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<SEC-DOCUMENT>0000950153-00-000089.txt : 20000203
<SEC-HEADER>0000950153-00-000089.hdr.sgml : 20000203
ACCESSION NUMBER:		0000950153-00-000089
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20000128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO /NV/
		CENTRAL INDEX KEY:			0000004457
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				880106815
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		
		SEC FILE NUMBER:	333-73357
		FILM NUMBER:		516055

	BUSINESS ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WY STE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502
		BUSINESS PHONE:		7756886300

	MAIL ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY
		STREET 2:		SUITE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<DESCRIPTION>424B5
<TEXT>

<HTML>
<HEAD>
<TITLE>Amerco Prospectus Supplement Dated January 27,2000</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV align="right">
 Filed Pursuant to Rule 424(b)(5)
</DIV>

<DIV align="right">
Registration No. 333-73357
</DIV>

<DIV align="left">
 <B><U>PROSPECTUS SUPPLEMENT</U></B>
</DIV>

<DIV align="left">
<B>(To prospectus dated March&nbsp;16, 1999)</B>
</DIV>

<P align="center">
<B><FONT size="5">$200,000,000</FONT></B>

<P align="center">
<B><FONT size="6">AMERCO</FONT></B>

<P align="center">
<B><FONT size="6"> [UHAUL LOGO]</FONT></B>

<P align="center">
<B><FONT size="4">8.80% Senior Notes due 2005</FONT></B>

<P align="center">
<HR size="1" width="27%" align="center">

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO will pay interest on the 8.80% notes due 2005 that we are
offering under this prospectus supplement semi-annually on
February&nbsp;4 and August&nbsp;4 of each year, starting on
August&nbsp;4, 2000. The notes will mature on February&nbsp;4,
2005. We can redeem some or all of the notes at our option on at
least 30&nbsp;days notice at the redemption prices described
herein.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes rank equally with all other senior indebtedness of
AMERCO and senior in right of payment to all future subordinated
indebtedness of AMERCO. The notes will not be entitled to the
benefit of any sinking fund. The notes will not be listed on any
securities exchange or included in any automated quotation
system.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investing in the notes involves certain risks which are
described in the &#147;Risk Factors&#148; section beginning on
page 7 of the accompanying prospectus.</B>

<P align="center">
<HR size="1" width="27%" align="center">

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="9%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="8%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Per Note</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Public offering price (1)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99.075</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">$198,150,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Underwriting discount</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">$1,200,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Proceeds, before expenses, to AMERCO</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98.475</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">$196,950,000</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp; Plus accrued interest
from February&nbsp;4, 2000 if settlement occurs after that date

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or passed upon the adequacy or accuracy of this
prospectus supplement or the accompanying prospectus. Any
representation to the contrary is a criminal offense.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes will be ready for delivery, in book-entry form only
through The Depository Trust Company, on or about
February&nbsp;4, 2000.

<P align="center">
<HR size="1" width="27%" align="center">

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="50%"></TD>
	<TD width="50%"></TD>
</TR>

<TR valign="top">
	<TD align="left"><B><FONT size="5">Merrill Lynch &#38; Co.</FONT></B></TD>
	<TD align="right"><B><FONT size="5">Chase Securities Inc.</FONT></B></TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="27%" align="center">

<P align="center">
The date of this prospectus supplement is January&nbsp;27, 2000.

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>TABLE OF CONTENTS</B>

<P align="center">
<B>Prospectus Supplement</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="90%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Summary</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-1</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Use of Proceeds</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-5</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Ratio of Earnings to Fixed Charges</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-5</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Capitalization</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-6</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Management&#146;s Discussion and Analysis of Financial Condition
	and Results of Operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-7</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Business</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-26</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Description of Notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-31</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Certain U.S. Federal Income Tax Consequences to Non-U.S. Holders</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-40</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Underwriting</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-42</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Legal Matters</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">S-43</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Index to Financial Statements</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-1</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2"><B>Prospectus</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	About this Prospectus</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Where You Can Find More Information</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Special Note of Caution Regarding Forward-Looking Statements</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	About AMERCO</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	The Offering</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Risk Factors</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Use of Proceeds</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Ratio of Earnings to Fixed Charges</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Description of Debt Securities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Plan of Distribution</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Legal Opinions</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Experts</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This document is in two parts. The first part is the prospectus
supplement, which describes the specific terms of the notes we
are offering and certain other matters relating to us and our
business. The second part, the accompanying prospectus, gives
more general information, some of which does not apply to this
series of notes we are offering. Generally, when we refer to the
prospectus, we are referring to both parts combined. If the
description of your notes varies between the prospectus
supplement and the accompanying prospectus, you should rely on
the information in the prospectus supplement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should rely only on the information contained or incorporated
 by reference in this prospectus supplement and the accompanying
prospectus. We have not, and the underwriters have not,
authorized any other person to provide you with additional or
different information. If anyone provides you with different or
inconsistent information, you should not rely on it. We are not,
and the underwriters are not, making an offer to sell these notes
 in any jurisdiction where the offer or sale is not permitted.
You should assume that the information appearing in this
prospectus supplement and the accompanying prospectus, as well as
 information we previously filed with the Securities and Exchange
 Commission and incorporated by reference, is accurate as of the
date on the front cover of this prospectus supplement only. Our
business, financial condition, results of operations and
prospects may have changed since that date.
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>SUMMARY</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this prospectus supplement, AMERCO and references to
&#147;we,&#148; &#147;our,&#148; &#147;ours&#148; and
&#147;us&#148; include all of our subsidiaries and predecessors,
unless the context otherwise requires. The following summary
contains basic information about this offering. It may not
contain all the information that is important to you. The
&#147;Description of Notes&#148; section of this prospectus
supplement contains more detailed information regarding the terms
 and conditions of the notes.

<P align="center"><B>Our Company</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO owns all of the stock of our principal subsidiary, U-Haul
International, Inc. U-Haul operations represented over 80% of our
 total revenues for each of the past five fiscal years ended
March&nbsp;31, 1999. We also own all the stock of Republic
Western Insurance Company, Oxford Life Insurance Company and
Amerco Real Estate Company.

<P align="left"><B><I>U-Haul Operations</I></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	<B>U-Move Operations</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Founded in 1945, U-Haul is primarily engaged in the rental of
trucks, automobile-type trailers, and support rental items to the
 do-it-yourself moving customer which includes the sale of moving
 items or moving materials, such as boxes, tape, and packaging
materials. We believe that we are the only nationwide
single-brand provider of one-stop-shopping for moving services
and materials for the do-it-yourself mover. Our product offering
is further enhanced by our ability to provide self-storage
facilities (940&nbsp;locations) at both ends of a move. A
significant percentage of self-movers store at least a portion of
 their possessions at some point during their self-move. Our
do-it-yourself moving business operates under the U-Haul name
through an extensive and geographically diverse distribution
network of approximately 1,100 company-owned U-Haul centers and
approximately 15,000 independent dealers throughout the United
States and Canada. We believe that we have more moving equipment
rental locations than our two largest competitors combined. The
U-Haul rental equipment fleet consists of 95,800 trucks, 80,800
trailers, and 18,700 tow dollies. The U-Haul rental fleet is
managed with a point of sale system at each of our approximately
16,100 locations, which is tied into our national network of
computers that allows U-Haul to control the flow of rental
equipment across North America.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	<B>Self-Storage Rental Operations</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul entered the self-storage business in 1974 and offers for
rent more than 28 million square feet of self-storage space
through 940 company-owned or managed storage locations. We
believe we are the second largest self-storage operator (in terms
 of number of facilities operated) in the industry. We believe
our self-storage operations are complementary to the
do-it-yourself moving business. All of our self-storage space is
located at or near one or more U-Haul centers or independent
U-Haul dealers.

<P align="left"><B><I>Insurance Operations</I></B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	<B>Republic Western</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic Western originates and reinsures property and casualty
type insurance products for independent third parties, U-Haul
customers, and U-Haul. Republic Western&#146;s principal strategy
 is to capitalize on its knowledge of insurance products aimed at
 the moving and rental markets. Approximately 29% of Republic
Western&#146;s written premiums relate to insurance underwriting
activities involving affiliates of AMERCO. Approximately 11% of
AMERCO&#146;s total revenues for the fiscal year ended
March&nbsp;31, 1999 were from Republic Western.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	<B>Oxford</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford primarily reinsures life, health, and annuity insurance
products and administers our self-insured employee health plan.
Approximately 1.5% of Oxford&#146;s premium revenue is from
business with affiliates of AMERCO. Approximately 7% of
AMERCO&#146;s total revenues for the fiscal year ended
March&nbsp;31, 1999 were from Oxford.

<P align="left"><B><I>General</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our principal executive office is located at 1325 Airmotive Way,
Suite 100, Reno, Nevada 89502, and our telephone number is
(775)&nbsp;688-6300.

<P align="center">S-1
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>The Offering</B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="28%"></TD>
	<TD width="1%"></TD>
	<TD width="71%"></TD>
</TR>

<TR>
	<TD valign="top">
	Issuer</TD>
	<TD></TD>
	<TD valign="top">
	AMERCO.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Securities</TD>
	<TD></TD>
	<TD valign="top">
	$200 million principal amount of 8.80% senior notes due 2005.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Maturity</TD>
	<TD></TD>
	<TD valign="top">
	The notes will mature February&nbsp;4, 2005.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Interest Rate</TD>
	<TD></TD>
	<TD valign="top">
	The notes will bear interest at the rate of 8.80% per annum.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Interest Payment Dates</TD>
	<TD></TD>
	<TD valign="top">
	We will pay interest on the notes semi-annually
	on&nbsp;February&nbsp;4 and&nbsp;August&nbsp;4 beginning
	August&nbsp;4, 2000.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Optional Redemption</TD>
	<TD></TD>
	<TD valign="top">
	We can redeem some or all of the notes at our option on at least
	30&nbsp;days notice at the redemption prices described herein,
	plus any accrued and unpaid interest to the date fixed for
	redemption.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Change in Control</TD>
	<TD></TD>
	<TD valign="top">
	If certain types of change in control were to occur, each holder
	of notes would have the option to require us to repurchase such
	notes, in whole or in part, at a price equal to 101% of the
	principal amount of those notes, plus any accrued and unpaid
	interest to the purchase date.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Ranking</TD>
	<TD></TD>
	<TD valign="top">
	The notes will be general unsecured obligations of AMERCO. The
	notes will rank equally in right of payment with all senior
	indebtedness of AMERCO, and senior in right of payment to all
	future subordinated indebtedness of AMERCO. The notes are not
	guaranteed by any AMERCO subsidiary. The notes will be
	effectively subordinated to (i)&nbsp;any secured indebtedness of
	AMERCO to the extent of the assets securing that indebtedness and
	 (ii)&nbsp;all indebtedness for money borrowed and other
	liabilities of our subsidiaries.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	As of September&nbsp;30, 1999, after giving pro forma effect to
	this offering:</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	&#149;&nbsp; we had approximately $1.087 billion of notes and
	loans payable ($0.3 million of which is secured debt) and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
</TD>
	<TD></TD>
	<TD valign="top">
	&#149;&nbsp; our subsidiaries had approximately $0.3 million of
	debt.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Certain Covenants</TD>
	<TD></TD>
	<TD valign="top">
	The Second Supplemental Indenture governing the notes will
	contain covenants that will, among other things, limit our
	ability to incur certain liens securing indebtedness, engage in
	certain sale-leaseback transactions, and enter into certain
	consolidations, mergers, or transfers of substantially all of our
	 assets.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Use of Proceeds</TD>
	<TD></TD>
	<TD valign="top">
	We estimate that the net proceeds from the offering will be
	approximately $197 million. We intend to use these proceeds to
	repay indebtedness outstanding under our revolving credit
	agreement.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	Risk Factors</TD>
	<TD></TD>
	<TD valign="top">
	See &#147;Risk Factors&#148; in the accompanying prospectus on
	page&nbsp;7 for a discussion of certain factors you should
	consider carefully before deciding whether to invest in the
	notes.</TD>
</TR>

</TABLE>

<P align="center">S-2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>Selected Financial Data</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We derived the selected financial data presented below for each
of the three fiscal years ended March&nbsp;31, 1999, 1998 and
1997 from our audited consolidated financial statements. We
derived the selected financial data for the six month periods
ended September&nbsp;30, 1999 and 1998 from our unaudited
consolidated financial statements, which in management&#146;s
opinion include all normal, recurring adjustments necessary for a
 fair statement of the information for the periods presented.
Results of operations for a six month period are not necessarily
indicative of results of operations for a full year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You should read the financial data presented below in conjunction
 with the consolidated financial statements, the related notes
and other financial information contained herein and in our
Annual Report on Form&nbsp;10-K for the fiscal year ended
March&nbsp;31, 1999 and our Quarterly Report on Form&nbsp;10-Q
for the quarter ended September&nbsp;30, 1999, which are
incorporated in this prospectus supplement and the accompanying
prospectus by reference. See &#147;Where You Can Find More
Information&#148; in the accompanying prospectus.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>For the six months ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>For the years ended March 31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands, except number of shares)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Summary of Operations:</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Rental and net sales</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,255,493</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,194,948</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,146,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">753,151</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">706,468</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Premiums, net investment and interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">296,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">229,661</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">238,628</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">148,830</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">131,509</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Operating expenses and cost of sales(1)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">992,081</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">919,637</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">882,472</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">528,177</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">511,483</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Benefits, losses and amortization of deferred acquisition cost</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,775</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">189,770</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">190,623</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100,473</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88,790</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Lease expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,742</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,879</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,973</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,212</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,532</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation, net(2)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,066</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,655</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,742</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,551</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,902</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,380,664</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,268,941</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,225,810</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">731,413</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">688,707</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171,268</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,668</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,569</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">170,568</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149,270</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,369</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Pretax earnings from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,610</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,299</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,528</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,753</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(35,101</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27,643</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29,344</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,234</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Earnings from operations before extraordinary loss on early
	extinguishment of debt</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,656</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,184</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,672</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,865</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding, basic</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,937,686</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,896,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,479,651</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,958,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,930,301</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding, diluted</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,542,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">S-3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="38%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD colspan="7"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="11"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>For the six months ended</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="11"><FONT size="2"><B>For the years ended March 31,</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="11"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD colspan="19"></TD>
</TR>

<TR>
        <TD></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        <B>Balance Sheet Data:</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        Total property, plant and equipment, net</FONT></TD>
        <TD></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,294,824</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,275,756</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,247,066</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,318,297</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,304,072</FONT></TD>
        <TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        Total assets</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,718,994</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
        <TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        Notes and loans payable</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,114,748</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,025,323</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">983,550</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1,087,377</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">997,982</FONT></TD>
        <TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD align="left" valign="top"><FONT size="2">
        Stockholders&#146; equity(3)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">616,025</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">595,059</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">602,320</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">628,139</FONT></TD>
        <TD></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
</TR>

<TR valign="top">
        <TD>(1)&nbsp;</TD>
        <TD align="left">
        Reflects the adoption of Statement of Position 98-1,
        &#147;Accounting for the Costs of Computer Software Developed or
        Obtained for Internal Use&#148; during the year ended
        March&nbsp;31, 1998.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>(2)&nbsp;</TD>
        <TD align="left">
        Reflects the change in estimated residual value during the year
        ended March&nbsp;31, 1998.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>(3)&nbsp;</TD>
        <TD align="left">
        Reflects the adoption of Statement of Financial Accounting
        Standards No. 133, &#147;Accounting for Derivative Instruments
        and Hedging Activities&#148; during the year ended March&nbsp;31,
         1999.</TD>
</TR>

</TABLE>

<P align="center">S-4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>USE OF PROCEEDS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Initially, AMERCO intends to use the net proceeds from the sale
of the notes to repay floating rate indebtedness outstanding
under our revolving credit agreement dated June&nbsp;30, 1997
(which expires on June&nbsp;30, 2002). The debt to be repaid with
 the proceeds of the notes bears interest at rates ranging from
6.0625% to 6.3125%. The debt incurred under the revolving credit
agreement was used for working capital purposes and the
satisfaction at maturity of $50,000,000 of Medium-Term notes
(bearing interest at rates ranging from 7.05% to 7.10%) and
$100,000,000 of Bond Backed Asset Trust Notes (bearing interest
at 6.65%).

<P align="center"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows AMERCO&#146;s ratio of earnings to
fixed charges for the periods indicated. For purposes of
computing the ratio of earnings to fixed charges,
&#147;earnings&#148; consists of pretax earnings from operations
plus total fixed charges excluding interest capitalized during
the period, and &#147;fixed charges&#148; consists of interest
expense, capitalized interest, amortization of debt expense and
discounts, and one-third of our annual rental expense (which we
believe is a reasonable approximation of the interest factor of
these rentals). The ratio for the six months ended on
September&nbsp;30, 1999 may be different from the ratio for
fiscal 2000 because, among other reasons, U-Haul rental
operations are seasonal and proportionally more of our earnings
are generated in the first and second quarters of each fiscal
year.

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="14%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="13%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Six Months</B></FONT></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Fiscal Year Ended March 31,</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1995</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">3.12</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.84</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.66</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.74</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.02</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.99</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For more information on AMERCO&#146;s ratio of earnings to fixed
charges, see &#147;Where You Can Find More Information.&#148;

<P align="center">S-5

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>CAPITALIZATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth the consolidated capitalization of
 AMERCO at September&nbsp;30, 1999 on an actual basis, on a pro
forma basis after giving effect to the satisfaction at maturity
of $50,000,000 of medium-term notes and $100,000,000 of bond
backed asset trust notes with a corresponding increase in the
outstanding balance of the revolving credit facility, and on a
pro forma basis as adjusted to give effect to the issuance of the
 notes offered hereby and the application of the proceeds
therefrom before underwriters discount and expenses.

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="49%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>September 30, 1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Pro Forma</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Actual</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Pro Forma</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>As Adjusted</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Long-term debt:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	5-year revolving credit facility</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">325,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">125,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Senior notes due 2002</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Senior notes due 2003</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Medium-Term notes and other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">287,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">237,377</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Notes Payable-Bond Backed Asset Trust</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Securities offered hereunder</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,087,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,087,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,087,377</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="16">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Stockholders&#146; equity:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial preferred stock, with or without par value, 50,000,000
	shares authorized&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;A preferred stock, with no par value, 6,100,000
	shares authorized; 6,100,000 shares issued and outstanding</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;B preferred stock, with no par value, 100,000 shares
	authorized; none outstanding</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial common stock, with or without par value, 150,000,000
	shares authorized&nbsp;&#151; Series&nbsp;A common stock of $0.25
	 par value, 10,000,000 shares authorized; 5,762,495 shares issued</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Common stock of $0.25 par value, 150,000,000 shares authorized;
	36,487,505 shares issued</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Additional paid-in capital</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274,905</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Accumulated other comprehensive income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Retained earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">780,596</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">780,596</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">780,596</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,043,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,043,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,043,905</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Less:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cost of common shares in treasury, net (19,635,913 shares)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Unearned employee stock ownership plan shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,284</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,284</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,284</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total stockholders&#146; equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">S-6
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL</B>

<DIV align="center">
<B>CONDITION AND RESULTS OF OPERATIONS</B>
</DIV>

<P align="left"><B>Forward-Looking Statements</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This following discussion contains forward-looking statements.
Additional written or oral forward-looking statements may be made
 by AMERCO from time to time in filings with the Securities and
Exchange Commission or otherwise. Management believes such
forward-looking statements are within the meaning of the
safe-harbor provisions. Such statements may include, but not be
limited to, projections of revenues, income or loss, estimates of
 capital expenditures, plans for future operations, products or
services and financing needs or plans, as well as assumptions
relating to the foregoing. The words &#147;believe&#148;,
&#147;expect&#148;, &#147;anticipate&#148;, &#147;estimate&#148;,
 &#147;project&#148; and similar expressions identify
forward-looking statements, which speak only as of the date the
statement was made. Forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified. Future events and actual results could
differ materially from those set forth in, contemplated by or
underlying the forward-looking statements. The following
disclosures, as well as other statements in AMERCO&#146;s Annual
Report on Form&nbsp;10-K for the fiscal year ended March&nbsp;31,
 1999 and in the Notes to AMERCO&#146;s consolidated financial
statements, included herein and in such Annual Report, describe
factors, among others, that could contribute to or cause such
differences, or that could affect AMERCO&#146;s stock price.

<P align="left"><B>Results of Operations</B>

<P align="left"><I>&nbsp;&nbsp;Six Months Ended September&nbsp;30, 1999 and 1998
</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows industry segment data from
AMERCO&#146;s four industry segments, moving and storage
operations, real estate, property and casualty insurance, and
life insurance, for the six months ended September&nbsp;30, 1999
and 1998.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="25%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Six months ended September&nbsp;30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">761,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,996</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,552</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,723</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,298</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,350</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,270</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">761,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,294</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,902</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,345</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,270</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,416</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,357</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,799</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,273</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,273</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,395</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,916</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,976</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,466</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,753</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,871</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,172</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,319</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,400,884</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">738,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342,679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Six months ended September&nbsp;30, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">711,593</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,752</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,153</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,207</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">589</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41,547</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">711,593</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,686</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,503</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,742</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41,547</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,750</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,438</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,662</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,676</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,132</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,132</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,508</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,856</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,518</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,753</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,736</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,450</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,960</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,088</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,234</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,270,602</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">651,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,553</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330,654</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">S-7

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><I>&nbsp;&nbsp;Quarters Ended September&nbsp;30, 1999 and 1998
</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows industry segment data from
AMERCO&#146;s four industry segments, moving and storage
operations, real estate, property and casualty insurance, and
life insurance, for the quarters ended September&nbsp;30, 1999
and 1998.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="25%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Quarter ended September&nbsp;30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">394,999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,039</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,130</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,403</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,688</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">827</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,831</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">394,999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,727</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,957</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,719</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,831</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,272</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,626</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,788</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,252</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,035</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,035</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53,480</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,138</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,786</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,389</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,263</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,149</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">911</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,262</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,400,884</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">738,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342,679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Quarter ended September&nbsp;30, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,032</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,053</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,026</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,149</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,722</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,174</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,181</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,775</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,329</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,174</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,305</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,516</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,414</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,389</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,624</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,076</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,076</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,603</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,393</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,295</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,263</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,890</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,335</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,092</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,270,602</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">651,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,553</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330,654</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">S-8

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><B>Results of Operations</B>

<P align="left"><B>&nbsp;&nbsp;</B><I>Fiscal Years Ended March&nbsp;31, 1999,
1998, and 1997</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table shows industry segment data from
AMERCO&#146;S four industry segments, moving and storage
operations, real estate, property and casualty insurance, and
life insurance, for the fiscal years ended March&nbsp;31, 1999,
1998, and 1997.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="29%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,266,372</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">166,475</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,427</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71,888</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,734</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,208</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(84,830</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,266,372</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,546</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178,209</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(84,830</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,325</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,990</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,190</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,597</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,102</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,595</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(40,595</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,679</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,667</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,106</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,158</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,610</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,819</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,883</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,976</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,339,312</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,756</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">638,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(336,965</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,205,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,908</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">167,398</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,318</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,371</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,800</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,224</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88,395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,205,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,279</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,198</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,542</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88,395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,940</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,824</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,807</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,251</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,822</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,146</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,223</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,369</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,036</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,887</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">736</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,640</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,299</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense (benefit)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,166</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,813</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(556</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,221,579</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">662,634</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">654,449</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">691,118</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(316,503</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>1997</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,168,061</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,350</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">167,352</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,616</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,624</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,725</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,009</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(86,358</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,168,061</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,974</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,077</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,625</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(86,358</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61,822</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,785</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,040</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,717</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,364</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,579</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,462</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,041</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,501</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,191</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,262</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,574</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,528</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,078</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,993</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,502</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,771</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,158,932</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">652,213</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">609,687</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">607,078</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(308,916</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,718,994</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">S-9
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><I>&nbsp;&nbsp;Six Months Ended September&nbsp;30, 1999 Versus
Six Months Ended September&nbsp;30, 1998</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Moving and Storage Operations
</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues consist of rental revenues and net sales. Total rental
revenue increased by $44.1&nbsp;million to $643.0&nbsp;million
for the six months ended September&nbsp;30, 1999. Net revenues
from the rental of moving related equipment increased by
$41.6&nbsp;million. This increase is primarily attributable to
higher truck rental revenues. The growth in truck rental revenue
primarily reflects improved utilization and an increase in the
average revenue per transaction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales revenues were $110.1&nbsp;million and
$107.6&nbsp;million for the six months ended September&nbsp;30,
1999 and 1998, respectively. Revenue growth from the sale of
moving support items (<I>i.e. </I>boxes, etc.), which was up by
4.0% during the six months ended September&nbsp;30, 1999, led to
the improvement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost of sales was $62.7&nbsp;million for the six months ended
September&nbsp;30, 1999, which represents a marginal decrease
from $62.9&nbsp;million for the same period of the prior year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses before intercompany eliminations increased to
$476.5&nbsp;million for the six months ended September&nbsp;30,
1999 from $459.9&nbsp;million for the six months ended
September&nbsp;30, 1998. Increased expenditure levels for rental
equipment maintenance and personnel due to an increase in fleet
size and inventory levels were primarily responsible.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lease expense was $63.6&nbsp;million and $56.4&nbsp;million for
the six months ended September&nbsp;30, 1999 and 1998,
respectively. This increase reflects additional leasing activity
over the past twelve months.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net depreciation expense for the six months ended
September&nbsp;30, 1999 was $34.0&nbsp;million, as compared to
$26.3&nbsp;million in the same period of the prior year. The
increase reflects an increase in depreciation recognized on the
rental truck fleet.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Real Estate Operations</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rental revenue before intercompany eliminations was
$36.5&nbsp;million for the six months ended September&nbsp;30,
1999, compared to $37.3&nbsp;million for the six months ended
September&nbsp;30, 1998. Intercompany revenue was
$35.3&nbsp;million and $36.2 million for the six months ended
September&nbsp;30, 1999 and 1998, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment and interest income was $4.7&nbsp;million for the
six months ended September&nbsp;30, 1999 as compared to
$1.4&nbsp;million during the same period of the prior year. This
increase correlates to a significant increase in average note and
 mortgage receivables outstanding.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $1.9&nbsp;million for the six months
ended September&nbsp;30, 1999 versus $3.0&nbsp;million for the
six months ended September&nbsp;30, 1998. Reduced building
maintenance expense accounted for the majority of the decline
from the prior year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lease expense for the six months ended September&nbsp;30, 1999
and 1998 was $0.6&nbsp;million and $0.1&nbsp;million,
respectively. The increase reflects payments under a synthetic
lease facility being utilized to develop storage properties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net depreciation expense for the six months ended
September&nbsp;30, 1999 was $4.6&nbsp;million, as compared to
$5.6&nbsp;million in the same period of the prior year. The
decrease reflects higher gains from the disposition of property
and lower levels of depreciable assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Property and Casualty Insurance
</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&#146;s premiums were $64.6&nbsp;million and
$65.3&nbsp;million for the six months ended June&nbsp;30, 1999
and 1998, respectively. The decrease in premium for 1999 as
compared to 1998 resulted from the U-Haul Liability programs in
the rental industry, which decreased to $23.9&nbsp;million from
$28.8&nbsp;million, respectively. This decrease results from the
restructuring of the U-Haul Business Auto General Liability
policy. The deductible was changed on April&nbsp;1, 1999 from a
flat deductible to a 95% deductible. This reduced

<P align="center">S-10

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
premiums by $3.5&nbsp;million for the six months ended
June&nbsp;30, 1999 as compared to 1998. The impact of this change
 will result in an overall savings of $0.6&nbsp;million in
premium taxes for policy year 1999. Additionally, assumed treaty
reinsurance decreased to $20.9&nbsp;million for the six months
ended June&nbsp;30, 1999 as compared to $23.5&nbsp;million for
the six months ended June&nbsp;30, 1998 due to the 1998 Crop Hail
 premium accrued at December&nbsp;1998. Premiums for these
programs are accrued during the fourth quarter and are settled in
 the first quarter of the following year. Direct multiple peril
and general agency premium increased to $11.6&nbsp;million and
$8.2&nbsp;million, respectively, for the six months ended
June&nbsp;30, 1999 compared to $9.8&nbsp;million and
$3.2&nbsp;million, respectively, for the six months ended
June&nbsp;30, 1998.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment income was $16.3&nbsp;million and
$18.2&nbsp;million for the six months ended June&nbsp;30, 1999
and 1998, respectively. The decrease from 1998 to 1999 is
attributable to a decrease in invested assets and a lower yield
on reinvested funds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefits and losses were $53.7&nbsp;million and
$56.5&nbsp;million for the six months ended June&nbsp;30, 1999
and 1998, respectively. The decrease from 1998 to 1999 resulted
from a decrease in the U-Haul Liability programs for unpaid
reported claims corresponding to the decrease in premiums
mentioned above.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred acquisition costs (DAC)&nbsp;consists of commissions and
 other costs, which vary with and are primarily related to the
production of new business. The prior year end commissions, and
other related expenses, are amortized over the following year.
The amortization expenses for the six months ended June&nbsp;30,
1999 and 1998 consisted of $6.8 million and $2.4 million,
respectively. The increase from 1998 to 1999 is due mainly to
Republic&#146;s subsidiary company&#146;s DAC expense, which
increased to $1.9 million for the six months ended June&nbsp;30,
1999 from a negligible amount for the six months ended
June&nbsp;30, 1998. Also contributing was a $1.5 million increase
 in the nonaffiliated agents&#146; expense. Field Underwriters
increased due to 1998 written and unearned premiums and Republic
Western Specialty Underwriters increased due to 1998 commission
expenses relating to a settlement agreement with the previous
general agent. Additionally, 1999 assumed treaty reinsurance
increased $0.9 million due to increased 1998 premium writings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $15.4 million and $18.0 million for the
six months ended June&nbsp;30, 1999 and 1998, respectively.
Commissions decreased to $8.5 million for the six months ended
June&nbsp;30, 1999 compared to $11.5 million for the six months
ended June&nbsp;30, 1998. This is mainly attributable to
Republic&#146;s subsidiary&#146;s DAC earned for the six months
ended June&nbsp;30, 1999. No DAC for this subsidiary was included
 for the six months ended June&nbsp;30, 1998, as the subsidiary
was purchased in December&nbsp;1998. Additionally, there was an
increase in the nonaffiliated agents&#146; DAC expense mentioned
above. Slightly offsetting were increased lease expenses of $0.9
million for the six months ended June&nbsp;30, 1999 from $0.4
million for the six months ended June&nbsp;30, 1998. All other
underwriting expenses consisted of $6.0 million and $6.1 million
for the six months ended June&nbsp;30, 1999 and 1998,
respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating profit before tax and intercompany elimination was $5.0
 million and $6.5 million for the six months ended June&nbsp;30,
1999 and 1998, respectively. This decrease of $1.5 million in
1999 resulted mainly from decreased premium revenue and
investment income and increased underwriting expenses.
Republic&#146;s operating profit remains on plan to meet year end
 expectations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Life Insurance</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net premiums were $47.2 million for the six months ended
June&nbsp;30, 1999 and $36.3 million for 1998. Oxford realized
premium increases in the areas of Medicare supplement, credit
life and disability, and single premium whole life insurance
products. Oxford increased the Medicare supplement premium
through the reinsurance of a block of policies and by adding
direct premium through new programs; these increased premiums by
$12.4 million. Credit life and disability premiums grew $2.7
million from increased marketing efforts. Both Oxford&#146;s
recently acquired companies, North American Insurance Company
(NAI) and Safe Mate Life Insurance Company (Safe Mate), heavily
market credit life and disability insurance. Oxford began
marketing a new single premium whole life policy in 1998; this
product accounted for $2.4 million of new premiums. As expected,
premiums decreased due to fewer annuitizations, the termination
of non-essential NAI lines and the sale of North American Fire
&#38; Casualty Insurance

<P align="center">S-11

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
Company at the end of 1998 to Republic. These changes accounted
for a $6.6 million decrease in premiums through the first six
months of 1999.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment income before intercompany eliminations was $10.1
million for the six months ended June&nbsp;30, 1999 and $9.4
million for 1998. This increase is due to the increase in the
average invested assets for the year, which was the result of new
 premium in 1999 and the increased asset base from the
acquisition of NAI and Safe Mate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefits incurred were $30.3 million and $23.5 million for the
six months ended June&nbsp;30, 1999 and 1998, respectively. This
increase is primarily due to Medicare supplement benefits
incurred. These benefits are related to the new business recorded
 in 1998. The new Medicare supplement reinsurance accounted for
$8.9 million of benefit variance. Oxford has experienced improved
 loss ratios in its credit insurance products, partially
offsetting the new Medicare supplement benefits.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amortization of DAC was $9.6 million and $6.4 million for the six
 months ended June&nbsp;30, 1999 and 1998, respectively.
Typically, Oxford defers commissions and other policy acquisition
 costs on single premium business. These costs are amortized as
the premium is earned over the term of the policy. Oxford
continues to increase its single premium credit business in
force, thus increasing both the deferred costs on the balance
sheet and the subsequent amortization.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $11.0 million and $9.1 million for the
six months ended June&nbsp;30, 1999 and 1998, respectively. A key
 component of operating expenses is the amortization of
acquisition costs resulting from the purchase of NAI. This
amounts to $1.7 million in 1999. Commissions have increased $2.0
million in 1999 in proportion to the increase in new premiums.
Operating expenses, still within budgeted expectations, have
increased in 1999 due to the expansion of business volume.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating profit before tax and intercompany eliminations was
$6.5 million and $6.8 million for the six months ended
June&nbsp;30, 1999 and 1998, respectively. The decrease over the
prior year is primarily due to increased health loss ratios. This
 negative trend is being corrected through statutory premium rate
 filings.

