improvements                                                                        |   |                            | 739,603    |   |   | 686,225 |   |
| Furniture                  and equipment                                                                           |   |                            | 281,371    |   |   | 265,216 |   |
| Rental                  trailers and other rental equipment                                                        |   |                            | 201,273    |   |   | 199,461 |   |
| Rental                  trucks                                                                                     |   |                            | 1,331,891  |   |   | 1,252,018 |   |
| SAC                  Holding II Corporation - property, plant and equipment                                        |   |                            | 79,217     |   |   | 77,594 |   |
|                                                                                                               |   |                            | 2,809,140  |   |   | 2,631,659 |   |
| Less:                  Accumulated depreciation                                                                    |   |                            | (1,273,975 | ) |   | (1,277,191 | ) |
| Total                  property, plant and equipment                                                               |   |                            | 1,535,165  |   |   | 1,354,468 |   |
| Total                  assets                                                                                      |   | $                               | 3,367,218  |   | $ | 3,116,173 |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                          |   |                            |       |   |   |   |   |
| Liabilities:                                                                                                       |   |                            |       |   |   |   |   |
| Accounts                  payable and accrued expenses                                                             |   |                            | 235,878    |   |   | 237,134 |   |
| AMERCO's                  notes and loans payable                                                                  |   |                            | 965,634    |   |   | 780,008 |   |
| SAC                  Holding II Corporation notes and loans payable, non-recourse to                  AMERCO       |   |                            | 76,232     |   |   | 77,474 |   |
| Policy                  benefits and losses, claims and loss expenses payable                                      |   |                            | 800,413    |   |   | 805,330 |   |
| Liabilities                  from investment contracts                                                             |   |                            | 449,149    |   |   | 503,838 |   |
| Other                  policyholders' funds and liabilities                                                        |   |                            | 7,705      |   |   | 11,613 |   |
| Deferred                  income                                                                                   |   |                            | 21,346     |   |   | 38,743 |   |
| Deferred                  income taxes                                                                             |   |                            | 108,092    |   |   | 78,124 |   |
| Related                  party liabilities                                                                         |   |                            | 7,165      |   |   | 11,070 |   |
| Total                  liabilities                                                                                 |   |                            | 2,671,614  |   |   | 2,543,334 |   |
| 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, 2006 and                  2005            |   |                            | -          |   |   | - |   |
| Series                  B preferred stock, with no par value, 100,000 shares authorized;                  none     |   |                            |       |   |   |   |   |
| issued                  and outstanding as of March 31, 2006 and 2005                                              |   |                            | -          |   |   | - |   |
| Series                  common stock, with or without par value, 150,000,000 shares                  authorized:   |   |                            |       |   |   |   |   |
| Series                  A common stock of $0.25 par value, 10,000,000 shares                  authorized;          |   |                            |       |   |   |   |   |
| 3,716,181                  shares issued as of March 31, 2006 and 2005                                             |   |                            | 929        |   |   | 929 |   |
| Common                  stock of $0.25 par value, 150,000,000 shares authorized;                  38,269,518       |   |                            |       |   |   |   |   |
| issued                  as of March 31, 2006 and 2005                                                              |   |                            | 9,568      |   |   | 9,568 |   |
| Additional                  paid-in capital                                                                        |   |                            | 367,655    |   |   | 350,344 |   |
| Accumulated                  other comprehensive loss                                                              |   |                            | (28,902    | ) |   | (24,612 | ) |
| Retained                  earnings                                                                                 |   |                            | 773,784    |   |   | 665,593 |   |
| Cost                  of common shares in treasury, net (20,701,096 shares as of                                   |   |                            |       |   |   |   |   |
| March                  31, 2006 and 2005)                                                                          |   |                            | (418,092   | ) |   | (418,092 | ) |
| Unearned                  employee stock ownership plan shares                                                     |   |                            | (9,338     | ) |   | (10,891 | ) |
| Total                  stockholders' equity                                                                        |   |                            | 695,604    |   |   | 572,839 |   |
| Total                  liabilities and stockholders' equity                                                        |   | $                               | 3,367,218  |   | $ | 3,116,173 |   |
|                                                                                                               |   |                            |       |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES **

**CONSOLIDATED        STATEMENTS OF OPERATIONS **

|                                                                     |   | **Years                  Ended March 31,**                       |       |
|--------------------------------------------------------------------------|--------|------------------------------------------------------------------|------------|
|                                                                     |   | **2006**                                                         |       | **2005** |   | **2004** |   |
|                                                                     |   | (In                  thousands, except share and per share data) |       |
| Revenues:                                                                |   |                                                             |       |   |   |   |   |
| Self-moving                  equipment rentals                           |   | $                                                                | 1,503,569  |   | $ | 1,437,895 |   | $ | 1,381,208 |   |
| Self-storage                  revenues                                   |   |                                                             | 122,119    |   |   | 114,155 |   |   | 247,640 |   |
| Self-moving                  and self-storage products and service sales |   |                                                             | 223,721    |   |   | 206,098 |   |   | 232,965 |   |
| Property                  management fees                                |   |                                                             | 21,195     |   |   | 11,839 |   |   | 259 |   |
| Life                  insurance premiums                                 |   |                                                             | 118,833    |   |   | 126,236 |   |   | 145,082 |   |
| Property                  and casualty insurance premiums                |   |                                                             | 26,001     |   |   | 24,987 |   |   | 92,036 |   |
| Net                  investment and interest income                      |   |                                                             | 53,094     |   |   | 56,739 |   |   | 38,281 |   |
| Other                  revenue                                           |   |                                                             | 38,094     |   |   | 30,172 |   |   | 38,523 |   |
| Total                  revenues                                          |   |                                                             | 2,106,626  |   |   | 2,008,121 |   |   | 2,175,994 |   |
| Costs                  and expenses:                                     |   |                                                             |       |   |   |   |   |   |   |   |
| Operating                  expenses                                      |   |                                                             | 1,080,990  |   |   | 1,122,197 |   |   | 1,179,996 |   |
| Commission                  expenses                                     |   |                                                             | 180,101    |   |   | 172,307 |   |   | 147,010 |   |
| Cost                  of sales                                           |   |                                                             | 113,135    |   |   | 105,309 |   |   | 111,906 |   |
| Benefits                  and losses                                     |   |                                                             | 117,160    |   |   | 140,343 |   |   | 217,447 |   |
| Amortization                  of deferred policy acquisition costs       |   |                                                             | 24,261     |   |   | 28,512 |   |   | 39,083 |   |
| Lease                  expense                                           |   |                                                             | 142,781    |   |   | 151,354 |   |   | 160,727 |   |
| Depreciation,                  net of (gains) losses on disposals        |   |                                                             | 142,817    |   |   | 121,103 |   |   | 148,813 |   |
| Restructuring                  expenses                                  |   |                                                             | -          |   |   | - |   |   | 44,097 |   |
| Total                  costs and expenses                                |   |                                                             | 1,801,245  |   |   | 1,841,125 |   |   | 2,049,079 |   |
| Earnings                  from operations                                |   |                                                             | 305,381    |   |   | 166,996 |   |   | 126,915 |   |
| Interest                  expense                                        |   |                                                             | (69,481    | ) |   | (73,205 | ) |   | (121,690 | ) |
| Fees                  on early extinguishment of debt                    |   |                                                             | (35,627    | ) |   | - |   |   | - |   |
| Litigation                  settlement, net of costs, fees and expenses  |   |                                                             | -          |   |   | 51,341 |   |   | - |   |
| Pretax                  earnings                                         |   |                                                             | 200,273    |   |   | 145,132 |   |   | 5,225 |   |
| Income                  tax expense                                      |   |                                                             | (79,119    | ) |   | (55,708 | ) |   | (8,077 | ) |
| Net                  earnings (loss)                                     |   |                                                             | 121,154    |   |   | 89,424 |   |   | (2,852 | ) |
| Less:                  Preferred stock dividends                         |   |                                                             | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                  (loss) available to common shareholders        |   | $                                                                | 108,191    |   | $ | 76,461 |   | $ | (15,815 | ) |
| Basic                  and diluted earnings (loss) per common share      |   | $                                                                | 5.19       |   | $ | 3.68 |   | $ | (0.76 | ) |
| Weighted                  average common shares outstanding:             |   |                                                             |       |   |   |   |   |   |   |   |
| Basic                  and diluted                                       |   |                                                             | 20,857,108 |   |   | 20,804,773 |   |   | 20,749,998 |   |
|                                                                     |   |                                                             |       |   |   |   |   |   |   |   |

----

**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) (a)** |    | **Retained                  Earnings (a)** |   | **Less:                  Treasury Stock** |   | **Less:                  Unearned Employee Stock Ownership Plan Shares** |    | **Total                  Stockholders' Equity** |   |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------|--------|--------------------------------------------------------------------------------------------|---------|--------------------------------------------|--------|-------------------------------------------|--------|--------------------------------------------------------------------------|---------|-------------------------------------------------|--------|
|                                                                                                    |   | (In                  thousands)                             |   |
| **Balance                  as of March 31, 2003**                                                       |   | $                                                           | 1,416  |                                               | $      | 9,081                                           |   | $                                                                                          | 239,049 |                                       | $      | (49,716                                   | )      | $                                                                        | 562,173 |                                            | $      | (421,378 | ) | $ | (13,177 | ) | $ | 327,448 |   |
| Decrease                  in market value of released ESOP shares                                       |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | (311    | )                                          |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | (311 | ) |
| Foreign                  currency translation                                                           |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 4,936                                     |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 4,936 |   |
| Unrealized                  gain on investments                                                         |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 27,896                                    |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 27,896 |   |
| Net                  loss                                                                               |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | (2,852  | )                                               |   | - |   |   | - |   |   | (2,852 | ) |
| Preferred                  stock dividends: Series A ($2.13 per share for fiscal                  2004) |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | (12,963 | )                                               |   | - |   |   | - |   |   | (12,963 | ) |
| Contribution                  from related party                                                        |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | 110,994 |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 110,994 |   |
| SAC                  Holding Corporation distribution                                                   |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 1,487                                     |   |                                                                     | 42,774  |                                            |   | 3,199 |   |   | - |   |   | 47,460 |   |
| Treasury                  stock transactions                                                            |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | -       |                                            |   | 87 |   |   | - |   |   | 87 |   |
| Release                  of unearned ESOP shares                                                        |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | 1,151 |   |   | 1,151 |   |
| Net                  activity                                                                           |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | 110,683 |                                       |   | 34,319                                    |   |                                                                     | 26,959  |                                            |   | 3,286 |   |   | 1,151 |   |   | 176,398 |   |
| **Balance                  as of March 31, 2004**                                                       |   | $                                                           | 1,416  |                                               | $      | 9,081                                           |   | $                                                                                          | 349,732 |                                       | $      | (15,397                                   | )      | $                                                                        | 589,132 |                                            | $      | (418,092 | ) | $ | (12,026 | ) | $ | 503,846 |   |
| Increase                  in market value of released ESOP shares                                       |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | 612     |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 612 |   |
| Foreign                  currency translation                                                           |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 1,569                                     |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 1,569 |   |
| Fair                  market value of cash flow hedge                                                   |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 47                                        |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 47 |   |
| Unrealized                  loss on investments                                                         |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | (10,831                                   | )      |                                                                     | -       |                                            |   | - |   |   | - |   |   | (10,831 | ) |
| Net                  earnings                                                                           |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | 89,424  |                                            |   | - |   |   | - |   |   | 89,424 |   |
| Preferred                  stock dividends: Series A ($2.13 per share for fiscal                  2005) |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | (12,963 | )                                               |   | - |   |   | - |   |   | (12,963 | ) |
| Exchange                  of shares                                                                     |   |                                                        | (487   | )                                                  |   | 487                                             |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | - |   |
| Release                  of unearned ESOP shares                                                        |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | 1,135 |   |   | 1,135 |   |
| Net                  activity                                                                           |   |                                                        | (487   | )                                                  |   | 487                                             |   |                                                                                       | 612     |                                       |   | (9,215                                    | )      |                                                                     | 76,461  |                                            |   | - |   |   | 1,135 |   |   | 68,993 |   |
| **Balance                  as of March 31, 2005**                                                       |   | $                                                           | 929    |                                               | $      | 9,568                                           |   | $                                                                                          | 350,344 |                                       | $      | (24,612                                   | )      | $                                                                        | 665,593 |                                            | $      | (418,092 | ) | $ | (10,891 | ) | $ | 572,839 |   |
| Increase                  in market value of released ESOP shares                                       |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | 2,955   |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 2,955 |   |
| Foreign                  currency translation                                                           |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | (903                                      | )      |                                                                     | -       |                                            |   | - |   |   | - |   |   | (903 | ) |
| Fair                  market value of cash flow hedge                                                   |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | 4,581                                     |   |                                                                     | -       |                                            |   | - |   |   | - |   |   | 4,581 |   |
| Unrealized                  loss on investments                                                         |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | (7,968                                    | )      |                                                                     | -       |                                            |   | - |   |   | - |   |   | (7,968 | ) |
| 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 |   |
| Release                  of unearned ESOP shares                                                        |   |                                                        | -      |                                               |   | -                                               |   |                                                                                       | -       |                                       |   | -                                         |   |                                                                     | -       |                                            |   | - |   |   | 1,553 |   |   | 1,553 |   |
| 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 |   |
|                                                                                                    |   |                                                        |   |                                               |   |                                            |   |                                                                                       |    |                                       |   |                                      |   |                                                                     |    |                                            |   |   |   |   |   |   |   |   |   |

----

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

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

|                                                           |   | **Years                  Ended March 31,** |    |
|----------------------------------------------------------------|--------|--------------------------------------------|---------|
|                                                           |   | **2006**                                   |    | **2005** |   | **2004** |   |
|                                                           |   | (In                  thousands)            |    |
| Comprehensive                  income (loss):                  |   |                                       |    |   |   |   |   |   |   |   |
| Net                  earnings (loss)                           |   | $                                          | 121,154 |   | $ | 89,424 |   | $ | (2,852 | ) |
| Other                  comprehensive income (loss) net of tax: |   |                                       |    |   |   |   |   |   |   |   |
| Foreign                  currency translation                  |   |                                       | (903    | ) |   | 1,569 |   |   | 6,423 |   |
| Unrealized                  gain (loss) on investments, net    |   |                                       | (7,968  | ) |   | (10,831 | ) |   | 27,896 |   |
| Fair                  market value of cash flow hedges         |   |                                       | 4,581   |   |   | 47 |   |   | - |   |
| Total                  comprehensive income                    |   | $                                          | 116,864 |   | $ | 80,209 |   | $ | 31,467 |   |
|                                                           |   |                                       |    |   |   |   |   |   |   |   |