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Interest Expense</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest expense was $39.8 million for the six months ended
September&nbsp;30, 1999, as compared to $36.6 million for the six
 months ended September&nbsp;30, 1998. The increase can be
attributed to an increase in average debt outstanding and a
modest increase in the average cost of debt.

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Consolidated Group</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the foregoing, pretax earnings of $130.8 million
were realized in the six months ended September&nbsp;30, 1999, as
 compared to $112.6 million for the same period in 1998. After
providing for income taxes, net earnings for the six months ended
 September&nbsp;30, 1999 were $84.4 million, as compared to $73.4
 million for the same period of the prior year.

<P align="left"><B>&nbsp;&nbsp;</B><I>Quarter Ended September&nbsp;30, 1999
Versus Quarter Ended September&nbsp;30, 1998</I>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Moving and Storage
Operations</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues consist of rental revenues and net sales. Rental revenue
 increased by $20.0 million to $337.5 million in the quarter
ended September&nbsp;30, 1999. This increase reflects an $18.4
million increase in revenues from the rental of moving related
equipment reflecting improved local truck utilization, higher
average revenue per transaction and higher truck rental
inventory.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales revenues were $52.5 million in the quarter ended
September&nbsp;30, 1999 as compared to net sales of $51.3 million
 in the quarter ended September&nbsp;30, 1998. Revenue growth
from the sale of moving support items (<I>i.e.</I> boxes, etc.)
and hitches led to the majority of the increase during the
quarter.

<P align="center">S-12

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost of sales was $31.4 million in the quarter ended
September&nbsp;30, 1999, which represents an increase from $30.2
million for the same period of the prior year. Rising material
costs from the sale of propane accounted from almost half of the
increase.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses before intercompany elimination increased to
$250.9 million in the quarter ended September&nbsp;30, 1999 from
$242.0 million in the quarter ended September&nbsp;30, 1998. The
increase reflects higher personnel and rental equipment
maintenance expenditures associated with an increase in truck
rental transactions and inventory levels.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net depreciation expense for the quarter ended September&nbsp;30,
 1999 was $17.2 million, as compared to $12.2 million in the same
 period of the prior year. The increase reflects an increase in
depreciation recognized on the rental truck fleet.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Real Estate Operations</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rental revenue before intercompany eliminations was $18.3 million
 in the quarter ended September&nbsp;30, 1999, compared to $18.6
million in the quarter ended September&nbsp;30, 1998.
Intercompany revenue was $17.7 million as compared to $18.1
million in the prior year&#146;s first quarter.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment and interest income was $2.4 million in the
quarter ended September&nbsp;30, 1999 as compared to $0.5 million
 in the quarter ended September&nbsp;30, 1998. This increase
correlates to a significant increase in average note and mortgage
 receivables outstanding.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $1.4 million in the quarter ended
September&nbsp;30, 1999 versus $1.5 million in the quarter ended
September&nbsp;30, 1998. Reduced building maintenance expense
accounted for the majority of the decline from the prior year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lease expense was $0.6 million during the quarter ended
September&nbsp;30, 1999 versus a negligible amount during the
quarter ended September&nbsp;30, 1998. The increase reflects
payments under a synthetic lease facility being utilized to
develop storage properties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net depreciation expense for the quarter ended September&nbsp;30,
 1999 was $2.6 million, as compared to $2.1 million in the same
period of the prior year. The increase reflects lower gains from
the disposition of property.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Property and Casualty Insurance
</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&#146;s premiums for the quarters ended June&nbsp;30,
1999 and 1998 were $30.8 million and $42.5 million, respectively.
 The premium decrease in 1999 compared to 1998 resulted from the
U-Haul Liability programs in the rental industry, which decreased
 to $9.4 million from $23.0 million, respectively. This decrease
results from the restructuring of the U-Haul Business Auto
General Liability policy. The deductible was changed on
April&nbsp;1, 1999 from a flat deductible to a 95% deductible.
This reduced premiums by $12.5 million for the quarter ended
June&nbsp;30, 1999 as compared to 1998. The result of this change
 will result in an overall savings of $0.6 million in premium
taxes for policy year 1999. Additionally, assumed treaty
reinsurance decreased to $11.0 million for the quarter ended
June&nbsp;30, 1999 as compared to $13.0 million for the quarter
ended June&nbsp;30, 1998 due to a decrease in writings as a
result of canceled treaties not replaced in 1999. Direct multiple
 peril and general agency premiums increased to $6.1 million and
$4.3 million, respectively for the quarter ended June&nbsp;30,
1999 compared to $4.9 million and $1.6 million, respectively for
the quarter ended June&nbsp;30, 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment income was $8.2 million and $9.2 million for the
quarters ended June&nbsp;30, 1999 and 1998, respectively. The
decrease from 1998 to 1999 resulted from a decrease in invested
assets and a lower yield on reinvested funds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefits and losses incurred were $25.4 million and $36.5 million
 for the quarters ended June&nbsp;30, 1999 and 1998,
respectively. The decrease from 1998 to 1999 is due to a decrease
 in the U-Haul Liability programs for unpaid unreported claims
corresponding to the decrease in premiums mentioned above.

<P align="center">S-13

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DAC consists of commissions and other costs, which vary with and
are primarily related to the production of new business. The
prior year end commissions, and other related expenses, are
amortized over the following year. The amortization expenses for
the quarters ended June&nbsp;30, 1999 and 1998 consisted of $3.6
million and $0.6 million, respectively. The increase from 1998 to
 1999 is mainly due to Republic&#146;s subsidiary company&#146;s
DAC expenses, which increased to $1.1 million for the quarter
ended June&nbsp;30, 1999 from a negligible amount for the quarter
 ended June&nbsp;30, 1998. Also contributing was a $1.0 million
increase in the nonaffiliated agents&#146; expense. Field
Underwriting increased due to increased 1998 written and unearned
 premiums and Republic Western Specialty Underwriters increased
due to 1998 commission expenses relating to a settlement
agreement with the previous general agent. Additionally, 1999
assumed treaty reinsurance increased $0.7 million from 1998 due
to increased 1998 premium writings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $6.9 million and $10.4 million for the
quarters ended June&nbsp;30, 1999 and 1998, respectively.
Commissions decreased to $4.4 million for the quarter ended
June&nbsp;30, 1999, compared to $7.1 million for the quarter
ended June&nbsp;30, 1998. This is mainly attributable to
Republic&#146;s subsidiary&#146;s DAC earned for the quarter
ended June&nbsp;30, 1999. Since this subsidiary was purchased in
December&nbsp;1998, there was no DAC included for the quarter
ended June&nbsp;30, 1998. Additionally, there was an increase in
the nonaffiliated agents&#146; and assumed treaty reinsurance DAC
 which relates to the increase in the expense mentioned above.
Slightly offsetting were increased lease expenses of $0.5 million
 for the quarter ended June&nbsp;30, 1999 as compared to $0.2
million for the quarter ended June&nbsp;30, 1998. All other
underwriting expenses consisted of $2.0 million and $3.1 million
for the quarters ended June&nbsp;30, 1999 and 1998, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating profit before tax and intercompany elimination was $3.0
 million and $4.3 million for the quarters ended June&nbsp;30,
1999 and 1998, respectively. This represents a decrease in 1999
of $1.3 million over 1998 and resulted mainly from decreased
premium revenue and investment income, offset slightly by
decreased underwriting expenses.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Life Insurance</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net premiums were $22.1 million for the quarter ended
June&nbsp;30, 1999 and $20.3 million for 1998. Oxford realized
premium increases in the areas of Medicare supplement, credit
life and disability and single premium whole life insurance
products. In 1999, Oxford increased premium over 1998 Medicare
supplement premium through the reinsurance of a block of policies
 and by adding direct premium through new programs; these
increased premiums by $2.2 million. Credit life and disability
premiums remained constant with production gains being offset by
new ceding activities. Production sales of Oxford&#146;s new
single premium whole life policy increased by $0.9 million in the
 second quarter compared to 1998. These increases were offset by
fewer reinsurance annuitizations in 1999 than 1998, leading to
$0.8 million less in annuity premium. In addition, there were
$0.5 million in premium decreases for the second quarter
resulting from the planned termination of NAI products not part
of Oxford&#146;s strategic focus.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment income before intercompany eliminations was $4.6
million for the quarter ended June&nbsp;30, 1999 and $5.0 million
 for 1998. This decrease is due to lower rates on short-term
invested assets for the quarter. Mortgage loan interest income
dropped as the portfolio decreased.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefits incurred were $14.9 million and $12.3 million for the
quarters ended June&nbsp;30, 1999 and 1998, respectively. This
increase is primarily due to Medicare supplement benefits
incurred. These benefits are related to the new business recorded
 during the last quarter of 1998. The new Medicare supplement
reinsurance accounted for $4.3 million of the increase. Annuity
benefits decreased $1.0 million in the period due to the decrease
 in annuitizations in 1999 over 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amortization of DAC was $6.3 million and $3.6 million for the
quarters ended June&nbsp;30, 1999 and 1998, respectively.
Typically, Oxford defers commissions and other policy acquisition
 costs on single premium business. These costs are amortized as
the premium is earned over the term of the policy. Oxford
continues to increase its single premium credit business in
force, thus increasing both the deferred costs on the balance
sheet and the subsequent amortization.

<P align="center">S-14

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $2.9 million and $6.4 million for the
quarters ended June&nbsp;30, 1999 and 1998, respectively. From
1998, the dynamic amortization of the purchase value of the
policies acquired in the Encore Financial, Inc. purchase has
decreased in relation to the short-term nature of the business
that was in force. Commissions have increased $1.1 million in
1999 in proportion to the increase in new premiums. Compared to
the second quarter in 1998, operating expenses increased for the
quarter by $1.1 million stemming from the administration costs
associated with new reinsurance contracts.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating profit before tax and intercompany eliminations was
$2.6 million and $3.0 million for the quarters ended
June&nbsp;30, 1999 and 1998, respectively. The decrease over
prior year is primarily due to higher loss ratios for the health
products.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest Expense</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest expense was $19.6 million for the quarter ended
September&nbsp;30, 1999, as compared to $18.0 million for the
quarter ended September&nbsp;30, 1998. The increase can be
attributed to an increase in average debt outstanding and a
modest increase in the average cost of debt.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Consolidated Group</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the foregoing, pretax earnings were $65.4 million
during the quarter ended September&nbsp;30, 1999, as compared to
$65.3 million for the same period in 1998. After providing for
income taxes, net earnings for the quarter ended
September&nbsp;30, 1999 were $42.1 million, as compared to $42.2
million for the same period of the prior year.

<P align="left"><B>&nbsp;&nbsp;</B><I>Fiscal Year Comparison on a Consolidated
Basis</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rental Revenue</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rental revenue, net of commission expense was $1,074.2 million,
$1,018.7 million and $973.8 million in fiscal years 1999, 1998
and 1997, respectively. Details by material segment follow:

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	Moving and Storage Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	 Rental revenue was $1,072.1 million, $1,016.2 million and $971.3
	 million in fiscal years 1999, 1998 and 1997, respectively. The
	increase from fiscal year 1998 to fiscal year 1999 was primarily
	due to the growth in truck rental revenues which benefited from
	transactional growth reflecting increased utilization. The
	increase from fiscal year 1997 to fiscal year 1998 also reflects
	a growth in truck rental revenues benefiting from transactional
	growth and reflects a higher average revenue per transaction.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</B></TD>
	<TD>
	Real Estate Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	 Rental revenue before intercompany eliminations were $74.0
	million, $69.9 million and $68.1 million in fiscal years 1999,
	1998 and 1997, respectively. Intercompany rental revenue was
	$71.9 million, $67.4 million and $65.6 million in fiscal years
	1999, 1998 and 1997, respectively. The increase from fiscal year
	1998 to fiscal year 1999 reflects the addition of new system
	operating companies.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Net Sales</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net sales revenues were $181.3 million, $176.2 million and $173.0
 million in fiscal years 1999, 1998 and 1997, respectively.
Revenue growth from the sale of moving support items (<I>
i.e.&nbsp;</I>boxes, etc.) and propane resulted in the increase
during both years.

<P align="center">S-15

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Premiums</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Premium revenues, after intercompany eliminations, were $226.8
million in fiscal year 1999, $164.6 million in fiscal year 1998
and $163.6 million in fiscal year 1997. Details by material
segment follow:

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Property and
Casualty Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Premium revenues, before intercompany eliminations, were $145.3
	million, $155.9 million and $156.5 million for the years ended
	December&nbsp;31, 1998, 1997 and 1996, respectively. The 1998
	premium decrease resulted from U-Haul Liability programs in the
	rental industry, which decreased to $66.6 million during 1998
	from $84.5 million during 1997 and $83.9 million during 1996.
	This decrease in premiums resulted from an increase in the
	deductible and correspondingly decreased 1998 premium taxes by
	$0.3 million from 1997. The change in premium did not result in a
	 change in the coverage offered to U-Haul. General agency premium
	 of $6.5 million for 1998 increased from the $5.8 million for
	1997, but decreased from the $8.8 million for 1996. This was due
	to the cancellation of a general agency agreement, a portion of
	which is now being written through another agent. Direct multiple
	 peril premium increased to $21.0 million at December&nbsp;31,
	1998 compared to $16.5 million and $15.9 million for 1997 and
	1996, respectively. Assumed treaty reinsurance increased to $51.2
	 million for the year ended December&nbsp;31, 1998 as compared to
	 $49.1 million and $47.8 million at December&nbsp;31, 1997 and
	1996, respectively. The increase in assumed treaty reinsurance is
	 primarily in short-tail property coverage.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Life Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Premium revenues, before intercompany eliminations, were $94.5
	million, $29.7 million and $27.8 million for the years ended
	December&nbsp;31, 1998, 1997 and 1996, respectively. During 1998,
	 Oxford realized premium increases from 1997 and 1996 in the
	areas of Medicare supplement, credit life and disability, and
	single premium whole life insurance products. Oxford increased
	Medicare supplement premium through the reinsurance of a block of
	 policies and by adding direct premium from the acquisition of
	NAI in 1997, increasing premiums by $31.7 million. Credit life
	and disability premiums grew $27.2 million from the acquisition
	of NAI and Safe Mate. Both of the acquired companies heavily
	market credit life and disability insurance. Oxford began
	marketing a new single premium whole life policy in 1998; this
	product accounted for $2.6 million of new premiums.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Net Investment and Interest
Income</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Net investment and interest income was $69.6 million, $65.0
million and $75.0 million in fiscal years 1999, 1998 and 1997,
respectively. Details by material segment follow:

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Moving and
Storage Operations
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Interest income was $12.9 million, $13.1 million and $23.0
	million in fiscal years 1999, 1998 and 1997, respectively. The
	decrease in interest reflects the sale of notes receivable during
	 fiscal year 1997.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Real Estate
Operations
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Net investment and interest income was $4.5 million, $0.6 million
	 and $1.8 million in fiscal years 1999, 1998 and 1997,
	respectively. The increase in fiscal year 1999 was due to the
	realized gain on the sale of property acquired through
	foreclosure. Also contributing to the increase was interest
	income received on notes receivable. The decrease in fiscal year
	1998 reflects a lower average notes receivable balance.</TD>
</TR>

</TABLE>

<P align="center">S-16

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<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Property and
Casualty Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Net investment income was $32.9 million for the year ended
	December&nbsp;31, 1998, $31.3 million for 1997 and $30.6 million
	for 1996. The continued increases result from enhanced yield
	provided by an increased investment in preferred stock.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Life Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Net investment income was $19.1 million for the year ended
	December&nbsp;31, 1998, $17.8 million for 1997 and $18.8 million
	for 1996. The increase is due to the increase in the average
	invested assets for the year, which was the result of new premium
	 in 1998 and the increased asset base from the acquisition of NAI
	 and Safe Mate.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<U>Operating Expenses</U></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating expenses were $885.3 million, $817.9 million and $778.7
 million in fiscal years 1999, 1998 and 1997, respectively.
Details by material segment follow:

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Moving and
Storage Operations
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Operating expenses were $893.0 million, $857.9 million and $839.7
	 million in fiscal years 1999, 1998 and 1997, respectively. The
	increased expense is due to increased personnel cost and other
	administrative costs. Increased liability insurance, due to
	transactional growth, continued for fiscal year 1999 from fiscal
	years 1998 and 1997.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Real Estate
Operations
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Operating expenses were $6.2 million in fiscal year 1999, $7.7
	million in fiscal year 1998 and $8.3 million in fiscal year 1997.
	 Real Estate benefited from a reduction in intercompany
	management fees charged by an affiliated segment company during
	fiscal year 1999 compared to the prior two years.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&#149;&nbsp; Property and
Casualty Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Operating expenses were $32.8 million, $12.0 million and $27.5
	million for the years ended December&nbsp;31, 1998, 1997 and
	1996, respectively. Commissions consisted of $18.8 million at
	December&nbsp;31, 1998 compared to $4.1 million at
	December&nbsp;31, 1997 and $19.9 million at December&nbsp;31,
	1996. The 1998 commission increase of $14.7 million from 1997 and
	 the decrease of $15.8 million from 1996 is mainly due to the
	recognition of a large contingent commission in 1997 on an excess
	 of loss reinsurance contract and assumed treaty reinsurance.
	Also contributing was an increase in sliding scale commissions on
	 the assumed treaty reinsurance. Lease expenses increased to $1.3
	 million for 1998 as compared to $0.3 million and $0.1 million
	for 1997 and 1996, respectively.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	All other underwriting expenses consisted of $15.5 million, $8.2
	million and $8.4 million for 1998, 1997 and 1996, respectively.
	The increase results primarily from increased expenses in the
	claims organization. During 1998, 94 positions were added in home
	 and field office locations and two offices were opened in Texas
	and Iowa. The positions added were staff, director and manager
	levels, bringing multiple years worth of claims, management and
	leadership experience to Republic&#146;s operations. Benefits
	from these additions include a reduction in average file age from
	 600+&nbsp;days to nearly 100&nbsp;days for non-litigated files;
	a reduction in law suits by 35%, customer complaints are down by
	70%; and a decrease in Department of Insurance complaints of 50%.
	 In addition, loss and loss adjustment expenses are down 20% and
	30%, respectively, since 1997.</TD>
</TR>

</TABLE>

<P align="center">S-17

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp; Life Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Operating expenses were $31.0 million, $6.9 million and $2.4
	million for the years ended December&nbsp;31, 1998, 1997 and
	1996, respectively. A key component of operating expenses is the
	amortization of acquisition costs resulting from the purchase of
	NAI. This amounts to $12.1 million in 1998. Commissions have
	increased $4.0 million in 1998 in proportion to the increase in
	new premiums. Operating expenses, still within budgeted
	expectations, have increased in 1998 due to the expansion of
	business volume.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Cost of Sales</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cost of sales was $106.8 million, $101.7 million and $103.8
million in fiscal years 1999, 1998 and 1997, respectively.
Increased material costs and a higher sales volume related to
moving support items contributed to the fiscal year 1999 increase
 over fiscal year 1998. Cost of sales was virtually unchanged
from fiscal year 1997 to fiscal year 1998 as lower costs
associated with the sale of propane offset increased costs in
other areas.

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Benefits and Losses</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Benefits and losses were $176.6 million in fiscal year 1999,
$175.6 million in fiscal year 1998 and $174.1 million in fiscal
year 1997. Details by material segment follow:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp; Property and Casualty
Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Benefits and losses incurred were $118.9 million, $165.9 million
	and $131.4 million for the years ended December&nbsp;31, 1998,
	1997 and 1996, respectively. The loss and loss adjustment
	expenses incurred during 1998 decreased from 1997 and 1996 due
	mainly to the reduction in insurance transactions with U-Haul and
	 corresponds to the decrease in liabilities for unpaid claims due
	 to estimated future losses for current and prior policies for
	those transactions. The 1997 loss and loss adjustment expenses
	incurred increased from 1996 due to an increase in liabilities
	for unpaid claims on general agency assumed reinsurance and
	rental industry reserves.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp; Life Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Benefits incurred were $57.7 million, $24.4 million and $27.0
	million for the years ended December&nbsp;31, 1998, 1997 and
	1996, respectively. This increase is primarily due to credit life
	 and credit disability, and Medicare supplement benefits
	incurred. These benefits are related to the new business placed
	on the books in 1998. The new Medicare supplement reinsurance
	accounted for $14.7 million of the increase. Credit life and
	disability benefits increased by $8.9 million from 1998.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><U>Amortization of Deferred
Acquisition Costs</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Amortization of deferred acquisition costs was $20.2 million,
$14.2 million and $16.5 million in fiscal years 1999, 1998 and
1997, respectively. Deferred acquisition costs consists of
commissions and other policy acquisition costs, which vary with
and are primarily related to the production of new business. The
prior year end commissions and other related expenses are
recognized ratably over the remainder of the policy year. Details
 by material segment follow:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp; Property and Casualty
Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Amortization was $7.4 million, $8.6 million and $9.9 million for
	the years ended December&nbsp;31, 1998, 1997 and 1996,
	respectively. The continuing decrease is due to reduced writings
	in the assumed reinsurance line.</TD>
</TR>

</TABLE>

<P align="center">S-18

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp; Life Insurance
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Amortization was $12.8 million, $5.6 million and $6.6 million for
	 the years ended December&nbsp;31, 1998, 1997 and 1996,
	respectively. Deferred policy acquisition costs have increased
	$13.9 million and $11.0 million from 1998 and 1997 respectively.
	Oxford&#146;s large increase in single premium credit writings is
	 the cause of the increase in both the deferred costs and the
	subsequent amortization.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lease Expense</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lease expense was $118.7 million, $89.9 million and $86.0 million
 in fiscal years 1999, 1998 and 1997, respectively. Details by
material segment follow:

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Moving and Storage Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Lease expense was $118.4 million, $89.9 million and $85.9 million
	 in fiscal years 1999, 1998 and 1997, respectively. The continued
	 increase reflects additional leasing activity due to favorable
	lease rates.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Real Estate Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Lease expense for real estate operations is minimal at $0.1
	million, $0.2 million and $0.1 million for fiscal years 1999,
	1998 and 1997, respectively.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Depreciation Expense, net</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depreciation expense, net was $73.1 million, $69.7 million and
$66.7 million in fiscal years 1999, 1998 and 1997, respectively.
Details by material segment follow:

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Moving and Storage Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Depreciation expense, net was $61.0 million, $64.6 million and
	$62.3 million in fiscal years 1999, 1998 and 1997, respectively.
	The decrease in fiscal year 1999 reflects an increase in the
	gains from the disposition of property, plant and equipment. The
	change from fiscal year 1998 and 1997 reflects an increase in
	depreciation expense of non-rental equipment.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Real Estate Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Depreciation expense, net was $12.0 million, $6.4 million and
	$4.0 million in fiscal years 1999, 1998 and 1997, respectively.
	The increase in fiscal year 1999 reflects a decrease in the gains
	 from the disposition of property, plant and equipment, offset by
	 the increased depreciation expense relating to the addition of
	new facilities for operating system companies. The change from
	fiscal year 1998 and 1997 reflects a reduction in gains from the
	disposition of property, plant and equipment offset by an
	increase in depreciation expense of buildings and non-rental
	equipment.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings from Operations</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Earnings from operations were $171.3 million, $155.7 million and
$159.6 million in fiscal years 1999, 1998 and 1997, respectively.
 Details by material segment follow:

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Moving and Storage Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Earnings from operations were $87.0 million, $78.7 million and
	$75.7 million in fiscal years 1999, 1998 and 1997, respectively.
	Increased rental transactions offset by corresponding expenses
	contributed to the earnings gain for the past two years.</TD>
</TR>

</TABLE>

<P align="center">S-19

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Real Estate Operations</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Earnings from operations were $60.3 million, $58.1 million and
	$57.7 million in fiscal years 1999, 1998 and 1997, respectively.
	A decrease in intercompany management fees charged contributed to
	 the earnings increase for fiscal year 1999 compared to the prior
	 two years.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;</TD>
	<TD>
	Property and Casualty Insurance</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Earnings from operations were $19.1 million, $0.7 million and
	$18.3 million for the years ended December&nbsp;31, 1998, 1997
	and 1996, respectively. This represents an increase of $18.4
	million and $0.8 million over 1997 and 1996, respectively. The
	1998 increase resulted mainly from decreased underwriting
	expense, increased net investment income and net realized gains
	on investments, partially offset by a reduction in earned
	premiums.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Life Insurance</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="95%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Earnings from operations were $12.2 million, $10.6 million and
	$10.6 million for the years ended December&nbsp;31, 1998, 1997
	and 1996, respectively. The increase over prior years is
	primarily due to improved insurance claim loss ratios and higher
	volume of revenue.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest Expense</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest expense was $73.7 million in fiscal year 1999, $79.4
million in fiscal year 1998 and $76.0 million in fiscal year
1997. The decrease can be attributed to a reduction in the
average cost of debt over the past two fiscal years. The average
debt level outstanding decreased in fiscal year 1999 compared to
fiscal year 1998, and increased in fiscal year 1998 compared to
fiscal year 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Extraordinary Loss on the
Extinguishment of Debt</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal year 1998, AMERCO extinguished $76.0 million of
10.27% interest-bearing notes originally due in fiscal 1999
through fiscal 2002. This resulted in an extraordinary loss of
$4.0 million, net of tax of $2.4 million ($0.18 per share).
AMERCO also extinguished $255.0 million of 6.43% to 8.13%
interest-bearing notes originally due in fiscal year 1999 through
 fiscal year 2010. This resulted in an extraordinary loss of $9.7
 million, net of tax of $5.6 million ($0.44 per share).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal year 1997, AMERCO extinguished debt of
approximately $76.3 million by irrevocably placing cash into a
trust of U.S. Treasury securities to be used to satisfy scheduled
 payments of principal and interest. AMERCO also extinguished
$86.2 million of its long-term notes originally due in fiscal
year 1997 through fiscal year 1999. These transactions resulted
in an extraordinary loss of $2.3 million, net of tax of $1.4
million ($0.09 per share).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Earnings of the Consolidated
Group</U>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the foregoing, pretax earnings of $97.6 million
were realized in fiscal year 1999 compared to $76.3 million in
fiscal year 1998 and $83.5 million in fiscal year 1997. After
providing for income taxes, earnings from operations were $62.5
million in fiscal year 1999 compared to $48.7 million in fiscal
year 1998 and $54.2 million in fiscal year 1997. Following
deductions for an extraordinary loss from the early
extinguishment of debt, net earnings for the current year were
$62.5 million compared to $35.0 million in fiscal year 1998 and
$51.9 million in fiscal year 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Quarterly Results</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table presents unaudited quarterly results for the
ten quarters in the period beginning April&nbsp;1, 1997 and
ending September&nbsp;30, 1999. AMERCO believes that all
necessary adjustments have been included in the amounts stated
below to present fairly, and in accordance with generally
accepted accounting principles, the selected quarterly
information when read in conjunction with the consolidated
financial statements incorporated herein by reference. U-Haul
moving and storage operations are seasonal

<P align="center">S-20

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
and proportionally more of AMERCO&#146;s revenues and net
earnings from its U-Haul moving and storage operations are
generated in the first and second quarters of each fiscal year
(April through September). The operating results for the periods
presented are not necessarily indicative of results for any
future period.
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="64%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Quarter Ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>June 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September 30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439,410</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,307</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,127</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,953,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,964,452</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,953,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,131,119</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings per common share(1)(6)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.70</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.76</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>Quarter Ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>June 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>December 31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands, except share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">393,744</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">373,119</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">343,683</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings (loss)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,230</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,171</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,478</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,370</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding (both basic and
	diluted)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,924,749</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,935,854</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,942,190</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,947,951</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings (loss)&nbsp;per common share (both basic and
	diluted)(1)(6)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.21</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.71</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.07</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.78</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="43%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>Quarter Ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>June 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>December 31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands, except share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371,180</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">416,374</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">323,598</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">314,104</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Earnings (loss) from operations before extraordinary loss on
	early extinguishment of debt(2)(3)(4)(5)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,198</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,032</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,390</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,184</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings (loss)(3)(4)(5)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,198</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,894</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15,236</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,872</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding (both basic and
	diluted)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,879,156</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,890,072</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,901,521</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,913,654</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Earnings (loss) from operations before extraordinary loss on
	early extinguishment of debt per common share(2)(3)(4)(5)(6)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">l.09</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.54</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.49</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.85</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings (loss) per common share (both basic and
	diluted)(1)(2)(3)(4)(5)(6)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.09</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.94</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.84</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Net earnings (loss) per common share amounts were computed after
	giving effect to the dividends on AMERCO&#146;s Preferred Stock.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	Reflects the adoption of Statement of Position&nbsp;98-1,
	&#147;Accounting for the Costs of Computer Software Developed or
	Obtained for Internal Use&#148; during the fourth quarter of
	fiscal year 1998.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	Reflects the change in estimated residual values during the
	fourth quarter of fiscal year 1998.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	During the second quarter of fiscal year 1998, AMERCO
	extinguished $76.0 million of 10.27% interest-bearing notes
	originally due in fiscal year 1999 through fiscal year 2002. This
	 resulted in an extraordinary loss of $4.0 million, net of tax of
	 $2.4 million ($0.18 per share).</TD>
</TR>

</TABLE>

<P align="center">S-21

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<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>(5)&nbsp;</TD>
	<TD align="left">
	During the third quarter of fiscal year 1998, AMERCO extinguished
	 $255.0 million of 6.43% to 8.13% interest-bearing notes
	originally due in fiscal year 1999 through fiscal year 2010. This
	 resulted in an extraordinary loss of $9.7 million, net of tax of
	 $5.6 million ($0.44 per share).</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(6)&nbsp;</TD>
	<TD align="left">
	Reflects the redemption of $25 million, $50 million and $25
	million of Series&nbsp;B preferred stock in fiscal years 2000,
	1999 and 1998, respectively.</TD>
</TR>

</TABLE>

<P align="left"><B>Liquidity and Capital Resources</B>

<P align="left"><I>&nbsp;&nbsp;Moving and Storage Operations</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To meet the needs of its customers, U-Haul must maintain a large
inventory of fixed asset rental items. At September&nbsp;30,
1999, net property, plant, and equipment represented
approximately 62.6% of total assets from non-insurance operations
 and approximately 42.2% of consolidated assets. In the six
months ended September&nbsp;30, 1999, capital expenditures were
$182.7 million, as compared to $190.0 million in the six months
ended September&nbsp;30, 1998. These expenditures primarily
reflect the expansion of the rental truck fleet. The capital
required to fund these acquisitions was obtained through
internally generated funds from operations and through lease
financings.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cash flow from operations was $149.2 million in the six months
ended September&nbsp;30, 1999, as compared to $100.1 million in
the six months ended September&nbsp;30, 1998. The increase
results from a combination of earnings growth, higher levels of
depreciation and amortization and changes in other operating
assets and liabilities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At September&nbsp;30, 1999, total outstanding notes and loans
payable was $1,087.4 million as compared to $1,114.8 million at
March&nbsp;31, 1999.

<P align="left"><I>&nbsp;&nbsp;Real Estate Operations</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cash provided by operating activities was $7.0 million for the
six months ended September&nbsp;30, 1999. Cash used by operating
activities was $2.8 million for the six months ended
September&nbsp;30, 1998. The increase resulted from a combination
 of increased earnings and changes in other operating assets and
liabilities.

<P align="left"><I>&nbsp;&nbsp;Property and Casualty Insurance</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cash flows used by operating activities were $6.6 million and
$8.8 million for the six months ended June&nbsp;30, 1999 and
1998, respectively. The 1999 to 1998 change resulted from
decreased paid losses recoverable and increased other liabilities
 offset by an increase in other assets and the change in both
unearned premium and loss and loss expense reserves.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&#146;s cash and cash equivalents and short-term
investment portfolio were $10.5 million and $2.9 million at
June&nbsp;30, 1999 and 1998, respectively. The increase from 1998
 to 1999 resulted from the timing difference of maturities/calls
being reinvested. This level of liquid assets, combined with
budgeted cash flow, is adequate to meet periodic needs. Capital
and operating budgets allow Republic to schedule cash needs in
accordance with investment and underwriting proceeds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic maintains a diversified securities investment portfolio,
 primarily in bonds, at varying maturity levels with 96.1% of the
 fixed-income securities consisting of investment grade
securities. The maturity distribution is designed to provide
sufficient liquidity to meet future cash needs. Current liquidity
 remains strong with current invested assets equal to 106.1% of
total liabilities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The liability for reported and unreported losses are based upon
company historical and industry averages. Unpaid loss adjustment
expenses are based on historical ratios of loss adjustment
expenses paid to losses paid. Unpaid loss and loss expenses are
not discounted.

<P align="center">S-22

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stockholder&#146;s equity was $213.6 million and $199.6 million
at June&nbsp;30, 1999 and 1998, respectively. Republic considers
current stockholder&#146;s equity to be adequate to support
future growth and absorb unforeseen risk events. Republic does
not use debt or equity issues to increase capital and therefore
has no exposure to capital market conditions.

<P align="left"><I>&nbsp;&nbsp;Life Insurance</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford&#146;s primary sources of cash are premiums, receipts from
 interest-sensitive products, and investment income. The primary
uses of cash are operating costs and benefit payments to
policyholders. Matching the investment portfolio to the cash flow
 demands of the types of insurance being written is an important
consideration. Benefit and claim statistics are continually
monitored to provide projections of future cash requirements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cash flows provided by operating activities were $2.4 million for
 the six months ended June&nbsp;30, 1999 and 1998. Cash flows
provided by financing activities were approximately $0.3 million
and $7.1 million for the six months ended June&nbsp;30, 1999 and
1998, respectively. Cash flows from deferred annuity sales
increase investment contract deposits, which are a component of
financing activities, as well as the purchase of fixed
maturities, which are a component of investing activities. The
decrease in cash flows provided by financing activities for the
first six months of 1999 compared to the first six months of 1998
 is due to lower ratio of annuity deposits to withdrawals.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to cash flows from operating and financing
activities, a substantial amount of liquid funds is available
through Oxford&#146;s short-term portfolio. At June&nbsp;30, 1999
 and 1998, short-term investments were $75.6 million and $22.0
million, respectively. Management believes that the overall
sources of liquidity will continue to meet foreseeable cash
needs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Stockholder&#146;s equity of Oxford increased to $90.7 million in
 1999 from $90.1 million in 1998. Oxford did not pay dividends to
 its parent in 1999 or 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Applicable laws and regulations of the State of Arizona require
AMERCO&#146;s insurance subsidiaries to maintain minimum capital
and surplus determined in accordance with statutory accounting
practices. With respect to Oxford, the amount is $0.45 million.
In addition, the amount of dividends that can be paid to
shareholders by insurance companies domiciled in the State of
Arizona is limited. Any dividend in excess of the limit requires
prior regulatory approval. Statutory surplus which can be
distributed as dividends without regulatory approval is $0.7
million at June&nbsp;30, 1999. These restrictions are not
expected to have a material adverse effect on the ability of
AMERCO to meet its cash obligation.

<P align="left"><I>&nbsp;&nbsp;Consolidated Group</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During each of the fiscal years ended March&nbsp;31, 2000, 2001
and 2002, U-Haul estimates gross capital expenditures will
average approximately $325 million primarily reflecting rental
fleet rotation. This level of capital expenditures, combined with
 an average of approximately $30-$115 million in annual long-term
 debt maturities during this same period, are expected to create
annual average funding needs of approximately $355-$440 million.
Management estimates that U-Haul will fund 100% of these
requirements with internally generated funds, including proceeds
from the disposition of older trucks and other asset sales.

<P align="left"><I>&nbsp;&nbsp;Credit Agreements and Other Indebtedness</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO&#146;s operations are funded by various credit and
financing arrangements, including unsecured long-term borrowings,
 unsecured medium-term notes, and revolving lines of credit with
domestic and foreign banks. Principally to finance its fleet of
trucks and trailers, AMERCO routinely enters into sale and
leaseback transactions. As of September&nbsp;30, 1999, AMERCO had
 $1,087.4 million in total notes and loans payable outstanding
and unutilized lines of credit of approximately $225.0 million.

<P align="center">S-23

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;1 and October&nbsp;15, 1999, AMERCO satisfied at
maturity $50,000,000 and $100,000,000 of its medium-term notes
and bond backed asset trust notes, respectively. AMERCO borrowed
an additional $150,000,000 under its revolving credit agreement
dated June&nbsp;30, 1997 in order to repay such indebtedness.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of AMERCO&#146;s credit agreements contain restrictive
financial and other covenants, including, among others, covenants
 with respect to incurring additional indebtedness, maintaining
certain financial ratios, and placing certain additional liens on
 its properties and assets. At September&nbsp;30, 1999, AMERCO
was in compliance with these covenants.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO is further restricted in the issuance of certain types of
preferred stock. AMERCO is prohibited from issuing shares of
preferred stock that provide for any mandatory redemption,
sinking fund payment, or mandatory prepayment, or that allow the
holders thereof to require AMERCO or any subsidiary of AMERCO to
repurchase such preferred stock at the option of such holders or
upon the occurrence of any event or events without the consent of
 its lenders. See Note&nbsp;5 of Notes to Consolidated Financial
Statements on page F-19 for additional information.

<P align="left"><B>Year 2000 Disclosure</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In preparation for any potential Year 2000 processing problems,
AMERCO worked since 1997 to identify any changes necessary to its
 existing computerized business systems to make these systems
compliant for Year 2000 processing. AMERCO has spent
approximately $2.8 million to date in its Year 2000 compliance
efforts. Since January&nbsp;1, 2000, AMERCO has been assessing
its information technology systems and has found no major Year
2000 processing problems.

<P align="left"><B>Stockholder Litigation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As disclosed in Note 15 of Notes to Consolidated Financial
Statements (audited), on October&nbsp;1, 1996, AMERCO paid the
last portion of a total of approximately $448.1 million to the
plaintiffs (non-management members of the Shoen family and their
affiliates) in full settlement of a long-standing legal dispute
involving the Shoen family and related to control of AMERCO. As a
 result, the plaintiffs that owned AMERCO stock were required to
transfer all of their shares of Common Stock to AMERCO. The total
 number of shares transferred was 18,254,976.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The last issue remaining with the plaintiffs, whether or not the
plaintiffs are entitled to statutory post-judgment interest at
the rate of ten percent (10%) per year from February&nbsp;21,
1995 (the date the Director-Defendants filed for protection under
 Chapter&nbsp;11) until the judgment was satisfied, was resolved
on January&nbsp;10, 2000 when the United States Supreme Court
denied review of the Bankruptcy Court&#146;s ruling that the
plaintiffs are entitled to such interest. In 1996, AMERCO
deposited approximately $48.2 million into an escrow account to
secure payment of the disputed interest, pending final resolution
 of this issue. The escrow account is reflected as a component of
 &#147;Other assets&#148; in AMERCO&#146;s consolidated financial
 statements. The amount deposited into the escrow account will be
 transferred to the plaintiffs in the near future. The release of
 the escrow will not have the effect of increasing or decreasing
AMERCO&#146;s net earnings, but will reduce stockholders&#146;
equity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has deducted for income tax purposes approximately $324.0
million of the payments made to the plaintiffs. While AMERCO
believes that such income tax deductions are appropriate, there
can be no assurance that such deductions ultimately will be
allowed in full.

<P align="left"><B>Other</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;1, 1998, AMERCO implemented Statement of
Financial Accounting Standards No.&nbsp;133, &#147;Accounting for
 Derivative Instruments and Hedging Activities&#148;. This
statement standardizes the accounting for derivative instruments
by requiring that an entity recognize those items as assets or

<P align="center">S-24

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<P><HR noshade><P>

<DIV align="left">
liabilities in the statement of financial position and measure
them at fair value. It also provides for matching the timing of
gain or loss recognition on the hedging instrument with the
recognition of (a)&nbsp;the changes in the fair value of hedged
asset or liability attributable to the hedged risk or
(b)&nbsp;the earnings effect of the hedged forecasted
transaction. As of March&nbsp;31, 1999, AMERCO recorded an after
tax adjustment of $3.6 million to accumulated other comprehensive
 income recognizing the fair value of derivatives designated as
cash flow hedges. AMERCO uses interest rate swap agreements to
potentially mitigate the impact of changes in interest rates on
its variable rate debt. For the year ended March&nbsp;31, 1999,
AMERCO recognized $89,000 as interest expense, representing the
ineffectiveness of the cash flow hedging activity. At time of
implementation, an entity may reclassify held-to-maturity
securities as available-for-sale. Republic transferred $56.5
million (carrying value) to available-for-sale from
held-to-maturity at time of implementation. The market value of
these securities was $60.3 million at the date of transfer with a
 transition adjustment of $3.8&nbsp;million.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other pronouncements issued by the Financial Accounting Standards
 Board adopted during the year are not material to the
consolidated financial statements of AMERCO. Further,
pronouncements with future effective dates are either not
applicable or not material to the consolidated financial
statements of AMERCO.

<P align="center">S-25
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<P><HR noshade><P>

<P align="center"><B>BUSINESS</B>

<P align="left"><B>Industry Segments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has four industry segments represented by Moving and
Storage Operations (U-Haul), Real Estate, Property and Casualty
Insurance (Republic) and Life Insurance (Oxford).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Moving and Storage Operations.</I> Moving and self-storage
operations consist of the rental of trucks and trailers, sale of
moving aids such as boxes and the rental of self-storage spaces
to the do-it-yourself mover. Operations are under the registered
tradename U-Haul throughout the United States and Canada.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Real Estate Operations. </I>Real Estate owns approximately 90%
 of U-Haul&#146;s real estate assets, including U-Haul Center and
 Storage locations. The remainder of the real estate assets are
owned by various U-Haul entities. Real Estate is responsible for
managing all of the properties including the environmental risks
of the properties. Real Estate is responsible for the purchase of
 all properties used by AMERCO or any of its subsidiaries. Real
Estate also handles all the dispositions (sale or lease) of
unused real estate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Property and Casualty Insurance. </I>Republic originates and
reinsures property and casualty-type insurance products for
various market participants, including independent third parties,
 U-Haul&#146;s customers, independent dealers and AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Life Insurance. </I>Oxford originates and reinsures annuities,
 life, credit life and disability, health and Medicare supplement
 insurance. Oxford also administers the self-insured employee
health and dental plans for AMERCO. On November&nbsp;21, 1997,
Oxford purchased all of the issued and outstanding shares of
Encore Financial, Inc. (Encore) and its subsidiaries.
Encore&#146;s primary subsidiary is North American Insurance
Company (NAI). NAI&#146;s premium volume is primarily from the
sale of credit life and disability products, and Medicare
supplement insurance. NAI owned all of the issued and outstanding
 common shares of North American Fire &#38; Casualty Insurance
Company, a property and casualty company. In December&nbsp;1998,
North American Fire &#38; Casualty Insurance Company was sold to
Republic. On November&nbsp;24, 1997, Oxford purchased all of the
issued and outstanding shares of Safe Mate Life Insurance Company
 (Safe Mate). As of November&nbsp;1, 1998, Safe Mate merged into
Oxford. Safe Mate&#146;s business was the sale of credit life and
 disability products.

<P align="left"><B>History</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul was founded in 1945 under the name &#147;U-Haul Trailer
Rental Company&#148;. From 1945 to 1974, U-Haul rented trailers
and, starting in 1959, trucks on a one-way and In-Town basis
through independent dealers. Since 1974, U-Haul has developed a
network of owned rental centers (U-Haul Centers) through which
U-Haul rents its trucks and trailers and provides related
products and services (<I>e.g.</I>, the sale and installation of
hitches, as well as the sale of boxes and moving supplies). At
December&nbsp;31, 1999, U-Haul&#146;s distribution network
included 1,100 U-Haul Centers and 15,000 independent dealers.

<P align="left"><B>Moving and Storage Operations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Business Strategies. </I>AMERCO&#146;s present business
strategy remains focused on do-it-yourself moving and
self-storage customers. U-Haul believes that customer access, in
terms of truck or trailer availability and proximity of rental
locations, is critical to its success. Under the U-Haul name,
this strategy is to offer, in an integrated manner over an
extensive and geographically diverse network of 16,100
company-owned Centers and independent dealers, a wide range of
products and services to do-it-yourself moving and self-storage
customers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Moving Operations. </I>U-Haul has a variety of product
offerings. Rental trucks are designed with do-it-yourself
customers in mind, and may include features such as Low Decks,
air conditioning, power steering, automatic transmissions,
Gentle-Ride Suspensions, AM/FM cassette stereo systems and
over-the-cab storage. Aerodynamically designed U-Haul trailers
are suited to the low profile of many newly

<P align="center">S-26
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<P><HR noshade><P>

<DIV align="left">
manufactured automobiles. As of December&nbsp;31, 1999, the
U-Haul rental equipment fleet consisted of 95,800 trucks, 80,800
trailers and 18,700 tow dollies. Additionally, U-Haul provides
support rental items such as furniture pads, hand trucks,
Appliance Dollies, Utility Dollies, mirrors, tow bars, floor
polishers, carpet cleaning equipment and bumper hitches.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approximately 90% of U-Haul&#146;s rental revenue is from
do-it-yourself movers. Moving rentals include:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; In-town rentals, where the equipment is returned to the
	 originating U-Haul location and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; one-way rentals, where the equipment is returned to a
	U-Haul location in another city.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul&#146;s truck and trailer rental business tends to be
seasonal, with proportionally more transactions and revenues
generated in the spring and summer months than during the balance
 of the year. U-Haul also sells a wide selection of moving aids
that include boxes, tape and packaging materials. U-Haul Centers
also sell and install hitches and towing systems, and sell
propane.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul offers protection packages such as:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; Safemove which provides moving customers with a damage
	waiver, cargo protection and medical and life coverage and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; Safestor which provides self-storage rental customers
	with various types of protection for their goods in storage.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Independent dealers receive U-Haul equipment on a consignment
basis and are paid a commission on gross revenues generated from
their rentals. U-Haul maintains contracts with its independent
dealers that typically may be canceled upon 30&nbsp;days written
notice by either party.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul designs and manufactures its truck van boxes, trailers and
 various other support rental equipment items. The rental
equipment is designed to achieve high safety standards,
simplicity of operation, reliability, convenience, durability and
 fuel economy. Truck chassis are manufactured by both foreign and
 domestic truck manufacturers. These chassis receive certain
post-delivery modifications and are joined with van boxes at
strategically located company owned manufacturing and assembly
facilities in the United States.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul services and maintains its trucks and trailers through an
extensive preventive-maintenance program, generally performed at
company owned facilities located at or near U-Haul Centers. Major
 repairs are performed either by the chassis manufacturers&#146;
dealers or by company owned repair shops, and U-Haul takes
advantage of manufacturers&#146; warranties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Competition. </I>The moving truck and trailer rental market is
 highly competitive and dominated by national operators in both
the In-Town and one-way markets. During the past two years, two
major competitors combined. Budget Rent-A-Car acquired Ryder TRS
(Ryder Truck Rentals) as a subsidiary. Because of U-Haul&#146;s
strong position in the do-it-yourself moving industry, management
 believes this merger has had no material effect on U-Haul&#146;s
 business. Management believes that there are two distinct users
of rental trucks: commercial users and do-it-yourself users. As
noted above, U-Haul focuses on the do-it-yourself mover. U-Haul
believes that the principal competitive factors are convenience
of rental locations, availability of quality rental equipment and
 price. As a leader in the do-it-yourself moving industry, U-Haul
 capitalizes on the convenience of its rental locations, the
availability of its quality rental equipment and its competitive
price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Self-Storage Business. </I>U-Haul entered the self-storage
business in 1974 and since then has increased the rentable square
 footage of its storage locations through the acquisition of
existing facilities and new construction. The remaining 10% of
U-Haul&#146;s rental revenue is generated from storage. In
addition, U-Haul has entered into management agreements to manage
 self-storage properties owned by others. U-Haul has also entered
 into a strategic and financial partnership with Private Mini
Storage Realty, L.P., a Texas-based operator of 47 self-storage
properties. Through over 940 owned or managed storage locations
in the United States and Canada, U-Haul offers for rent more than
 28 million square feet of self-storage space. U-Haul&#146;s
self-storage facility locations range in sizes up to 152,000
square feet of storage space,

<P align="center">S-27

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<DIV align="left">
with individual storage units in sizes from 15 square feet to 400
 square feet. The primary market for storage rooms is the storage
 of household goods. With the addition of over 10,800 storage
rooms during fiscal 1999, average occupancy rates were 81.7%,
with modest seasonal variations. During fiscal 1999, delinquent
rentals as a percentage of total storage rentals were
approximately 6.2%. U-Haul considers this rate to be
satisfactory.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Competition. </I>The primary competition for a U-Haul
self-storage location is other storage facilities within a three
mile radius offering a comparative convenience to the customer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Employees. </I>As of December&nbsp;31, 1999, U-Haul&#146;s
non-seasonal work force consisted of 15,000 full and part-time
employees.

<P align="left"><B>Real Estate Operations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Real Estate Operations. </I>Real Estate has responsibility for
 actively marketing properties available for sale or lease. Real
Estate is also responsible for managing any environmental risks
associated with AMERCO&#146;s real estate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Environmental Matters. </I>Compliance with environmental
requirements of federal, state and local governments
significantly affects Real Estate&#146;s business operations.
Among other things, these requirements regulate the discharge of
materials into the water, air and land and govern the use and
disposal of hazardous substances. Real Estate is aware of issues
regarding hazardous substances on the properties. Real Estate
regularly makes capital and operating expenditures to stay in
compliance with environmental laws. Since 1988, Real Estate has
managed a testing and removal program for underground storage
tanks. Under this program, over 3,000 tanks have been removed at
a cost of $40.0 million.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based upon the information currently available to Real Estate,
compliance with the environmental laws and its share of
investigation and cleanup costs of the hazardous waste sites,
Real Estate is not expecting to incur losses with respect to the
known sites that would have a material adverse effect on
AMERCO&#146;s financial position or operating results.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Real Estate has been named as a &#147;potentially responsible
party&#148; with respect to disposal of hazardous waste at
16&nbsp;federal and four&nbsp;state superfund sites located in
15&nbsp;states. Real Estate has entered into settlements for 18
of the sites for de minimus amounts. One of these sites has been
disputed by Real Estate with no response for over six years and a
 second is in dispute over statute of limitations restrictions.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A subsidiary of U-Haul, INW Company (INW), owns one property
located within two different state hazardous substance sites in
the State of Washington. INW has been named a &#147;potentially
liable party&#148; (PLP), along with over 100 other PLPs with
respect to this property. AMERCO believes that this designation
poses no significant financial loss to the company and is
non-material as it relates to our business operations. For more
information regarding this site, please refer to the section
entitled &#147;Business&nbsp;&#151; Real Estate
Operations-Environmental Matters&#148; in our Annual Report on
Form&nbsp;10-K for the fiscal year ended March&nbsp;31, 1999.

<P align="left"><B>Insurance Operations</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Business Strategies. </I>Republic&#146;s principal business
strategy is to provide specialty insurance for personal,
commercial and reinsurance markets. Republic focuses on selected
regional and under-served customers through managing general
agents, independent agents and brokers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford&#146;s business strategy is long-term capital growth
through direct writing of annuity, credit life and disability,
universal life and Medicare supplement insurance. Currently,
Oxford is pursuing this growth strategy of increased direct
writing via acquisitions of small insurance companies, expanded
distribution channels and product enhancement and diversity. The
acquisition of North American Insurance Company and Safe Mate
Life Insurance Company in 1997 represent a significant movement
toward this long-term goal. Oxford has significantly expanded its
 distribution channels and administrative capabilities through
these acquisitions.

<P align="center">S-28

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investments. </I>Republic and Oxford investments must comply
with the insurance laws of the State of domicile. These laws
prescribe the type, quality and concentration of investments that
 may be made. Moreover, in order to be considered an acceptable
reinsurer by cedents and intermediaries, a reinsurer must offer
financial security. The quality and liquidity of invested assets
are important considerations in determining such security. The
investment philosophies of Republic and Oxford emphasize
protection of principal through the purchase of investment grade
fixed-income securities. Approximately 86.5% of Republic&#146;s
and 90.3% of Oxford&#146;s fixed-income securities consist of
investment grade securities (NAIC-2 or greater). Republic is
rated &#147;A&#34;-VIII by A.M. Best and Oxford is rated
&#147;A-&#34;-VII by A.M. Best. The maturity distributions are
designed to provide sufficient liquidity to meet future cash
needs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Reinsurance. </I>Republic and Oxford assume and cede insurance
 from and to other insurers and members of various reinsurance
pools and associations. Reinsurance arrangements are utilized to
provide greater diversification of risk and to minimize exposure
on large risks. However, the original insurer retains primary
liability to the policyholder should the assuming insurer not be
able to meet its obligations under the reinsurance agreements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Regulation. </I>Republic and Oxford are subject to regulation
throughout the United States. The regulation extends to such
matters as licensing companies and agents, restricting the types,
 quality or quantity of investments, regulating capital and
surplus and actuarial reserve maintenance, setting solvency
standards, filing of annual and other reports on financial
position, and regulating trade practices. State laws also
regulate transactions and dividends between an insurance company
and its parent or affiliates, and generally require prior
approval or notification for any change in control of the
insurance subsidiary. Republic&#146;s unpaid loss and loss
expenses are certified annually by an independent actuarial
consulting firm as required by state regulation. In the past few
years, the insurance and reinsurance regulatory framework has
been subjected to increased scrutiny by the National Association
of Insurance Commissioners (the NAIC), federal and state
legislatures and insurance regulators. These regulators are
considering increased regulations, with an emphasis on insurance
company investment and solvency issues. It is not possible to
predict the future impact of changing state and federal
regulations on the operations of Republic and Oxford. Republic
and Oxford are in compliance with NAIC minimum risk-based
capitalization (RBC)&nbsp;requirements for insurance companies as
 of December&nbsp;31, 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Competition. </I>The highly competitive insurance industry
includes a large number of property and casualty insurance
companies and life insurance companies. Many competitors have
been in business for a longer period of time or possess
substantially greater financial resources. Competition in the
insurance business is based upon price, product design and
services rendered to producers and policyholders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Employees.</I> Republic&#146;s non-seasonal work force
consists of 360 full and part-time employees. Oxford&#146;s
non-seasonal work force consists of 139 full and part-time
employees.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Life Insurance.<B> </B></I>Oxford offers annuities, life,
credit life and disability, and Medicare supplement insurance
products, both as a direct writer and as an assuming reinsurer.
In addition, Oxford administers self-insured group health and
dental plans for AMERCO. Reinsurance arrangements are entered
into with unaffiliated reinsurers. Oxford&#146;s subsidiary,
North American Insurance Company underwrites credit life and
disability, and Medicare Supplement insurance.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Property and Casualty. </I>Republic&#146;s business activities
 consist of three basic areas: U-Haul, direct and assumed
reinsurance underwriting. U-Haul underwritings include coverage
for U-Haul customers, independent dealers and employees of
AMERCO. For the year ended December&nbsp;31, 1999, approximately
29.8% of Republic&#146;s written premiums resulted from U-Haul
underwriting activities. Republic&#146;s direct underwriting is
done through company-employed underwriters and selected general
agents. The products provided include liability coverage for
rental vehicle lessees, storage rental properties, coverage for
commercial multiple peril, nonstandard auto, mobile homes and
excess workers&#146; compensation. Republic&#146;s assumed
reinsurance underwriting is done via broker markets. In an effort
 to decrease risk and avoid situations, Republic has entered into
 various catastrophe cover policies to limit its exposure.
Furthermore, Republic is not writing insurance coverage
specifically for hurricanes or earthquakes.