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**AMERCO        AND CONSOLIDATED ENTITIES**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS **

|                                                                           |   | **Years                  Ended March 31,** |       |
|--------------------------------------------------------------------------------|--------|--------------------------------------------|------------|
|                                                                           |   | **2006**                                   |       | **2005** |   | **2004** |   |
|                                                                           |   | (In                  thousands)            |       |
| Cash                  flows from operating activities:                         |   |                                       |       |   |   |   |   |
| Net                  earnings (loss)                                           |   | $                                          | 121,154    |   | $ | 89,424 |   | $ | (2,852 | ) |
| Depreciation                                                                   |   |                                       | 133,447    |   |   | 118,091 |   |   | 144,889 |   |
| Amortization                  of deferred policy acquisition costs             |   |                                       | 24,261     |   |   | 28,512 |   |   | 39,083 |   |
| Change                  in provision for losses on trade receivables           |   |                                       | (183       | ) |   | (506 | ) |   | (271 | ) |
| Change                  in provision for losses on mortgage notes              |   |                                       | (2,230     | ) |   | - |   |   | - |   |
| Provision                  (reduction) for inventory reserves                  |   |                                       | 2,458      |   |   | (1,000 | ) |   | (267 | ) |
| Net                  loss on sale of real and personal property                |   |                                       | 9,370      |   |   | 3,012 |   |   | 3,924 |   |
| Net                  (gain) loss on sale of investments                        |   |                                       | 2,408      |   |   | 616 |   |   | (1,962 | ) |
| Write-off                  of unamortized debt issuance costs                  |   |                                       | 13,629     |   |   | - |   |   | - |   |
| Deferred                  income taxes                                         |   |                                       | 28,429     |   |   | 61,113 |   |   | 96,042 |   |
| Net                  change in other operating assets and liabilities:         |   |                                       |       |   |   |   |   |   |   |   |
| Trade                  receivables                                             |   |                                       | 10,661     |   |   | 32,189 |   |   | 6,887 |   |
| Inventories                                                                    |   |                                       | (3,596     | )  |   | (9,856 | ) |   | 735 |   |
| Prepaid                  expenses                                              |   |                                       | (28,809    | ) |   | (6,702 | ) |   | 8,674 |   |
| Capitalization                  of deferred policy acquistion costs            |   |                                       | (12,110    | ) |   | (8,873 | ) |   | (17,231 | ) |
| Other                  assets                                                  |   |                                       | (1,457     | ) |   | (23,887 | ) |   | 2,196 |   |
| Related                  party assets                                          |   |                                       | (8,090     | ) |   | 74,780 |   |   | (247,161 | ) |
| Accounts                  payable and accrued expenses                         |   |                                       | 36,596     |   |   | (96,022 | ) |   | 39,280 |   |
| Policy                  benefits and losses, claims and loss expenses payable  |   |                                       | (4,918     | ) |   | (15,618 | ) |   | (15,894 | ) |
| Other                  policyholders' funds and liabilities                    |   |                                       | (3,908     | ) |   | 7,910 |   |   | (8,577 | ) |
| Deferred                  income                                               |   |                                       | (2,588     | ) |   | (14,407 | ) |   | 12,763 |   |
| Related                  party liabilities                                     |   |                                       | (44,016    | ) |   | (18,079 | ) |   | (123,076 | ) |
| Net                  cash provided (used) by operating activities              |   |                                       | 270,508    |   |   | 220,697 |   |   | (62,818 | ) |
|                                                                           |   |                                       |       |   |   |   |   |   |   |   |
| Cash                  flow from investment activities:                         |   |                                       |       |   |   |   |   |   |   |   |
| Purchase                  of:                                                  |   |                                       |       |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                 |   |                                       | (344,382   | ) |   | (284,966 | ) |   | (198,443 | ) |
| Short                  term investments                                        |   |                                       | (534,106   | ) |   | (16,830 | ) |   | - |   |
| Fixed                  maturity investments                                    |   |                                       | (260,138   | ) |   | (98,211 | ) |   | (77,384 | ) |
| Equity                  securities                                             |   |                                       | -          |   |   | (6,349 | ) |   | (1,736 | ) |
| Other                  asset investments, net                                  |   |                                       | -          |   |   | - |   |   | 637 |   |
| Real                  estate                                                   |   |                                       | -          |   |   | (63 | ) |   | (17,156 | ) |
| Mortgage                  loans                                                |   |                                       | (8,868     | ) |   | (2,750 | ) |   | (450 | ) |
| Proceeds                  from sales of:                                       |   |                                       |       |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                 |   |                                       | 59,960     |   |   | 243,707 |   |   | 63,175 |   |
| Short                  term investments                                        |   |                                       | 600,850    |   |   | 10,866 |   |   | - |   |
| Fixed                  maturity investments                                    |   |                                       | 159,616    |   |   | 152,024 |   |   | 243,490 |   |
| Equity                  securities                                             |   |                                       | 6,769      |   |   | 56 |   |   | 3,452 |   |
| Preferred                  stock                                               |   |                                       | 11,650     |   |   | 15,803 |   |   | 16,882 |   |
| Real                  estate                                                   |   |                                       | 36,388     |   |   | 16,185 |   |   | 6,338 |   |
| Mortgage                  loans                                                |   |                                       | 11,762     |   |   | 5,368 |   |   | 16,374 |   |
| Payments                  from notes and mortgage receivables                  |   |                                       | 1,663      |   |   | 1,336 |   |   | 5,008 |   |
| Net                  cash provided (used) by investing activities              |   |                                       | (258,836   | ) |   | 36,176 |   |   | 60,187 |   |
|                                                                           |   |                                       |       |   |   |   |   |   |   |   |
| Cash                  flow from financing activities:                          |   |                                       |       |   |   |   |   |   |   |   |
| Borrowings                  from credit facilities                             |   |                                       | 1,277,047  |   |   | 129,355 |   |   | 997,014 |   |
| Principal                  repayments on credit facilties                      |   |                                       | (1,093,342 | ) |   | (213,405 | ) |   | (888,184 | ) |
| Debt                  issuance costs                                           |   |                                       | (29,588    | ) |   | - |   |   | (24,831 | ) |
| Leveraged                  Employee Stock Ownership Plan - Repayment from loan |   |                                       | 1,553      |   |   | 1,135 |   |   | 1,151 |   |
| Payoff                  of capital leases                                      |   |                                       | -          |   |   | (99,609 | ) |   | - |   |
| Preferred                  stock dividends paid                                |   |                                       | (12,963    | ) |   | (29,167 | ) |   | (3,241 | ) |
| Investment                  contract deposits                                  |   |                                       | 20,322     |   |   | 26,331 |   |   | 50,990 |   |
| Investment                  contract withdrawals                               |   |                                       | (75,011    | ) |   | (97,137 | ) |   | (115,530 | ) |
| Net                  cash provided (used) by financing activities              |   |                                       | 88,018     |   |   | (282,497 | ) |   | 17,369 |   |
|                                                                           |   |                                       |       |   |   |   |   |   |   |   |
| Effects                  of exchange rate on cash                              |   |                                       | (186       | ) |   | 22 |   |   | (15 | ) |
|                                                                           |   |                                       |       |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents              |   |                                       | 99,504     |   |   | (25,602 | ) |   | 14,723 |   |
| Cash                  and cash equivalents at the beginning of period          |   |                                       | 55,955     |   |   | 81,557 |   |   | 66,834 |   |
| Cash                  and cash equivalents at the end of period                |   | $                                          | 155,459    |   | $ | 55,955 |   | $ | 81,557 |   |

----

**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,**  |   |
|--------------------------------------------------------------|--------|---------------------------------|--------|
|                                                         |   | **2006**                        |   | **2005** |   |
|                                                         |   | (In                  thousands) |   |
| Truck                  and trailer parts and accessories (a) |   | $                               | 52,089 |   | $ | 50,095 |   |
| Hitches                  and towing components (b)           |   |                            | 13,766 |   |   | 12,199 |   |
| Moving                  supplies and propane (b)             |   |                            | 6,257  |   |   | 6,098 |   |
| Subtotal                                                     |   |                            | 72,112 |   |   | 68,392 |   |
| Less:                  LIFO reserves                         |   |                            | (5,693 | ) |   | (3,234 | ) |
| Less:                  excess and obsolete reserves          |   |                            | (1,500 | ) |   | (1,500 | ) |
| Total                                                        |   | $                               | 64,919 |   | $ | 63,658 |   |

***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)**

***Recent        Accounting Pronouncements***

EITF        03-1        and        supersedes EITF        Topic No. D-44 “Recognition of Other-Than-Temporary Impairment upon the Planned        Sale of a Security Whose Cost Exceeds Fair Value.” This        FSP        addresses (1) the determination of when an investment is considered impaired,        (2) whether such impairment is other than temporary, and (3) the measurement        of        an impairment loss. This FSP also includes accounting considerations subsequent        to the recognition of an other-than-temporary impairment and requires certain        disclosures about unrealized losses that have not been recognized as        other-than-temporary impairments. FSP        SFAS        115-1 and SFAS 124-1        is        effective for periods beginning after December 15, 2005, with earlier        application permitted. We do not believe that the application of this FSP        will        have a material effect on our results of operations or financial        position.

SOP        05-1        is        effective for internal replacement transactions occurring in fiscal years        beginning after December 15, 2006, with earlier application encouraged.        Retroactive application to previously issued financial statements is not        permitted. Initial application should be as of the start of the entity's        fiscal        year. We do not believe that the application of SOP 05-1 will have a material        effect on our results of operations or financial position.

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

|                                                                |   | **Year                  Ended March 31,** |       |
|---------------------------------------------------------------------|--------|-------------------------------------------|------------|
|                                                                |   | **2006**                                  |       | **2005** |   | **2004** |   |
| Basic                  and diluted earnings (loss) per common share |   | $                                         | 5.19       |   | $ | 3.68 |   | $ | (0.76 | ) |
| Weighted                  average common share outstanding:         |   |                                      |       |   |   |   |   |   |   |   |
| Basic                  and diluted                                  |   |                                      | 20,857,108 |   |   | 20,804,773 |   |   | 20,749,998 |   |
|                                                                |   |                                      |       |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                   |   | **March                  31,**  |    |
|--------------------------------------------------------|--------|---------------------------------|---------|
|                                                   |   | **2006**                        |    | **2005** |   |
|                                                   |   | (In                  thousands) |    |
| Reinsurance                  recoverable               |   | $                               | 182,382 |   | $ | 190,836 |   |
| Paid                  losses recoverable               |   |                            | 15,366  |   |   | 15,764 |   |
| Trade                  accounts receivable             |   |                            | 17,789  |   |   | 13,627 |   |
| Accrued                  investment income             |   |                            | 7,654   |   |   | 7,703 |   |
| Premiums                  and agents' balances         |   |                            | 1,962   |   |   | 3,799 |   |
| E&O                  recovery receivable           |   |                            | -       |   |   | 2,200 |   |
| Independent                  dealer receivable         |   |                            | 763     |   |   | 864 |   |
| Other                  receivable                      |   |                            | 5,465   |   |   | 7,191 |   |
|                                                   |   |                            | 231,381 |   |   | 241,984 |   |
| Less:                  Allowance for doubtful accounts |   |                            | (1,202  | ) |   | (1,391 | ) |
|                                                   |   | $                               | 230,179 |   | $ | 240,593 |   |
|                                                   |   |                            |    |   |   |   |   |

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

|                                                                    |   | **March                  31,**  |   |
|-------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                    |   | **2006**                        |   | **2005** |   |
|                                                                    |   | (In                  thousands) |   |
| Notes,                  mortgage receivables and other, net of discount |   | $                               | 2,926  |   | $ | 4,589 |   |
| Less:                  Allowance for doubtful accounts                  |   |                            | (394   | ) |   | (2,624 | ) |
|                                                                    |   | $                               | 2,532  |   | $ | 1,965 |   |
|                                                                    |   |                            |   |   |   |   |   |

----

**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** |   |
|----------------------------------------------------------------------|--------|---------------------------------|--------|----------------------------------|--------|-----------------------------------|--------|----------------------------------|--------|
|                                                                 |   | (In                  thousands) |   |
| U.S.                  treasury securities and government obligations |   | $                               | 613    |                             | $      | 107                               |   | $                                | -      |   | $ | 720 |   |
| Mortgage-backed                  securities                          |   |                            | 409    |                             |   | 6                                 |   |                             | -      |   |   | 415 |   |
|                                                                 |   | $                               | 1,022  |                             | $      | 113                               |   | $                                | -      |   | $ | 1,135 |   |
|                                                                 |   |                            |   |                             |   |                              |   |                             |   |   |   |   |   |

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

|                                                    |   | **December                  31, 2005** |   | **December                  31, 2004** |   |
|---------------------------------------------------------|--------|----------------------------------------|--------|----------------------------------------|--------|
|                                                    |   | **Amortized****Cost**                  |   | **Estimated****Market****Value**       |   | **Amortized****Cost** |   | **Estimated****Market****Value** |   |
|                                                    |   | (In                  thousands)        |   |
| Due                  in one year or less                |   | $                                      | 169    |                                   | $      | 172 |   | $ | - |   | $ | - |   |
| Due                  after one year through five years  |   |                                   | 203    |                                   |   | 228 |   |   | 260 |   |   | 287 |   |
| Due                  after five years through ten years |   |                                   | 167    |                                   |   | 210 |   |   | 220 |   |   | 285 |   |
| After                  ten years                        |   |                                   | 74     |                                   |   | 110 |   |   | 86 |   |   | 127 |   |
|                                                    |   |                                   | 613    |                                   |   | 720 |   |   | 566 |   |   | 699 |   |
| Mortgage                  backed securities             |   |                                   | 409    |                                   |   | 415 |   |   | 864 |   |   | 885 |   |
|                                                    |   | $                                      | 1,022  |                                   | $      | 1,135 |   | $ | 1,430 |   | $ | 1,584 |   |
|                                                    |   |                                   |   |                                   |   |   |   |   |   |   |   |   |   |

----

**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 |   | $                               | 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 |   |
|                                                                 |   |                            |    |                             |   |                                                                   |   |                                                                   |   |                             |   |   |   |   |   |   |

|                                                                 |   | **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 |   | $                               | 28,249  |                             | $      | 1,840                                                                  |   | $                                                                      | (28    | )                                | $      | (56 | ) | $ | 30,005 |   |
| U.S.                  government agency mortgage-backed securities   |   |                            | 9,718   |                             |   | 344                                                                    |   |                                                                   | -      |                             |   | - |   |   | 10,062 |   |
| Obligations                  of states and political subdivisions    |   |                            | 788     |                             |   | 22                                                                     |   |                                                                   | -      |                             |   | - |   |   | 810 |   |
| Corporate                  securities                                |   |                            | 460,687 |                             |   | 20,861                                                                 |   |                                                                   | (3,303 | )                                |   | (1,274 | ) |   | 476,971 |   |
| Mortgage-backed                  securities                          |   |                            | 78,329  |                             |   | 1,752                                                                  |   |                                                                   | (1,931 | )                                |   | (169 | ) |   | 77,981 |   |
| Redeemable                  preferred stocks                         |   |                            | 30,058  |                             |   | 1,220                                                                  |   |                                                                   | -      |                             |   | - |   |   | 31,278 |   |
| Common                  stocks                                       |   |                            | 7,476   |                             |   | 46                                                                     |   |                                                                   | -      |                             |   | (881 | ) |   | 6,641 |   |
|                                                                 |   | $                               | 615,305 |                             | $      | 26,085                                                                 |   | $                                                                      | (5,262 | )                                | $      | (2,380 | ) | $ | 633,748 |   |
|                                                                 |   |                            |    |                             |   |                                                                   |   |                                                                   |   |                             |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                                                    |   | **December                  31, 2005** |    | **December                  31, 2004** |   |
|---------------------------------------------------------|--------|----------------------------------------|---------|----------------------------------------|--------|
|                                                    |   | **Amortized****Cost**                  |    | **Estimated****Market****Value**       |   | **Amortized****Cost** |   | **Estimated****Market****Value** |   |
|                                                    |   | (In                  thousands)        |    |
| Due                  in one year or less                |   | $                                      | 58,593  |                                   | $      | 58,466 |   | $ | 110,679 |   | $ | 112,058 |   |
| Due                  after one year through five years  |   |                                   | 216,188 |                                   |   | 216,119 |   |   | 181,455 |   |   | 185,890 |   |
| Due                  after five years through ten years |   |                                   | 154,656 |                                   |   | 154,490 |   |   | 109,108 |   |   | 113,076 |   |
| After                  ten years                        |   |                                   | 131,344 |                                   |   | 135,147 |   |   | 98,200 |   |   | 106,824 |   |
|                                                    |   |                                   | 560,781 |                                   |   | 564,222 |   |   | 499,442 |   |   | 517,848 |   |
| Mortgage                  backed securities             |   |                                   | 112,432 |                                   |   | 111,581 |   |   | 78,329 |   |   | 77,981 |   |
| Redeemable                  preferred stocks            |   |                                   | 18,531  |                                   |   | 19,048 |   |   | 30,058 |   |   | 31,278 |   |
| Equity                  securities                      |   |                                   | 184     |                                   |   | 85 |   |   | 7,476 |   |   | 6,641 |   |
|                                                    |   | $                                      | 691,928 |                                   | $      | 694,936 |   | $ | 615,305 |   | $ | 633,748 |   |