<P align="center">S-29

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&#146;s liability for reported and unreported losses is
based on company historical and industry averages. Unpaid loss
adjustment expenses are based on historical ratios of loss
adjustment expenses paid to losses paid. The liability for unpaid
 claims and unpaid claims expenses represents estimates of the
amount necessary to settle all claims as of the statement date.
Both reported and unreported losses are included in the
liability. Republic updates the liability estimate as additional
facts regarding claim costs become available. These estimates are
 subject to uncertainty and variation due to numerous factors. In
 estimating reserves, no attempt is made to isolate inflation
from the combined effect of other factors including inflation.
Unpaid losses and unpaid loss expenses are not discounted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Activity in the liability for unpaid claims and claim adjustment
expenses is summarized as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="60%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at January&nbsp;1</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">384,816</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">332,674</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">341,981</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Less reinsurance recoverable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,286</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,873</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net balance at January&nbsp;1</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">309,530</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">272,355</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">268,108</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Incurred related to:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Current year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116,069</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">132,291</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,394</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Prior years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,827</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,192</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,527</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total incurred</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,242</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,483</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">123,921</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Paid related to</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Current year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,407</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,972</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,633</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Prior years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,752</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,336</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,041</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total paid</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,308</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">119,674</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net balance at December&nbsp;31</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">276,613</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">309,530</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">272,355</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Plus reinsurance recoverable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68,135</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,286</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,319</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at December&nbsp;31</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">344,748</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">384,816</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">332,674</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of changes in estimates of insured events in prior
years, the provision for unpaid loss and loss adjustment expenses
 (net of reinsurance recoveries of $29.9 million) decreased by
$8.8 million in 1998.

<P align="center">S-30

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<P><HR noshade><P>

<P align="center"><B>DESCRIPTION OF NOTES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following description of the particular terms of the notes
offered hereby (referred to in the accompanying prospectus as
&#147;Offered Securities&#148;) supplements, and to the extent
inconsistent therewith supersedes, the description of the general
 terms and provisions of Offered Securities set forth in the
accompanying prospectus, to which description reference is hereby
 made. You can find the definitions of certain terms used in this
 description under &#147;&#151;&nbsp;Certain Definitions.&#148;
Capitalized terms not otherwise defined herein have the meanings
given to them in the accompanying prospectus. For purposes of the
 following description, references to AMERCO do not include any
of our subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes will be issued under the Senior Indenture, dated as of
April&nbsp;1, 1999 (the &#147;Senior Indenture&#148;), as
supplemented by a Second Supplemental Indenture, to be dated as
of February&nbsp;4, 2000 (the &#147;Second Supplemental
Indenture&#148;) between AMERCO and The Bank of New York, as
trustee (the &#147;trustee&#148;) and will be limited to
$200,000,000 aggregate principal amount, subject to the possible
reopening of this series of notes or the issuance of additional
notes as described in the accompanying prospectus under
&#147;Description of Debt Securities&nbsp;&#151; General,&#148;
and will mature on February&nbsp;4, 2005. Subject to the
following paragraph, the notes will bear interest at the rate per
 annum shown on the cover of this prospectus supplement from and
including February&nbsp;4, 2000 or from the most recent interest
payment date on which interest has been paid or provided for,
payable semiannually on February&nbsp;4 and August&nbsp;4 of each
 year, commencing August&nbsp;4, 2000, to the person in whose
name a note (or any predecessor note) is registered at the close
of business on the January&nbsp;20 or July&nbsp;20, as the case
may be, next preceding that interest payment date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes will be general unsecured obligations of AMERCO. The
notes will rank pari passu in right of payment with all senior
indebtedness of AMERCO, and senior in right of payment to all
future subordinated indebtedness of AMERCO. The notes will not be
 guaranteed by any of our subsidiaries. The notes will be
effectively subordinated to (i)&nbsp;any secured indebtedness of
AMERCO to the extent of the assets securing that indebtedness and
 (ii)&nbsp;all indebtedness for money borrowed and other
liabilities of our subsidiaries. As of September&nbsp;30, 1999
after giving pro forma effect to this offering, AMERCO had
approximately $1.087 billion of notes and loans payable ($0.3
million of which is secured debt) and our subsidiaries had
approximately $0.3 million of debt.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are obligations exclusively of AMERCO. Since the
operations of AMERCO are primarily conducted through
subsidiaries, our cash flow and the consequent ability to service
 our debt, including the notes, is primarily dependent upon the
earnings of our subsidiaries and the distribution of those
earnings to, or upon loans or other payments of funds by our
subsidiaries to, AMERCO. The payment of dividends and the making
of loans and advances to AMERCO by our subsidiaries may be
subject to statutory or insurance regulatory restrictions, are
dependent upon the earnings of our subsidiaries and are subject
to various business considerations. The description in this
&#147;Description of Notes&#148; is a summary of the material
provisions of the Second Supplemental Indenture. It does not
restate that agreement in its entirety. We urge you to read the
Second Supplemental Indenture and the Indenture because they, and
 not this description, define your rights as holders of the
notes.

<P align="left"><B>Book-Entry System</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes will be represented by one or more permanent global
notes deposited with, or on behalf of, The Depository Trust
Company, as Depository under the Senior Indenture and the Second
Supplemental Indenture (the &#147;Depository&#148;), and
registered in the name of the Depository&#146;s nominee. Except
as set forth in the accompanying prospectus, each permanent
global note may be transferred, in whole and not in part, only to
 another nominee of the Depository or to a successor of the
Depository or its nominee. A further description of the
Depository&#146;s procedures with respect to permanent global
notes representing the notes is set forth in the accompanying
prospectus under &#147;Description of Debt Securities&nbsp;&#151;
 Book-Entry System.&#148;

<P align="left"><B>Same-Day Funds Settlement System and Payment</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Settlement for the notes will be made by the underwriters in
immediately available funds. All payments of principal and
interest will be made by AMERCO in immediately available funds
or, at the

<P align="center">S-31

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<P><HR noshade><P>

<DIV align="left">
option of AMERCO in the case of notes issued in definitive form,
by check in the case of interest payments.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Secondary trading in long-term notes of corporate issuers is
generally settled in clearinghouse or next-day funds. In
contrast, the notes will trade in the Depository&#146;s same-day
funds settlement system until maturity, and secondary market
trading activity in the notes will therefore be required by the
Depository to settle in immediately available funds. No assurance
 can be given as to the effect, if any, of settlement in
immediately available funds on trading activity in the notes.

<P align="left"><B>Optional Redemption</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes will be redeemable, in whole or in part, at
AMERCO&#146;s option at any time at a redemption price equal to
the greater of (i)&nbsp;100% of the principal amount of the
notes, and (ii)&nbsp;as determined by the Quotation Agent, the
sum of the present values of the remaining scheduled payments of
principal and interest on the notes (not including any portion of
 those payments of interest accrued as of the redemption date)
discounted to the redemption date on a semi-annual basis assuming
 a 360&nbsp;day year consisting of twelve 30&nbsp;day months at
the Adjusted Treasury Rate plus 35 basis points plus, in each
case, accrued and unpaid interest on the notes to the redemption
date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of a partial redemption, selection of the notes for
redemption will be made pro rata, by lot or such other method as
the trustee in its sole discretion deems appropriate and fair. No
 notes of a principal amount of $1,000 or less will be redeemed
in part. Notice of any redemption, whether in part or in full,
will be mailed by first class mail at least 30&nbsp;days but not
more than 60&nbsp;days before the redemption date to each holder
of the notes to be redeemed at its registered address. If any
note is to be redeemed in part only, the notice of redemption
that relates to the note will state the portion of the principal
amount of the note to be redeemed. A new note in a principal
amount equal to the unredeemed portion of the note will be issued
 in the name of the holder of the note upon surrender for
cancellation of the original note. Unless we default in payment
of the redemption price, on and after the redemption date,
interest will cease to accrue on the notes or the portions of the
 notes called for redemption.

<P align="left"><B>Mandatory Redemption</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will not be required to make any mandatory sinking fund
payments with regard to the notes.

<P align="left"><B>Purchase of the Notes Upon a Change of Control</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any Change in Control Triggering Event regarding AMERCO occurs
 on or prior to maturity of the notes, each holder of notes will
have the right, at the holder&#146;s option, subject to the terms
 and conditions of the indenture, to require AMERCO to purchase
(the &#147;Change in Control Purchase&#148;) all or any part of
the holder&#146;s notes (so long as the principal amount is
$1,000 or an integral multiple of $1,000) on the date that is 60
business days after the occurrence of the Change in Control
Triggering Event (the &#147;Purchase Date&#148;). If a holder
exercises this option, AMERCO will purchase that holder&#146;s
notes for cash equal to 101% of the principal amount of the notes
 plus any interest accrued and unpaid on the notes through the
Purchase Date (the &#147;Purchase Price&#148;).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Within 30 business days after a Change in Control Triggering
Event, AMERCO is obligated to mail to the trustee and to all
holders of the notes at their addresses shown in the securities
register (and to beneficial owners as required by applicable law)
 a notice (the &#147;Change in Control Notice&#148;) regarding
the Change in Control Triggering Event. The Change in Control
Notice shall state, among other things:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; the date by which the holder must give the Purchase
	Notice (as defined below);</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; the Purchase Price;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; the Purchase Date;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(4)&nbsp; the name and address of the trustee and of any other
	office or agency maintained for the purpose of the surrender of
	the notes for purchase;</TD>
</TR>

</TABLE>

<P align="center">S-32
<!-- PAGEBREAK -->
<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(5)&nbsp; the procedures for withdrawing a Purchase Notice; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(6)&nbsp; the procedures that a holder must follow to exercise
	these rights.</TD>
</TR>

</TABLE>

<P align="left">
AMERCO will have the Change in Control Notice published in a
daily newspaper of national circulation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To exercise the right to have us purchase the notes, a holder
must deliver written notice (a &#147;Purchase Notice&#148;) to
the trustee or to any other office or agency maintained for that
purpose of the holder&#146;s exercise of that right before the
close of business on the business day immediately prior to the
Purchase Date. The Purchase Notice must state:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; the certificate number of the note to be delivered by
	the holder for purchase by AMERCO;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; the portion of the principal amount of the notes to be
	purchased (which must be $1,000 or an integral multiple of
	$1,000); and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; that the notes will be submitted to AMERCO for purchase
	 on the Purchase Date pursuant to the applicable provisions of
	the notes.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A holder may withdraw any Purchase Notice by written notice of
withdrawal delivered to the trustee or to any other office or
agency maintained for such purpose no later than the business day
 immediately prior to the Purchase Date. The notice of withdrawal
 must state the principal amount and the certificate numbers of
the notes as to which the withdrawal notice relates and the
principal amount, if any, of the holder&#146;s notes which
remains subject to the original Purchase Notice.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payment of the Purchase Price for a note for which a Purchase
Notice has been delivered and not withdrawn is conditioned on
delivery of the note (together with any endorsements) to the
trustee or to any other office or agency maintained for that
purpose, at any time (whether prior to, on or after the Purchase
Date) after delivery of the Purchase Notice. Payment of the
Purchase Price for the note will be made promptly following the
later of the Purchase Date or the time of delivery of the note.
If AMERCO has deposited with the trustee, in accordance with the
Second Supplemental Indenture, money sufficient to pay the
Purchase Price of the note on the Purchase Date, then, on and
after the Purchase Date, the note will cease to be outstanding
and interest on the note will cease to accrue, whether or not the
 note is delivered to the trustee or to any other office or
agency maintained for that purpose, and all other rights of the
holder will terminate (other than the right to receive the
Purchase Price on delivery of the note). In accordance with the
Second Supplemental Indenture, no notes may be purchased pursuant
 to a Change in Control Triggering Event if there has occurred
and is continuing an event of default other than a default in the
 payment of the Purchase Price, relating to the notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The occurrence of certain of the events that would constitute a
Change in Control could trigger a prepayment obligation under
certain of AMERCO&#146;s credit agreements and debt obligations,
and failure to effect such prepayment could constitute an event
of default under such credit agreements and debt obligations. If
AMERCO is not able to obtain requisite consents or waivers from
the lenders under such credit agreements and the holders of such
debt obligations, AMERCO may be unable to fulfill our repurchase
obligations following a Change in Control Triggering Event,
thereby resulting in a default under the Second Supplemental
Indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO will comply with and make all filings required under all
federal and state securities laws regulating the purchase of the
notes at the option of holders upon a Change in Control
Triggering Event, including, if applicable, Section&nbsp;14(e) of
 the Securities and Exchange Act of 1934, as amended, (the
&#147;Exchange Act&#148;) and Rule&nbsp;14e-1 promulgated under
the Exchange Act and any other applicable tender offer rules.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Change in Control Purchase feature of the notes may in
certain circumstances make more difficult or discourage a
takeover of AMERCO and, as a result, the removal of incumbent
management. If a Change in Control Triggering Event were to
occur, AMERCO cannot assure you that AMERCO would have sufficient
 funds to pay the Purchase Price for all notes tendered by the
holders. A default by

<P align="center">S-33

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
AMERCO on our obligation to pay the Purchase Price could result
in acceleration of the payment of other indebtedness of
AMERCO&#146;s that is outstanding at the time.
</DIV>

<P align="left"><B>Certain Covenants</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Second Supplemental Indenture related to the Senior Indenture
 contains certain restrictive covenants that are set forth below.
 Several additional restrictive covenants relating to the notes,
including restrictions on our ability to enter into certain
consolidations, mergers or transfers of substantially all of
AMERCO&#146;s assets, are contained in the Senior Indenture and
are described in the accompanying prospectus under
&#147;Description of Debt Securities&nbsp;&#151; Covenants.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Limitation on Liens Securing Indebtedness.</I> AMERCO will
not, and will not permit any of our consolidated subsidiaries to,
 create or incur, or suffer to be incurred or to exist, at any
time, any Lien on our or their property, whether now owned or
hereafter acquired, or upon any income or profits therefrom, to
secure the payment of any indebtedness for money borrowed of
AMERCO or of any of our consolidated subsidiaries or of any other
 person, unless all obligations of AMERCO on or in respect of the
 notes are equally and ratably and validly secured by such Lien
by proceedings and documents reasonably satisfactory to the
Trustee, except that the provisions of this paragraph shall not
prohibit the following:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; Liens existing as of the issue date securing
	indebtedness for money borrowed of AMERCO and our consolidated
	subsidiaries outstanding on such date;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; Liens (a)&nbsp;incurred after the issue date given (on
	or within 120&nbsp;days of the date of acquisition, construction
	or improvement) to secure the payment of the purchase price or
	construction costs incurred by AMERCO or our consolidated
	subsidiaries in connection with the acquisition, construction or
	improvement of real and personal property useful and intended to
	be used in carrying on the business of AMERCO or such
	consolidated subsidiary or (b)&nbsp;on fixed assets useful and
	intended to be used in carrying on the business of AMERCO or our
	consolidated subsidiaries existing at the time of acquisition or
	construction thereof by AMERCO or such consolidated subsidiary or
	 at the time of acquisition by AMERCO or our consolidated
	subsidiaries of any business entity then owning such fixed
	assets, whether or not such existing Liens were given to secure
	the payment of the purchase price or construction costs of the
	fixed assets to which they attach, so long as Liens permitted by
	this subclause (b)&nbsp;were not incurred, extended or renewed in
	 contemplation of such acquisition or construction, provided that
	 any such Liens permitted by this clause&nbsp;(2) shall attach
	solely to the property acquired, constructed, improved or
	purchased;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; Liens for taxes, assessments or other governmental
	levies or charges not yet due or which are subject to a good
	faith contest;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(4)&nbsp; Liens incidental to the conduct of AMERCO&#146;s and
	our subsidiaries&#146; businesses or their ownership of property
	and other assets not securing any indebtedness for money borrowed
	 and not otherwise incurred in connection with the borrowing of
	money or obtaining of credit, and which do not in the aggregate
	materially diminish the value of AMERCO&#146;s or our
	subsidiaries&#146; property or assets when taken as a whole, or
	materially impair the use thereof in the operation of their
	businesses;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(5)&nbsp; Liens in respect of any interest or title of a lessor
	in any property subject to a Capitalized Lease permitted under
	the covenant described under &#147;&#151;&nbsp;Limitation on Sale
	 and Leaseback&#148; below;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(6)&nbsp; Liens arising in respect of judgments against AMERCO,
	except for any judgment in an amount in excess of $1,000,000
	which is not discharged or execution thereof stayed pending
	appeal within 45&nbsp;days after entry thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(7)&nbsp; Liens in favor of AMERCO or any of our consolidated
	subsidiaries;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(8)&nbsp; Liens consisting of minor survey exceptions or minor
	encumbrances, easements or reservations, or rights of others for
	rights-of-way, utilities and other similar purposes, or zoning or
	 other restrictions as to use of real property, that are
	necessary for the conduct of the operations of AMERCO and our
	subsidiaries or that customarily exist on properties of
	corporations engaged in</TD>
</TR>

</TABLE>

<P align="center">S-34

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	similar businesses and are similarly situated and that do not in
	any event materially impair their use in the operations of AMERCO
	 and our subsidiaries; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(9)&nbsp; Liens renewing, extending or refunding any Lien
	permitted by the preceding clauses of this paragraph;<I>
	provided, however</I>, that the principal amount of indebtedness
	for money borrowed secured by such Lien immediately prior thereto
	 is not increased and such Lien is not extended to any other
	assets or property.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, AMERCO or any of our consolidated
subsidiaries may create or assume Liens, in addition to those
otherwise permitted by the preceding clauses of this paragraph,
securing indebtedness for money borrowed of AMERCO or any of our
consolidated subsidiaries issued or incurred after the issue
date, provided that at the time of such issuance or incurrence,
the aggregate amount of all Secured Indebtedness and Attributable
 Debt would not exceed 15% of Consolidated Net Tangible Assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event that any property of AMERCO or any of our
consolidated subsidiaries is subjected to a Lien not otherwise
permitted by this paragraph, AMERCO will make or cause to be made
 a provision whereby the notes will be secured (together with
other indebtedness for money borrowed then entitled thereto and
equal in rank to the notes), to the full extent permitted under
applicable law, equally and ratably with all other obligations
secured thereby, and in any case the notes shall (but only in
such event) have the benefit, to the full extent that the holders
 of the notes may be entitled thereto under applicable law, of an
 equitable Lien on such property equally and ratably securing the
 notes and such other obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Limitation on Sale and Leaseback.</I> AMERCO will not, and
will not permit any of our consolidated subsidiaries to, enter
into any arrangement, directly or indirectly, whereby AMERCO or
such consolidated subsidiary shall, in one transaction or a
series of related transactions, (1)&nbsp;sell, transfer or
otherwise dispose of any property owned by AMERCO or any of our
consolidated subsidiaries and (2)&nbsp;more than 120&nbsp;days
after the later of the date of initial acquisition of such
property or completion or occupancy thereof, as the case may be,
by AMERCO or such consolidated subsidiary, rent or lease, as
lessee, such property or substantially identical property or any
material part thereof (a &#147;Sale and Leaseback
Transaction&#148;), provided that the foregoing restriction shall
 not apply to any Sale and Leaseback Transaction if
(a)&nbsp;immediately after the consummation of such Sale and
Leaseback Transaction and after giving effect thereto, no Default
 or Event of Default shall exist and (b)&nbsp;any one of the
following conditions is satisfied:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; the lease concerned constitutes a Capitalized Lease and
	 at the time of entering into such Sale and Leaseback Transaction
	 and after giving effect thereto and to any Liens incurred
	pursuant to the covenant described under &#147;&#151;Limitation
	on Liens Securing Indebtedness&#148; above, the aggregate amount
	of all Secured Indebtedness and Attributable Debt would not
	exceed 15% of Consolidated Net Tangible Assets;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; the lease has a term which in the aggregate would not
	exceed 36&nbsp;months (including any extensions or renewals
	thereof at the option of the lessee); or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; the sale of such property is for cash consideration
	which equals or exceeds the fair market value thereof (as
	determined in good faith by AMERCO) and the net proceeds from
	such sale are applied, within 180&nbsp;days of the date of the
	sale thereof, to either (a)&nbsp;redemption or retirement of the
	notes or (b)&nbsp;the payment (other than payments due at
	maturity or in satisfaction of, or applied to, any mandatory or
	scheduled payment or prepayment obligation) of indebtedness for
	money borrowed of AMERCO which ranks, in right of payment, on a
	parity with or senior to the notes.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Restrictive Agreements.</I> AMERCO will not and will not
permit any of our consolidated subsidiaries to enter into any
indenture, agreement, instrument or other arrangement which,
directly or indirectly, prohibits or restrains, or has the effect
 of prohibiting or restraining, or imposes materially adverse
conditions upon, the ability of any of our consolidated
subsidiaries to make loans or advances to AMERCO or to declare
and pay dividends or make distribution on shares of such
consolidated subsidiary&#146;s capital stock (whether now or
hereafter outstanding); <I>provided, however</I>, that any
agreement to subordinate indebtedness for money borrowed owing
from any of our consolidated subsidiaries to

<P align="center">S-35

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<DIV align="left">
AMERCO or owing between our consolidated subsidiaries pursuant to
 any Priority Debt or to any guarantee of such indebtedness for
money borrowed shall not be deemed to violate this paragraph so
long as any such agreement to subordinate does not directly or
indirectly prohibit or restrain the ability of any such
consolidated subsidiary to make loans or advances to AMERCO or to
 declare and pay dividends or make distributions on shares of
such consolidated subsidiary&#146;s capital stock (whether now or
 hereafter outstanding).
</DIV>

<P align="left"><B>Events of Default</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are subject to the Events of Default described under
&#147;Description of Debt Securities&nbsp;&#151; Events of
Default&#148; in the accompanying prospectus and as described in
the following sentence. An event of default under the Second
Supplemental Indenture will occur upon the failure to perform the
 covenant of AMERCO in the Second Supplemental Indenture
described herein under &#147;&#151;&nbsp;Purchase of the Notes
Upon a Change of Control&#148; (including the failure to purchase
 the notes required to be purchased following a Change in Control
 Purchase in accordance with the terms of the Change in Control
Notice and the Second Supplemental Indenture).

<P align="left"><B>Application Of Defeasance Provisions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are subject to defeasance and covenant defeasance as
described under &#147;Description of Debt Securities&nbsp;&#151;
Defeasance&#148; in the accompanying prospectus. The Second
Supplemental Indenture will provide with respect to the notes
that AMERCO may omit to comply with the covenants described under
 &#147;&#151;Purchase of the Notes Upon a Change of
Control,&#148; &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151;
Limitation on Liens Securing Indebtedness,&#148;
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on
Sale and Leaseback,&#148; and &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Restrictive Agreements&#148; above, and
that violations of such covenants will not be deemed to be an
Event of Default under the Second Supplemental Indenture, the
Senior Indenture and the notes to the extent that the conditions
described under &#147;Description of Debt Securities&nbsp;&#151;
Defeasance&#148; in the accompanying prospectus are met.

<P align="left"><B>Modification and Waiver</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are subject to the provisions described under
&#147;Description of Debt Securities&nbsp;&#151; Modification and
 Waiver&#148; in the accompanying prospectus in addition to the
following provision. A modification or amendment to the Second
Supplemental Indenture may not waive AMERCO&#146;s obligation to
make a Change in Control Purchase without the written consent of
the holders of at least two-thirds in aggregate principal amount
of the then outstanding notes.

<P align="left"><B>Certain Definitions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is a summary of certain of the defined terms used
 in the covenants contained in the Second Supplemental Indenture.
 Reference is made to the Senior Indenture and the Second
Supplemental Indenture for the full definition of all such terms
as well as any other capitalized terms used herein for which no
definition is provided.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Adjusted Treasury Rate&#148; means, with respect to any
redemption date, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price of the Comparable Treasury Issue (expressed as a
 percentage of its principal amount) equal to the Comparable
Treasury Price for that redemption date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Attributable Debt&#148; means indebtedness for money
borrowed deemed to be incurred in respect of a Sale and Leaseback
 Transaction and shall be, at the date of determination, the
present value (discounted at the actual rate of interest implicit
 in such transaction, compounded annually), of the total
obligations of the lessee for rental payments during the
remaining term of the lease included in such Sale and Leaseback
Transaction, after excluding all amounts required to be paid on
account of maintenance and repairs, insurance, taxes,
assessments, water and utility rates and similar charges.

<P align="center">S-36

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Capital Stock&#148; means, with respect to any person, any
and all shares or other equivalents (however designated) of
corporate stock, partnership interests, or any other
participation, right, warrant, option, or other interest in the
nature of an equity interest in such person, but excluding debt
securities convertible or exchangeable into such equity interest.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Capitalized Lease&#148; means any lease the obligation for
Rentals with respect to which is required to be capitalized on a
consolidated balance sheet of the lessee and its subsidiaries in
accordance with United States generally accepted accounting
principles.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Change in Control&#148; means the occurrence of:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; any consolidation, share exchange or merger regarding
	AMERCO in which AMERCO is not the continuing or surviving
	corporation or where our Voting Stock would be converted into
	cash, securities or other property, other than a merger in which
	the holders of our Voting Stock immediately prior to the merger
	have the same or greater direct or indirect proportionate
	ownership of the surviving corporation&#146;s Voting Stock
	immediately after the merger as they had of our Voting Stock
	immediately before the merger, or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; any person or group (as either such term is used in
	Section&nbsp;13(d) and 14(d) of the Exchange Act), including
	affiliates of AMERCO (but not including AMERCO, our subsidiaries,
	 employee stock ownership plans or employee benefit plans of
	AMERCO or our subsidiaries, or Permitted Persons), filing a
	Schedule&nbsp;13D or 14D-1 (or any successor schedule, form or
	report under the Exchange Act) disclosing that such a person has
	become the beneficial owner (as defined in Rule&nbsp;13d-2 and
	13d-5 under the Exchange Act), directly or indirectly, of 50% or
	more of the Voting Stock.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Change in Control Triggering Event&#148; means the
occurrence of both a Change in Control and a Rating Decline with
respect to the notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Comparable Treasury Issue&#148; means the United States
Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the notes to be
redeemed that would be utilized, at the time of a selection and
in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the
 remaining term of the notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Comparable Treasury Price&#148; means, with respect to any
redemption date, (1)&nbsp;the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the
highest and lowest Reference Treasury Dealer Quotation, or
(2)&nbsp;if the trustee obtains fewer than three Reference
Treasury Dealer Quotations, the average of the quotations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Net Tangible Assets&#148; means, as of the
date of any determination thereof, the total amount of all assets
 of AMERCO and our consolidated subsidiaries (less depreciation,
depletion and other properly deductible valuation reserves) after
 deducting Intangibles.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;consolidated subsidiary&#148; means any subsidiary of a
person or of any consolidated subsidiary which is consolidated
with such person for financial reporting purposes in accordance
with United States generally accepted accounting principles.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;indebtedness for money borrowed,&#148; when used with
respect to AMERCO or any of our subsidiaries, means any
obligation of, or any obligation guaranteed by, AMERCO or any of
our subsidiaries for the repayment of borrowed money, whether or
not evidenced by bonds, debentures, notes or other written
instruments, and any deferred obligation of, or any such
obligation guaranteed by, AMERCO for the payment of the purchase
price of property or assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Intellectual Properties&#148; means all material patents,
patent applications, copyrights, copyright applications, trade
secrets, trade names and trademarks, technologies, methods,
processes or other proprietary properties or information which
are used by AMERCO and our consolidated subsidiaries in the
conduct of their business and are either owned by them or are
used, employed or practiced by them under valid and existing
licenses, grants, &#147;shop rights,&#148; or other rights.

<P align="center">S-37

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Intangibles&#148; means all Intellectual Properties and all
 goodwill, patents, trade names, trademarks, copyrights,
franchises, experimental expense, organization expense,
unamortized debt discount and expense, deferred assets (other
than prepaid insurance, prepaid taxes, prepaid advertising,
prepaid licensing and other similar expenses prepaid in the
ordinary course of business), amounts invested in or advanced to
or equity in AMERCO&#146;s subsidiaries other than consolidated
subsidiaries less any writedowns thereof, the excess of cost of
shares acquired over book value of related assets, any increase
in the value of a fixed asset arising from a reappraisal,
revaluation or write-up thereof, and such other assets as are
properly classified as &#147;intangible assets&#148; in
accordance with United States generally accepted accounting
principles.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Investment Grade Rating&#148; means a rating equal to or
higher than BBB- (or the equivalent) by Standard&nbsp;&#38;
Poor&#146;s Rating Group (or any successor to the rating agency
business thereof), BBB- (or the equivalent) by Fitch IBCA, Inc.
(or any successor to the rating agency business thereof), and
BBB- (or the equivalent) by Duff &#38; Phelps Credit Rating Co.
(or any successor to the rating agency business thereof).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;issue date&#148; means the date of issuance of the notes
under the Second Supplemental Indenture and the Senior Indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Lien&#148; means any interest in property securing an
obligation owed to, or a claim by, a person other than the owner
of the property, whether such interest is based on the common
law, statute or contract, and including but not limited to the
security interest or lien arising from a mortgage, encumbrance,
pledge, conditional sale or trust receipt or a lease, consignment
 or bailment for security purposes. The term &#147;Lien&#148;
shall include reservations, exceptions, encroachments, easements,
 rights-of-way, covenants, conditions, restrictions,
bankers&#146; liens, setoffs and similar arrangements, leases and
 other title exceptions and encumbrances (including, with respect
 to stock, stockholder agreements, voting trust agreements,
buy-back agreements and all similar arrangements) affecting
property. For the purposes hereunder, AMERCO or any of our
consolidated subsidiaries shall be deemed to be the owner of any
property which it has acquired or holds subject to a conditional
sale agreement, Capitalized Lease or other arrangement pursuant
to which title to the property has been retained by or vested in
some other person for security purposes and such retention or
vesting shall constitute a Lien.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Permitted Persons&#148; means (1)&nbsp;Edward J. Shoen,
Mark V. Shoen, James P. Shoen, Paul F. Shoen, Sophia M. Shoen and
 the spouse and lineal descendants of each such individual, the
spouses of each such lineal descendants and the lineal
descendants of such spouses, (2)&nbsp;any trusts for the primary
benefit of, the executor or administrator of the estate of, or
other legal representative of, any of the individuals referred to
 in the foregoing clause (1), and (3)&nbsp;any corporation with
respect to which all the Voting Stock thereof is, directly or
indirectly, owned by any of the individuals referred to in the
preceding clause (1).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Priority Debt&#148; means (1)&nbsp;indebtedness for money
borrowed of any of AMERCO&#146;s consolidated subsidiaries,
except indebtedness for money borrowed issued to and held by
AMERCO or any or our wholly-owned consolidated subsidiaries, and
(but without duplication) (2)&nbsp;Secured Indebtedness.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Quotation Agent&#148; means the Reference Treasury Dealer
appointed by us.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rating Agencies&#148; means Standard &#38; Poor&#146;s
Rating Group, Fitch IBCA, Inc., and Duff &#38; Phelps Credit
Rating Co. or any successor to the respective rating agency
businesses thereof.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rating Date&#148; means the date which is 90&nbsp;days
prior to the earlier of (1)&nbsp;a Change in Control and
(2)&nbsp;public notice of the occurrence of a Change in Control
or of the intention of AMERCO to effect a Change in Control.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rating Decline&#148; means, with the respect to the notes,
the occurrence of the following on, or within 90&nbsp;days after,
 the date of public notice of the occurrence of a Change in
Control or of the intention by AMERCO to effect a Change in
Control (which period shall be extended so long as the rating of
such notes is under publicly announced consideration for possible
 downgrade by any of the Rating Agencies): (a)&nbsp;in the event
the notes were assigned an Investment Grade Rating by at least
two of the three Rating Agencies on the Rating Date, the rating
of the notes by both Standard &#38; Poor&#146;s Rating Group and
Fitch

<P align="center">S-38

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<DIV align="left">
IBCA, Inc. shall decrease below an Investment Grade Rating; or
(b)&nbsp;in the event the notes were rated below an Investment
Grade Rating by at least two of the three Rating Agencies on the
Rating Date, the rating of the notes by either Standard &#38;
Poor&#146;s Rating Group or Fitch IBCA, Inc. shall decrease by
one or more gradations (including gradations within rating
categories as well as between rating categories).
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Reference Treasury Dealer&#148; means (1)&nbsp;each of
Merrill Lynch, Pierce, Fenner &#38; Smith Incorporated, Chase
Securities Inc. and their respective successors; however, if any
of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a &#147;Primary Treasury
Dealer&#148;), we will substitute another Primary Treasury
Dealer; and (2)&nbsp;any other Primary Treasury Dealer selected
by us.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Reference Treasury Dealer Quotations&#148; means, with
respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by AMERCO, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the
 trustee by the Reference Treasury Dealer at 5:00&nbsp;p.m., New
York City time, on the third business day preceding the
redemption date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Rentals&#148; means and includes, as of the date of any
determination thereof, all fixed payments (including as such all
payments which the lessee is obligated to make to the lessor on
termination of the lease or surrender of the property) payable by
 AMERCO or any of our consolidated subsidiaries, as lessee or
sublessee under a lease of real or personal property, but shall
be exclusive of any amounts required to be paid by AMERCO or any
of our consolidated subsidiaries (whether or not designated as
rents or additional rents) on account of maintenance, repairs,
insurance, taxes and similar charges. Fixed rents under any
so-called &#147;percentage leases&#148; shall be computed solely
on the basis of the minimum rents, if any, required to be paid by
 the lessee regardless of sales volume or gross revenues.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Secured Indebtedness&#148; means any indebtedness for money
 borrowed, whether of AMERCO or any of our consolidated
subsidiaries, secured by any Lien on any property of AMERCO or
any of our consolidated subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;subsidiary&#148; means a person more than 50% of the
outstanding Voting Stock of which is owned, directly or
indirectly, by such person or by one or more other subsidiaries,
or by such person and one or more other subsidiaries of such
person.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Voting Stock&#148; of a person means all classes of Capital
 Stock of such person then outstanding and normally entitled to
vote in the election of directors (or persons performing similar
functions) or to direct the business and affairs of the issuer of
 such Capital Stock in the absence of contingencies.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;wholly-owned consolidated subsidiary&#148; means any
consolidated subsidiary all of the outstanding Capital Stock of
which (except for directors&#146; qualifying shares to the extent
 required by applicable law) is owned by a person and/or its
wholly-owned consolidated subsidiaries.

<P align="center">S-39

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<P align="center"><B>CERTAIN U.S. FEDERAL</B>

<DIV align="center">
<B>INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following discussion is limited to the U.S. federal income
tax consequences relevant to Non-U.S. Holders. For purposes of
this discussion, you are a &#147;Non-U.S. Holder&#148; if you are
 a beneficial owner of notes who is not a &#147;U.S. person&#148;
 for U.S. federal tax purposes. A &#147;U.S. person&#148; is:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a citizen or resident of the United States,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a corporation or partnership organized under the laws of the
	United States or any State,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	an estate the income of which is subject to U.S. federal income
	tax without regard to its source or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a trust if a court within the United States is able to exercise
	primary supervision over the administration of the trust and one
	or more U.S. fiduciaries have the authority to control all
	substantial decisions of the trust.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This discussion only applies to you if you are a Non-U.S. Holder
who holds the notes as capital assets. The tax treatment of
holders of the notes may vary depending upon their particular
situations. Certain holders, including insurance companies, tax
exempt organizations, financial institutions, and broker-dealers,
 may be subject to special rules not discussed below. Prospective
 investors are urged to consult their tax advisors regarding the
particular U.S. federal tax consequences of acquiring, holding
and disposing of the notes, as well as any tax consequences that
may arise under the laws of any relevant foreign, state, local or
 other taxing jurisdictions or under any applicable tax treaty.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of the following discussion, interest and gain on
the sale, exchange or other disposition of a note will be
considered &#147;U.S. trade or business income&#148; if the
income or gain is:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	effectively connected with the conduct of a U.S. trade or
	business or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	in the case of a treaty resident, attributable to a U.S.
	permanent establishment (or to a fixed base) in the United States
	 if the relevant treaty so provides.</TD>
</TR>

</TABLE>

<P align="left"><I>&nbsp;&nbsp;Stated Interest</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Generally, any interest we pay to you that is not &#147;U.S.
trade or business income&#148; will not be subject to U.S. tax if
 the interest qualifies as &#147;portfolio interest.&#148;
Generally, interest on the notes will qualify as portfolio
interest if:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	you do not actually or constructively own 10% or more of the
	total voting power of all our voting stock and are not a
	controlled foreign corporation with respect to which we are a
	&#147;related person&#148; within the meaning of the Internal
	Revenue Code of 1986, as amended, and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	you, under penalty of perjury, certify that you are not a U.S.
	person and provide your name and address.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The gross amount of payments to you of interest that do not
qualify for the portfolio interest exception and that are not
U.S. trade or business income will be subject to U.S. federal
withholding tax at the rate of 30%, unless a U.S. income tax
treaty applies to reduce or eliminate withholding. U.S. trade or
business income will be taxed on a net income basis at regular
U.S. rates rather than the 30% gross rate. To claim the benefit
of a tax treaty or to claim exemption from withholding because
the income is U.S. trade or business income, you must provide a
properly executed Form&nbsp;W-8 BEN or W-8 ECI (or such successor
 form as the Internal Revenue Service designates), as applicable,
 prior to the payment of interest. These Forms must be
periodically updated. If you are claiming the benefits of a
treaty, you may be required in certain instances to obtain a U.S.
 taxpayer identification number and to provide certain
documentary evidence issued by foreign governmental authorities
to prove residence in the foreign country.

<P align="center">S-40

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><B>&nbsp;&nbsp;</B><I>Sale, Exchange or Redemption of the Notes
</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as described below and subject to the discussion
concerning backup withholding, any gain you realize on the sale,
exchange or redemption of a note generally will not be subject to
 U.S. federal income tax, unless:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the gain is U.S. trade or business income,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	subject to certain exceptions, you are an individual who holds
	the note as a capital asset and are present in the United States
	for 183&nbsp;days or more in the taxable year of the disposition,
	 or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	you are subject to tax pursuant to the provisions of U.S. tax law
	 applicable to certain former citizens and residents of the
	United States.</TD>
</TR>

</TABLE>

<P align="left"><B>&nbsp;&nbsp;</B><I>Federal Estate Tax</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes held (or treated as held) by an individual who is a
Non-U.S. Holder at the time of his death will not be subject to
U.S. federal estate tax provided that the individual does not
actually or constructively own 10% or more of the total voting
power of all our voting stock and income on the notes was not
U.S. trade or business income.

<P align="left"><B>&nbsp;&nbsp;</B><I>Information Reporting and Backup
Withholding</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must report annually to the IRS and to each Non-U.S. Holder
any interest that is subject to withholding or that is exempt
from U.S. withholding tax pursuant to a tax treaty or the
portfolio interest exception. Copies of these information returns
 may also be made available under the provisions of a specific
treaty or agreement to the tax authorities of the country in
which you reside.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Backup withholding tax is a withholding tax imposed at the rate
of 31% on certain payments to persons who fail to furnish the
information required under U.S. information reporting
requirements. The regulations provide that backup withholding and
 information reporting will not apply to our payments of
principal and interest to you if you certify to your non-U.S.
status under penalties of perjury or otherwise establish an
exemption (provided that neither we nor our paying agent has
actual knowledge that you are a U.S. person or that the
conditions of any other exemption are not, in fact, satisfied).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The payment of the proceeds from the disposition of notes to or
through the U.S. office of any broker, U.S. or foreign, will be
subject to information reporting and possible backup withholding
unless you certify your non-U.S. status under penalty of perjury
or otherwise establish an exemption, provided that the broker
does not have actual knowledge that you are a U.S. person or that
 the conditions of any other exemption are not, in fact,
satisfied. The payment of the proceeds from the disposition of a
note to or through a non-U.S. office of a non-U.S. broker that
does not have certain enumerated relationships with the United
States will not be subject to information reporting or backup
withholding.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of the payment of proceeds from the disposition of
notes to or through a non-U.S. office of a broker that is either
a U.S. person or a person who has certain enumerated
relationships with the United States, regulations require
information reporting (but not backup withholding) on the
payment, unless the broker has documentary evidence in its files
that you are a Non-U.S. Holder and the broker has no knowledge to
 the contrary.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Treasury Department recently promulgated final regulations
regarding the withholding and information reporting rules
discussed above. In general, the final regulations do not
significantly alter the substantive withholding and information
reporting requirements but rather unify current certification
procedures and forms and clarify reliance standards. The final
regulations are generally effective for payments made after
December&nbsp;31, 2000, subject to certain transition rules. You
should consult your own tax advisors with respect to the impact,
if any, of the new final regulations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any amounts withheld under the backup withholding rules from a
payment to you will be allowed as a refund or a credit against
your U.S. federal income tax liability, provided that you follow
the requisite procedures.

<P align="center">S-41

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>UNDERWRITING</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We intend to offer the notes through the underwriters. Merrill
Lynch, Pierce, Fenner&nbsp;&#38; Smith Incorporated and Chase
Securities Inc. are acting as representatives of the underwriters
 named below. Subject to the terms and conditions set forth in an
 underwriting agreement among us and the underwriters named
below, we have agreed to sell to each of the underwriters and
each of the underwriters has severally agreed to purchase from us
 the principal amount of the notes set forth opposite its name
below.

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="81%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="8%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2">&nbsp;<B>Underwriter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Principal</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amount</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Merrill Lynch, Pierce, Fenner&nbsp;&#38; Smith Incorporated</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,000,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Chase Securities Inc.</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70,000,000</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">200,000,000</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement provides that the obligations of the
underwriters are subject to certain conditions and that the
underwriters will be obligated to purchase all of the notes if
any are purchased.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriters against, or to
contribute to payments that the underwriters may be required to
make with respect to, certain liabilities, including liabilities
under the Securities Act of 1933, as amended.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters are offering the notes, subject to prior sale,
when, as and if issued to and accepted by them, subject to
approval of legal matters by their counsel, including the
validity of the notes, and other conditions contained in the
underwriting agreement, such as the receipt by the underwriters
of officer&#146;s certificates and legal opinions. The
underwriters reserve the right to withdraw, cancel or modify
offers to the public and to reject orders in whole or in part.

<P align="left"><B>Commissions and Discounts</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters propose to offer the notes to the public at the
public offering price set forth on the cover page of this
prospectus supplement and to dealers at that price less a
concession of no more than .35% of the principal amount of the
notes. The underwriters may allow, and the dealers may reallow, a
 discount of no more than .25% of the principal amount of the
notes to other dealers. The public offering price, concession and
 discount may be changed after the offering to the public of the
notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We estimate that our share of the total expenses of the offering,
 excluding underwriting discounts and commissions, will be
approximately $100,000.

<P align="left"><B>New Issue of Notes</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The notes are a new issue of securities with no established
trading market. We do not intend to apply for listing of the
notes on any national securities exchange or for quotation of the
 notes on any automated dealer quotation system. The underwriters
 have advised us that they intend to make a market in the notes
after the offering, although they are under no obligation to do
so. The underwriters may discontinue any market-making activities
 at any time without any notice. We can give no assurance as to
the liquidity of the trading market for the notes or that a
public trading market for the notes will develop. If no active
public trading market develops, the market price and liquidity of
 the notes may be adversely affected. If the notes are traded,
they may trade at a discount from their initial offering price,
depending on factors such as prevailing interest rates, the
market for similar securities, the performance of our company as
well as other factors not listed here.

<P align="left"><B>Price Stabilization and Short Positions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriters, as well as dealers and agents, may purchase and
 sell notes in the open market. These transactions may include
stabilizing transactions and purchases to cover syndicate short
positions

<P align="center">S-42

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
created in connection with the offering. Stabilizing transactions
 consist of bids and purchases made to prevent or slow a decline
in the market price of the notes. Syndicate short positions arise
 when the underwriters or agents sell more notes than we are
required to sell to them in the offering. The underwriters may
also impose penalty bids whereby the underwriting syndicate may
reclaim selling concessions allowed either syndicate members or
broker dealers who sell notes in the offering for their own
account if the syndicate repurchases the notes in stabilizing or
covering transactions. These activities may stabilize, maintain
or otherwise affect the market price of the notes, which may be
higher as a result of these activities than it might otherwise be
 in the open market. These activities, if commenced, may be
discontinued at any time without notice.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We and the underwriters make no representation or prediction as
to the direction or magnitude of any effect that the transactions
 described above may have on the price of the notes. In addition,
 we and the underwriters make no representation that the
underwriters will engage in those types of transactions or that
those transactions, once commenced, will not be discontinued
without notice.

<P align="left"><B>Other Relationships</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of the underwriters and their affiliates have engaged in
various general financing and banking transactions with us and
our affiliates in the ordinary course of their business. In
particular, an affiliate of Chase Securities Inc. is a lender
under our revolving credit agreement and will receive a portion
of the amounts repaid under that agreement with the net proceeds
of the offering.

<P align="left"><B>Delivery</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It is expected that delivery of the notes will be made against
payment therefor on or about the date specified in the last
paragraph on the cover page of this prospectus supplement, which
is expected to be the sixth business day following the date of
pricing of the notes. Pursuant to Rule&nbsp;15c6-1 under the
Exchange Act, trades in the secondary market generally are
required to settle in three business days unless the parties to
any such trade expressly agree otherwise. Accordingly, purchasers
 who wish to trade notes on the date of pricing or the next two
business days will be required, by virtue of the fact that the
notes initially will settle in T+6, to specify an alternate
settlement cycle at the time of any such trade to prevent a
failed settlement. Purchasers of notes who wish to trade notes on
 the date of pricing or the next two business days should consult
 their own advisor.

<P align="center"><B>LEGAL MATTERS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our counsel, Lionel, Sawyer&nbsp;&#38; Collins, Las Vegas,
Nevada, will pass upon the validity of the notes and will rely
upon Milbank, Tweed, Hadley&nbsp;&#38; McCloy LLP, New York, New
York with respect to matters of the law of the State of New York.
 Milbank, Tweed, Hadley&nbsp;&#38; McCloy LLP, New York, New
York, will pass upon the validity of the notes for the
underwriters and will rely upon Lionel, Sawyer&nbsp;&#38;
Collins, Las Vegas, Nevada with respect to matters of the law of
the State of Nevada.

<P align="center">S-43
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>INDEX TO FINANCIAL STATEMENTS</B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="88%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Consolidated Financial Statements as of and for the fiscal
	years ended March&nbsp;31, 1999, 1998, and 1997</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Report of Independent Accountants</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-2</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Balance Sheets as of March&nbsp;31, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-3</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Earnings for each of the Three Years
	Ended March&nbsp;31, 1999, 1998 and 1997</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-4</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Changes in Stockholders&#146; Equity
	for each of the Three Years Ended March&nbsp;31, 1999, 1998 and
	1997</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-5</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Comprehensive Income for each of the
	Three Years Ended March&nbsp;31, 1999, 1998, and 1997</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-6</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Cash Flows for each of the Three Years
	 Ended March&nbsp;31, 1999, 1998 and 1997</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-7</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Notes to Consolidated Financial Statement (audited)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-8</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Unaudited Consolidated Financial Statements as of
	September&nbsp;30, 1999 and for the three months and six months
	ended September&nbsp;30, 1999 and 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Balance Sheets as of September&nbsp;30, 1999 and
	March&nbsp; 31, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-38</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Earnings for the Six Months Ended
	September&nbsp;30, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-39</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statement of Changes in Stockholders&#146; Equity
	for the Six Months Ended September&nbsp;30, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-40</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Comprehensive Income for the Six
	Months Ended<BR>
	September&nbsp;30, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-41</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Earnings for the Quarters Ended
	September&nbsp;30, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-42</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Consolidated Statements of Cash Flows for the Six Months Ended
	September&nbsp;30, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-43</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Notes to Consolidated Financial Statements (unaudited)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">F-44</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-1

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>REPORT OF INDEPENDENT ACCOUNTANTS</B>

<P align="left">To the Board of Directors

<DIV align="left">
and Stockholders of AMERCO
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of earnings, of changes in
stockholders equity, of comprehensive income and of cash flows
present fairly, in all material respects, the financial position
of AMERCO and its subsidiaries at March&nbsp;31, 1999 and 1998,
and the results of their operations and their cash flows for each
 of the three years in the period ended March&nbsp;31, 1999, in
conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Company&#146;s
 management; our responsibility is to express an opinion on these
 financial statements based on our audits. We conducted our
audits of these statements in accordance with generally accepted
auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
 principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the
opinion expressed above.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As discussed in Note&nbsp;1 to the consolidated financial
statements, the Company implemented Statement of Financial
Accounting Standards No.&nbsp;133, &#147;Accounting for
Derivative Instruments and Hedging Activities,&#148; in fiscal
1999.

<P align="left">
PricewaterhouseCoopers LLP

<P align="left">
Phoenix, Arizona

<DIV align="left">
June&nbsp;24, 1999
</DIV>

<P align="center">F-2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B> AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Balance Sheets</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="60%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March&nbsp;31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	<B>Assets</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,505</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,606</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Trade receivables, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173,050</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210,785</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Notes and mortgage receivables, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">217,910</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,835</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Inventories, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68,887</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Prepaid expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,363</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,154</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">900,995</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">886,873</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">181,892</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,064</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,283</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,255</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,522</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,062</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Property, plant and equipment, at cost:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Land</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,960</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">208,028</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Buildings and improvements</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">806,421</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">838,419</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Furniture and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234,894</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">214,513</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Rental trailers and other rental equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186,660</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">179,225</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Rental trucks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">992,418</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">939,561</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,417,353</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,379,746</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Less accumulated depreciation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122,529</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,103,990</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,294,824</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,275,756</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total Assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	<B>Liabilities and Stockholders&#146; Equity</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Liabilities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Accounts payable and accrued expenses</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169,185</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">144,201</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Notes and loans payable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,114,748</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,025,323</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Policy benefits and losses, claims and loss expenses payable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">546,599</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">592,642</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Liabilities from premium deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">457,759</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">425,347</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash overdraft</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,169</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,414</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,889</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,911</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,549</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,298</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,580</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,082</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Stockholders&#146; equity:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial preferred stock, with or without par value, 50,000,000
	shares authorized&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;A preferred stock, with no par value, 6,100,000
	shares authorized; 6,100,000 shares issued and outstanding as of
	March&nbsp;31, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;B preferred stock, with no par value, 100,000 shares
	authorized; 25,000 and 75,000 shares issued and outstanding as of
	 March&nbsp;31, 1999 and 1998, respectively</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial common stock, with or without par value, 150,000,000
	shares authorized&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;A common stock of $0.25 par value, 10,000,000 shares
	authorized; 5,762,495 shares issued as of March&nbsp;31, 1999 and
	 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Common stock of $0.25 par value, 150,000,000 shares authorized;
	36,487,505 issued as of March&nbsp;31, 1999 and 1998</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Additional paid-in capital</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">299,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313,444</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Accumulated other comprehensive income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Retained earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">703,322</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">658,227</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">996,050</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">972,850</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Less:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Cost of common shares in treasury, net (19,635,913 shares as of
	March&nbsp;31, 1999 and 1998)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359,723</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unearned employee stock ownership plan shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,492</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,068</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total stockholders&#146; equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">616,025</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">595,059</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Contingent liabilities and commitments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Total Liabilities and Stockholders&#146; Equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.

<P align="center">F-3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Earnings</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="48%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Years ended March&nbsp;31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands, except share and per share data)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Rental revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,074,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,018,699</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">973,783</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">181,273</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176,249</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">172,968</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">226,847</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,613</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163,603</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net investment and interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,592</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,048</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,025</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Operating expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">885,292</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">817,938</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">778,655</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Cost of sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,789</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101,699</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,817</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176,560</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,576</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">174,130</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Amortization of deferred acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,215</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,194</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,493</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Lease expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,742</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,879</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,973</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,066</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,655</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,742</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,380,664</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,268,941</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,225,810</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171,268</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,668</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,569</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,369</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,041</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,610</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,299</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,528</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(35,101</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(27,643</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29,344</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings from operations before extraordinary loss on early
	extinguishment of debt</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,656</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,184</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,672</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,865</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings per common share (both basic and diluted):</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations before extraordinary loss on early
	extinguishment of debt</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.07</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.28</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.44</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.62</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.07</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.66</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,937,686</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,896,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,479,651</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.

<P align="center">F-4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Changes in Stockholders&#146;
Equity</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="57%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Years ended March&nbsp;31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Series&nbsp;A common stock of $0.25 par value: 10,000,000 shares
	authorized, 5,762,495 shares issued in 1999, 1998 and 1997</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning and end of year</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Common stock of $0.25 par value: 150,000,000 shares authorized in
	 1999, 1998 and 1997,</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,559</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of common stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">563</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Additional paid-in capital:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313,444</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">337,933</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">165,756</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98,546</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Repurchase of preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of common stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,146</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Gain on sale of property to related party, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,996</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of common shares under leveraged employee stock
	ownership plan</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">465</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">511</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">485</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">299,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">313,444</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">337,933</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Accumulated other comprehensive income:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,722</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(780</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,736</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,542</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,256</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unrealized gain (loss)&nbsp;on investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,011</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,880</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,686</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,722</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Retained earnings:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">658,227</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">644,009</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">609,019</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,865</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Preferred stock dividends paid:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;A ($2.13 per share for 1999, 1998 and 1997)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,964</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,964</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,964</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;B ($97.44, $81.04 and $39.11 per share for 1999, 1998
	 and 1997, respectively)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,450</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7,802</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,911</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">703,322</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">658,227</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">644,009</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Less Treasury stock:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359,723</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359,723</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111,118</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net increase</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,810</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">248,605</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359,723</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">359,723</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Less Unearned employee stock ownership plan shares:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,068</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,740</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,329</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Purchase of shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">401</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Repayments from loan</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,977</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,677</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,591</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,492</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,068</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,740</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Total stockholders&#146; equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">616,025</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">595,059</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">602,320</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.

<P align="center">F-5

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Comprehensive Income</B>

<DIV align="center">
<B>Years ended March 31,</B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="58%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Comprehensive Income:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,865</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other comprehensive income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,736</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,542</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,256</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gain (loss) on investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,011</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,880</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,686</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total Comprehensive Income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,153</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,322</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,923</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.

<P align="center">F-6
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Cash Flows</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="57%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Years ended March&nbsp;31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from operating activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,865</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation and amortization</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,102</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,822</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,364</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Provision for losses on accounts receivable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,648</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,108</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,465</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net gain on sale of real and personal property</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(524</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,776</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7,979</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Gain on sale of investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,372</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(944</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(728</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Changes in policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,448</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,021</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(403</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Additions to deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(40,859</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,010</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,065</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net change in other operating assets and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,493</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,410</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,704</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash provided by operating activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,549</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">180,615</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154,223</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from investing activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Purchases of investments:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(298,495</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(392,298</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(203,943</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(213,107</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(123,832</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(189,763</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Common stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,553</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,573</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21,700</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,054</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,875</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Other asset investment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24,500</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Real estate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(334</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(93,243</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(42,125</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(81,464</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Proceeds from sales of investments:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">205,211</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">291,321</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240,787</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223,114</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">131,334</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">206,995</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Common stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,571</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,538</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,015</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Real estate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,622</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,331</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">934</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,576</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115,989</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Changes in other investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(37,232</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16,699</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,402</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash provided (used)&nbsp;by investing activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(204,782</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(161,504</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,121</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from financing activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net change in short-term borrowings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">135,836</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,500</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(347,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Proceeds from notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">562,300</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Debt issuance costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(415</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,956</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,240</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Leveraged Employee Stock Ownership Plan:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Purchase of shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(401</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Repayments from loan</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,677</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,591</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Principal payments on notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46,411</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(380,727</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(229,970</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98,546</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Repurchase of preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(50,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Issuance of common stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,709</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,672</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net change in cash overdraft</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,755</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,192</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,553</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Preferred stock dividends paid</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,414</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,766</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(16,875</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Treasury stock acquisitions, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,810</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(248,605</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred tax-treasury stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(80,997</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investment contract deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,688</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,943</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81,678</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investment contract withdrawals</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(61,673</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(61,059</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(57,789</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Escrow deposit</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(48,234</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash provided (used)&nbsp;by financing activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58,132</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(29,257</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(227,760</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Increase (decrease)&nbsp;in cash and cash equivalents</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,899</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,146</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,584</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents at beginning of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,606</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,752</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents at end of year</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,505</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,606</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,752</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-7

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>

<P align="left"><B>1.&nbsp; Summary of Significant Accounting Policies</B>

<P align="left"><B>&nbsp;&nbsp;</B><I>Organization</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO, a Nevada corporation (AMERCO), is the holding company for
 U-Haul International, Inc. (U-Haul), Amerco Real Estate Company
(Real Estate), Republic Western Insurance Company (Republic) and
Oxford Life Insurance Company (Oxford). All references to a
fiscal year refer to AMERCO&#146;s fiscal year ended
March&nbsp;31 of that year.

<P align="left"><B>&nbsp;&nbsp;</B><I>Principles of Consolidation</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements include the accounts of the
 parent corporation, AMERCO, and its wholly-owned subsidiaries.
All material intercompany accounts and transactions of AMERCO and
 its subsidiaries have been eliminated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic and Oxford have been consolidated on the basis of
calendar years ended December&nbsp;31. Accordingly, all
references to the years 1998, 1997 and 1996 correspond to
AMERCO&#146;s fiscal years 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The operating results and financial position of AMERCO&#146;s
consolidated insurance operations are determined as of
December&nbsp;31 of each year. There were no effects related to
intervening events between January&nbsp;1 and March&nbsp;31 of
1999, 1998 or 1997 that would materially affect the consolidated
financial position or results of operations for the financial
statements presented herein. See Note 20 of Notes to Consolidated
 Financial Statements for additional information regarding the
insurance subsidiaries.

<P align="left"><B>&nbsp;&nbsp;</B><I>Description of Business</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Moving and self-storage operations consist of the rental of
trucks and trailers, sale of moving aids such as boxes and the
rental of self-storage spaces to the do-it-yourself mover.
Operations are under the registered tradename U-Haul&#174;
throughout the United States and Canada.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Real Estate owns approximately 90% of AMERCO&#146;s real estate
assets, including U-Haul&#146;s Center and Storage locations. The
 remainder of the properties are owned by various U-Haul
entities. Real Estate is responsible for managing all of the
properties including the environmental risks of the properties.
Real Estate is responsible for the purchase of all properties
used by AMERCO or any of its subsidiaries. Real Estate also
handles all of the dispositions (sale and lease) of unused real
estate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic originates and reinsures property and casualty type
insurance products for various market participants, including
independent third parties, U-Haul&#146;s customers, independent
dealers and AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford originates and reinsures annuities, life, credit life and
disability, health and Medicare supplement insurance. Oxford also
 administers the self-insured employee health and dental plans
for the employees of AMERCO.

<P align="left"><B>&nbsp;&nbsp;</B><I>Foreign Currency</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements include the accounts of
U-Haul Co. (Canada) Ltd., a subsidiary of U-Haul. The assets and
liabilities, denominated in foreign currency, are translated into
 U.S. dollars at the exchange rate as of the balance sheet date.
Revenue and expense amounts are translated at average monthly
exchange rates. The related translation gains or losses are
included in the Consolidated Statements of Changes in
Stockholders&#146; Equity and Consolidated Statements of
Comprehensive Income.

<P align="center">F-8

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>&nbsp;&nbsp;</B><I>Accounting Estimates</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts
in the financial statements and accompanying notes. Actual
results could differ from those estimates.

<P align="left"><B>&nbsp;&nbsp;</B><I>Cash and Cash Equivalents</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO considers liquid investments with an original maturity of
three months or less to be cash equivalents ($1,000,000 and
$6,568,000 as of March&nbsp;31, 1999 and 1998, respectively).

<P align="left"><B>&nbsp;&nbsp;</B><I>Receivables</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Accounts receivable include trade accounts from customers and
dealers. Republic and Oxford receivables include premiums and
agents&#146; balances due, net of commissions payable and amounts
 due from ceding reinsurers. Accounts receivable are reduced by
amounts considered by management to be uncollectible based on
historical collection loss experience and a review of the current
 status of existing receivables.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes and mortgage receivables include accrued interest and are
reduced by discounts and amounts considered by management to be
uncollectible.

<P align="left"><B>&nbsp;&nbsp;</B><I>Inventories</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Inventories are valued at the lower of cost or market. Cost is
primarily determined using the LIFO (last-in, first-out) method.