***Investments,        other***

|                                    |   | **March                  31,**  |         |
|-----------------------------------------|--------|---------------------------------|--------------|
|                                    |   | **2006**                        |         | **2005** |   |
|                                    |   | (In                  thousands) |         |
| Short-term                  investments |   | $                               | 129,325      |   | $ | 193,525 |   |
| Real                  estate            |   |                            | 25,344  |   |   | 93,178 |   |
| Mortgage                  loans, net    |   |                            | 48,392  |   |   | 51,196 |   |
| Policy                  loans           |   |                            | 5,027        |   |   | 5,185 |   |
| Other                                   |   |                            | 1,273        |   |   | 2,123 |   |
|                                    |   | $                               | 209,361      |   | $ | 345,207 |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                                                       |   | **Year                  Ended March 31,** |    |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                                                       |   | **2006**                                  |    | **2005** |   | **2004** |   |
|                                                                                                       |   | (In                  thousands)           |    |
| Fixed                  maturities                                                                          |   | $                                         | 39,918  |   | $ | 41,594 |   | $ | 50,044 |   |
| Real                  estate                                                                               |   |                                      | 6,593   |   |   | 12,836 |   |   | 10,879 |   |
| Insurance                  policy loans                                                                    |   |                                      | 309     |   |   | 160 |   |   | 498 |   |
| Mortgage                  loans                                                                            |   |                                      | 5,788   |   |   | 6,312 |   |   | 7,173 |   |
| Short-term,                  amounts held by ceding reinsurers, net                  and other investments |   |                                      | 5,253   |   |   | (2,442 | ) |   | 1,616 |   |
| Investment                  income                                                                         |   |                                      | 57,861  |   |   | 58,460 |   |   | 70,210 |   |
| Less:                  investment expenses                                                                 |   |                                      | (2,422  | ) |   | (3,154 | ) |   | (6,511 | ) |
| Less:                  interest credited on annuity policies                                               |   |                                      | (16,888 | ) |   | (20,509 | ) |   | (27,042 | ) |
| Investment                  income-Related party                                                           |   |                                      | 14,543  |   |   | 21,942 |   |   | 1,624 |   |
| Net                  investment and interest income                                                        |   | $                                         | 53,094  |   | $ | 56,739 |   | $ | 38,281 |   |

**Note        9: Borrowings**

***Long-Term        Debt***

|                                                    |   |                               |       |           |   | **March                  31,**  |   |
|---------------------------------------------------------|--------|------------------------------------|------------|----------------|--------|---------------------------------|--------|
|                                                    |   | **2006                  Rate (a)** |       | **Maturities** |   | **2006**                        |   | **2005** |   |
|                                                    |   |                               |       |           |   | (In                  thousands) |   |
| Real                  estate loan (floating)            |   |                               | 6.70       | %              |   | 2010                            |   |  $ | 242,585 |   |  $ | - |   |
| Senior                  mortgages                       |   |                               | 5.47%-5.75 | %              |   | 2015                            |   |   | 531,309 |   |   | - |   |
| Mezzanine                  loan (floating)              |   |                               | 10.28      | %              |   | 2007                            |   |   | 19,393 |   |   | - |   |
| Fleet                  loan (amortizing term)           |   |                               | 6.45       | %              |   | 2012                            |   |   | 82,347 |   |   | - |   |
| Fleet                  loan (revolving credit)          |   |                               | 6.45       | %              |   | 2010                            |   |   | 90,000 |   |   | - |   |
| Revolving                  credit facility              |   |                               | -          |           |   | -                               |   |   | - |   |   | 84,862 |   |
| Senior                  amortizing notes (secured)      |   |                               | -          |           |   | -                               |   |   | - |   |   | 346,500 |   |
| Senior                  notes, second lien (secured)    |   |                               | -          |           |   | -                               |   |   | - |   |   | 200,000 |   |
| Senior                  notes, subordinated (secured)   |   |                               | -          |           |   | -                               |   |   | - |   |   | 148,646 |   |
|                                                    |   |                               |       |           |   |                            |   |  $ | 965,634 |   |  $ | 780,008 |   |
|                                                    |   |                               |       |           |   |                            |   |   |   |   |   |   |   |
| (a)                  Interest rate as of March 31, 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)**

*Mezzanine        Loan*

***Fleet        Loans***

*Rental        Truck Amortizing Loan*

*Revolving        Credit Agreement*

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

|                                    |   | **March                  31,**  |   |
|-----------------------------------------|--------|---------------------------------|--------|
|                                    |   | **2007**                        |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                    |   | (In                  thousands) |   |
| Notes                  payable, secured |   | $                               | 30,239 |   | $ | 48,853 |   | $ | 32,674 |   | $ | 74,717 |   | $ | 319,007 |   | $ | 460,144 |   |
|                                    |   |                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                                   |   | **March                  31,**  |   |
|------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                   |   | **2006**                        |   | **2005** |   |
|                                                                   |   | (In                  thousands) |   |
| Notes                  payable, secured, 7.87% interest rate, due 2027 |   | $                               | 76,232 |   | $ | 77,474 |   |

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

|                                    |   | **March                  31,**  |   |
|-----------------------------------------|--------|---------------------------------|--------|
|                                    |   | **2007**                        |   | **2008** |   | **2009** |   | **2010** |   | **2011** |   | **Thereafter** |   |
|                                    |   | (In                  thousands) |   |
| Notes                  payable, secured |   | $                               | 1,313  |   | $ | 1,422 |   | $ | 1,656 |   | $ | 1,791 |   | $ | 1,937 |   | $ | 68,113 |   |

***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,** |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|---------|
|                                                                                                                                                                            |   | **2006**                                  |    | **2005** |   | **2004** |   |
|                                                                                                                                                                            |   | (In                  thousands)           |    |
| Interest                  expense                                                                                                                                               |   | $                                         | 61,285  |   | $ | 62,706 |   | $ | 76,007 |   |
| Capitalized                  interest                                                                                                                                           |   |                                      | (151    | ) |   | (186 | ) |   | (270 | ) |
| Amortization                  of transaction costs                                                                                                                              |   |                                      | 3,871   |   |   | 3,321 |   |   | 1,825 |   |
| Interest                  (income) expense resulting from derivatives                                                                                                           |   |                                      | (1,655  | ) |   | 1,137 |   |   | - |   |
| Write-off                  of transactions costs related to early                  extinguishment of debt                                                                       |   |                                      | 14,384  |   |   | - |   |   | - |   |
| Fees                  on early extinguishment of debt                                                                                                                           |   |                                      | 21,243  |   |   | - |   |   | - |   |
| Total                  AMERCO interest expense                                                                                                                                  |   |                                      | 98,977  |   |   | 66,978 |   |   | 77,562 |   |
| SAC                  Holding II interest expense (a)                                                                                                                            |   |                                      | 12,840  |   |   | 14,187 |   |   | 80,963 |   |
| Less:                  Intercompany transactions (a)                                                                                                                            |   |                                      | (6,709  | ) |   | (7,960 | ) |   | (36,835 | ) |
| Total                  SAC Holding II interest expense (a)                                                                                                                      |   |                                      | 6,131   |   |   | 6,227 |   |   | 44,128 |   |
| Total                                                                                                                                                                           |   | $                                         | 105,108 |   | $ | 73,205 |   | $ | 121,690 |   |
|                                                                                                                                                                            |   |                                      |    |   |   |   |   |   |   |   |
| (a)                  Fiscal 2006 and 2005 contain only SAC Holding II Corporation, 2004                  includes SAC Holding Corporation and its                  subsidiaries |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

***Interest        Rates***

|                                                            |   | **Revolving                  Credit Activity**         |    |
|-----------------------------------------------------------------|--------|--------------------------------------------------------|---------|
|                                                            |   | **Year                  Ended March 31,**              |    |
|                                                            |   | **2006**                                               |    | **2005** |   | **2004** |   |
|                                                            |   | (In                  thousands, except interest rates) |    |
| Weighted                  average interest rate during the year |   |                                                   | 5.95    | % |   | 5.69 | % |   | 6.75 | % |
| Interest                  rate at year end                      |   |                                                   | 6.45    | % |   | 6.43 | % |   | 5.50 | % |
| Maximum                  amount outstanding during the year     |   | $                                                      | 158,011 |   | $ | 164,051 |   | $ | 205,000 |   |
| Average                  amount outstanding during the year     |   | $                                                      | 96,710  |   | $ | 46,771 |   | $ | 174,267 |   |
| Facility                  fees                                  |   | $                                                      | -       |   | $ | - |   | $ | 1,333 |   |
|                                                            |   |                                                   |    |   |   |   |   |   |   |   |

**Note        11: Stockholders’ Equity**

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

|                                                     |   | **Foreign****Currency****Translation** |    | **Unrealized****Gain                  (Loss)****on                  Investments** |   | **Fair                  Market****Value                  of****Cash                  Flow****Hedge** |   | **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                  gain 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                  gain 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 | ) |
|                                                     |   |                                   |         |                                                                              |   |                                                                                                      |   |                                                                        |        |   |   |  |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**Note        13: Provision for Taxes**

|                                      |   | **Year                  Ended March 31,** |    |
|-------------------------------------------|--------|-------------------------------------------|---------|
|                                      |   | **2006**                                  |    | **2005** |   | **2004** |   |
|                                      |   | (In                  thousands)           |    |
| Pretax                  earnings (loss):  |   |                                      |         |   |   |  |   |   |  |   |
| U.S.                                      |   | $                                         | 199,847 |   | $ | 143,840 |   | $ | (1,166 | ) |
| Non-U.S.                                  |   |                                      | 426     |   |   | 1,292 |   |   | 6,391 |   |
| Total                  pretax earnings    |   | $                                         | 200,273 |   | $ | 145,132 |   | $ | 5,225 |   |
| Provision                  for taxes:     |   |                                      |    |   |   |   |   |   |   |   |
| Federal:                                  |   |                                      |         |   |   |  |   |   |  |   |
| Current                                   |   | $                                         | 49,652  |   | $ | 30,539 |   | $ | 9,705 |   |
| Deferred                                  |   |                                      | 16,239  |   |   | 17,801 |   |   | (4,494 | ) |
| State:                                    |   |                                      |    |   |   |   |   |   |   |   |
| Current                                   |   |                                      | 6,115   |   |   | 5,752 |   |   | 3,147 |   |
| Deferred                                  |   |                                      | 6,329   |   |   | 1,616 |   |   | (1,395 | ) |
| Non-U.S.:                                 |   |                                      |    |   |   |   |   |   |   |   |
| Current                                   |   |                                      | 439     |   |   | - |   |   | 1,114 |   |
| Deferred                                  |   |                                      | 345     |   |   | - |   |   | - |   |
| Total                  income tax expense |   | $                                         | 79,119  |   | $ | 55,708 |   | $ | 8,077 |   |
|                                      |   |                                      |    |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                                                             |   | **Year                  ended March 31,** |   |
|------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                             |   | **2006**                                  |   | **2005** |   | **2004** |   |
|                                                             |   | (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 |   |                                      | 4.41   | % |   | 3.16 | % |   | 36.43 | % |
| Canadian                  subsidiary loss                        |   |                                      | (0.07  | )% |   | (0.31 | )% |   | (20.51 | )% |
| Interest                  on deferred taxes                      |   |                                      | 0.44   | % |   | 0.43 | % |   | 12.04 | % |
| Tax-exempt                  interest expense                     |   |                                      | -      | % |   | - | % |   | (0.42 | )% |
| IRS                  Settlement                                  |   |                                      | -      | % |   | - | % |   | 91.11 | % |
| Other                                                            |   |                                      | (0.27  | )% |   | 0.10 | % |   | 0.93 | % |
| Effective                  tax rate                              |   |                                      | 39.51  | % |   | 38.38 | % |   | 154.58 | % |
|                                                             |   |                                      |   |   |   |   |   |   |   |   |

|                                                                              |   | **March                  31,**  |    |
|-----------------------------------------------------------------------------------|--------|---------------------------------|---------|
|                                                                              |   | **2006**                        |    | **2005** |   |
|                                                                              |   | (In                  thousands) |    |
| Deferred                  tax assets:                                             |   |                            |    |   |   |
| Net                  operating loss and credit carry forwards                     |   | $                               | 7,906   |   | $ | 27,183 |   |
| Accrued                  expenses                                                 |   |                            | 102,159 |   |   | 102,962 |   |
| Policy                  benefit and losses, claims and loss expenses payable, net |   |                            | 17,476  |   |   | 21,048 |   |
| Unrealized                  gains                                                 |   |                            | 677     |   |   | 7,235 |   |
| Total                  deferred tax assets                                        |   |                            | 128,218 |   |   | 158,428 |   |
| Deferred                  tax liabilities:                                        |   |                            |    |   |   |   |   |
| Property,                  plant and equipment                                    |   |                            | 221,578 |   |   | 214,562 |   |
| Deferred                  policy acquisition costs                                |   |                            | 7,608   |   |   | 12,367 |   |
| Other                                                                             |   |                            | 7,124   |   |   | 9,623 |   |
| Total                  deferred tax liabilities                                   |   |                            | 236,310 |   |   | 236,552 |   |
| Net                  deferred tax liability                                       |   | $                               | 108,092 |   | $ | 78,124 |   |

----

**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,****2006** |   | **2006**                               |   | **2005** |   | **2004** |   |
|                                |   |                                                     |   | (In                  thousands)        |   |
| June,                  1991         |   | $                                                        | 11,600 |                                   | $      | 1,070 |   | $ | 1,008 |   | $ | 1,159 |   |
| March,                  1999        |   |                                                     | 80     |                                   |   | 9 |   |   | 8 |   |   | 11 |   |
| February,                  2000     |   |                                                     | 524    |                                   |   | 53 |   |   | 54 |   |   | 74 |   |
| April,                  2001        |   |                                                     | 119    |                                   |   | 10 |   |   | 9 |   |   | 12 |   |
|                                |   |                                                     |   |                                   |   |   |   |   |   |   |   |   |   |

|                                             |   | **Year                  Ended March 31,** |   |
|--------------------------------------------------|--------|-------------------------------------------|--------|
|                                             |   | **2006**                                  |   | **2005** |   |
|                                             |   | (In                  thousands)           |   |
| Allocated                  shares                |   |                                      | 1,474  |   |   | 1,514 |   |
| Unreleased                  shares               |   |                                      | 569    |   |   | 652 |   |
| Fair                  value of unreleased shares |   | $                                         | 41,726 |   | $ | 21,554 |   |
|                                             |   |                                      |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