<P align="left"><B>&nbsp;&nbsp;</B><I>Investments</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fixed maturities consist of bonds and redeemable preferred
stocks. Fair values for investments are based on quoted market
prices, dealer quotes or discounted cash flows. Fixed maturities
are classified as follows:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Held-to-maturity&nbsp;&#151; recorded at cost adjusted for the
	amortization of premiums or accretion of discounts.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Available-for-sale&nbsp;&#151; recorded at fair value with
	unrealized gains or losses reported on a net basis in the
	Consolidated Statements of Changes in Stockholders&#146; Equity.
	Gains and losses on the sale of these securities are reported as
	a component of revenues using the specific identification method.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Trading portfolio&nbsp;&#151; AMERCO does not currently maintain
	a trading portfolio.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Mortgage loans &#38; notes on real estate held by AMERCO&#146;s
	subsidiaries&nbsp;&#151; at unpaid balances, net of allowance for
	 possible losses and any unamortized premium or discount.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Real estate&nbsp;&#151; at cost less accumulated depreciation.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Policy loans&nbsp;&#151; at their unpaid balance.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Investment income is recognized as such:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Interest on bonds and mortgage loans &#38; notes&nbsp;&#151;
	recognized when earned.</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Dividends on common and redeemable preferred stocks&nbsp;&#151;
	recognized on ex-dividend dates.</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Realized gains and losses on the sale of investments&nbsp;&#151;
	recognized at the trade date and included in revenues using the
	specific identification method.</TD>
</TR>

</TABLE>

<P align="center">F-9
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Short-term investments consist of other securities scheduled to
mature within one year of their acquisition date. See Note&nbsp;4
 of Notes to Consolidated Financial Statements.

<P align="left"><B>&nbsp;&nbsp;</B><I>Deferred Policy Acquisition Costs</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Commissions and other costs which vary with and are primarily
related to the production of new business, have been deferred.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford&nbsp;&#151; costs are amortized in relation to revenue
such that profits are realized as a level percentage of revenue.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&nbsp;&#151; costs are amortized over the related
contract period which generally do not exceed one year.

<P align="left"><I>&nbsp;&nbsp;Property, Plant and Equipment</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property, plant and equipment are carried at cost and are
depreciated on the straight-line and accelerated methods over the
 estimated useful lives of the assets. Building and non-rental
equipment have estimated lives ranging from three to fifty-five
years, while rental equipment have estimated lives ranging from
one to twenty years. Maintenance is charged to operating expenses
 as incurred, while renewals and betterments are capitalized.
Major overhaul costs are amortized over the estimated period
benefited. Gains and losses on dispositions are netted against
depreciation expense when realized. Interest costs incurred as
part of the initial construction of assets are capitalized.
Interest expense of $909,000, $2,210,000 and $3,430,000 was
capitalized during fiscal years 1999, 1998 and 1997,
respectively. During fiscal year 1998, U-Haul increased the
estimated salvage value and useful lives of certain rental
equipment. The effect of the change increased net earnings for
fiscal year 1998 by $9,268,000 ($0.42&nbsp;per share).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain recoverable environmental costs related to the removal of
 underground storage tanks or related contamination are
capitalized and depreciated over the estimated useful lives of
the properties. The capitalized costs improve the safety or
efficiency of the property as compared to when the property was
originally acquired or are incurred in preparing the property for
 sale.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At March&nbsp;31, 1999, the carrying value of AMERCO&#146;s real
estate that is no longer necessary for use in its current
operations, and available for sale/ lease, was approximately
$22,467,000. Such properties available for sale are carried at
cost, less accumulated depreciation; which in the aggregate, is
less than fair market value.

<P align="left"><I>&nbsp;&nbsp;Financial Instruments</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO enters into interest rate swap agreements to reduce its
floating interest rate exposure; AMERCO does not use the
agreements for trading purposes. Amounts to be paid or received
under the agreements are accrued. Although AMERCO is exposed to
credit loss for the interest rate differential in the event of
nonperformance by the counterparties to the agreements, it does
not anticipate nonperformance by the counterparties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has mortgage receivables which potentially expose AMERCO
to credit risk. The portfolio of notes is principally
collateralized by mini-warehouse storage facilities and other
residential and commercial properties. AMERCO has not experienced
 losses related to the notes from individual notes or groups of
notes in any particular industry or geographic area. The
estimated fair values were determined using the discounted cash
flow method, using interest rates currently offered for similar
loans to borrowers with similar credit ratings.

<P align="center">F-10

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fair value summary of note and mortgage receivables:

<CENTER>
<TABLE width="40%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="11%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="11%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="12%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="11%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="12%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="11%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="9%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31, 1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31, 1998</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Carrying</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>fair value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>fair value</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR>
	<TD align="right" valign="top"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">214,521</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">216,389</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,720</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,921</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other financial instruments that are subject to fair value
disclosure requirements are carried in the financial statements
at amounts that approximate fair value, unless elsewhere
disclosed. See below, as well as Notes&nbsp;4 and&nbsp;5 of Notes
 to Consolidated Financial Statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO&#146;s financial instruments that are exposed to
concentrations of credit risk consist primarily of temporary cash
 investments, trade receivables and notes receivable. AMERCO
places its temporary cash investments with financial institutions
 and limits the amount of credit exposure to any one financial
institution. Concentrations of credit risk with respect to trade
receivables are limited due to the large number of customers and
their dispersion across many different industries and geographic
areas. As discussed in Note&nbsp;2 of Notes to Consolidated
Financial Statements at March&nbsp;31, 1999 and 1998 notes
receivable are primarily due from one related party.

<P align="left"><I>&nbsp;&nbsp;Policy Benefits and Losses, Claims and Loss
Expenses Payable</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liabilities for policy benefits payable on traditional life and
certain annuity policies are established in amounts adequate to
meet estimated future obligations on policies in force. These
liabilities are computed using mortality and withdrawal
assumptions which are based upon recognized actuarial tables and
contain margins for adverse deviation. At December&nbsp;31, 1998,
 interest assumptions used to compute policy benefits payable
range from 2.5% to 11.25%.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The liability for annuity policies, which are accounted for as
investment contract deposits, consists of policy account balances
 that accrue to the benefit of the policyholders, excluding
surrender charges. Fair value of investment contract deposits
were $457,757,000 and $391,732,000 at December&nbsp;31, 1998 and
1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liabilities for health and disability and other policy claims and
 benefits payable represent estimates of payments to be made on
insurance claims for reported losses and estimates of losses
incurred but not yet reported. These estimates are based on past
claims experience and consider current claim trends as well as
social and economic conditions.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic&#146;s liability for reported and unreported losses are
based on Republic&#146;s historical and industry averages. The
liability for unpaid loss adjustment expenses is based on
historical ratios of loss adjustment expenses paid to losses
paid. Amounts recoverable from reinsurers on unpaid losses are
estimated in a manner consistent with the claim liability
associated with the reinsured policy. Adjustments to the
liability for unpaid losses and loss expenses as well as amounts
recoverable from reinsurers on unpaid losses are charged or
credited to expense in periods in which they are made.

<P align="left"><I>&nbsp;&nbsp;Rental Revenue</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul recognizes its share of rental revenue less commission on
the accrual basis pursuant to contractual arrangements between
AMERCO and its fleet owners, rental dealers and customers. See
Note&nbsp;10 of Notes to Consolidated Financial Statements for
further discussion.

<P align="center">F-11

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><I>&nbsp;&nbsp;Premium Revenue</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Credit life and disability, Medicare supplement and
property-casualty gross premiums are earned on a pro rata basis
over the term of the related contracts. The portion of premiums
not earned at the end of the period is recorded as unearned
premiums. Traditional life and annuity premiums are recognized as
 revenue when due from policyholders. Revenue for annuity
policies which are accounted for as investment contracts are
included in net investment income as investment margins until the
 policyholder annuitizes, at which time the policyholders fund
balance is recognized as premium.

<P align="left"><I>&nbsp;&nbsp;Reinsurance</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reinsurance premiums, commissions and expense reimbursements,
related to ceded business, are accounted for on a basis
consistent with those used in accounting for the original
policies issued and the terms of the reinsurance contracts.
Premiums ceded to other companies have been reported as a
reduction of premium income. Assets and liabilities relating to
ceded contracts are reported gross of the effects of reinsurance.
 See also &#147;Policy Benefits And Losses, Claims And Loss
Expenses Payable&#148; above.

<P align="left"><I>&nbsp;&nbsp;Income Taxes</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO files a consolidated federal income tax return with its
subsidiaries. In addition to charging income for taxes paid or
payable, the provision for income taxes reflects deferred income
taxes resulting from changes in temporary differences between the
 tax bases of assets and liabilities and their reported amounts
in the financial statements. The effect on deferred income taxes
of a change in tax rates is recognized in income in the period
that includes the enactment date.

<P align="left"><B>&nbsp;&nbsp;</B><I>New Accounting Standards</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;1, 1998, AMERCO implemented Statement of
Financial Accounting Standards No.&nbsp;133, &#147;Accounting for
 Derivative Instruments and Hedging Activities&#148;. This
statement standardizes the accounting for derivative instruments
by requiring that an entity recognize those items as assets or
liabilities in the statement of financial position and measure
them at fair value. It also provides for matching the timing of
gain or loss recognition on the hedging instrument with the
recognition of (a)&nbsp;the changes in the fair value of hedged
asset or liability attributable to the hedged risk or
(b)&nbsp;the earnings effect of the hedged forecasted
transaction. As of March&nbsp;31, 1999, AMERCO recorded an after
tax adjustment of $3,631,000 to accumulated other comprehensive
income recognizing the fair value of derivatives designated as
cash flow hedges. AMERCO uses interest rate swap agreements to
potentially mitigate the impact of changes in interest rates on
its variable rate debt. For the year ended March&nbsp;31, 1999,
AMERCO recognized $89,000 as interest expense, representing the
ineffectiveness of the cash flow hedging activity. At time of
implementation, an entity may reclassify held-to-maturity
securities as available-for-sale. Republic transferred
$56,485,000 (carrying value) to available-for-sale from
held-to-maturity at time of implementation. The market value of
these securities was $60,314,000 at the date of transfer with a
transition adjustment of $3,829,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other pronouncements issued by the Financial Accounting Standards
 Board adopted during the year are not material to the
consolidated financial statements of AMERCO. Further,
pronouncements with future effective dates are either not
applicable or not material to the consolidated financial
statements of AMERCO.

<P align="left"><B>&nbsp;&nbsp;</B><I>Earnings Per Share</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Basic earnings per common share are computed based on the
weighted average number of shares outstanding for the year and
quarterly periods, excluding shares of the employee stock
ownership plan that

<P align="center">F-12

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
have not been committed to be released. Preferred dividends
include undeclared or unpaid dividends of AMERCO. Net income is
reduced for preferred dividends for the purpose of the
calculation. The calculation of diluted earnings per share in
fiscal year 1999 included assumed conversions of the
Series&nbsp;B preferred stock into common stock. This change has
no effect on the calculated earnings per share amount. In fiscal
years 1998 and 1997, the assumed conversion of the Series&nbsp;B
preferred stock was not included in the calculation of diluted
earnings per share because it was antidilutive. Accordingly,
basic and diluted earnings per share are equal. See Notes&nbsp;6
and 8 of Notes to Consolidated Financial Statements for further
discussion.

<P align="left"><B>&nbsp;&nbsp;</B><I>Comprehensive Income</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Comprehensive income consists of net income, foreign currency
translation adjustment, unrealized gains and losses on
investments and fair market value of cash flow hedges.

<P align="left"><B>&nbsp;&nbsp;</B><I>Financial Statement Presentation</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain reclassifications have been made to the financial
statements for the fiscal years ended 1998 and 1997 to conform
with the current year&#146;s presentation.

<P align="left"><B>2.&nbsp; Receivables, Net</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of trade receivables follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="75%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Trade accounts receivable</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,008</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,994</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Premiums and agents&#146; balances in course of collection</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,896</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,464</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Reinsurance recoverable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100,662</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120,262</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accrued investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,032</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,853</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Independent dealer receivable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,076</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,131</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other receivables</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,382</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,792</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,056</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">212,496</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Less allowance for doubtful accounts</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,006</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,711</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173,050</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210,785</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of notes and mortgage receivables follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="75%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Notes receivable, including accrued interest from SAC Holding
	Corporation and its subsidiaries</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186,332</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,547</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Notes and mortgage receivables, net of discount</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,648</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,508</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">217,980</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,055</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Less allowance for doubtful accounts</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">220</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">217,910</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,835</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal 1999, a subsidiary of U-Haul held various senior
and junior notes with SAC Holding Corporation and its
subsidiaries (SAC Holdings). The voting common stock of SAC
Holdings is held by

<P align="center">F-13

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
Mark&nbsp;V. Shoen, a major stockholder of AMERCO. U-Haul&#146;s
subsidiary received interest income of $8,022,000, $6,847,000 and
 $6,281,000 from SAC Holdings during fiscal years 1999, 1998 and
1997, respectively. No principal payments were received during
fiscal year 1999. Principal payments of $1,047,000 and $436,000
were received during fiscal year 1998 and 1997, respectively. The
 note receivable balance outstanding was, in the aggregate,
$179,819,000 and $66,111,000 at March&nbsp;31, 1999 and 1998,
respectively, bearing interest rates ranging from 8.37% to 13.0%.
 Notes receivable from SAC Holdings includes $526,000 at
March&nbsp;31, 1999 which is secured by land and buildings at
various locations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal years 1999, 1998 and 1997, a subsidiary of U-Haul
funded the purchase of properties and construction costs for SAC
Holdings of $26,116,000, $24,574,000 and $43,125,000,
respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December&nbsp;1998, U-Haul and Real Estate completed the sale
of twenty-six storage properties to Six SAC Self-Storage
Corporation, a subsidiary of SAC Holdings, for $99,685,000. Real
Estate received cash and notes from the sale. The gain is
reflected in the Consolidated Statements of Changes in
Stockholders&#146; Equity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul currently manages the properties owned by SAC Holdings
under a management agreement, whereby U-Haul receives a
management fee equal to 6% of the gross receipts from the
properties. Management fees of $2,483,000, $1,860,000 and
$1,632,000 were received during fiscal years 1999, 1998 and 1997,
 respectively. The 6% fee is consistent with the fees received by
 U-Haul for other properties managed by U-Haul.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management believes that the foregoing transactions were
consummated on terms equivalent to those that prevail in
arm&#146;s-length transactions.

<P align="left"><B>3.&nbsp; Inventories, Net</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of inventory components follows:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="74%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Truck and trailer parts and accessories</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,407</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,880</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Hitches and towing components</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,738</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,418</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Moving aids and promotional items</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,014</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,589</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68,887</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Inventories are stated net of reserve for obsolescence of
$3,321,000 and $4,217,000 at March&nbsp;31, 1999 and 1998,
respectively. Certain general and administrative expenses are
allocated to ending inventories. Such costs remaining in
inventory are estimated at $12,082,000 at fiscal years 1999 and
1998. For fiscal years 1999, 1998 and 1997, aggregate general and
 administrative costs were $566,592,000, $526,431,000 and
$511,473,000, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LIFO inventories, which represent approximately 98% of total
inventories at March&nbsp;31, 1999 and 1998, would have been
$4,835,000 and $4,716,000 greater at March&nbsp;31, 1999 and
1998, respectively, if the consolidated group had used the FIFO
(first-in, first-out) method.

<P align="center">F-14

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>4.&nbsp; Investments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A comparison of amortized cost to estimated market value for
fixed maturities is as follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="40%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>December&nbsp;31, 1998<BR>
	 <I>Consolidated Held-to-Maturity</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,248</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,518</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">449</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(131</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,836</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,722</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,647</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">405</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(166</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,886</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,500</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,520</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,683</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99,068</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100,254</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,100</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(259</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,095</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,082</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,314</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,150</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(52</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,412</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,634</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117,703</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,927</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,589</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,041</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">322,956</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,194</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,197</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">327,953</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="37%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>December&nbsp;31, 1998<BR>
	 <I>Consolidated Available-for-Sale</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,660</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,381</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,572</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,953</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,128</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,757</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,263</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,019</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,874</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">816</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,673</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">396,024</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">398,829</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,402</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,851</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">411,380</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,419</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,235</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,177</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,400</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,321</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,266</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,327</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(104</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,489</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">562,342</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,557</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,985</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">581,914</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">885,298</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,182</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">909,867</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-15

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>December 31, 1997<BR>
	 <I>Consolidated Held-to-Maturity</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,415</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,285</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,283</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,568</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,988</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,772</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">512</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(884</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,400</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,395</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,231</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,430</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,661</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">154,893</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158,243</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,516</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(453</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162,306</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,915</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104,535</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,870</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(482</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,923</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,168</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59,685</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,006</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(216</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,475</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,617</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,035</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">409,333</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="36%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>December 31, 1997<BR>
	 <I>Consolidated Available-for-Sale</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,205</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,329</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,011</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,333</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,128</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,570</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,334</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,887</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,225</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,624</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">413</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(31</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,006</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">305,595</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">308,408</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,792</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,136</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">319,064</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82,480</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81,831</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,520</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(65</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,286</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">531</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,869</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">677</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,546</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">469,631</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,256</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">486,122</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">870,382</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,364</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,291</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">895,455</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fixed maturities estimated market values are based on publicly
quoted market prices at the close of trading on December&nbsp;31,
 1998 or December&nbsp;31, 1997, as appropriate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The amortized cost and estimated market value of debt securities
by contractual maturity are shown on the following table.
Expected maturities will differ from contractual maturities as
borrowers may have the right to call or prepay obligations with
or without call or prepayment penalties.

<P align="center">F-16

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December&nbsp;31, 1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December&nbsp;31, 1997</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><I>Consolidated Held-to-Maturity</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due in one year or less</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,455</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,357</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,457</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due after one year through five years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,459</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,316</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,547</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,376</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Due after five years through ten years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,527</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,739</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,123</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,198</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	After ten years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,850</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,007</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,732</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,504</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,291</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,541</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195,759</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">202,535</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99,962</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101,371</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145,307</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">146,323</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Redeemable preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117,703</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59,685</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,475</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">322,956</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">327,953</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">409,333</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="45%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31, 1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31, 1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market value</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B><I>Consolidated Available-for-Sale</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Due in one year or less</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,437</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,579</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,100</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,231</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Due after one year through five years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">176,265</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">181,853</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120,446</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">124,020</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Due after five years through ten years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">170,249</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,717</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,911</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145,618</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	After ten years</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,133</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,856</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,904</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,534</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">453,084</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">469,005</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">338,361</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">350,403</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,992</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,420</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">117,401</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">121,173</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Redeemable preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,266</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,489</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,869</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,546</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">562,342</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">581,914</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">469,631</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">486,122</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">885,298</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">909,867</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">870,382</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">895,455</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Proceeds from sales of investments in debt securities for the
years ended December&nbsp;31, 1998, 1997 and 1996 were
$53,948,000, $69,252,000 and $115,886,000, respectively. Gross
gains of $1,472,000, $1,132,000 and $1,518,000 and gross losses
of $164,000, $515,000 and $654,000 were realized on those sales
for the years ended December&nbsp;31, 1998, 1997 and 1996,
respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1998 and 1997 fixed maturities include bonds
 with an amortized cost of $15,434,000 and $15,443,000,
respectively, on deposit with insurance regulatory authorities to
 meet statutory requirements.

<P align="center">F-17
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments, other consists of the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="75%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Short-term investments</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,021</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,267</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,898</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,979</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Equity investment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,500</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,500</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Real estate, foreclosed properties</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,069</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,497</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. government securities mutual fund</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,805</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,883</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Policy loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,217</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,536</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,382</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,402</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">181,892</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,064</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of net investment and interest income follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="68%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fixed maturities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,965</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,467</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,680</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Real estate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">223</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">279</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Policy loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">354</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">605</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">519</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,279</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,187</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,193</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Short-term, amounts held by ceding reinsurers, net and other
	investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,965</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,797</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,499</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,578</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,279</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,170</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Less investment expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,733</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,584</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,749</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53,845</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,695</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,421</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,353</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,604</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net investment and interest income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,592</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,048</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,025</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Short-term investments consist primarily of fixed maturities with
 a maturity of three months to one year from acquisition date.
Mortgage loans, representing first lien mortgages held by the
insurance subsidiaries, are carried at unpaid balances, less
allowance for possible losses and any unamortized premium or
discount. Equity investments and real estate obtained through
foreclosures and held for sale are carried at the lower of cost
or fair value. U.S. government securities mutual fund is carried
at cost which approximates market value. Policy loans are carried
 at their unpaid balance.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At December&nbsp;31, 1998 and 1997, mortgage loans held as
investments with a carrying value of $56,898,000 and $73,979,000,
 respectively, were outstanding. The estimated fair value of the
mortgage loans at December&nbsp;31, 1998 and 1997 aggregated
$60,893,000 and $74,240,000, respectively. The estimated fair
values were determined using the discounted cash flow method,
using interest rates currently offered for similar loans to
borrowers with similar credit ratings. Investments in mortgage
loans, included as a component of investments, are reported net
of allowance for possible losses of $81,000 and $507,000 in 1998
and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In February&nbsp;1997, AMERCO, through its insurance
subsidiaries, invested in the equity of a limited partnership in
a Texas-based self-storage corporation. Republic invested
$13,500,000 in exchange for a 38% limited partnership and Oxford
invested $11,000,000 in exchange for a 31% limited partnership.
U-Haul is

<P align="center">F-18

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
a 50% owner of a corporation which is a general partner in the
Texas-based self-storage corporation. AMERCO has a $10,000,000
note receivable from the corporation.

<P align="left"><B>5. Notes and Loans Payable</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes and loans payable consist of the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="71%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Short-term borrowings, 6.19% interest rate</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,337</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,500</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Notes payable to banks under revolving lines of credit,
	unsecured, 5.25% to 7.75% interest rates</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">297,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">180,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Medium-term notes payable, unsecured, 6.71% to 8.08% interest
	rates, due through 2027</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">317,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">362,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Notes payable under Bond Backed Asset Trust, unsecured, 6.65% to
	7.14% interest rates, due through 2033</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Notes payable to public, unsecured, 7.85% interest rate, due
	through 2004</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other notes payable, secured and unsecured, 7.00% to 10.00%
	interest rate, due through 2005</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">411</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,823</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,114,748</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,025,323</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other notes payable are secured by land and buildings at various
locations with a net carrying value of $7,056,509 at
March&nbsp;31, 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has a revolving credit loan (long-term) available from
participating banks under an agreement which provides for a
credit line of $400,000,000 through June&nbsp;30, 2002. Depending
 on the form of borrowing elected, interest will be based on the
London Interbank Offering Rate (LIBOR), prime rate, the federal
funds effective rate, or rates determined by a competitive bid.
LIBOR loans include a spread based upon the senior debt rates of
AMERCO. Facility fees paid are based upon the amount of credit
line.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At March&nbsp;31, 1999, AMERCO had borrowed $25,337,000,
representing short-term borrowings, from its total uncommitted
lines of credit of $42,320,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of March&nbsp;31, 1999, loans outstanding under the revolving
credit line totaled $297,000,000. Management intends to refinance
 the borrowings on a long-term basis by either replacing them
with long-term obligations, renewing or extending them.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="46%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Revolving credit activity</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Short-term borrowing</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands, except interest rates)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average interest rate during the year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.73</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.95</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.76</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.05</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.87</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest rate at year end</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.33</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.90</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.78</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.19</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.31</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.63</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Maximum amount outstanding during the year</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">297,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">285,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">338,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Average amount outstanding during the year</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">220,083</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">203,250</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">128,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,208</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,208</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,417</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Facility fees</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">507</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">564</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">781</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">240</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has entered into interest rate swap agreements (SWAPS) to
potentially mitigate the impact of changes in interest rates on
its floating rate debt. These agreements effectively change
AMERCO&#146;s interest rate exposure on $85,000,000 of floating
rate notes to a weighted average fixed rate of

<P align="center">F-19

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
7.88%. The SWAPS mature at the time the related notes mature.
Incremental interest expense associated with SWAP activity was
$2,593,000, $2,687,000 and $3,481,000 during 1999, 1998 and 1997,
 respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At March&nbsp;31, 1999, interest rate swap agreements with an
aggregate notional amount of $85,000,000 were outstanding.
Management estimates that at March&nbsp;31, 1999 and 1998, AMERCO
 would be required to pay $5,674,000 and $7,000,000,
respectively, to terminate the agreements. Such amounts were
determined from current treasury rates combined with swap spreads
 on agreements outstanding.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal 1998, AMERCO extinguished $76,000,000 of 10.27%
interest-bearing notes originally due in fiscal 1999 through
fiscal 2002. This resulted in an extraordinary loss of
$4,044,000, net of tax of $2,371,000 ($0.18 per share).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In October&nbsp;1997, AMERCO issued $300,000,000 of Bond Backed
Asset Trust Certificates (BATs). The net proceeds were used to
initially prepay floating rate indebtedness of AMERCO under
revolving credit agreements. Subsequent to the funding of the
BATs, AMERCO extinguished $255,071,000 of 6.43% to 8.13%
interest-bearing notes originally due in fiscal 1999 through
fiscal 2010. This resulted in an extraordinary loss of
$9,628,000, net of tax of $5,645,000 ($0.44 per share).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;18, 1996, AMERCO extinguished debt of approximately
$76,250,000 by irrevocably placing cash into a trust of
U.S.&nbsp;Treasury securities to be used to satisfy scheduled
payments of principal and interest. As of March&nbsp;31, 1999 the
 remaining amount of debt that is considered extinguished as a
result of the defeasance amounted to $3,000,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain of AMERCO&#146;s credit agreements contain restrictive
financial and other covenants, including, among others, covenants
 with respect to incurring additional indebtedness, maintaining
certain financial ratios and placing certain additional liens on
its properties and assets. At March&nbsp;31, 1999, AMERCO was in
compliance with these covenants.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The annual maturities of long-term debt for the next five years
adjusted for subsequent activity (if the revolving credit lines
are outstanding to maturity), are presented in the table below:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="49%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgages</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Medium-Term and Other Notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,512</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,016</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Revolving Credit</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">297,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,061</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,549</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">297,044</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">175,047</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest paid in cash amounted to $74,026,000, $76,035,000 and
$69,972,000 for 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During April&nbsp;1999, AMERCO issued $150,000,000 of 7.20%
Senior Notes due 2002.

<P align="left"><B>6.&nbsp; Stockholders&#146; Equity</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has authorized capital stock consisting of 150,000,000
shares of Common Stock, 150,000,000 shares of Serial Common Stock
 and 50,000,000 shares of Serial Preferred Stock. The Board of
Directors (the Board) may authorize the Serial Common Stock to be
 issued in such series and on such terms as the Board shall
determine. Serial Preferred Stock issuance may be with or without
 par value.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has issued 6,100,000 shares of 8.5% cumulative, no par,
non-voting Series&nbsp;A (Series&nbsp;A) preferred stock. The
Series&nbsp;A is not convertible into, or exchangeable for,
shares of any other class or classes of stock of AMERCO.
Dividends are payable quarterly in arrears and have priority as
to dividends

<P align="center">F-20

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
over AMERCO&#146;s common stock. The Series&nbsp;A is not
redeemable prior to December&nbsp;1, 2000. On or after
December&nbsp;1, 2000, AMERCO, at its option, may redeem all or
part of the Series&nbsp;A, for cash at $25.00 per share plus
accrued and unpaid dividends to the redemption date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On August&nbsp;30, 1996, AMERCO issued 100,000 shares of its
Series&nbsp;B Preferred Stock with no par value for gross
proceeds of $100,000,000. Dividends are cumulative with the rate
being reset quarterly and have priority as to dividends over
AMERCO&#146;s Common Stock. The Series&nbsp;B Preferred Stock, as
 amended, is convertible under certain circumstances into
4,000,000 shares, subject to AMERCO&#146;s prior right to redeem
the Series&nbsp;B Preferred Stock, of AMERCO&#146;s Common Stock,
 $0.25 par value. As of March&nbsp;31, 1999, AMERCO has redeemed
75,000 shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;14, 1996, AMERCO paid an additional $15,000,000
to L.S. Shoen in settlement of all outstanding disputes pursuant
to a Settlement, Mutual Release of All Claims and Confidentiality
 Agreement (Settlement Agreement), dated October&nbsp;15, 1996
with AMERCO resolving the lawsuit in the District Court of Clark
County, Nevada. The settlement resolves a long-standing dispute
between AMERCO and L.S. Shoen regarding L.S. Shoen&#146;s
entitlement to compensation pursuant to an alleged lifetime
employment contract.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;18, 1996, AMERCO sold 2,250,000 shares of Common
 Stock, $0.25 par value, to the public for $35.00 per share,
receiving net proceeds of $74,228,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the year ended March&nbsp;31, 1997, pursuant to a judgment
 in the Shoen Litigation, AMERCO repurchased 12,426,836 shares of
 Common Stock in exchange for $84,502,000, funded damages of
$228,373,000 and paid statutory post-judgment interest of
$689,000 and placed funds of $48,234,000 into an escrow account
pending the outcome of a dispute involving the entitlement of the
 plaintiffs to post-bankruptcy petition date interest. The
treasury share transaction was recorded net of tax of $80,997,000
 for fiscal 1997.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The plaintiffs included the father, brothers and sisters of
Edward&nbsp;J., Mark&nbsp;V., Paul&nbsp;F. and James&nbsp;P.
Shoen who are major stockholders of AMERCO, and Edward&nbsp;J.,
and James&nbsp;P. Shoen who are directors of AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;31, 1998, in connection with the resolution of
one of the remaining items associated with the treasury stock
acquisitions, AMERCO remitted $6,000,000 plus interest to the
plaintiffs in the Shoen litigation. The payment is reflected, net
 of taxes, in the Consolidated Statements of Changes in
Stockholders&#146; Equity.