***Insurance        Plans***

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

|                                                                 |   | **Year                  Ended March 31,** |   |
|----------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                 |   | **2006**                                  |   | **2005** |   | **2004** |   |
|                                                                 |   | (In                  thousands)           |   |
| Service                  cost for benefits earned during the period  |   | $                                         | 373    |   | $ | 316 |   | $ | 315 |   |
| Interest                  cost on accumulated postretirement benefit |   |                                      | 306    |   |   | 313 |   |   | 331 |   |
| Other                  components                                    |   |                                      | (299   | ) |   | (317 | ) |   | (293 | ) |
| Net                  periodic postretirement benefit cost            |   | $                                         | 380    |   | $ | 312 |   | $ | 353 |   |

|                                                                  |   | **Year                  Ended March 31,** |   |
|-----------------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                                  |   | **2006**                                  |   | **2005** |   |
|                                                                  |   | (In                  thousands)           |   |
| Beginning                  of year                                    |   | $                                         | 5,376  |   | $ | 5,074 |   |
| Service                  cost for benefits earned during the period   |   |                                      | 373    |   |   | 316 |   |
| Interest                  cost on accumulated post retirement benefit |   |                                      | 306    |   |   | 313 |   |
| Benefit                  payments and expense                         |   |                                      | (417   | ) |   | (116 | ) |
| Actuarial                  (gain) loss                                |   |                                      | 2,545  |   |   | (211 | ) |
| Accumulated                  postretirement benefit obligation        |   |                                      | 8,183  |   |   | 5,376 |   |
| Unrecognized                  net gain                                |   |                                      | 1,563  |   |   | 4,406 |   |
| Total                  post retirement benefit liability              |   | $                                         | 9,746  |   | $ | 9,782 |   |

|                                                           |   | **Year                  Ended March 31,** |   |
|----------------------------------------------------------------|--------|-------------------------------------------|--------|
|                                                           |   | **2006**                                  |   | **2005** |   | **2004** |   |
|                                                           |   | (In                  percentages)         |   |
| Accumulated                  postretirement benefit obligation |   |                                      | 5.75   | % |   | 5.75 | % |   | 6.25 | % |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|                               |   | **Amount**                      |   |
|------------------------------------|--------|---------------------------------|--------|
|                               |   | (In                  thousands) |   |
| Year-ended:                        |   |                            |   |
| 2007                               |   | $                               | 230    |   |
| 2008                               |   |                            | 261    |   |
| 2009                               |   |                            | 296    |   |
| 2010                               |   |                            | 337    |   |
| 2011                               |   |                            | 376    |   |
| 2012                  through 2016 |   |                            | 2,826  |   |
| Total                              |   | $                               | 4,326  |   |
|                               |   |                            |   |   |

----

**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, 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 |   |   |   |   |
|                                              |   |                                      |      |                                                |   |                                                    |   |                                   |      |                                                                            |   |   |   |   |   |   |
| **Year                  ended December 31, 2003** |   |                                      |      |                                                |   |                                                    |   |                                   |      |                                                                            |   |   |   |   |   |   |
| Life                  insurance in force          |   | $                                         | 1,134,051 |                                                | $      | 218,682                                                 |   | $                                      | 1,842,666 |                                                                            | $      | 2,758,035 |   |   | 67 | % |
| Premiums                  earned:                 |   |                                      |      |                                                |   |                                                    |   |                                   |      |                                                                            |   |   |   |   |   |   |
| Life                                              |   | $                                         | 17,300    |                                                | $      | 2,840                                                   |   | $                                      | 7,626     |                                                                            | $      | 22,086 |   |   | 35 | % |
| Accident                  and health              |   |                                      | 109,135   |                                                |   | 5,346                                                   |   |                                   | 14,561    |                                                                            |   | 118,350 |   |   | 12 | % |
| Annuity                                           |   |                                      | 1,954     |                                                |   | -                                                       |   |                                   | 2,692     |                                                                            |   | 4,646 |   |   | 58 | % |
| Property                  and casualty            |   |                                      | 106,599   |                                                |   | 32,969                                                  |   |                                   | 18,406    |                                                                            |   | 92,036 |   |   | 20 | % |
| Total                                             |   | $                                         | 234,988   |                                                | $      | 41,155                                                  |   | $                                      | 43,285    |                                                                            | $      | 237,118 |   |   |   |   |
|                                              |   |                                      |      |                                                |   |                                                    |   |                                   |      |                                                                            |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

|   |   | **RepWest**                     |   | **Oxford** |   |
|--------|--------|---------------------------------|--------|------------|--------|
|   |   | (In                  thousands) |   |
| 2005   |   | $                               | -      |       | $      | 1,519 |   |
| 2004   |   |                            | -      |       |   | 1,474 |   |
| 2003   |   |                            | 1,206  |       |   | 2,671 |   |
|   |   |                            |   |       |   |   |   |

|                                                       |   | **Year                  Ended December 31,** |    |
|------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                       |   | **2005**                                     |    | **2004** |   |
|                                                       |   | (In                  thousands)              |    |
| Unpaid                  losses and loss adjustment expense |   | $                                            | 346,928 |   | $ | 380,875 |   |
| Reinsurance                  losses payable                |   |                                         | 3,475   |   |   | 7,516 |   |
| Unearned                  premiums                         |   |                                         | 2,557   |   |   | 2,992 |   |
| Total                                                      |   | $                                            | 352,960 |   |  $ | 391,383 |   |
|                                                       |   |                                         |    |   |   |   |   |
|                                                       |   |                                         |    |   |   |   |   |

|                                          |   | **Year                  Ended December 31,** |    |
|-----------------------------------------------|--------|----------------------------------------------|---------|
|                                          |   | **2005**                                     |    | **2004** |   | **2003** |   |
|                                          |   | (In                  thousands)              |    |
| Balance                  at January 1         |   | $                                            | 380,875 |   | $ | 416,259 |   | $ | 399,447 |   |
| Less                  reinsurance recoverable |   |                                         | 189,472 |   |   | 177,635 |   |   | 146,622 |   |
| Net                  balance at January 1     |   |                                         | 191,403 |   |   | 238,624 |   |   | 252,825 |   |
| Incurred                  related to:         |   |                                         |    |   |   |   |   |   |   |   |
| Current                  year                 |   |                                         | 6,429   |   |   | 17,960 |   |   | 56,454 |   |
| Prior                  years                  |   |                                         | 16,161  |   |   | 21,773 |   |   | 53,127 |   |
| Total                  incurred               |   |                                         | 22,590  |   |   | 39,733 |   |   | 109,581 |   |
| Paid                  related to:             |   |                                         |    |   |   |   |   |   |   |   |
| Current                  year                 |   |                                         | 3,774   |   |   | 13,570 |   |   | 22,931 |   |
| Prior                  years                  |   |                                         | 44,679  |   |   | 73,384 |   |   | 100,851 |   |
| Total                  paid                   |   |                                         | 48,453  |   |   | 86,954 |   |   | 123,782 |   |
| Net                  balance at December 31   |   |                                         | 165,540 |   |   | 191,403 |   |   | 238,624 |   |
| Plus                  reinsurance recoverable |   |                                         | 181,388 |   |   | 189,472 |   |   | 177,635 |   |
| Balance                  at December 31       |   | $                                            | 346,928 |   | $ | 380,875 |   | $ | 416,259 |   |
|                                          |   |                                         |    |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**Note        16: Contingent Liabilities and Commitments**

|                           |   | **Year                  Ended March 31,** |    |
|--------------------------------|--------|-------------------------------------------|---------|
|                           |   | **2006**                                  |    | **2005** |   | **2004** |   |
|                           |   | (In                  thousands)           |    |
| Lease                  expense |   | $                                         | 142,781 |   | $ | 151,354 |   | $ | 160,727 |   |

|                                  |   | **Property,****Plant                  and****Equipment** |   | **Rental****Equipment** |   | **Total** |   |
|---------------------------------------|--------|----------------------------------------------------------|--------|-------------------------|--------|-----------|--------|
|                                  |   | (In                  thousands)                          |   |
| Year-ended                  March 31: |   |                                                     |   |                    |   |      |   |
| 2007                                  |   | $                                                        | 11,726 |                    | $      | 124,943   |   | $ | 136,669 |   |
| 2008                                  |   |                                                     | 11,498 |                    |   | 92,072    |   |   | 103,570 |   |
| 2009                                  |   |                                                     | 11,260 |                    |   | 75,081    |   |   | 86,341 |   |
| 2010                                  |   |                                                     | 10,896 |                    |   | 62,589    |   |   | 73,485 |   |
| 2011                                  |   |                                                     | 10,679 |                    |   | 39,986    |   |   | 50,665 |   |
| Thereafter                            |   |                                                     | 36,618 |                    |   | 34,493    |   |   | 71,111 |   |
| Total                                 |   | $                                                        | 92,677 |                    | $      | 429,164   |   | $ | 521,841 |   |

**Note        17: Contingencies**

***Shoen***

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

***Securities        Litigation***

***Securit***
**ies        and Exchange Commission**

***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,**  |    |
|--------------------------------------------------------------------------|--------|---------------------------------|---------|
|                                                                     |   | **2006**                        |    | **2005** |   |
|                                                                     |   | (In                  thousands) |    |
| Private                  Mini notes, receivables and interest            |   | $                               | 74,427  |   | $ | 70,887 |   |
| Oxford                  note receivable from SAC Holding Corporation     |   |                            | 5,040   |   |   | 5,040 |   |
| U-Haul                  notes receivable from SAC Holding Corporation    |   |                            | 123,578 |   |   | 123,578 |   |
| U-Haul                  interest receivable from SAC Holding Corporation |   |                            | 42,189  |   |   | 35,960 |   |
| U-Haul                  receivable from SAC Holding Corporation          |   |                            | 5,688   |   |   | 1,028 |   |
| SAC                  Holding II receivable from parent                   |   |                            | 2,900   |   |   | 2,202 |   |
| U-Haul                  receivable from Mercury                          |   |                            | 2,342   |   |   | 2,185 |   |
| Oxford                  and RepWest investment in Securespace            |   |                            | 11,585  |   |   | 11,225 |   |
| Other                                                                    |   |                            | 2,719   |   |   | 561 |   |
|                                                                     |   | $                               | 270,468 |   | $ | 252,666 |   |
|                                                                     |   |                            |    |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

***Related        Party Liabilities***

|                                                             |   | **March                  31,**  |   |
|------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                             |   | **2006**                        |   | **2005** |   |
|                                                             |   | (In                  thousands) |   |
| SAC                  Holding II Corporation payable to affiliate |   | $                               | 7,165  |   | $ | 11,070 |   |
|                                                             |   |                            |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

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

|                                                   |   | **Year                  Ended December 31,** |    |
|--------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                   |   | **2005**                                     |    | **2004** |   | **2003** |   |
|                                                   |   | (In                  thousands)              |    |
| RepWest:                                               |   |                                         |    |   |   |   |   |
| Audited                  statutory net income (loss)   |   | $                                            | 1,825   |   | $ | (5,262 | ) | $ | (17,051 | ) |
| Audited                  statutory capital and surplus |   |                                         | 89,824  |   |   | 64,789 |   |   | 69,122 |   |
| NAFCIC:                                                |   |                                         |    |   |   |   |   |   |   |   |
| Audited                  statutory net income (loss)   |   |                                         | (82     | ) |   | (494 | ) |   | 732 |   |
| Audited                  statutory capital and surplus |   |                                         | 3,681   |   |   | 3,759 |   |   | 4,001 |   |
| Oxford:                                                |   |                                         |    |   |   |   |   |   |   |   |
| Audited                  statutory net income          |   |                                         | 10,237  |   |   | 10,736 |   |   | 3,335 |   |
| Audited                  statutory capital and surplus |   |                                         | 101,466 |   |   | 83,396 |   |   | 64,034 |   |
| CFLIC:                                                 |   |                                         |    |   |   |   |   |   |   |   |
| Audited                  statutory net income          |   |                                         | 1,470   |   |   | 2,410 |   |   | 4,057 |   |
| Audited                  statutory capital and surplus |   |                                         | 22,455  |   |   | 20,981 |   |   | 22,545 |   |
| NAI:                                                   |   |                                         |    |   |   |   |   |   |   |   |
| Audited                  statutory net income          |   |                                         | 3,076   |   |   | 1,718 |   |   | 3,067 |   |
| Audited                  statutory capital and surplus |   |                                         | 16,150  |   |   | 14,442 |   |   | 12,489 |   |
|                                                   |   |                                         |    |   |   |   |   |   |   |   |

----

**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, 2006**                                               |   |                                                     |      |       |   |             |   |
| Total                  revenues                                                   |   | $                                                        | 2,054,138 |       | $      | 52,488           |   | $ | 2,106,626 |   |
| Depreciation                  and amortization, net of (gains) losses on disposal |   |                                                     | 161,704   |       |   | 5,374            |   |   | 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                                              |   |                                                     | 3,298,249 |       |   | 68,969           |   |   | 3,367,218 |   |

| **Year                  Ended**                                                   |   | **United                  States**                       |      | **Canada** |   | **Consolidated** |   |
|-----------------------------------------------------------------------------------|--------|----------------------------------------------------------|-----------|------------|--------|------------------|--------|
|                                                                              |   | (All                  amounts are in thousands U.S. $'s) |      |
| **March                  31, 2005**                                               |   |                                                     |      |       |   |             |   |
| Total                  revenues                                                   |   | $                                                        | 1,956,719 |       | $      | 51,402           |   | $ | 2,008,121 |   |
| Depreciation                  and amortization, net of (gains) losses on disposal |   |                                                     | 145,167   |       |   | 4,448            |   |   | 149,615 |   |
| Interest                  expense (income)                                        |   |                                                     | 73,231    |       |   | (26              | )      |   | 73,205 |   |
| Pretax                  earnings                                                  |   |                                                     | 143,840   |       |   | 1,292            |   |   | 145,132 |   |
| Income                  tax expense                                               |   |                                                     | 55,708    |       |   | -                |   |   | 55,708 |   |
| Identifiable                  assets                                              |   |                                                     | 3,044,012 |       |   | 72,161           |   |   | 3,116,173 |   |

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

----

**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                                                                                                                                     |   | $                                     | 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)       |      |
| Assets:                                                                                                                                                                        |   |                                  |      |
| Cash                  and cash equivalents                                                                                                                                     |   | $                                     | 14        |   | $      | 37,626                       |   | $                                   | 4,327    |   | $      | -                                                 |   |   |   |   | $ | 41,967 |   | $ | 10,638 |   | $ | 2,992 |   | $ | - |   |   |   |   | $ | 55,597 |   | $ | 358 |   | $ | - |   |   |   |   | $55,955 |
| Reinsurance                  recoverables and trade receivables, net                                                                                                           |   |                                  | -         |   |   | 13,074                       |   |                                | 26       |   |   | -                                                 |   |   |   |   |   | 13,100 |   |   | 211,821 |   |   | 15,672 |   |   | - |   |   |   |   |   | 240,593 |   |   | - |   |   | - |   |   |   |   | 240,593 |
| Notes                  and mortgage receivables, net                                                                                                                           |   |                                  | -         |   |   | 1,020                        |   |                                | 945      |   |   | -                                                 |   |   |   |   |   | 1,965 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,965 |   |   | - |   |   | - |   |   |   |   | 1,965 |
| Inventories,                  net                                                                                                                                              |   |                                  | -         |   |   | 62,489                       |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 62,489 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 62,489 |   |   | 1,169 |   |   | - |   |   |   |   | 63,658 |
| Prepaid                  expenses                                                                                                                                              |   |                                  | 4,863     |   |   | 24,036                       |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 28,899 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 28,899 |   |   | 146 |   |   | - |   |   |   |   | 29,045 |
| Investments,                  fixed maturities and marketable equities                                                                                                         |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | 100,028 |   |   | 535,150 |   |   | - |   |   |   |   |   | 635,178 |   |   | - |   |   | - |   |   |   |   | 635,178 |
| Investments,                  other                                                                                                                                            |   |                                  | -         |   |   | 936                          |   |                                | 8,056    |   |   | -                                                 |   |   |   |   |   | 8,992 |   |   | 144,839 |   |   | 191,376 |   |   | - |   |   |   |   |   | 345,207 |   |   | - |   |   | - |   |   |   |   | 345,207 |
| Deferred                  policy acquisition costs, net                                                                                                                        |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | 1,273 |   |   | 51,270 |   |   | - |   |   |   |   |   | 52,543 |   |   | - |   |   | - |   |   |   |   | 52,543 |
| Other                  assets                                                                                                                                                  |   |                                  | 14,207    |   |   | 59,582                       |   |                                | 1,737    |   |   | -                                                 |   |   |   |   |   | 75,526 |   |   | 3,915 |   |   | 1,215 |   |   | - |   |   |   |   |   | 80,656 |   |   | 4,239 |   |   | - |   |   |   |   | 84,895 |
| Related                  party assets                                                                                                                                          |   |                                  | 452,350   |   |   | 521,162                      |   |                                | 12,600   |   |   | (650,371                                          | )      |   | (d | ) |   | 335,741 |   |   | 56,479 |   |   | 32,216 |   |   | (92,042 | ) |   | (d | ) |   | 332,394 |   |   | 2,202 |   |   | (81,930 | ) |   | (d | ) | 252,666 |
|                                                                                                                                                                           |   |                                  | 471,434   |   |   | 719,925                      |   |                                | 27,691   |   |   | (650,371                                          | )      |   |   |   |   | 568,679 |   |   | 528,993 |   |   | 829,891 |   |   | (92,042 | ) |   |   |   |   | 1,835,521 |   |   | 8,114 |   |   | (81,930 | ) |   |   |   | 1,761,705 |
| Investment                  in subsidiaries                                                                                                                                    |   |                                  | 1,236,082 |   |   | -                            |   |                                | -        |   |   | (966,249                                          | )      |   | (c | ) |   | 269,833 |   |   | - |   |   | - |   |   | (269,833 | ) |   | (c | ) |   | - |   |   | - |   |   | - |   |   |   |   | - |
| Investment                  in SAC Holding II                                                                                                                                  |   |                                  | (14,659   | )      |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | (14,659 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (14,659 | ) |   | - |   |   | 14,659 |   |   | (c | ) | - |
| Total                  investment in subsidiaries and SAC Holding II                                                                                                           |   |                                  | 1,221,423 |   |   | -                            |   |                                | -        |   |   | (966,249                                          | )      |   |   |   |   | 255,174 |   |   | - |   |   | - |   |   | (269,833 | ) |   |   |   |   | (14,659 | ) |   | - |   |   | 14,659 |   |   |   |   | - |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment, at cost:                                                                                                                       |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Land                                                                                                                                                                           |   |                                  | -         |   |   | 21,265                       |   |                                | 129,880  |   |   | -                                                 |   |   |   |   |   | 151,145 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 151,145 |   |   | - |   |   | - |   |   |   |   | 151,145 |
| Buildings                  and improvements                                                                                                                                    |   |                                  | -         |   |   | 84,921                       |   |                                | 601,304  |   |   | -                                                 |   |   |   |   |   | 686,225 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 686,225 |   |   | - |   |   | - |   |   |   |   | 686,225 |
| Furniture                  and equipment                                                                                                                                       |   |                                  | 292       |   |   | 247,219                      |   |                                | 17,705   |   |   | -                                                 |   |   |   |   |   | 265,216 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 265,216 |   |   | - |   |   | - |   |   |   |   | 265,216 |
| Rental                  trailers and other rental equipment                                                                                                                    |   |                                  | -         |   |   | 199,461                      |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 199,461 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 199,461 |   |   | - |   |   | - |   |   |   |   | 199,461 |
| Rental                  trucks                                                                                                                                                 |   |                                  | -         |   |   | 1,252,018                    |   |                                | -        |   |   | -                                                 |   |   |   |   |   | 1,252,018 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,252,018 |   |   | - |   |   | - |   |   |   |   | 1,252,018 |
| SAC                  Holding II - property, plant and equipment (b)                                                                                                            |   |                                  | -         |   |   | -                            |   |                                | -        |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 151,806 |   |   | (74,212 | ) |   | (e | ) | 77,594 |
|                                                                                                                                                                           |   |                                  | 292       |   |   | 1,804,884                    |   |                                | 748,889  |   |   | -                                                 |   |   |   |   |   | 2,554,065 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 2,554,065 |   |   | 151,806 |   |   | (74,212 | ) |   |   |   | 2,631,659 |
| Less:                  Accumulated depreciation                                                                                                                                |   |                                  | (255      | )      |   | (1,008,523                   | )      |                                | (269,990 | )      |   | -                                                 |   |   |   |   |   | (1,278,768 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (1,278,768 | ) |   | (7,527 | ) |   | 9,104 |   |   | (e | ) | (1,277,191) |
| Total                  property, plant and equipment                                                                                                                           |   |                                  | 37        |   |   | 796,361                      |   |                                | 478,899  |   |   | -                                                 |   |   |   |   |   | 1,275,297 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 1,275,297 |   |   | 144,279 |   |   | (65,108 | ) |   |   |   | 1,354,468 |
| Total                  assets                                                                                                                                                  |   | $                                     | 1,692,894 |   | $      | 1,516,286                    |   | $                                   | 506,590  |   | $      | (1,616,620                                        | )      |   |   |   | $ | 2,099,150 |   | $ | 528,993 |   | $ | 829,891 |   | $ | (361,875 | ) |   |   |   | $ | 3,096,159 |   | $ | 152,393 |   | $ | (132,379 | ) |   |   |   | $                  3,116,173 |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                  Balances as of December 31, 2004                                                                                                                          |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                  Included in this caption is land of $56,960, buildings and improvements                  of                  $94,620, and furniture and equipment of $226 |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                  Eliminate investment in subsidiaries and SAC Holding II                                                                                                   |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                  Eliminate intercompany receivables and payables                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (e)                  Eliminate gain on sale of property from U-Haul to SAC Holding                  II                                                                         |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                           |   |                                  |      |   |   |                         |   |                                |     |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**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                                                       |   | $                                     | 17,330    |   | $      | 198,322                      |   | $                                   | 2,736   |   | $      | -                                                 |   |   |   |   | $ | 218,388 |   | $ | - |   | $ | 17,745 |   | $ | - |   |   |   |   | $ | 236,133 |   | $ | 1,001 |   | $ | - |   |   |   |   | $ | 237,134 |   |
| AMERCO's                  notes and loans payable                                                            |   |                                  | 780,008   |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 780,008 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 780,008 |   |   | - |   |   | - |   |   |   |   |   | 780,008 |   |
| SAC                  Holding II Corporation notes and loans payable,                  non-recourse to AMERCO |   |                                  | -         |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 77,474 |   |   | - |   |   |   |   |   | 77,474 |   |
| Policy                  benefits and losses, claims                  and loss expenses payable               |   |                                  | -         |   |   | 249,053                      |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 249,053 |   |   | 391,383 |   |   | 164,894 |   |   | - |   |   |   |   |   | 805,330 |   |   | - |   |   | - |   |   |   |   |   | 805,330 |   |
| Liabilities                  from investment contracts                                                       |   |                                  | -         |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | 503,838 |   |   | - |   |   |   |   |   | 503,838 |   |   | - |   |   | - |   |   |   |   |   | 503,838 |   |
| Other                  policyholders' funds and liabilities                                                  |   |                                  | -         |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 8,669 |   |   | 2,944 |   |   | - |   |   |   |   |   | 11,613 |   |   | - |   |   | - |   |   |   |   |   | 11,613 |   |
| Deferred                  income                                                                             |   |                                  | -         |   |   | 11,716                       |   |                                | 2       |   |   | -                                                 |   |   |   |   |   | 11,718 |   |   | 12,143 |   |   | 14,279 |   |   | - |   |   |   |   |   | 38,140 |   |   | 603 |   |   | - |   |   |   |   |   | 38,743 |   |
| Deferred                  income taxes                                                                       |   |                                  | 158,415   |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 158,415 |   |   | (46,948 | ) |   | (1,121 | ) |   | - |   |   |   |   |   | 110,346 |   |   | (4,973 | ) |   | (27,249 | ) |   | (d | ) |   | 78,124 |   |
| Related                  party liabilities                                                                   |   |                                  | 115,499   |   |   | 355,997                      |   |                                | 249,692 |   |   | (650,371                                          | )      |   | (c | ) |   | 70,817 |   |   | 8,910 |   |   | 12,315 |   |   | (92,042 | ) |   | (c | ) |   | - |   |   | 92,947 |   |   | (81,877 | ) |   | (c | ) |   | 11,070 |   |
| Total                  liabilities                                                                           |   |                                  | 1,071,252 |   |   | 815,088                      |   |                                | 252,430 |   |   | (650,371                                          | )      |   |   |   |   | 1,488,399 |   |   | 374,157 |   |   | 714,894 |   |   | (92,042 | ) |   |   |   |   | 2,485,408 |   |   | 167,052 |   |   | (109,126 | ) |   |   |   |   | 2,543,334 |   |
| Stockholders'                  equity:                                                                       |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  preferred stock:                                                                     |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Series                  A preferred stock                                                                    |   |                                  | -         |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  B preferred stock                                                                    |   |                                  | -         |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Series                  A common stock                                                                       |   |                                  | 929       |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 929 |   |   | - |   |   | - |   |   |   |   |   | 929 |   |
| Common                  stock                                                                                |   |                                  | 9,568     |   |   | 540                          |   |                                | 1       |   |   | (541                                              | )      |   | (b | ) |   | 9,568 |   |   | 3,300 |   |   | 2,500 |   |   | (5,800 | ) |   | (b | ) |   | 9,568 |   |   | - |   |   | - |   |   |   |   |   | 9,568 |   |
| Additional                  paid-in capital                                                                  |   |                                  | 396,415   |   |   | 121,230                      |   |                                | 147,481 |   |   | (268,711                                          | )      |   | (b | ) |   | 396,415 |   |   | 69,922 |   |   | 16,435 |   |   | (86,357 | ) |   | (b | ) |   | 396,415 |   |   | - |   |   | (46,071 | ) |   | (d | ) |   | 350,344 |   |
| Accumulated                  other comprehensive income (loss)                                               |   |                                  | (24,612   | )      |   | (33,344                      | )      |                                | -       |   |   | 33,344                                            |   |   | (b | ) |   | (24,612 | ) |   | 1,879 |   |   | 6,806 |   |   | (8,685 | ) |   | (b | ) |   | (24,612 | ) |   | - |   |   | - |   |   |   |   |   | (24,612 | ) |
| Retained                  earnings (deficit)                                                                 |   |                                  | 657,434   |   |   | 623,663                      |   |                                | 106,678 |   |   | (730,341                                          | )      |   | (b | ) |   | 657,434 |   |   | 79,735 |   |   | 89,256 |   |   | (168,991 | ) |   | (b | ) |   | 657,434 |   |   | (14,659 | ) |   | 22,818 |   |   | (b,d | ) |   | 665,593 |   |
| Cost                  of common shares in treasury, net                                                      |   |                                  | (418,092  | )      |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |   | - |   |   | - |   |   |   |   |   | (418,092 | ) |
| Unearned                  employee stock ownership                  plan shares                              |   |                                  | -         |   |   | (10,891                      | )      |                                | -       |   |   | -                                                 |   |   |   |   |   | (10,891 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (10,891 | ) |   | - |   |   | - |   |   |   |   |   | (10,891 | ) |
| Total                  stockholders' equity (deficit)                                                        |   |                                  | 621,642   |   |   | 701,198                      |   |                                | 254,160 |   |   | (966,249                                          | )      |   |   |   |   | 610,751 |   |   | 154,836 |   |   | 114,997 |   |   | (269,833 | ) |   |   |   |   | 610,751 |   |   | (14,659 | ) |   | (23,253 | ) |   |   |   |   | 572,839 |   |
|                                                                                                         |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity                                                  |   | $                                     | 1,692,894 |   | $      | 1,516,286                    |   | $                                   | 506,590 |   | $      | (1,616,620                                        | )      |   |   |   | $ | 2,099,150 |   | $ | 528,993 |   | $ | 829,891 |   | $ | (361,875 | ) |   |   |   | $ | 3,096,159 |   | $ | 152,393 |   | $ | (132,379 | ) |   |   |   | $ | 3,116,173 |   |
|                                                                                                         |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (a)                  Balances as of December 31, 2004                                                        |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (b)                  Eliminate investment in subsidiaries and SAC Holding II                                 |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (c)                  Eliminate intercompany receivables and payables                                         |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (d)                  Eliminate gain on sale of property from U-Haul to SAC Holding                  II       |   |                                  |      |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**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                                                                                                       |   |                                  | -       |   |   | 101,437                      |   |                                | 1,813   |   |   | -                                                 |   |                                                   |   |                                                 |   | 103,250      |   |   | -      |               |   | -                               |   |         | -       |   |   |                                |   |   | 103,250 |   |   | 18,869 |   |   | - |   |   |   |   |   | 122,119 |   |
| 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 |               |   | -                               |   |         | -       |   |   | (c                                  | )      |   | 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     |   |   | 36,926                       |   |                                | 61,910  |   |   | (66,778                                           | )      |                                                   | (b     | )                                                    |   | 32,517       |   |   | -      |               |   | 5,764                           |   |         | (747    | )      |   | (b                                  | )      |   | 37,534 |   |   | 1,270 |   |   | (710 | ) |   | (b | ) |   | 38,094 |   |
| 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                  income (expense)                                                                                                   |   |                                  | (24,636 | )      |   | (14,383                      | )      |                                | (24,331 | )      |   | -                                                 |   |                                                   |   |                                                 |   | (63,350      | )      |   | -      |               |   | -                               |   |         | -       |   |   |                                |   |   | (63,350 | ) |   | (12,840 | ) |   | 6,709 |   |   | (d | ) |   | (69,481 | ) |
| Fees                  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 |   | Eliminations                        |    |   |   | Moving                  & StorageConsolidated |   | Property                  & Casualty Insurance (a) |   | Life                  Insurance                  (a) |   | Eliminations |   |   |   | AMERCOConsolidated |   | SAC                  Holdings |   | Eliminations |   |   |   | Total                  Consolidated |   |
|                                                                                                                                       |   |                                  |    |
|                                                                                                                                       |   | (In                  thousands)       |    |
| Revenues:                                                                                                                                  |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Self-moving                  equipment rentals                                                                                             |   | $                                     | -       |   | $      | 1,380,991                    |   | $                                   | 217     |   | $      | -                                                 |   |   |   |   | $ | 1,381,208 |   | $ | - |   | $ | - |   | $ | - |   |   |   |   | $ | 1,381,208 |   | $ | 29,155 |   | $ | (29,155 | ) |   | (b | ) | $ | 1,381,208 |   |
| Self-storage                  revenues                                                                                                     |   |                                  | -       |   |   | 118,335                      |   |                                | 2,869   |   |   | -                                                 |   |   |   |   |   | 121,204 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 121,204 |   |   | 126,436 |   |   | - |   |   |   |   |   | 247,640 |   |
| Self-moving                  & self-storage products & service sales                                                               |   |                                  | -       |   |   | 182,327                      |   |                                | 61      |   |   | -                                                 |   |   |   |   |   | 182,388 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 182,388 |   |   | 50,577 |   |   | - |   |   |   |   |   | 232,965 |   |
| Property                  management fees                                                                                                  |   |                                  | -       |   |   | 12,974                       |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 12,974 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 12,974 |   |   | - |   |   | (12,715 | ) |   | (g | ) |   | 259 |   |
| Life                  insurance premiums                                                                                                   |   |                                  | -       |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | - |   |   | 147,753 |   |   | (2,671 | ) |   | (c | ) |   | 145,082 |   |   | - |   |   | - |   |   |   |   |   | 145,082 |   |
| Property                  and casualty insurance premiums                                                                                  |   |                                  | -       |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 93,242 |   |   | - |   |   | (1,206 | ) |   | (c | ) |   | 92,036 |   |   | - |   |   | - |   |   |   |   |   | 92,036 |   |
| Net                  investment and interest income                                                                                        |   |                                  | 866     |   |   | 21,504                       |   |                                | 16,089  |   |   | -                                                 |   |   |   |   |   | 38,459 |   |   | 21,699 |   |   | 19,046 |   |   | (4,088 | ) |   | (d | ) |   | 75,116 |   |   | - |   |   | (36,835 | ) |   | (d | ) |   | 38,281 |   |
| Other                  revenue                                                                                                             |   |                                  | 1,550   |   |   | 35,580                       |   |                                | 56,668  |   |   | (61,159                                           | )      |   | (b | ) |   | 32,639 |   |   | - |   |   | 11,013 |   |   | (2,497 | ) |   | (b | ) |   | 41,155 |   |   | 12,787 |   |   | (15,419 | ) |   | (b | ) |   | 38,523 |   |
| Total                  revenues                                                                                                            |   |                                  | 2,416   |   |   | 1,751,711                    |   |                                | 75,904  |   |   | (61,159                                           | )      |   |   |   |   | 1,768,872 |   |   | 114,941 |   |   | 177,812 |   |   | (10,462 | ) |   |   |   |   | 2,051,163 |   |   | 218,955 |   |   | (94,124 | ) |   |   |   |   | 2,175,994 |   |
|                                                                                                                                       |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs                  and expenses:                                                                                                       |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses                                                                                                        |   |                                  | 37,080  |   |   | 1,062,695                    |   |                                | 8,063   |   |   | (61,159                                           | )      |   | (b | ) |   | 1,046,679 |   |   | 27,403 |   |   | 38,111 |   |   | (15,056 | ) |   | (b,c | ) |   | 1,097,137 |   |   | 108,412 |   |   | (25,553 | ) |   | (g | ) |   | 1,179,996 |   |
| Commission                  expenses                                                                                                       |   |                                  | -       |   |   | 176,165                      |   |                                | -       |   |   | -                                                 |   |   |   |   |   | 176,165 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 176,165 |   |   | - |   |   | (29,155 | ) |   | (b | ) |   | 147,010 |   |
| Cost                  of sales                                                                                                             |   |                                  | -       |   |   | 87,430                       |   |                                | 26      |   |   | -                                                 |   |   |   |   |   | 87,456 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 87,456 |   |   | 24,450 |   |   | - |   |   |   |   |   | 111,906 |   |
| Benefits                  and losses                                                                                                       |   |                                  | -       |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 109,362 |   |   | 103,491 |   |   | 4,594 |   |   | (c | ) |   | 217,447 |   |   | - |   |   | - |   |   |   |   |   | 217,447 |   |
| Amortization                  of deferred policy acquisition costs                                                                         |   |                                  | -       |   |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | - |   |   | 14,126 |   |   | 24,957 |   |   | - |   |   |   |   |   | 39,083 |   |   | - |   |   | - |   |   |   |   |   | 39,083 |   |
| Lease                  expense                                                                                                             |   |                                  | 786     |   |   | 159,869                      |   |                                | 2,653   |   |   | -                                                 |   |   |   |   |   | 163,308 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 163,308 |   |   | - |   |   | (2,581 | ) |   | (b | ) |   | 160,727 |   |