<P align="center">F-21

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>7.&nbsp; Accumulated Other Comprehensive Income</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of accumulated comprehensive income components follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="43%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair market</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Accumulated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Foreign</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>other</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gain on</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cash flow</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>comprehensive</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>translation</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>investments</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>hedge</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>income</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,675</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,291</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,736</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,736</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge, net of taxes of $1,955</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gain on investments, net of taxes of $1,167</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,011</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,011</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,411</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,302</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1997</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,133</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,411</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,722</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,542</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,542</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gain on investments, net of taxes of $2,410</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,880</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,880</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,675</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,291</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>8.&nbsp; Earnings Per Share</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table reflects the calculation of earnings per
share:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="52%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands, except share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations before extraordinary loss on early
	extinguishment of debt</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,509</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,656</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,184</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Less dividends on preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,077</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,664</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,456</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,432</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,992</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,728</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13,672</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings for per share calculation</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,432</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,320</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,409</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings per common share (both basic and diluted):</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations before extraordinary loss on early
	extinguishment of debt</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.07</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.28</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.44</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.62</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.09</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.07</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.66</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.35</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,937,686</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,896,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,479,651</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-22

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>9.&nbsp; Income Taxes</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The components of the consolidated expense for income taxes
applicable to operations are as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="65%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Current:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Federal</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,490</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,098</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,404</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	State</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">406</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">406</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Federal</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,963</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,772</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,218</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	State</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,242</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,367</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,553</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Income taxes paid in cash amounted to $1,656,000, $2,758,000 and
$4,949,000 for 1999, 1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Actual tax expense reported on earnings from operations differs
from the &#147;expected&#148; tax expense amount (computed by
applying the United States federal corporate tax rate of 35% in
1999, 1998 and 1997) as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="62%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Computed &#147;expected&#148; tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,163</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,705</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,232</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Increases (reductions)&nbsp;in taxes resulting from:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Tax-exempt interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(474</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(676</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(693</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Dividends received deduction</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(52</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(153</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(239</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Canadian subsidiary (income)loss</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(524</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(645</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	True-up of prior year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">950</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Federal tax benefit of state and local taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(927</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(620</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(602</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(701</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">188</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">569</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Actual federal tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,453</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,870</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,622</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	State and local income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,648</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,773</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,722</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Actual tax expense of operations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-23

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Deferred tax assets and liabilities are comprised as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="69%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred tax assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Benefit of tax net operating loss and credit carryforwards</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98,543</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">139,458</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Accrued expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,110</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,663</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred revenue from sale/leaseback</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,945</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,794</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Policy benefits and losses, claims and loss expenses payable, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,780</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,064</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">709</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">714</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total deferred tax assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150,087</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">174,693</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred tax liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,478</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">188,952</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,189</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,823</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total deferred tax liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">214,667</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">203,775</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net deferred tax liability</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,580</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,082</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In light of AMERCO&#146;s history of profitable operations,
management has concluded that it is more likely than not that
AMERCO will ultimately realize the full benefit of its deferred
tax assets. Accordingly, AMERCO believes that a valuation
allowance is not required at March&nbsp;31, 1999 and 1998. See
also Note&nbsp;15 of Notes to Consolidated Financial Statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the provisions of the Tax Reform Act of 1984 (the Act), the
 balance in Oxford&#146;s account designated
&#147;Policyholders&#146; Surplus Account&#148; is frozen at its
December&nbsp;31, 1983 balance of $19,251,000. Federal income
taxes (Phase&nbsp;III) will be payable thereon at applicable
current rates if amounts in this account are distributed to the
stockholder or to the extent the account exceeds a prescribed
maximum. Oxford did not incur a Phase&nbsp;III liability for the
years ended December&nbsp;31, 1998, 1997 and 1996.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Internal Revenue Service has examined AMERCO&#146;s income
tax returns for the years ended 1994 and 1995. All agreed issues
have been provided for in the financial statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At March&nbsp;31, 1999, AMERCO and Republic have non-life net
operating loss carryforwards available to offset taxable income
in future years of $236,592,000 for tax purposes. These
carryforwards expire in 2005 through 2012. AMERCO has alternative
 minimum tax credit carryforwards of $15,679,000 which do not
have an expiration date, but may only be utilized in years in
which regular tax exceeds alternative minimum tax. The use of
certain carryforwards may be limited or prohibited if a
reorganization or other change in corporate ownership were to
occur.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During 1994, Oxford dividended its investment in Republic common
stock to its parent at its book value. As a result of such
dividend, a deferred intercompany gain arose due to the
difference between the book value and fair value of such common
stock. However, such gain can only be triggered if certain events
 occur. To date, no events have occurred which would trigger such
 gain recognition. No deferred taxes have been provided in the
accompanying consolidated financial statements as management
believes that no events have occurred to trigger such gain.

<P align="left"><B>10.&nbsp; Transactions With Fleet Owners and Other Rental
Equipment Owners</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Independent rental equipment owners (fleet owners) own
approximately 8% of all U-Haul rental trailers and 0.02% of
certain other rental equipment. There are approximately 2,900
fleet owners, including

<P align="center">F-24

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">
certain officers, directors, employees and stockholders of
AMERCO. All rental equipment is operated under contract with
U-Haul whereby U-Haul administers the operations and marketing of
 such equipment and in return receives a percentage of rental
fees paid by customers. Based on the terms of various contracts,
rental fees are distributed to U-Haul (for services as
operators), to the fleet owners (including certain subsidiaries
and related parties of U-Haul) and to Rental Dealers (including
Company-operated U-Haul Centers).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic insures and reinsures certain risks of U-Haul customers
and independent fleet owners. Premiums earned on these policies
were $41,000,000, $49,400,000 and $40,800,000 during the years
ended December&nbsp;31, 1998, 1997 and 1996, respectively.

<P align="left"><B>11.&nbsp; Employee Benefit Plans</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO participates in the AMERCO Employee Savings, Profit
Sharing and Employee Stock Ownership Plan (the Plan) which is
designed to provide all eligible employees with savings for their
 retirement and to acquire a proprietary interest in AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Plan has three separate features: a profit sharing feature
(the Profit Sharing Plan) under which the Employer may make
contributions on behalf of participants; a savings feature (the
Savings Plan) which allows participants to defer income under
Section&nbsp;401(k) of the Internal Revenue Code of 1986; and an
employee stock ownership feature (the ESOP) under which AMERCO
may make contributions of AMERCO Common Stock or cash to acquire
such stock on behalf of participants. Generally, employees of
AMERCO are eligible to participate in the Plan upon completion of
 a one year service requirement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has arranged financing to fund the ESOP trust
(ESOT)&nbsp;and to enable the ESOT to purchase shares. Below is a
 summary of the financing arrangements:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amount outstanding</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Interest Payments</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Financing</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>as of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Date</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>March 31, 1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	December&nbsp;1989</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">126</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	May&nbsp;1990</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	June&nbsp;1991</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,257</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,364</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,466</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,472</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shares are released from collateral and allocated to active
employees based on the proportion of debt service paid in the
plan year. Contributions to the ESOT charged to expense were
$2,804,000, $3,588,000 and $3,570,000 for the years ended 1999,
1998 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The shares held by ESOP as of March&nbsp;31 were as follows:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="58%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares issued</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Shares issued</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>prior to</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>subsequent to</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31, 1992</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31, 1992</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Allocated shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,620</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,587</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">156</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Shares committed to be released</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Unreleased shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">379</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">523</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">668</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">697</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Fair value of unreleased shares</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,485</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,688</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,370</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,425</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of the schedule, fair value of unreleased shares
issued prior to December&nbsp;31, 1992 is defined as the
historical cost of such shares. Fair value of unreleased shares
issued subsequent to December&nbsp;31, 1992 is defined as the
March&nbsp;31 trading value of such shares for 1999 and 1998.

<P align="center">F-25

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Oxford insures various group life and group disability insurance
plans covering employees of the consolidated group. Premiums
earned were $1,208,000, $2,785,000 and $2,370,000 during the
years ended December&nbsp;31, 1998, 1997 and 1996, respectively,
and were eliminated in consolidation.

<P align="left"><B>12.&nbsp; Postretirement and Postemployment Benefits</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO provides medical and life insurance benefits to retired
employees and eligible dependents over age 65 if the employee
meets specified age and service requirements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO uses the accrual method of accounting for postretirement
benefits. AMERCO continues to fund medical and life insurance
benefit costs as claims are incurred.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The components of net periodic postretirement benefit cost for
1999, 1998 and 1997 are as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="72%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Service cost for benefits earned during the period</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">296</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">260</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">381</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest cost on accumulated postretirement benefit</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">327</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">301</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">407</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Other components</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(224</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(239</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(58</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Net periodic postretirement benefit cost</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">399</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">322</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">730</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 1999 and 1998 postretirement benefit liability included the
following components:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="73%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Beginning of year</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,739</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,113</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Service cost</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(296</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(260</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Interest cost</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(327</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(301</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Benefit payments and expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Actuarial loss (gain)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">388</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(139</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Accumulated postretirement benefit obligation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,886</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,739</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unrecognized net gain</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,624</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,460</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,510</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,199</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The discount rate assumptions in computing the information above
were as follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="72%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accumulated postretirement benefit obligation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.00</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.00</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7.50</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The year-to-year fluctuations in the discount rate assumptions
primarily reflect changes in U.S. interest rates. The discount
rate represents the expected yield on a portfolio of high-grade
(AA-AAA rated or equivalent) fixed-income investments with cash
flow streams sufficient to satisfy benefit obligations under the
plans when due.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The assumed health care cost trend rate used in measuring the
accumulated postretirement benefit obligation was 6.25% in 1999,
declining annually to an ultimate rate of 4.20% in 2013.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the health care cost trend rate assumptions were increased by
1.0%, the accumulated postretirement benefit obligation as of
March&nbsp;31, 1999 would be increased by approximately $789,000
and a decrease of 1.0% would reduce the accumulated
postretirement benefit obligation by $640,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Postemployment benefits provided by AMERCO are not material.

<P align="center">F-26

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>13.&nbsp; Reinsurance</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the normal course of business, Republic and Oxford assume and
cede reinsurance on both a coinsurance and risk premium basis.
Republic and Oxford obtain reinsurance for that portion of risks
exceeding retention limits. The maximum amount of life insurance
retained on any one life is $150,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of reinsurance transactions by business segment
follows:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="26%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percentage</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ceded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assumed</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of amount</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Direct</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>from other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>assumed</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to net</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Year ended December&nbsp;31, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Life insurance in force</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,254,084</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">809,267</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,218,772</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,663,589</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83%</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premiums earned:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Life</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,554</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,403</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,480</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,631</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45%</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Accident and health</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,668</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,875</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,973</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,766</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">58%</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Annuity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">556</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,944</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,500</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">95%</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Property-casualty</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110,080</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,047</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,917</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">138,950</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44%</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163,858</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,325</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,314</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">226,847</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="26%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percentage</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ceded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assumed</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of amount</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Direct</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>from other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>assumed</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to net</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Year ended December&nbsp;31, 1997</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Life insurance in force</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,601,840</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">224,893</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,219,393</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,596,340</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premiums earned:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Life</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,527</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,034</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,401</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">68</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Accident and health</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,916</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,217</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,930</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,629</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Annuity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,868</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,974</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Property-casualty</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">103,488</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,387</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55,508</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136,609</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115,037</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,764</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,340</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,613</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-27

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="28%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percentage</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Ceded</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Assumed</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of amount</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Direct</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>from other</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>assumed</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>companies</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>amount</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>to net</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Year ended December&nbsp;31, 1996</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Life insurance in force</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,298</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">463</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,392,339</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,427,174</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premiums earned:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Life</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,869</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,016</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,867</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Accident and health</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,740</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">171</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,469</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,038</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Annuity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,836</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,918</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">99</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Property&nbsp;&#151; casualty</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,440</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,148</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54,488</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136,780</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115,131</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,337</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">74,809</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">163,603</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with Oxford&#146;s acquisitions during 1997 as
disclosed in Note&nbsp;20 of Notes to Consolidated Financial
Statements, the level of life reinsurance transactions increased
as of December&nbsp;31, 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic is a reinsurer of municipal bond insurance through an
agreement with MBIA, Inc. Premiums generated through this
agreement are recognized on a pro rata basis over the contract
coverage period. Unearned premiums on this coverage were
$5,300,000 and $5,200,000 as of December&nbsp;31, 1998 and 1997,
respectively. Republic&#146;s share of case loss reserves related
 to this coverage was insignificant at December&nbsp;31, 1998.
Republic&#146;s aggregate exposure for Class&nbsp;1 municipal
bond insurance was $1,000,000,000 as of December&nbsp;31, 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the extent that a reinsurer is unable to meet its obligation
under the related reinsurance agreements, Republic would remain
liable for the unpaid losses and loss expenses. Pursuant to
certain of these agreements, Republic holds letters of credit of
$8,502,000 from reinsurers. Republic has issued letters of credit
 of approximately $2,500,000 in favor of certain ceding
companies.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Republic insures and reinsures general liability, auto liability
and workers&#146; compensation coverage for member companies of
the consolidated group. Premiums earned by Republic on these
policies were $11,734,000, $19,800,000 and $19,700,000 during the
 years ended December&nbsp;31, 1998, 1997 and 1996, respectively,
 and were eliminated in consolidation.

<P align="left"><B>14.&nbsp; Contingent Liabilities and Commitments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO uses certain equipment and occupies certain facilities
under operating lease commitments with terms expiring through
2079. Lease expense was $118,742,000, $89,879,000 and $85,973,000
 for the years ended 1999, 1998 and 1997, respectively. During
the year ended March&nbsp;31, 1999, a subsidiary of U-Haul
entered into fifteen transactions and has subsequently entered
into three additional transactions, whereby AMERCO sold rental
trucks and subsequently leased back. AMERCO has guaranteed
$115,843,000 of residual values at March&nbsp;31, 1999 and an
additional $3,801,000 subsequent to March&nbsp;31, 1999 for these
 assets at the end of the respective lease terms. Certain leases
contain renewal and fair market value purchase options as well as
 mileage and other restrictions similar to covenants disclosed in
 Note&nbsp;5 of Notes to Consolidated Financial Statements
(Note&nbsp;5) for notes payable and loan agreements.

<P align="center">F-28
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following are the lease commitments for leases having terms of
more than one year:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="9%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>March 31, 1999</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net activity</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property, plant</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Rental</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>subsequent to</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and other equipment</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>fleet</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>year end</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2000</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,735</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,483</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,149</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">122,367</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2001</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,083</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,577</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,713</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">115,373</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2002</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,773</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">92,930</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,713</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,416</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2003</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,498</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,273</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,713</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,484</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2004</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,414</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53,728</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,713</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,855</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Thereafter</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,507</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81,966</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,993</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">98,466</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">530,957</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,994</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">574,961</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December&nbsp;1996, AMERCO executed a $100,000,000 Operating
Lease Facility (the Facility) with a number of financial
institutions. Under the Facility, the lessor acquires land to be
developed for storage locations by AMERCO, as Construction Agent,
 or acquires existing storage locations with advances of funds
(the Advances) made by certain parties to the Facility. AMERCO
will separately lease land and improvements, including completed
locations capitalized by the lessor, under the Facility and the
respective lease supplements. Funding under the Facility totaled
$84,270,000 at March&nbsp;31, 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Facility contains certain restrictions similar to those
contained in Note&nbsp;5. Upon occurrence of any event of
default, the lessor may rescind or terminate any or all leases
and, among other things, require AMERCO to repurchase any or all
of the properties. The Facility has a three year term, subject to
 AMERCO&#146;s option, with the consent of other parties, to
renew for successive one year terms.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the expiration of the Facility, AMERCO may either purchase
all of the properties based on a purchase price equal to all
amounts outstanding under the Advances, including the interest
and yield thereon, or remarket all of the properties to a third
party purchaser who may become a subsequent lessor to AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the normal course of business, AMERCO is a defendant in a
number of suits and claims. AMERCO is also a party to several
administrative proceedings arising from state and local
provisions that regulate the removal and/or cleanup of
underground fuel storage tanks. It is the opinion of management
that none of such suits, claims or proceedings involving AMERCO,
individually or in the aggregate, are expected to result in a
material loss. Also see Notes&nbsp;13 and 15 of Notes to
Consolidated Financial Statements.

<P align="left"><B>15.&nbsp; Legal Proceedings</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A judgment was entered on February&nbsp;21, 1995, in the Shoen
Litigation against Edward&nbsp;J. Shoen, James&nbsp;P. Shoen,
Paul&nbsp;F. Shoen, Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds
and William&nbsp;E. Carty, who were members of the Board of
Directors of AMERCO in 1998. AMERCO was also a defendant in the
action as originally filed, but was dismissed from the action on
August&nbsp;15, 1994. The plaintiffs alleged, among other things,
 that certain of the individual plaintiffs were wrongfully
excluded from sitting on AMERCO&#146;s Board of Directors in 1988
 through the sale of Common Stock to certain key employees. That
sale allegedly prevented the plaintiffs from gaining a majority
position in AMERCO&#146;s Common Stock and control of
AMERCO&#146;s Board of Directors. The plaintiffs alleged various
breaches of fiduciary duty and other unlawful conduct by the
individual defendants and sought equitable relief, compensatory
damages, punitive damages and statutory post-judgment interest.

<P align="center">F-29

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on the plaintiffs&#146; theory of damages, the court ruled
that the plaintiffs elected as their remedy in this lawsuit to
transfer their shares of stock in AMERCO to the defendants upon
the satisfaction of the judgment. The judgment was entered
against the defendants in the amount of approximately
$461,800,000 plus interest and taxable costs. In addition, on
February&nbsp;21, 1995, judgment was entered against
Edward&nbsp;J. Shoen in the amount of $7,000,000 representing
punitive damages. On March&nbsp;23, 1995, Edward&nbsp;J. Shoen
filed a notice of appeal with respect to the award of punitive
damages and the plaintiffs subsequently cross appealed the
judge&#146;s remittitur of the punitive damages from $70,000,000
to $7,000,000. Both appeals were denied by the Court of Appeals
of the State of Arizona on July&nbsp;24, 1997 and the Supreme
Court of the State of Arizona denied review of the case on
March&nbsp;17, 1998. On July&nbsp;15, 1998, Edward&nbsp;J. Shoen
filed an appeal with the United States Supreme Court with respect
 to the award of punitive damages. On October&nbsp;5, 1998, the
punitive damages award in the Shoen Litigation (which was
subsequently reduced by partial settlement to $6,000,000) became
final when the United States Supreme Court denied certiorari. On
December&nbsp;31, 1998, in connection with the resolution of one
of the remaining items associated with the treasury stock
acquisitions, AMERCO remitted $6,000,000 plus interest to the
plaintiffs in the Shoen Litigation. The payment is reflected, net
 of taxes, in the Consolidated Statements of Changes in
Stockholders&#146; Equity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On February&nbsp;21, 1995, Edward&nbsp;J. Shoen, James&nbsp;P.
Shoen, Aubrey&nbsp;K. Johnson, John&nbsp;M. Dodds and
William&nbsp;E. Carty, who were directors of the Company at that
time, (the Director-Defendants), filed for protection under
Chapter&nbsp;11 of the federal bankruptcy laws, resulting in the
issuance of an order automatically staying the execution of the
judgment against those defendants. In late April 1995, the
Director-Defendants, in cooperation with AMERCO, filed plans of
reorganization in the United States Bankruptcy Court for the
District of Arizona, all of which proposed the same funding and
treatment of the plaintiffs&#146; claims resulting from the
judgment in the Shoen Litigation. The plans of reorganization, as
 amended and restated on February&nbsp;29, 1996, were confirmed
by the bankruptcy court on March&nbsp;15, 1996. The plans, as
confirmed, shall collectively be referred to as the
&#147;Plan&#148;.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;17, 1995 AMERCO entered into an agreement (the
Agreement) with the Director-Defendants whereby AMERCO agreed,
among other things, to fund the Plan and to release the
Director-Defendants from all claims AMERCO may have against them
arising from the Shoen Litigation. In addition, the
Director-Defendants agreed, among other things, (i)&nbsp;to
release, subject to certain exceptions, AMERCO from any claim
they may have against it pursuant to any indemnification
agreements and (ii)&nbsp;to assign all rights they have under the
 Shoen Litigation to AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Plan, AMERCO repurchased 18,254,976&nbsp;shares
of the plaintiffs&#146; Common Stock. As a result, the judgment
in the Shoen Litigation was satisfied in full. On October&nbsp;1,
 1996, the Director-Defendants emerged from bankruptcy upon the
filing of notice with the bankruptcy court that the effective
date of the Plan had occurred and that the Plan had been
performed and was substantially consummated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of the date hereof, an issue remains regarding whether or not
the plaintiffs are entitled to statutory post-judgment interest
at the rate of ten percent (10%) per year from February&nbsp;21,
1995 (the date the Director-Defendants filed for protection under
 Chapter&nbsp;11) until the judgment was satisfied. On
July&nbsp;19, 1996, the bankruptcy court ruled the plaintiffs are
 entitled to such interest. The Director-Defendants and AMERCO
have appealed the court&#146;s decision. AMERCO has deposited
$48,234,000 into an escrow account to secure payment of the
disputed interest, pending final resolution of this issue
(including all appeals by either side) which has been recorded as
 an &#147;other asset&#148; in the Company&#146;s consolidated
financial statements. If the interest issue is decided adversely
to AMERCO and the Director-Defendants, the amount deposited into
the escrow account will be transferred to the plaintiffs. The
ultimate outcome of this issue will not have the effect of
increasing or decreasing AMERCO&#146;s net earnings, but could
reduce stockholders&#146; equity.

<P align="center">F-30

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has deducted for income tax purposes approximately
$324,000,000 of the payments made to the plaintiffs. While AMERCO
 believes that such income tax deductions are appropriate, there
can be no assurance that such deductions ultimately will be
allowed in full.

<P align="left"><B>16.&nbsp; Preferred Stock Purchase Rights</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO&#146;s Board of Directors adopted a stockholder-rights
plan in July 1998. The rights were declared as a dividend of one
preferred share purchase right for each outstanding share of
AMERCO&#146;s common stock. The dividend distribution was payable
 on August&nbsp;17, 1998 to the stockholders of record on that
date. When exercisable, each right will entitle its holder to
purchase from AMERCO one one-hundredth of a share of
Series&nbsp;C Junior Participating Preferred Stock
(Series&nbsp;C), no par value per share of AMERCO, at a price of
$132.00 per one one-hundredth of a share of Series&nbsp;C,
subject to adjustment. AMERCO has created a series of
3,000,000&nbsp;shares of authorized but unissued preferred stock
for the Series&nbsp;C stock authorized in this stockholder-rights
 plan.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The rights will become exercisable if a person or group of
affiliated or associated persons acquire or obtain the right to
acquire beneficial ownership of 10% or more of the common stock
without approval of a majority of the Board of Directors of
AMERCO. The rights will expire on August&nbsp;7, 2008 unless
earlier redeemed or exchanged by AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the event AMERCO is acquired in a merger or other business
combination transaction after the rights become exercisable, each
 holder of a right would be entitled to receive that number of
shares of the acquiring company&#146;s common stock equal to the
result obtained by multiplying the then current Purchase Price by
 the number one one-hundredths of a share of Series&nbsp;C for
which a right is then exercisable and dividing that product by
50% of the then current market price per share of the acquiring
company.

<P align="left"><B>17.&nbsp; Stock Option Plan</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO&#146;s stockholders approved a ten year incentive plan
entitled the AMERCO Stock Option and Incentive Plan (the Plan)
for officers and key employees in October&nbsp;1992. No stock
options or awards have been granted under this plan to date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The aggregate numbers of shares of stock subject to award under
the Plan may not exceed 3,000,000. The stock subject to the Plan
is AMERCO Common Stock unless prior to the date the first award
is made under the Plan, a Committee of at least two Board members
 determines, in its discretion, to utilize another class of
AMERCO stock. The features of the Plan are:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Incentive Stock Options (ISO&#146;s)&nbsp;&#151; as defined under
	 the Internal Revenue Code and Non-qualified Stock Options under
	such terms and conditions as the Committee determines in its
	discretion. The ISO&#146;s may be granted at prices not less than
	 one-hundred percent of the fair market value at the date of
	grant with a term not exceeding ten years.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Stock Appreciation Right (SAR&#146;s)&nbsp;&#151; subject to
	certain conditions and limitations to holders of options under
	the Plan. SAR&#146;s permit the optionee to surrender an
	exercisable option for an amount equal to the excess of the
	market price of the common stock over the option price when the
	right is exercised.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Restricted Stock Award&nbsp;&#151; a specified number of common
	shares may be granted subject to certain restrictions.
	Restriction violations during a specified period result in
	forfeiture of the stock. The Committee may, at its discretion,
	impose any restrictions on a Restricted Stock award.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Dividend Equivalents&nbsp;&#151; in connection with options.
	Dividend Equivalents are rights to receive additional shares of
	stock at the time of exercise of the option to which such
	Dividend Equivalents apply.</TD>
</TR>

</TABLE>

<P align="center">F-31

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Performance Share&nbsp;&#151; deemed to be the equivalent of one
	share of stock and credited to a Performance Share account to be
	maintained for each Holder. The value of the shares at time of
	award or payment is the fair market value of an equivalent number
	 of shares of stock. At the end of the award period, payment may
	be made subject to certain predetermined criteria and
	restrictions.</TD>
</TR>

</TABLE>

<P align="left"><B>18. Related Party Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO has related party transactions with certain major
stockholders, directors and officers of the consolidated group as
 disclosed in Notes 2, 6, 10 and 16 of Notes to Consolidated
Financial Statements.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the years ended 1999, 1998 and 1997, AMERCO purchased
$3,070,000, $2,816,000 and $3,281,000, respectively, of printing
from a company wherein an officer is a major stockholder,
director and officer of AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the year ended 1997, AMERCO purchased $11,164,000 of
computer components from a company wherein a major stockholder
was the family trust of a major stockholder, director and officer
 of AMERCO, until June&nbsp;1, 1996.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On July&nbsp;7, 1997, AMERCO executed an agreement with Sophia
Shoen whereby AMERCO paid $1,250,000 to Sophia Shoen to settle an
 arbitration proceeding entitled JAMS-ENDISPUTE Link
No.&nbsp;940517195 and to terminate a Share Repurchase and
Registration Right Agreement. Sophia Shoen is a major stockholder
 of AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management believes that these transactions were consummated on
terms equivalent to those that prevail in arm&#146;s-length
transactions.

<P align="left"><B>19. Supplemental Cash Flow Information</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The (increase) decrease in receivables, inventories and accounts
payable and accrued expenses net of other operating and investing
 activities follows:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="64%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">676</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(14,646</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,192</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Inventories</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(11,272</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,093</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(19,903</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accounts payable and accrued expenses</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,668</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,123</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,819</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-32

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left"><B>20.&nbsp; Summarized Consolidated Financial Information of
Insurance Subsidiaries</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated balance sheet for Republic is presented
 below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="69%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">421,346</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">427,304</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,812</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,918</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,304</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">140,568</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,299</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,203</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Due from affiliate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,259</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,377</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred federal income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,497</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,169</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,460</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,910</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">638,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">654,449</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">349,550</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">389,574</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Unearned premiums</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">55,076</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,753</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,723</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">427,531</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">459,050</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">211,446</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195,399</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities and stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">638,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">654,449</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated income statement for Republic is
presented below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="59%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145,301</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">155,906</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">156,505</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,908</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,292</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,572</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178,209</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,198</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,077</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,870</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">165,890</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">131,407</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Amortization of deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,443</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,622</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,858</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Operating expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,790</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,950</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,550</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159,103</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186,462</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">168,815</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Income from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,106</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">736</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,262</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Federal income tax benefit (expense)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,976</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">556</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,502</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,130</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,292</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,760</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-33

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated balance sheet for Oxford is presented
below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="69%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>December 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">479,649</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">459,569</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">139,011</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,649</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,138</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,696</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,052</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Due (to)&nbsp;from affiliate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,862</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(238</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,503</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,390</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">691,118</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">136,299</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157,315</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premium deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">457,759</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">425,347</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,351</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,598</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred federal income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,389</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,062</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">643,798</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">605,322</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,625</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,796</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities and stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">691,118</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated income statement for Oxford is
presented below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="61%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Year ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,488</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,731</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,832</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,147</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,811</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,793</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,542</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,625</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,690</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,017</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Amortization of deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,772</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,572</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Operating expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,015</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,953</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,399</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101,477</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,902</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,051</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Income from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,158</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,640</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,574</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Federal income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,423</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,220</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,771</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,735</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,420</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,803</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Applicable laws and regulations of the State of Arizona require
maintenance of minimum capital determined in accordance with
statutory accounting practices in the amount of $400,000 for
Oxford and $1,000,000 for Republic. In addition, the amount of
dividends which can be paid to stockholders by insurance
companies domiciled in the State of Arizona is limited. Any
dividend in excess of the limit requires prior regulatory
approval. Statutory surplus which can be distributed as dividends
 is $5,058,000 at December&nbsp;31, 1998.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audited statutory net income for Republic for the years ended
December 31, 1998, 1997 and 1996 was $12,382,000, $2,124,000 and
$16,807,000, respectively; audited statutory capital and surplus
was $166,000,000 and $157,027,000 at December&nbsp;31, 1998 and
1997, respectively.

<P align="center">F-34

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Audited statutory net income for Oxford for the years ended
December&nbsp;31, 1998, 1997 and 1996 was $814,000, $8,278,000
and $12,815,000, respectively; audited statutory capital and
surplus was $64,084,000 and $57,102,000 at December&nbsp;31, 1998
 and 1997, respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;21, 1997, Oxford purchased all of the issued and
 outstanding shares of Encore Financial, Inc. and its
subsidiaries (Encore) for $11,569,000. Encore&#146;s primary
subsidiary is North American Insurance Company (NAI). NAI&#146;s
premium volume is primarily from the sale of credit life and
disability products. NAI owns all of the issued and outstanding
common shares of North American Fire &#38; Casualty Insurance
Company, a property and casualty insurance company. In
December&nbsp;1998, North American Fire &#38; Casualty Insurance
Company was sold to Republic.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;24, 1997, Oxford purchased all of the issued and
 outstanding shares of Safe Mate Life Insurance Company, for
$2,243,000. As of November&nbsp;1, 1998, Safe Mate merged into
Oxford. Safe Mate&#146;s business was the sale of credit life and
 disability products. These purchases greatly increase
Oxford&#146;s distribution channels and enhance administrative
capabilities in these markets.