| Depreciation,                  net of (gains) losses on disposals                                                                          |   |                                  | 39      |   |   | 125,093                      |   |                                | 4,209   |   |   | -                                                 |   |   |   |   |   | 129,341 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 129,341 |   |   | 21,400 |   |   | (1,928 | ) |   | (e | ) |   | 148,813 |   |
| Restructuring                  expenses                                                                                                    |   |                                  | 44,097  |   |   | -                            |   |                                | -       |   |   |                                                   |   |   |   |   |   | 44,097 |   |   | - |   |   | - |   |   | - |   |   |   |   |   | 44,097 |   |   | - |   |   | - |   |   |   |   |   | 44,097 |   |
| Total                  costs and expenses                                                                                                  |   |                                  | 82,002  |   |   | 1,611,252                    |   |                                | 14,951  |   |   | (61,159                                           | )      |   |   |   |   | 1,647,046 |   |   | 150,891 |   |   | 166,559 |   |   | (10,462 | ) |   |   |   |   | 1,954,034 |   |   | 154,262 |   |   | (59,217 | ) |   |   |   |   | 2,049,079 |   |
| Equity                  in earnings of subsidiaries                                                                                        |   |                                  | 98,368  |   |   | -                            |   |                                | -       |   |   | (115,050                                          | )      |   | (f | ) |   | (16,682 | ) |   | - |   |   | - |   |   | 16,682 |   |   | (f | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |
| Equity                  in earnings of SAC Holdings                                                                                        |   |                                  | (11,551 | )      |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | (11,551 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (11,551 | ) |   | - |   |   | 11,551 |   |   | (f | ) |   | - |   |
| Total                  - equity in earnings of subsidiaries and SAC Holdings                                                               |   |                                  | 86,817  |   |   | -                            |   |                                | -       |   |   | (115,050                                          | )      |   |   |   |   | (28,233 | ) |   | - |   |   | - |   |   | 16,682 |   |   |   |   |   | (11,551 | ) |   | - |   |   | 11,551 |   |   |   |   |   | - |   |
| Earnings                  (loss) from operations                                                                                           |   |                                  | 7,231   |   |   | 140,459                      |   |                                | 60,953  |   |   | (115,050                                          | )      |   |   |   |   | 93,593 |   |   | (35,950 | ) |   | 11,253 |   |   | 16,682 |   |   |   |   |   | 85,578 |   |   | 64,693 |   |   | (23,356 | ) |   |   |   |   | 126,915 |   |
| Interest                  income (expense)                                                                                                 |   |                                  | (56,968 | )      |   | 8,560                        |   |                                | (29,154 | )      |   | -                                                 |   |   |   |   |   | (77,562 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (77,562 | ) |   | (80,963 | ) |   | 36,835 |   |   | (d | ) |   | (121,690 | ) |
| Pretax                  earnings (loss)                                                                                                    |   |                                  | (49,737 | )      |   | 149,019                      |   |                                | 31,799  |   |   | (115,050                                          | )      |   |   |   |   | 16,031 |   |   | (35,950 | ) |   | 11,253 |   |   | 16,682 |   |   |   |   |   | 8,016 |   |   | (16,270 | ) |   | 13,479 |   |   |   |   |   | 5,225 |   |
| Income                  tax benefit (expense)                                                                                              |   |                                  | 45,690  |   |   | (52,992                      | )      |                                | (12,776 | )      |   | -                                                 |   |   |   |   |   | (20,078 | ) |   | 12,508 |   |   | (4,493 | ) |   | - |   |   |   |   |   | (12,063 | ) |   | 4,719 |   |   | (733 | ) |   | (e | ) |   | (8,077 | ) |
| Net                  earnings (loss)                                                                                                       |   |                                  | (4,047  | )      |   | 96,027                       |   |                                | 19,023  |   |   | (115,050                                          | )      |   |   |   |   | (4,047 | ) |   | (23,442 | ) |   | 6,760 |   |   | 16,682 |   |   |   |   |   | (4,047 | ) |   | (11,551 | ) |   | 12,746 |   |   |   |   |   | (2,852 | ) |
| Less:                  Preferred stock dividends                                                                                           |   |                                  | (12,963 | )      |   | -                            |   |                                | -       |   |   | -                                                 |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |   | - |   |   | - |   |   |   |   |   | (12,963 | ) |
| Earnings                  (loss) available to common shareholders                                                                          |   | $                                     | (17,010 | )      | $      | 96,027                       |   | $                                   | 19,023  |   | $      | (115,050                                          | )      |   |   |   | $ | (17,010 | ) | $ | (23,442 | ) | $ | 6,760 |   | $ | 16,682 |   |   |   |   | $ | (17,010 | ) | $ | (11,551 | ) | $ | 12,746 |   |   |   |   | $ | (15,815 | ) |
| (a)                  Balances for the year ended December 31, 2003                                                                         |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (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                  Holdings                               |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (f)                  Eliminate equity in earnings of subsidiaries and equity in earnings                  of SAC                  Holdings |   |                                  |    |   |   |                         |   |                                |    |   |   |                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (g)                  Eliminate management fees charged to SAC Holdings 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)                                          |   | $                                          | 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       |   |   | 121,817                             |   |        | 9,687   |                                               |   | -                                                                                        |   |                                                 | 131,583      |   |   | - |   |   | - |   |   | - |   |   | 131,583 |   |   | 2,424 |   |   | (560 | ) |   | 133,447 |   |
| 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 | ) |
| Change                  in provision for inventory reserve                    |   |                                       | -        |   |   | 2,458                               |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 2,458        |   |   | - |   |   | - |   |   | - |   |   | 2,458 |   |   | - |   |   | - |   |   | 2,458 |   |
| Net                  (gain) loss on sale of real and personal property        |   |                                       | -        |   |   | 9,986                               |   |        | (616    | )                                                  |   | -                                                                                        |   |                                                 | 9,370        |   |   | - |   |   | - |   |   | - |   |   | 9,370 |   |   | - |   |   | - |   |   | 9,370 |   |
| Net                  (gain) 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 |   |
| Provision                  for losses on accounts receivables                 |   |                                  | -        |   |   | (620                                | )      |        | -      |                                               |   | -                                                                                        |   |                                                 | (620     | ) |   | - |   |   | - |   |   | - |   |   | (620 | ) |   | 114 |   |   | - |   |   | (506 | ) |
| Provision                  for inventory reserves                             |   |                                  | -        |   |   | (1,000                              | )      |        | -      |                                               |   | -                                                                                        |   |                                                 | (1,000   | ) |   | - |   |   | - |   |   | - |   |   | (1,000 | ) |   | - |   |   | - |   |   | (1,000 | ) |
| Net                  (gain) loss on sale of real and personal property        |   |                                  | -        |   |   | 6,804                               |   |        | (3,792 | )                                                  |   | -                                                                                        |   |                                                 | 3,012    |   |   | - |   |   | - |   |   | - |   |   | 3,012 |   |   | - |   |   | - |   |   | 3,012 |   |
| Net                  (gain) 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 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                  Holdings |   | Elimination |   | Total                  Consolidated |   |
|                                                                          |   |                                       |     |
| Cash                  flows from operating activities:                        |   | (In                  thousands)            |     |
| Net                  earnings (loss)                                          |   | $                                          | (4,047   | )      | $      | 96,027                              |   | $           | 19,023  |                                               | $      | (115,050                                                                                 | )      | $                                                    | (4,047   | ) | $ | (23,442 | ) | $ | 6,760 |   | $ | 16,682 |   | $ | (4,047 | ) | $ | (11,551 | ) | $ | 12,746 |   | $ | (2,852 | ) |
| Earnings                  from consolidated entities                          |   |                                       | (86,817  | )      |   | -                                   |   |        | -       |                                               |   | 115,050                                                                                  |   |                                                 | 28,233   |   |   | - |   |   | - |   |   | (16,682 | ) |   | 11,551 |   |   | - |   |   | (11,551 | ) |   | - |   |
| Depreciation                                                                  |   |                                       | 39       |   |   | 116,708                             |   |        | 8,670   |                                               |   | -                                                                                        |   |                                                 | 125,417  |   |   | - |   |   | - |   |   | - |   |   | 125,417 |   |   | 21,400 |   |   | (1,928 | ) |   | 144,889 |   |
| Amortization                  of deferred policy acquisition costs            |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 14,126 |   |   | 24,957 |   |   | - |   |   | 39,083 |   |   | - |   |   | - |   |   | 39,083 |   |
| Provision                  for losses on accounts receivables                 |   |                                       | -        |   |   | (271                                | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (271     | ) |   | - |   |   | - |   |   | - |   |   | (271 | ) |   | - |   |   | - |   |   | (271 | ) |
| Provision                  for inventory reserves                             |   |                                       | -        |   |   | (267                                | )      |        | -       |                                               |   | -                                                                                        |   |                                                 | (267     | ) |   | - |   |   | - |   |   | - |   |   | (267 | ) |   | - |   |   | - |   |   | (267 | ) |
| Net                  (gain) loss on sale of real and personal property        |   |                                       | -        |   |   | 8,385                               |   |        | (4,461  | )                                                  |   | -                                                                                        |   |                                                 | 3,924    |   |   | - |   |   | - |   |   | - |   |   | 3,924 |   |   | - |   |   | - |   |   | 3,924 |   |
| Net                  (gain) loss on sale of investments                       |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (1,962 | ) |   | - |   |   | (1,962 | ) |   | - |   |   | - |   |   | (1,962 | ) |
| Deferred                  income taxes                                        |   |                                       | 4,909    |   |   | (214,715                            | )      |        | (94,914 | )                                                  |   | 312,193                                                                                  |   |                                                 | 7,473    |   |   | (43,207 | ) |   | 3,864 |   |   | 40,865 |   |   | 8,995 |   |   | 16,450 |   |   | 70,597 |   |   | 96,042 |   |
| Net                  change in other operating assets and liabilities:        |   |                                       |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Reinsurance                  recoverables and trade receivables               |   |                                       | -        |   |   | 1,557                               |   |        | (2,033  | )                                                  |   | -                                                                                        |   |                                                 | (476     | ) |   | 680 |   |   | 6,683 |   |   | - |   |   | 6,887 |   |   | - |   |   | - |   |   | 6,887 |   |
| Inventories                                                                   |   |                                       | -        |   |   | (2,426                              | )      |        | 4       |                                               |   | -                                                                                        |   |                                                 | (2,422   | ) |   | - |   |   | - |   |   | - |   |   | (2,422 | ) |   | 3,157 |   |   | - |   |   | 735 |   |
| Prepaid                  expenses                                             |   |                                       | 6        |   |   | 7,990                               |   |        | 9       |                                               |   | -                                                                                        |   |                                                 | 8,005    |   |   | - |   |   | - |   |   | - |   |   | 8,005 |   |   | 669 |   |   | - |   |   | 8,674 |   |
| Capitalization                  of deferred policy acquisition costs          |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (4,763 | ) |   | (12,468 | ) |   | - |   |   | (17,231 | ) |   | - |   |   | - |   |   | (17,231 | ) |
| Other                  assets                                                 |   |                                       | (7,166   | )      |   | (14,078                             | )      |        | 3,981   |                                               |   | -                                                                                        |   |                                                 | (17,263  | ) |   | 219 |   |   | (762 | ) |   | - |   |   | (17,806 | ) |   | 20,002 |   |   | - |   |   | 2,196 |   |
| Related                  party assets                                         |   |                                       | (48,775  | )      |   | (43,558                             | )      |        | -       |                                               |   | 60,943                                                                                   |   |                                                 | (31,390  | ) |   | 32,510 |   |   | 16,249 |   |   | (113,106 | ) |   | (95,737 | ) |   | - |   |   | (151,424 | ) |   | (247,161 | ) |
| Accounts                  payable and accrued expenses                        |   |                                       | 127,770  |   |   | (46,714                             | )      |        | (10,158 | )                                                  |   | -                                                                                        |   |                                                 | 70,898   |   |   | (28,395 | ) |   | 7,645 |   |   | - |   |   | 50,148 |   |   | (10,868 | ) |   | - |   |   | 39,280 |   |
| Policy                  benefits and losses, claims and loss expenses payable |   |                                       | -        |   |   | 37,929                              |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 37,929   |   |   | (48,790 | ) |   | (5,033 | ) |   | - |   |   | (15,894 | ) |   | - |   |   | - |   |   | (15,894 | ) |
| Other                  policyholders' funds and liabilities                   |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (8,795 | ) |   | 218 |   |   | - |   |   | (8,577 | ) |   | - |   |   | - |   |   | (8,577 | ) |
| Deferred                  income                                              |   |                                       | (2,863   | )      |   | (7,898                              | )      |        | (975    | )                                                  |   | -                                                                                        |   |                                                 | (11,736  | ) |   | 15,229 |   |   | 14,279 |   |   | - |   |   | 17,772 |   |   | (5,009 | ) |   | - |   |   | 12,763 |   |
| Related                  party liabilities                                    |   |                                       | (123,269 | )      |   | 264,942                             |   |        | 95,668  |                                               |   | (390,636                                                                                 | )      |                                                 | (153,295 | ) |   | 8,533 |   |   | (39,567 | ) |   | 15,599 |   |   | (168,730 | ) |   | (42,467 | ) |   | 88,121 |   |   | (123,076 | ) |
| Net                  cash provided (used) by operating activities             |   |                                       | (140,213 | )      |   | 203,611                             |   |        | 14,814  |                                               |   | (17,500                                                                                  | )      |                                                 | 60,712   |   |   | (86,095 | ) |   | 20,863 |   |   | (56,642 | ) |   | (61,162 | ) |   | (8,217 | ) |   | 6,561 |   |   | (62,818 | ) |
| Cash                  flows from investing activities:                        |   |                                       |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Purchases                  of:                                                |   |                                       |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                       | -        |   |   | (188,521                            | )      |        | (4,042  | )                                                  |   | -                                                                                        |   |                                                 | (192,563 | ) |   | - |   |   | - |   |   | - |   |   | (192,563 | ) |   | (5,880 | ) |   | - |   |   | (198,443 | ) |
| Fixed                  maturity investments                                   |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (6,290 | ) |   | (71,094 | ) |   | - |   |   | (77,384 | ) |   | - |   |   | - |   |   | (77,384 | ) |
| Equity                  securities                                            |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (1,736 | ) |   | - |   |   | (1,736 | ) |   | - |   |   | - |   |   | (1,736 | ) |
| Other                  asset investments, net                                 |   |                                       | -        |   |   | 811                                 |   |        | -       |                                               |   | -                                                                                        |   |                                                 | 811      |   |   | (13,403 | ) |   | (43,413 | ) |   | 56,642 |   |   | 637 |   |   | - |   |   | - |   |   | 637 |   |
| Real                  estate                                                  |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | (14,294 | ) |   | (2,862 | ) |   | - |   |   | (17,156 | ) |   | - |   |   | - |   |   | (17,156 | ) |
| Mortgage                  loans                                               |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (450 | ) |   | - |   |   | (450 | ) |   | - |   |   | - |   |   | (450 | ) |
| Proceeds                  from sales of:                                      |   |                                       |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Property,                  plant and equipment                                |   |                                       | 45       |   |   | 42,589                              |   |        | 11,022  |                                               |   | -                                                                                        |   |                                                 | 53,656   |   |   | - |   |   | - |   |   | - |   |   | 53,656 |   |   | 9,519 |   |   | - |   |   | 63,175 |   |
| Fixed                  maturity investments                                   |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 115,559 |   |   | 127,931 |   |   | - |   |   | 243,490 |   |   | - |   |   | - |   |   | 243,490 |   |
| Equity                  securities                                            |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 3,452 |   |   | - |   |   | 3,452 |   |   | - |   |   | - |   |   | 3,452 |   |
| Preferred                  stock                                              |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 16,882 |   |   | - |   |   | 16,882 |   |   | - |   |   | - |   |   | 16,882 |   |
| Real                  estate                                                  |   |                                       | -        |   |   | -                                   |   |        | -       |                                               |   | -                                                                                        |   |                                                 | -        |   |   | 415 |   |   | 5,923 |   |   | - |   |   | 6,338 |   |   | - |   |   | - |   |   | 6,338 |   |
| Mortgage                  loans                                               |   |                                       | -        |   |   | 329                                 |   |        | 1,153   |                                               |   | -                                                                                        |   |                                                 | 1,482    |   |   | - |   |   | 14,892 |   |   | - |   |   | 16,374 |   |   | - |   |   | - |   |   | 16,374 |   |
| Payments                  from notes and mortgage receivables                 |   |                                       | -        |   |   | 4,248                               |   |        | 760     |                                               |   | -                                                                                        |   |                                                 | 5,008    |   |   | - |   |   | - |   |   | - |   |   | 5,008 |   |   | - |   |   | - |   |   | 5,008 |   |
| Net                  cash provided (used) by investing activities             |   |                                       | 45       |   |   | (140,544                            | )      |        | 8,893   |                                               |   | -                                                                                        |   |                                                 | (131,606 | ) |   | 81,987 |   |   | 49,525 |   |   | 56,642 |   |   | 56,548 |   |   | 3,639 |   |   | - |   |   | 60,187 |   |
|                                                                          |   | (page                  1 of 2)   |
| (a)                  Balance for the year ended December 31, 2003             |   |                                       |     |   |   |                                |   |        |    |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**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                  Holdings |   | Elimination |   | Total                  Consolidated |   |
|                                                                            |   |                                  |     |
| Cash                  flows from financing activities:                          |   | (In                  thousands)       |     |
| Borrowings                  from credit facilities                              |   |                                  | 785,942  |   |   | -                                   |   |        | 4        |                                               |   | -                                                                                        |   |                                                 | 785,946  |   |   | - |   |   | - |   |   | - |   |   | 785,946 |   |   | 211,068 |   |   | - |   |   | 997,014 |   |
| Principal                  repayments on credit facilities                      |   |                                  | (745,407 | )      |   | (32,583                             | )      |        | (101,506 | )                                                  |   | -                                                                                        |   |                                                 | (879,496 | ) |   | - |   |   | - |   |   | - |   |   | (879,496 | ) |   | (210,141 | ) |   | 201,453 |   |   | (888,184 | ) |
| Debt                  issuance costs                                            |   |                                  | (24,831  | )      |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | (24,831  | ) |   | - |   |   | - |   |   | - |   |   | (24,831 | ) |   | - |   |   | - |   |   | (24,831 | ) |
| Leveraged                  Employee Stock Ownership Plan - repayments from loan |   |                                  | (20      | )      |   | 1,171                               |   |        | -        |                                               |   | -                                                                                        |   |                                                 | 1,151    |   |   | - |   |   | - |   |   | - |   |   | 1,151 |   |   | - |   |   | - |   |   | 1,151 |   |
| Proceeds                  from (repayment of) related party notes payable       |   |                                  | (17,500  | )      |   | -                                   |   |        | 208,014  |                                               |   | 17,500                                                                                   |   |                                                 | 208,014  |   |   | - |   |   | - |   |   | - |   |   | 208,014 |   |   | - |   |   | (208,014 | ) |   | - |   |
| Proceeds                  from (repayment of) related party loans               |   |                                  | 126,701  |   |   | 3,031                               |   |        | (129,732 | )                                                  |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Preferred                  stock dividends paid                                 |   |                                  | (3,241   | )      |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | (3,241   | ) |   | - |   |   | - |   |   | - |   |   | (3,241 | ) |   | - |   |   | - |   |   | (3,241 | ) |
| Investment                  contract deposits                                   |   |                                  | -        |   |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | 50,990 |   |   | - |   |   | 50,990 |   |   | - |   |   | - |   |   | 50,990 |   |
| Investment                  contract withdrawals                                |   |                                  | -        |   |   | -                                   |   |        | -        |                                               |   | -                                                                                        |   |                                                 | -        |   |   | - |   |   | (115,530 | ) |   | - |   |   | (115,530 | ) |   | - |   |   | - |   |   | (115,530 | ) |
| Net                  cash provided (used) by financing activities               |   |                                  | 121,644  |   |   | (28,381                             | )      |        | (23,220  | )                                                  |   | 17,500                                                                                   |   |                                                 | 87,543   |   |   | - |   |   | (64,540 | ) |   | - |   |   | 23,003 |   |   | 927 |   |   | (6,561 | ) |   | 17,369 |   |
|                                                                            |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Effects                  of exchange rate on cash                               |   |                                  | -        |   |   | (15                                 | )      |        | -        |                                               |   | -                                                                                        |   |                                                 | (15      | ) |   | - |   |   | - |   |   | - |   |   | (15 | ) |   | - |   |   | - |   |   | (15 | ) |
|                                                                            |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents               |   |                                  | (18,524  | )      |   | 34,671                              |   |        | 487      |                                               |   | -                                                                                        |   |                                                 | 16,634   |   |   | (4,108 | ) |   | 5,848 |   |   | - |   |   | 18,374 |   |   | (3,651 | ) |   | - |   |   | 14,723 |   |
| Cash                  and cash equivalents at beginning of period               |   |                                  | 18,524   |   |   | 30,046                              |   |        | 174      |                                               |   | -                                                                                        |   |                                                 | 48,744   |   |   | 4,108 |   |   | 9,320 |   |   | - |   |   | 62,172 |   |   | 4,662 |   |   | - |   |   | 66,834 |   |
| Cash                  and cash equivalents at end of period                     |   | $                                     | -        |   | $      | 64,717                              |   | $           | 661      |                                               | $      | -                                                                                        |   | $                                                    | 65,378   |   | $ | - |   | $ | 15,168 |   | $ | - |   | $ | 80,546 |   | $ | 1,011 |   | $ | - |   | $ | 81,557 |   |
|                                                                            |   | (page                  2 of 2)   |
| (a)                  Balance for the year ended December 31, 2003               |   |                                  |     |   |   |                                |   |        |     |                                               |   |                                                                                     |   |                                                 |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

**AMERCO        AND CONSOLIDATED ENTITIES**

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

**Note        22: Subsequent Events**

***Preferred        Stock Dividends***

***New          Financings***

----

**ADDITIONAL        INFORMATION**

**NOTES        TO SUMMARY OF EARNINGS OF INDEPENDENT RENTAL FLEETS**

|                                                                                                                                                              |   | **Year                  Ended March 31,**                                                        |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                              |   | **2006**                                                                                         |   | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
|                                                                                                                                                              |   | (In                  thousands, except earnings per $100 of                  average Investment) |   |
| Earnings                  data (Note A):                                                                                                                          |   |                                                                                             |   |   |   |   |   |   |   |   |   |
| Fleet                  owner income:                                                                                                                              |   |                                                                                             |   |   |   |   |   |   |   |   |   |
| Credited                  to fleet owner gross rental income                                                                                                      |   | $                                                                                                | 430    |   | $ | 560 |   | $ | 739 |   | $ | 823 |   | $ | 1,028 |   |
| Credited                  to trailer accident fund (Notes D and E)                                                                                                |   |                                                                                             | 27     |   |   | 34 |   |   | 46 |   |   | 49 |   |   | 61 |   |
| Total                  fleet owner income                                                                                                                         |   |                                                                                             | 457    |   |   | 594 |   |   | 785 |   |   | 872 |   |   | 1,089 |   |
| Fleet                  owner operation expenses:                                                                                                                  |   |                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charged                  to fleet owner (Note C)                                                                                                                  |   |                                                                                             | 301    |   |   | 383 |   |   | 437 |   |   | 422 |   |   | 532 |   |
| Charged                  to trailer accident fund (Note F)                                                                                                        |   |                                                                                             | 6      |   |   | 7 |   |   | 8 |   |   | 9 |   |   | 15 |   |
| Total                  fleet owner operation expenses                                                                                                             |   |                                                                                             | 307    |   |   | 390 |   |   | 445 |   |   | 431 |   |   | 547 |   |
| Fleet                  owner earnings before trailer accident fund credit, depreciation                  and income taxes                                         |   |                                                                                             | 130    |   |   | 177 |   |   | 304 |   |   | 402 |   |   | 496 |   |
| Trailer                  accident fund credit (Note D)                                                                                                            |   |                                                                                             | 20     |   |   | 27 |   |   | 36 |   |   | 39 |   |   | 46 |   |
| Net                  fleet owner earnings before depreciation and income                  taxes                                                                   |   |                                                                                             | 150    |   |   | 204 |   |   | 340 |   |   | 441 |   |   | 542 |   |
| Investment                  data (Note A):                                                                                                                        |   |                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amount                  at end of year                                                                                                                            |   |                                                                                             | 717    |   |   | 967 |   |   | 1,202 |   |   | 1,389 |   |   | 1,663 |   |
| Average                  amount during year                                                                                                                       |   |                                                                                             | 842    |   |   | 1,085 |   |   | 1,296 |   |   | 1,526 |   |   | 1,855 |   |
| Net                  fleet owner earnings before depreciation and income taxes per $100                  of                  average investment (Note B) audited) |   | $                                                                                                | 12.48  |   | $ | 14.01 |   | $ | 18.84 |   | $ | 19.95 |   | $ | 20.06 |   |

----

**ADDITIONAL        INFORMATION**

**NOTES        TO SUMMARY OF EARNINGS OF INDEPENDENT RENTAL        FLEETS—(CONTINUED)**

|                                        |   | **Year                  Ended March 31,** |   |
|---------------------------------------------|--------|-------------------------------------------|--------|
|                                        |   | **2006**                                  |   | **2005** |   | **2004** |   | **2003** |   | **2002** |   |
|                                        |   | (In                  thousands)           |   |
| Licenses                                    |   | $                                         | 24     |   | $ | 31 |   | $ | 41 |   | $ | 52 |   | $ | 86 |   |
| Public                  liability insurance |   |                                      | 33     |   |   | 37 |   |   | 48 |   |   | 53 |   |   | 65 |   |
| Repairs                  and maintenance    |   |                                      | 244    |   |   | 315 |   |   | 348 |   |   | 317 |   |   | 381 |   |
|                                        |   | $                                         | 301    |   | $ | 383 |   | $ | 437 |   | $ | 422 |   | $ | 532 |   |
|                                        |   |                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|                             |   | **Fleet                  Owners**     |   |
|----------------------------------|--------|---------------------------------------|--------|
|                             |   | **Subsidiary****U-Haul****Companies** |   | **Subsidiary****Companies** |   | **Independent** |   | **Total** |   |
|                             |   | (In                  thousands)       |   |
| **Year                  ended:** |   |                                  |   |   |   |   |   |   |   |
| 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 |   |
| March                  31, 2002  |   |                                  | 6,385  |   |   | 3,377 |   |   | 61 |   |   | 9,823 |   |
|                             |   |                                  |   |   |   |   |   |   |   |   |   |   |   |

|                             |   | **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, 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 |   |
| March                  31, 2002  |   |                                  | 1,225  |                        |   | 647 |   |   | 12 |   |   | 1,884 |   |   | 455 |   |   | 2,339 |   |

----

**SCHEDULE I**** **

**CONDENSED        FINANCIAL INFORMATION OF AMERCO**

**BALANCE        SHEETS**

|                                                           |   | **March                  31,**  |      |
|----------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                           |   | **2006**                        |      | **2005** |   |
|                                                           |   | (In                  thousands) |      |
| **ASSETS**                                                     |   |
| Cash                                                           |   | $                               | 7         |   | $ | 14 |   |
| Investment                  in subsidiaries and SAC Holding II |   |                            | (276,552  | ) |   | 1,221,423 |   |
| Related                  party assets                          |   |                            | 1,219,703 |   |   | 452,350 |   |
| Other                  assets                                  |   |                            | 4,309     |   |   | 19,107 |   |
| Total                  assets                                  |   |                            | 947,467   |   |   | 1,692,894 |   |
|                                                           |   |                            |      |   |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**      |
| Liabilities:                                                   |   |                            |      |   |   |   |   |
| Notes                  and loans payable                       |   | $                               | -         |   | $ | 780,008 |   |
| Related                  party liabilities                     |   |                            | 201       |   |   | 115,499 |   |
| Other                  liabilities                             |   |                            | 204,760   |   |   | 175,745 |   |
|                                                           |   |                            | 204,961   |   |   | 1,071,252 |   |
| Stockholders'                  equity:                         |   |                            |      |   |   |   |   |
| Preferred                  stock                               |   |                            | -         |   |   | - |   |
| Common                  stock                                  |   |                            | 10,497    |   |   | 10,497 |   |
| Additional                  paid-in capital                    |   |                            | 413,726   |   |   | 396,415 |   |
| Accumulated                  other comprehensive loss          |   |                            | (28,902   | ) |   | (24,612 | ) |
| Retained                  earnings:                            |   |                            |      |   |   |   |   |
| Beginning                  of period                           |   |                            | 657,434   |   |   | 581,321 |   |
| Net                  earnings                                  |   |                            | 120,806   |   |   | 89,076 |   |
| Dividends                                                      |   |                            | (12,963   | ) |   | (12,963 | ) |
|                                                           |   |                            | 1,160,598 |   |   | 1,039,734 |   |
|                                                           |   |                            |      |   |   |   |   |
| Less:                  Cost of common shares in treasury       |   |                            | (418,092  | ) |   | (418,092 | ) |
| Total                  stockholders' equity                    |   |                            | 742,506   |   |   | 621,642 |   |
| Total                  liabilities and stockholders' equity    |   | $                               | 947,467   |   | $ | 1,692,894 |   |
|                                                           |   |                            |      |   |   |   |   |

----

**CONDENSED        FINANCIAL INFORMATION OF AMERCO **

**STATEMENTS        OF OPERATIONS **

|                                                                                                                                                                                                    |   | **Years                  Ended March 31,**                       |       |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|------------|
|                                                                                                                                                                                                    |   | **2006**                                                         |       | **2005** |   | **2004** |   |
|                                                                                                                                                                                                    |   | (In                  thousands, except share and per share data) |       |
| Revenues:                                                                                                                                                                                               |   |                                                             |       |   |   |   |   |
| Net                  interest income from subsidiaries                                                                                                                                                  |   | $                                                                | 5,567      |   | $ | 8,348 |   | $ | 2,416 |   |
| Expenses:                                                                                                                                                                                               |   |                                                             |       |   |   |   |   |   |   |   |
| Operating                  expenses                                                                                                                                                                     |   |                                                             | 12,722     |   |   | 18,065 |   |   | 37,080 |   |
| Restructuring                  expenses                                                                                                                                                                 |   |                                                             | -          |   |   | - |   |   | 44,097 |   |
| Other                  expenses                                                                                                                                                                         |   |                                                             | 160        |   |   | 121 |   |   | 825 |   |
| Total                  expenses                                                                                                                                                                         |   |                                                             | 12,882     |   |   | 18,186 |   |   | 82,002 |   |
| Equity                  in earnings of subsidiaries and SAC Holdings (a)                                                                                                                                |   |                                                             | 163,388    |   |   | 106,441 |   |   | 86,817 |   |
| Interest                  expense                                                                                                                                                                       |   |                                                             | (24,636    | ) |   | (70,235 | ) |   | (56,968 | ) |
| Fees                  on early extinguishment of debt                                                                                                                                                   |   |                                                             | (35,627    | ) |   | - |   |   | - |   |
| Litigation                  settlement income, net of costs                                                                                                                                             |   |                                                             | -          |   |   | 51,341 |   |   | - |   |
| Pretax                  earnings (loss)                                                                                                                                                                 |   |                                                             | 95,810     |   |   | 77,709 |   |   | (49,737 | ) |
| Income                  tax benefit                                                                                                                                                                     |   |                                                             | 24,996     |   |   | 11,367 |   |   | 45,690 |   |
| Net                  earnings (loss)                                                                                                                                                                    |   |                                                             | 120,806    |   |   | 89,076 |   |   | (4,047 | ) |
| Less:                  preferred stock dividends                                                                                                                                                        |   |                                                             | (12,963    | ) |   | (12,963 | ) |   | (12,963 | ) |
| Earnings                  (loss) available to common shareholders                                                                                                                                       |   | $                                                                | 107,843    |   | $ | 76,113 |   | $ | (17,010 | ) |
| Basic                  and diluted earnings (loss) per common share                                                                                                                                     |   | $                                                                | 5.17       |   | $ | 3.66 |   | $ | (0.82 | ) |
| Weighted                  average common shares outstanding: Basic and diluted                                                                                                                          |   |                                                             | 20,857,108 |   |   | 20,804,773 |   |   | 20,749,998 |   |
|                                                                                                                                                                                                    |   |                                                             |       |   |   |   |   |   |   |   |
| (a)                  Fiscal 2006 and 2005 contain only SAC Holding Corporation II, fiscal                  2004                  includes SAC Holding Corporation and its                  subsidiaries |

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,** |     |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|----------|
|                                                                                                                                                                                                    |   | **2006**                                  |     | **2005** |   | **2004** |   |
|                                                                                                                                                                                                    |   | (In                  thousands)           |     |
| Cash                  flows from operating activities:                                                                                                                                                  |   |                                      |     |   |   |   |   |
| Net                  earnings (loss)                                                                                                                                                                    |   | $                                         | 120,806  |   | $ | 89,076 |   | $ | (4,047 | ) |
| Change                  in investments in subsidiaries and SAC Holdings (a)                                                                                                                             |   |                                      | (163,388 | ) |   | (106,441 | ) |   | (86,817 | ) |
| Depreciation                                                                                                                                                                                            |   |                                      | 79       |   |   | 31 |   |   | 39 |   |
| Write-off                  of unamortized debt issuance costs                                                                                                                                           |   |                                      | 13,629   |   |   | - |   |   | - |   |
| Deferred                  income taxes                                                                                                                                                                  |   |                                      | 22,940   |   |   | 33,060 |   |   | 4,909 |   |
| Net                  change in other operating assets and liabilities:                                                                                                                                  |   |                                      |     |   |   |   |   |   |   |   |
| Prepaid                  expenses                                                                                                                                                                       |   |                                      | 3,142    |   |   | (4,782 | ) |   | 6 |   |
| Other                  assets                                                                                                                                                                           |   |                                      | 576      |   |   | 5,388 |   |   | (7,166 | ) |
| Related                  party assets                                                                                                                                                                   |   |                                      | (218     | ) |   | 23,123 |   |   | (48,775 | ) |
| Accounts                  payable and accrued expenses                                                                                                                                                  |   |                                      | 30,128   |   |   | (61,640 | ) |   | 127,770 |   |
| Deferred                  income                                                                                                                                                                        |   |                                      | -        |   |   | - |   |   | (2,863 | ) |
| Related                  party liabilities                                                                                                                                                              |   |                                      | (447     | ) |   | (21,652 | ) |   | (123,269 | ) |
| Net                  cash provided (used) by operating activities                                                                                                                                       |   |                                      | 27,247   |   |   | (43,837 | ) |   | (140,213 | ) |
|                                                                                                                                                                                                    |   |                                      |     |   |   |   |   |   |   |   |
| Cash                  flows from investment activities:                                                                                                                                                 |   |                                      |     |   |   |   |   |   |   |   |
| Purchase                  of property, plant and equipment                                                                                                                                              |   |                                      | (2,298   | ) |   | (3 | ) |   | - |   |
| Proceeds                  from sales of property, plant and equipment                                                                                                                                   |   |                                      | -        |   |   | - |   |   | 45 |   |
| Net                  cash provided (used) by investing activities                                                                                                                                       |   |                                      | (2,298   | ) |   | (3 | ) |   | 45 |   |
|                                                                                                                                                                                                    |   |                                      |     |   |   |   |   |   |   |   |
| Cash                  flows from financing activities:                                                                                                                                                  |   |                                      |     |   |   |   |   |   |   |   |
| Borrowings                  from credit facilities                                                                                                                                                      |   |                                      | 80,266   |   |   | 129,355 |   |   | 785,942 |   |
| Principal                  repayments on credit facilities                                                                                                                                              |   |                                      | (860,274 | ) |   | (212,242 | ) |   | (745,407 | ) |
| Debt                  issuance costs                                                                                                                                                                    |   |                                      | -        |   |   | - |   |   | (24,831 | ) |
| Leveraged                  Employee Stock Ownership Plan - Repayments from loan                                                                                                                         |   |                                      | -        |   |   | - |   |   | (20 | ) |
| Proceeds                  from (repayment of) related party notes payable                                                                                                                               |   |                                      | -        |   |   | - |   |   | (17,500 | ) |
| Proceeds                  from (repayment of) intercompany loans                                                                                                                                        |   |                                      | 768,015  |   |   | 155,908 |   |   | 126,701 |   |
| Preferred                  stock dividends paid                                                                                                                                                         |   |                                      | (12,963  | ) |   | (29,167 | ) |   | (3,241 | ) |
| Net                  cash provided (used) by financing activities                                                                                                                                       |   |                                      | (24,956  | ) |   | 43,854 |   |   | 121,644 |   |
|                                                                                                                                                                                                    |   |                                      |     |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents                                                                                                                                       |   |                                      | (7       | ) |   | 14 |   |   | (18,524 | ) |
| Cash                  and cash equivalents at beginning of period                                                                                                                                       |   |                                      | 14       |   |   | - |   |   | 18,524 |   |
| Cash                  and cash equivalents at end of period                                                                                                                                             |   | $                                         | 7        |   | $ | 14 |   | $ | - |   |
|                                                                                                                                                                                                    |   |                                      |     |   |   |   |   |   |   |   |
| (a)                  Fiscal 2006 and 2005 contain only SAC Holding Corporation II, fiscal                  2004                  includes SAC Holding Corporation and its                  subsidiaries |

----

**CONDENSED        FINANCIAL INFORMATION OF AMERCO **

**NOTES        TO CONDENSED FINANCIAL INFORMATION **

**March        31, 2006, 2005, and 2004 **

**1.        Summary of Significant Accounting Policies **

**2.        Guarantees **

**3.        Notes and Loans Payable**

|                                                    |   |                               |   |           |   | **March                  31,**  |   |
|---------------------------------------------------------|--------|------------------------------------|--------|----------------|--------|---------------------------------|--------|
|                                                    |   | **2006                  Rate (a)** |   | **Maturities** |   | **2006**                        |   | **2005** |   |
|                                                    |   |                               |   |           |   | (In                  thousands) |   |
| Revolving                  credit facility              |   |                               | -      |           |   | -                               |   |  $ | - |   |  $ | 84,862 |   |
| Senior                  amortizing notes (secured)      |   |                               | -      |           |   | -                               |   |   | - |   |   | 346,500 |   |
| Senior                  notes, second lien (secured)    |   |                               | -      |           |   | -                               |   |   | - |   |   | 200,000 |   |
| Senior                  notes, subordinated (secured)   |   |                               | -      |           |   | -                               |   |   | - |   |   | 148,646 |   |
|                                                    |   |                               |   |           |   |                            |   |  $ |   |   |  $ | 780,008 |   |
|                                                    |   |                               |   |           |   |                            |   |   |   |   |   |   |   |
| (a)                  Interest rate as of March 31, 2006 |   |                               |   |           |   |                            |   |   |   |   |   |   |   |

----

**SCHEDULE****II**

**AMERCO        AND CONSOLIDATED SUBSIDIARIES **

**VALUATION        AND QUALIFYING ACCOUNTS**

**Years        Ended March 31, 2006, 2005 and 2004**

|                                                           |   | **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, 2006**                 |   | (In                  thousands)                   |   |
| 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 |   |
|                                                           |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |
| **Year                  ended March 31, 2004**                 |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |
| Allowance                  for doubtful accounts               |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |
| (deducted                  from trade receivable)              |   | $                                                 | 2,282  |                                                         | $      | 1,905                                                    |   | $              | -      |                                     | $      | (2,176 | ) | $ | 2,011 |   |
| Allowance                  for doubtful accounts               |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |
| (deducted                  from notes and mortgage receivable) |   | $                                                 | 4,134  |                                                         | $      | -                                                        |   | $              | -      |                                     | $      | (1,491 | ) | $ | 2,643 |   |
| Allowance                  for LIFO                            |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |
| (deducted                  from inventory)                     |   | $                                                 | 1,105  |                                                         | $      | 2,129                                                    |   | $              | -      |                                     | $      | - |   | $ | 3,234 |   |
| Allowance                  for obsolescence                    |   |                                              |   |                                                         |   | -                                                        |   |           |   |                                     |   |   |   |   |   |   |
| (deducted                  from inventory)                     |   | $                                                 | 4,896  |                                                         | $      | -                                                        |   | $              | -      |                                     | $      | (2,396 | ) | $ | 2,500 |   |
|                                                           |   |                                              |   |                                                         |   |                                                     |   |           |   |                                     |   |   |   |   |   |   |

----

**SCHEDULE        V **

**AMERCO        AND CONSOLIDATED SUBSIDIARIES **

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

**Years        Ended December 31, 2005, 2004 AND 2003 **

| **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) |   |
| 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 |   |
| 2004                                    |   |                                                     | Consolidated                          property casualty entity |                                                         |   | 3,843                                                                           |   |                                                   | 416,259 |                                           |   | N/A                                                  |   |                                                   | 11,308 |                                                                                                                       |   | 92,036                                                                                                                   |   |                                                                           | 20,548 |                                                                  |   | 56,235                                                |   |   | 53,127 |   |   | 14,126 |   |   | 123,782 |   |   | 57,063 |   |

----

**SIGNATURES        **

|  AMERCO                         |
|--------------------------------------|
|                                 |   |   |
|                                 | By: | /s/                  Edward J. Shoen |
|                                 | Edward                  J. Shoen |
|                                 | *Chairman                  of the Board and President* |
| Dated:                  June 8, 2006 |   |   |

**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                  8, 2006 |
| Edward                  J. Shoen                      |                                                                                                |                          |
| */s/*JASON                  A. BERG                   | Chief                  Accounting Officer (Principal                  Accounting Officer)           | June                  8, 2006 |
| Jason                  A. Berg                        |                                                                                                |                          |
| */s/*WILLIAM                  E. CARTY                | Director                                                                                            | June                  8, 2006 |
| William                  E. Carty                     |                                                                                                |                          |
| */s/*JAMES                  P. SHOEN                  | Director                                                                                            | June                  8, 2006 |
| James                  P. Shoen                       |                                                                                                |                          |
| */s/*CHARLES                  J. BAYER                | Director                                                                                            | June                  8, 2006 |
| Charles                  J. Bayer                     |                                                                                                |                          |
| */s/*JOHN                  M. DODDS                   | Director                                                                                            | June                  8, 2006 |
| John                  M. Dodds                        |                                                                                                |                          |
| */s/*DANIEL                  R. MULLEN                | Director                                                                                            | June                  8, 2006 |
| Daniel                  R. Mullen                     |                                                                                                |                          |
| */s/*JOHN                  P.                  BROGAN | Director                                                                                            | June                  8, 2006 |
| John                  P. Brogan                       |                                                                                                |                          |
| */s/*M.                  FRANK LYONS                  | Director                                                                                            | June                  8, 2006 |
| M.                  Frank Lyons                       |                                                                                                |                          |

----

**SIGNATURES**

|                                 | U-Haul                  International, Inc.            |                                 |
|--------------------------------------|--------------------------------------------------------|--------------------------------------|
|                                 |                                                   |                                 |
|                                 | By:                                                    | /s/                  Edward J. Shoen |
|                                 | Edward                  J. Shoen                       |
|                                 | *Chairman                  of the Board and President* |
| Dated:                  June 8, 2006 |                                                   |                                 |

**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                  8, 2006       |
| Edward                  J. Shoen        |                                                                                                |                                |
| */s/*JASON                  A. BERG     | Chief Accounting                  Officer (Principal Accounting                  Officer) | June                  8, 2006       |
| Robert                  T. Peterson     |                                                                                                |                                |
| */s/*WILLIAM                  E. CARTY  | Director                                                                                            | June                  8, 2006       |
| William                  E. Carty       |                                                                                                |                                |
| */s/*SAMUEL                  J. SHOEN   | Director                                                                                            | June                  8, 2006       |
| Samuel                  J. Shoen        |                                                                                                |                                |
| */s/*ROBERT                  A. DOLAN   | Director                                                                                            | June                  8, 2006       |
| Robert                  A. Dolan        |                                                                                                |                                |
| */s/*DANIEL                  R. MULLEN  | Director                                                                                            | June                  8, 2006       |
| Daniel                  R. Mullen       |                                                                                                |                                |
| */s/*JOHN                  M. DODDS     | Director                                                                                            | June                  8, 2006       |
| John                  M. Dodds          |                                                                                                |                                |
| */s/*JOHN                  C. TAYLOR    | Director                                                                                            | June                  8, 2006       |
| John                  C. Taylor         |                                                                                                |                                |
| /s/ROBERT                T. PETERSON    |  Chief Financial                  Officer (U-Haul                  International, Inc.)   |  June                  8, 2006 |
|  Robert                T. Peterson |                                                                                                |                                |

----