<P align="left"><B>21.&nbsp; Industry Segment and Geographic Area Data</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Industry Segment Data&nbsp;&#151; AMERCO has four industry
segments represented by Moving and Storage Operations (U-Haul),
Real Estate, Property and Casualty Insurance (Republic) and Life
Insurance (Oxford). See Note&nbsp;1 of Notes to Consolidated
Financial Statements for a description of the industry segments.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information concerning operations by industry segment follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="31%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,266,372</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">166,475</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,427</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71,888</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,734</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,208</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(84,830</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,266,372</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,546</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178,209</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(84,830</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,325</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,990</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,190</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,597</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,102</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,595</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(40,595</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,679</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,667</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,106</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,158</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97,610</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,819</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,883</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,976</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,339,312</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,756</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">638,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737,423</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(336,965</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-35

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="31%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,205,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,908</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">167,398</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,318</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,371</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,800</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,224</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88,395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,205,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72,279</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,198</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,542</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(88,395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,940</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,824</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,807</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,251</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,822</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,146</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,223</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,369</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,036</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,887</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">736</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,640</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,299</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax expense (benefit)</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,166</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,813</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(556</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,221,579</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">662,634</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">654,449</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">691,118</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(316,503</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1997</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,168,061</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,350</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">167,352</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,616</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,624</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,725</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,009</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(86,358</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,168,061</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">69,974</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">187,077</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,625</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(86,358</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61,822</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,785</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,040</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,717</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,364</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,579</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,462</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,041</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,501</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,191</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,262</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,574</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,528</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,078</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,993</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,502</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,771</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Extraordinary loss on early extinguishment of debt, net</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1997</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,158,932</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">652,213</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">609,687</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">607,078</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(308,916</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,718,994</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-36

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="58%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>United States</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Canada</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Geographic Area Data -</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center"><FONT size="2"><B>(All amounts are in U.S. $&#146;s)</B></FONT></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,522,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,773</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,551,932</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110,817</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,285</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,102</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,641</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,658</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,101</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,046,247</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,256</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,393,542</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,067</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,424,609</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111,072</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,750</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">113,822</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,340</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,369</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,643</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Extraordinary loss</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,672</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,863,416</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,861</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,913,277</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>Fiscal year 1997</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,356,424</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,955</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,385,379</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">91,920</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,444</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94,364</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,016</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,041</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,344</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Extraordinary loss</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,319</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Identifiable assets at March&nbsp;31, 1997</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,674,603</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,391</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,718,994</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>22.&nbsp; Subsequent Events</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;4, 1999, AMERCO declared a cash dividend of
$3,241,000 ($0.53125 per preferred share) to the Series&nbsp;A
preferred stockholders of record as of May&nbsp;14, 1999.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In June&nbsp;1999, AMERCO paid a cash dividend of $465,000
($18.60 per preferred share) to the Series&nbsp;B preferred
stockholder.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Notes&nbsp;5 and 14 of Notes to Consolidated Financial
Statements for other subsequent event disclosures.

<P align="center">F-37
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Balance Sheets</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="57%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="8%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="8%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>March 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(unaudited)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	<B>Assets</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,505</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Trade receivables, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">168,156</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">173,050</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Notes and mortgage receivables, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234,892</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">217,910</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Inventories, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,328</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,159</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Prepaid expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,213</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,363</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">881,394</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">900,995</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">199,007</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">181,892</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">71,781</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,283</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">118,430</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">114,522</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Property, plant and equipment, at cost:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Land</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">197,002</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">196,960</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Buildings and improvements</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">821,578</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">806,421</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Furniture and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">241,468</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">234,894</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Rental trailers and other rental equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">203,718</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186,660</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Rental trucks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,004,197</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">992,418</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,467,963</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,417,353</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Less accumulated depreciation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,149,666</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,122,529</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,318,297</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,294,824</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Total Assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	<B>Liabilities and Stockholders&#146; Equity</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Liabilities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Accounts payable and accrued expenses</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">164,556</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169,185</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Notes and loans payable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,087,377</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,114,748</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Policy benefits and losses, claims and loss expenses payable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">529,131</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">546,599</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Liabilities from premium deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">457,612</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">457,759</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash overdraft</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,963</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,169</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,343</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">48,889</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43,165</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,549</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Deferred income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,898</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,580</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Stockholders&#146; equity:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial preferred stock, with or without par value, 50,000,000
	shares authorized&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;A preferred stock, with no par value, 6,100,000
	shares authorized; 6,100,000 issued and outstanding as of
	September&nbsp;30, 1999 and March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;B preferred stock, with no par value, 100,000 shares
	authorized; none and 25,000 shares issued and outstanding as of
	September&nbsp;30, 1999 and March&nbsp;31, 1999, respectively</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Serial common stock, with or without par value, 150,000,000
	shares authorized&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Series&nbsp;A common stock of $0.25 par value, 10,000,000 shares
	authorized; 5,762,495 shares issued as of September&nbsp; 30,
	1999 and March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Common stock of $0.25 par value, 150,000,000 shares authorized;
	36,487,505 shares issued as of September&nbsp;30, 1999 and
	March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Additional paid-in capital</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">299,905</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Accumulated other comprehensive income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Retained earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">780,596</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">703,322</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,043,905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">996,050</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Less:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Cost of common shares in treasury, net (19,635,913 shares as of
	September&nbsp;30, 1999 and March&nbsp;31, 1999)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unearned employee stock ownership plan shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,284</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,492</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total stockholders&#146; equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">616,025</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Contingent liabilities and commitments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Total Liabilities and Stockholders&#146; Equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,087,503</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-38

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Earnings</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="62%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(unaudited)</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Rental revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">643,030</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">598,901</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110,121</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,567</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,803</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96,223</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net investment and interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,027</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,286</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Operating expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">465,443</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">448,574</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Cost of sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,734</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,909</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,015</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79,991</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Amortization of deferred acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,458</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,799</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Lease expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,212</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,532</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,551</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,902</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Total costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">731,413</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">688,707</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">170,568</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">149,270</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,753</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46,319</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,234</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings per common share:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.53</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.93</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.46</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,958,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,930,301</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,542,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-39

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statement of Changes in Stockholders&#146; Equity
</B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="67%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="10%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(unaudited)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(in thousands,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>except share and</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Series&nbsp;A common stock of $0.25 par value:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	10,000,000 shares authorized, 5,762,495 shares issued as of
	September&nbsp;30, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning and end of period</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Common stock of $0.25 par value:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	150,000,000 shares authorized, 36,487,505 shares issued as of
	September&nbsp;30, 1999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning and end of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Additional paid-in capital:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">299,905</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Preferred stock repurchase</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,000</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274,905</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Accumulated other comprehensive income:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,605</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unrealized loss on investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,521</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Retained earnings:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">703,322</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Preferred stock dividends paid:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;A ($1.06 per share)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,481</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;B ($27.14 per share)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">780,596</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Less Treasury stock:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning and end of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363,533</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Less Unearned employee stock ownership plan shares:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Beginning of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,492</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Purchase of shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Repayments from loan</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(210</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	End of year</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,284</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Total stockholders&#146; equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">664,088</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-40

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Comprehensive Income</B>

<P align="center">
<B>Six months ended September 30,</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="67%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="4" align="left" valign="top"><FONT size="2">
	Comprehensive Income:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Changes in other comprehensive income:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,605</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,496</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized loss on investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,521</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(762</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total Comprehensive Income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,015</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,143</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-41

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Earnings</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="63%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Quarters ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(unaudited)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands, except</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>share and per share data)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Rental revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">337,464</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">317,488</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,481</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,254</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,727</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,793</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net investment and interest income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,899</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,698</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Operating expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">243,403</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">238,274</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Cost of sales</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,360</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,214</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,306</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,411</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Amortization of deferred acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,908</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,188</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Lease expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,816</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,570</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation, net</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,772</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,329</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Total costs and expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">377,565</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">360,986</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">85,006</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,247</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,389</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,263</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,262</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,092</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,127</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,171</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Earnings per common share:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.71</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.76</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Weighted average common shares outstanding:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,964,452</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,935,854</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,131,119</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-42

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>Consolidated Statements of Cash Flows</B>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="66%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(unaudited)</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from operating activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation and amortization</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,799</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,676</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Provision for losses on accounts receivable</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,285</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,272</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net gain on sale of real and personal property</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,058</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,677</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Gain on sale of investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(378</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,979</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Changes in policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,376</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(210</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Additions to deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(21,769</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,654</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net change in other operating assets and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,112</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,148</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash provided by operating activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">145,049</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93,681</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from investing activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Purchases of investments:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(182,680</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(190,031</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(62,530</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(113,073</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(369</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15,500</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,395</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,246</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Proceeds from sale of investments:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Property, plant and equipment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">120,403</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">129,258</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fixed maturities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">66,219</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">110,366</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">903</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">658</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Real estate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">733</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,749</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage loans</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,194</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,710</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Changes in other investments</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15,978</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,063</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash used by investing activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(75,500</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(60,046</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash flows from financing activities:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net change in short-term borrowings</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(147,335</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,000</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Proceeds from notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Debt issuance costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,228</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(378</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Leveraged Employee Stock Ownership Plan:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Purchase of shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Repayments from loan</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">210</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Principal payments on notes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(30,036</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(46,341</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Repurchase of preferred stock</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net change in cash overdraft</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,205</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,610</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Preferred stock dividends paid</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7,160</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,247</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investment contract deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,856</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,257</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investment contract withdrawals</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(31,519</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(32,176</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Net cash used by financing activities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(64,419</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(51,091</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Increase (decrease) in cash and cash equivalents</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,130</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,456</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents at beginning of period</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,505</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,606</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Cash and cash equivalents at end of period</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,150</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

<DIV align="center">
The accompanying notes are an integral part of these consolidated
 financial statements.
</DIV>

<P align="center">F-43

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>

<DIV align="center">
<B>September&nbsp;30, 1999, March&nbsp;31, 1999 and
September&nbsp;30, 1998</B>
</DIV>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left"><B>1.&nbsp; Summary of Significant Accounting Policies</B>

<P align="left"><B>Organization</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AMERCO, a Nevada corporation (AMERCO), is the holding company for
 U-Haul International, Inc. (U-Haul), Amerco Real Estate Company
(Real Estate), Republic Western Insurance Company (Republic) and
Oxford Life Insurance Company (Oxford).

<P align="left"><B>Principles of Consolidation</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements include the accounts of the
 parent corporation, AMERCO, and its wholly-owned subsidiaries.
All material intercompany accounts and transactions of AMERCO and
 its subsidiaries have been eliminated. The financial statements
and notes are presented as permitted by Form&nbsp;10-Q and do not
 contain certain information included in AMERCO&#146;s annual
financial statements and notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated balance sheet as of September&nbsp;30, 1999 and
the related consolidated statements of earnings for the three and
 six months ended September&nbsp;30, 1999 and 1998, and the
related consolidated statements of changes in stockholders&#146;
equity for the six months ended September&nbsp;30, 1999 and the
consolidated statements of comprehensive income and cash flows
for the six months ended September&nbsp;30, 1999 and 1998 are
unaudited; in the opinion of management, all adjustments
necessary for a fair presentation of such financial statements
have been included. Such adjustments consisted only of normal
recurring items. Interim results are not necessarily indicative
of results for a full year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The operating results and financial position of AMERCO&#146;s
consolidated insurance operations are determined on a one quarter
 lag. There were no effects related to intervening events which
would materially affect the consolidated financial position or
results of operations for the financial statements presented
herein.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Certain reclassifications have been made to the financial
statements for the six months ended September&nbsp;30, 1998 to
conform with the current year&#146;s presentation.

<P align="left"><B>2.&nbsp; Investments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A comparison of amortized cost to market for fixed maturities is
as follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="45%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>June 30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B><I>Consolidated Held-to-Maturity</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,752</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">178</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(221</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,709</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,581</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,491</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">189</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(176</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,504</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,500</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,517</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,613</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,957</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">106,888</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,782</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(695</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,975</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,508</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,245</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">653</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(223</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,675</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,811</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">116,253</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">305</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(4,244</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,314</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">304,146</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,203</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,559</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">301,790</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-44

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="42%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Par Value</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Gross</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estimated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>or number</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amortized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>market</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cost</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gains</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>losses</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>June 30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B><I>Consolidated Available-for-Sale</I></B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. treasury securities and government obligations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,685</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,511</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,425</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(633</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,303</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	U.S. government agency mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,325</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,026</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">522</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(189</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,359</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Obligations of states and political subdivisions</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,485</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,598</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">572</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(80</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,090</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Corporate securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">420,862</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">423,282</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,932</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,621</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">420,593</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Mortgage-backed securities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,162</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,911</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,194</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(70</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,035</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Redeemable preferred stocks</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,313</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,734</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">921</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(787</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">32,868</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">577,062</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,380</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">577,248</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">881,208</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,769</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15,939</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">879,038</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>3.&nbsp; Summarized Consolidated Financial Information of
Insurance Subsidiaries</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated balance sheet for Republic is presented
 below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="72%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,273</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">431,983</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,761</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,829</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">111,227</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">139,927</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,116</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Due from affiliate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,247</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,533</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred federal income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,477</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,244</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,744</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,588</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">328,114</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">380,188</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Unearned premiums</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,260</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,562</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,515</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,891</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">408,889</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">450,641</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">213,550</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">199,579</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities and stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-45

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated income statement for Republic is
presented below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="49%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Quarter ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,775</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,534</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,568</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,261</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,182</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,241</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">16,334</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,242</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,957</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,775</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,902</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,503</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,428</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,497</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53,713</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,540</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Amortization of deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,622</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">600</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,832</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,401</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Operating expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,922</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,383</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15,381</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,044</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,972</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,480</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">75,926</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76,985</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,295</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,976</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,518</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Federal income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(939</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,335</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,566</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(1,960</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,046</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,960</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,410</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,558</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated balance sheet for Oxford is presented
below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="72%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investments, fixed maturities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">473,121</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">470,371</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Investments, other</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">152,577</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">109,225</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,375</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,543</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,071</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,132</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other assets</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,659</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,589</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">747,803</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,860</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Policy liabilities and accruals</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">151,401</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">139,224</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premium deposits</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">457,612</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">429,730</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Other policyholders&#146; funds and liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,351</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,475</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Deferred federal income taxes</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,413</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,047</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Due to affiliate</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,324</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">307</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">657,101</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">599,783</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90,702</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90,077</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total liabilities and stockholder&#146;s equity</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">747,803</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,860</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">F-46

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summarized consolidated income statement for Oxford is
presented below:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="49%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Quarter ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>June 30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Premiums</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,095</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,284</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,207</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,302</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Net investment income</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,624</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,045</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,138</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,440</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,719</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,329</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,345</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,742</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Benefits and losses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,878</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,327</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,302</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,451</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Amortization of deferred policy acquisition costs</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,286</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,588</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,626</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,398</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Operating expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,949</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,442</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,951</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,140</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total expenses</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,113</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,357</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,879</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,989</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income from operations</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,606</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,466</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,753</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Federal income tax expense</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(911</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(826</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,172</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,088</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Net income</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,695</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,146</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,294</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,665</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In December&nbsp;1998, North American Fire &#38; Casualty
Insurance Company was sold to Republic.

<P align="left"><B>4.&nbsp; Accumulated Other Comprehensive Income</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of accumulated comprehensive income components follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="42%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Unrealized</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Fair market</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Accumulated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Foreign</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>gain (loss)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>value of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>other</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>currency</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>on</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>cash flow</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>comprehensive</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>translation</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>investments</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>hedge</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>income</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="15"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="15"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1999</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,411</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,302</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(3,631</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(17,740</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,605</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,605</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Fair market value of cash flow hedge, net of taxes of $806</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,497</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gain (loss) on investments, net of taxes of $4,048</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,521</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,521</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at September&nbsp;30, 1999</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,806</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,781</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,134</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(22,159</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at March&nbsp;31, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,675</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,291</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9,384</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Foreign currency translation</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,496</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(5,496</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Unrealized gain (loss) on investments, net of taxes of $404</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(762</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(762</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Balance at September&nbsp;30, 1998</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(24,171</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,529</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(15,642</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>5.&nbsp; Contingent Liabilities and Commitments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the six months ended September&nbsp;30, 1999, a subsidiary
 of U-Haul entered into ten transactions and has subsequently
entered into one transaction, whereby AMERCO sold rental trucks
and subsequently leased back. AMERCO has guaranteed $15,379,000
of residual values at September&nbsp;30, 1999 and an additional
$2,157,000 subsequent to September&nbsp;30, 1999 for these assets
 at the end of the

<P align="center">F-47

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left">
respective lease terms. Following are the lease commitments for
the leases executed during the six months ended
September&nbsp;30, 1999, and subsequently which have a term of
more than one year (in thousands):

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="60%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="7%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Net activity</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Year ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Lease</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>subsequent to</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>March 31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Commitments</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>period end</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2000</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,741</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,391</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2001</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,417</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,616</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2002</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,417</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,616</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2003</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,417</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,616</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	2004</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,199</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,417</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12,616</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Thereafter</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,856</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,604</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,460</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,393</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,922</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">88,315</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the normal course of business, AMERCO is a defendant in a
number of suits and claims. AMERCO is also a party to several
administrative proceedings arising from state and local
provisions that regulate the removal and/or clean-up of
underground fuel storage tanks. It is the opinion of management
that none of such suits, claims or proceedings involving AMERCO,
individually or in the aggregate are expected to result in a
material loss.

<P align="left"><B>6.&nbsp; Supplemental Cash Flows Information</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The (increase)&nbsp;decrease in receivables, inventories and
accounts payable and accrued liabilities net of other operating
and investing activities follows:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="75%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Six months ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September 30,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Receivables</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(2,917</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(25,092</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Inventories</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,831</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(6,349</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Accounts payable and accrued liabilities</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8,595</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(12,195</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Income taxes paid in cash amounted to $505,000 and $820,000 for
the six months ended September&nbsp;30, 1999 and 1998,
respectively.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest paid in cash amounted to $34,321,000 and $36,921,000 for
 the six months ended September&nbsp;30, 1999 and 1998,
respectively.

<P align="center">F-48

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left"><B>7.&nbsp; Earnings per Share</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table reflects the calculation of the earnings per
share:

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="45%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="9%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="8%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Weighted Average</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common Shares</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Income</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Outstanding</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Per Share</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(Numerator)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>(Denominator)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Amount</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>(in thousands, except share and per share data)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Quarter ended September&nbsp;30, 1999:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,127</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Less dividends on preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,313</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,814</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,964,452</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.77</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Effect of dilutive securities&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;B preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">72</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">166,667</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,886</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,131,119</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.76</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Quarter ended September&nbsp;30, 1998:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42,171</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Less dividends preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,586</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic and diluted earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,585</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,935,854</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.71</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Six months ended September&nbsp;30, 1999:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84,434</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Less dividends on preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,018</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,416</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,958,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.53</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Effect of dilutive securities&nbsp;&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Series&nbsp;B preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">537</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">583,333</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Diluted earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,953</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,542,159</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.46</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	Six months ended September&nbsp;30, 1998:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Earnings from operations</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">73,401</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Less dividends on preferred shares</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,073</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Basic and diluted earnings per common share</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64,328</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,930,301</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.93</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD></TD>

</TR>

</TABLE>
</CENTER>

<P align="left"><B>8.&nbsp; Related Parties</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the six months ended September&nbsp;30, 1999, a subsidiary
 of U-Haul held various senior and junior notes with SAC Holding
Corporation and its subsidiaries (SAC Holdings). The voting
common stock of SAC Holdings is held by Mark&nbsp;V. Shoen, a
major stockholder of AMERCO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul&#146;s subsidiary received interest payments of $8,610,000
 from SAC Holdings during the six months ended September&nbsp;30,
 1999. The terms of the notes receivable with SAC Holdings are
consistent with the terms of notes receivable held by U-Haul for
other properties owned by unrelated parties and managed by
U-Haul.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
U-Haul currently manages the properties owned by SAC Holdings
pursuant to a management agreement, under which U-Haul receives a
 management fee equal to 6% of the gross receipts from the
properties. Management fees of $2,269,000 and $1,074,000 were
received during the six months ended

<P align="center">F-49

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<P align="left">
September&nbsp;30, 1999 and 1998, respectively. The management
fee percentage is consistent with the fees received by U-Haul for
 other properties owned by unrelated parties and managed by
U-Haul.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the six months ended September&nbsp;30, 1999, a subsidiary
 of AMERCO funded through a note receivable the purchase of
properties and construction costs for SAC Holdings of
approximately $21,580,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Management believes that the foregoing transactions were
consummated on terms equivalent to those that prevail in
arm&#146;s-length transactions.

<P align="left"><B>9.&nbsp; New Accounting Standards</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During fiscal 1999, AMERCO adopted Statement of Financial
Accounting Standards No.&nbsp;133, &#147;Accounting for
Derivative Instruments and Hedging Activities&#148;. As of
September&nbsp;30, 1999, AMERCO recorded an after tax adjustment
of $1,497,000 to accumulated other comprehensive income
recognizing the fair value of derivatives designated as cash flow
 hedges. AMERCO uses interest rate swap agreements to potentially
 mitigate the impact of changes in interest rates on its variable
 rate debt. For the six months ended September&nbsp;30, 1999,
AMERCO recognized $15,000 as interest income, representing the
ineffectiveness of the cash flow hedging activity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other pronouncements issued by the Financial Standards Board with
 future effective dates are either not applicable or not material
 to the consolidated financial statements of AMERCO.

<P align="left"><B>10.&nbsp; Industry Segment and Geographic Area Data</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Industry Segment Data&nbsp;&#151; AMERCO has four industry
segments represented by Moving and Storage Operations (U-Haul),
Real Estate, Property and Casualty Insurance (Republic) and Life
Insurance (Oxford).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information concerning operations by industry segment follows:

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="25%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Six months ended September&nbsp; 30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">761,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,996</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">77,552</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">56,723</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,298</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,350</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,270</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">761,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41,294</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">80,902</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">57,345</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(39,270</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,416</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,357</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,799</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,273</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,273</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">105,395</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,916</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,976</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,466</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">130,753</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37,710</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,871</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,172</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,319</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,400,884</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">738,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342,679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-50

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%">&nbsp;</TD>
	<TD width="25%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="2%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Moving</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Property/</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Adjustments</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and Storage</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Real</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Casualty</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Life</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>and</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Operations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Estate</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Insurance</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Eliminations</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Six months ended September&nbsp; 30, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">711,593</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78,752</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,153</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,207</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,751</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">589</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41,547</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">711,593</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,686</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">83,503</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45,742</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(41,547</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27,826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,750</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,438</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,662</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,676</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,132</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(20,132</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">89,508</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,856</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,518</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,753</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">112,635</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,736</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,450</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,960</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,088</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,234</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,270,602</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">651,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,553</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330,654</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Quarter ended September&nbsp;30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">394,999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,039</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,130</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,403</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,688</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">827</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,831</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">394,999</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,727</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38,957</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,719</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(18,831</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,272</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,626</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,788</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,252</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,035</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,035</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">53,480</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,138</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,985</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,786</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,389</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,263</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,149</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">911</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,262</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,400,884</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">708,010</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">622,439</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">738,479</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(342,679</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	<B>Quarter ended September&nbsp;30, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Revenues:</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Outside</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,032</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,053</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,026</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Intersegment</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,149</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,722</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">303</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,174</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="left"><HR size="1"></TD>
	<TD></TD>

</TR>

<TR>
	<TD></TD>
	<TD align="left" valign="top"><FONT size="2">
	Total revenue</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">371,122</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,181</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51,775</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,329</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(23,174</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">13,305</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,516</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,414</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,389</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,624</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,076</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(10,076</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Pretax earnings</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,603</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,393</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,295</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,972</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">65,263</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,041</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,890</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,335</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">826</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,092</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,270,602</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">651,747</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650,220</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">689,553</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(330,654</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">F-51

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>AMERCO AND CONSOLIDATED SUBSIDIARIES</B>
</DIV>

<P align="center">
<B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&nbsp;&#151;
(Continued)</B>

<DIV align="center">
<B>(Unaudited)</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="29%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="11"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Six months ended</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Quarter ended</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Geographic Area Data -</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>United</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>United</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>(All amounts are in U.S. $&#146;s)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>States</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Canada</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>States</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Canada</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Consolidated</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="23"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="23"><FONT size="2"><B>(in thousands)</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>September&nbsp;30, 1999</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">881,127</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,854</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">901,981</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">451,002</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,569</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">462,571</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">62,099</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,700</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">63,799</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33,347</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">905</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34,252</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,804</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,815</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,614</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,617</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,319</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,262</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,262</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,082,969</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44,164</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,127,133</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
</TR>

<TR>
	<TD colspan="25">&nbsp;</TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	<B>September&nbsp;30, 1998</B></FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Total revenues</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">819,566</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18,411</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">837,977</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">434,519</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9,714</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444,233</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Depreciation/ amortization</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46,038</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,638</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">47,676</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,926</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">698</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,624</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Interest expense</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,628</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36,635</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,983</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,984</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Income tax</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,234</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,234</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,092</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,092</FONT></TD>
	<TD></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	Identifiable assets</FONT></TD>
	<TD></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,892,406</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39,062</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,931,468</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">n/a</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>11.&nbsp; Subsequent Events</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;1, 1999, AMERCO declared a cash dividend of
$3,241,000 ($0.53125 per preferred share) to preferred
stockholders of record as of November&nbsp;11, 1999.

<P align="center">F-52

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">Prospectus

<P align="center">
 [UHAUL LOGO]

<P align="center">
<B><FONT size="6">AMERCO</FONT></B>

<P align="center">
$500,000,000

<DIV align="center">
Debt Securities
</DIV>

<P align="left">
AMERCO

<DIV align="left">
1325 Airmotive Way, Suite&nbsp;100
</DIV>

<DIV align="left">
Reno, Nevada 89502-3239
</DIV>

<DIV align="left">
(775)&nbsp;688-6300
</DIV>

<P align="left">
We are a holding company for U-Haul International, Inc., Republic
 Western Insurance Company, Oxford Life Insurance Company, and
Amerco Real Estate Company. U-Haul comprises greater than 80% of
our total revenue and is our most notable business. The trading
symbol for our common stock on the NASDAQ is &#147;UHAL.&#148; We
 do not expect any of these debt securities to officially trade
in any public market.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	We may use this prospectus from time to time to offer senior and
	subordinated unsecured debt securities in one or more series.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	The debt securities will be issued under the terms of two
	indentures and applicable supplemental indentures, which are
	described in this prospectus.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Specific terms of these debt securities will be set forth in a
	supplement to this prospectus.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	The total of all debt securities offered will not exceed
	$500,000,000.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	We may sell debt securities directly to purchasers, through
	underwriters, dealers or agents or through any combination of
	these methods.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	A supplement to this prospectus will name any underwriters,
	dealers or agents involved in the sale of our debt securities and
	 describe their compensation.</TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="93%" align="center">

<P align="left">
This investment involves a high degree of risk. Before making an
investment in our debt securities, you should carefully consider
certain risks described in &#147;Risk Factors&#148; beginning on
page&nbsp;7.

<P align="left">
This prospectus may not be used to consummate a sale of debt
securities unless accompanied by a prospectus supplement
applicable to such debt securities.

<P align="left">
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined if this prospectus is accurate or
complete. Any representation to the contrary is a criminal
offense.

<P align="center">
<HR size="1" width="93%" align="center">

<P align="center">
March&nbsp;16, 1999

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B><FONT size="4">ABOUT THIS PROSPECTUS</FONT></B>

<P align="left">
This prospectus is part of a registration statement that we filed
 with the Securities and Exchange Commission utilizing a
&#147;shelf&#148; registration process. Under this shelf process,
 we may, over the next two years, use the registration statement
and the shelf process to sell any combination of the debt
securities described in this prospectus in one or more offerings
up to a total dollar amount of $500,000,000. This prospectus
provides you with a general description of the debt securities we
 may offer. Each time we sell debt securities, we will provide a
prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may
also add, update or change information contained in this
prospectus. It is important for you to carefully read both this
prospectus and any prospectus supplement together with additional
 information described under the heading &#147;Where You Can Find
 More Information&#148; in making your investment decision.

<P align="left">
For more detail, you should read the exhibits filed with our
registration statement.

<P align="center"><B><FONT size="4">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">
We file annual, quarterly and special reports and other
information with the SEC. Our SEC filings are available to the
public over the internet at the SEC&#146;s web site at
http://www.sec.gov. You may also read and copy any document we
file at the SEC&#146;s public reference rooms in Washington,
D.C., New York, New York, and Chicago, Illinois. Please call the
SEC at 1-800-SEC-0330 for further information on the public
reference rooms.

<P align="left">
The SEC allows us to &#147;incorporate by reference&#148; the
information we file with them, which means that we can disclose
important information to you by referring you to those documents.
 The information incorporated by reference is an important part
of this prospectus, and information that we file later with the
SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below and any
future filings made by us with the SEC under Sections&nbsp;13(a),
 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until
we or the underwriters sell all of the securities that we have
registered.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Annual Report on Form&nbsp;10-K for the fiscal year ended
	March&nbsp;31, 1998; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Quarterly Reports on Form&nbsp;10-Q for the quarters ended
	June&nbsp;30, 1998, September&nbsp;30, 1998, and
	December&nbsp;31, 1998.</TD>
</TR>

</TABLE>

<P align="left">
You may request a copy of these filings at no cost by writing or
telephoning us at the following address:

<P align="left">
AMERCO&nbsp;&#151;&nbsp;Investor Relations

<DIV align="left">
1325 Airmotive Way, Suite&nbsp;100
</DIV>

<DIV align="left">
Reno, Nevada 89502-3239
</DIV>

<DIV align="left">
telephone: (775)&nbsp;688-6300
</DIV>

<P align="left">
Additionally, our summary quarterly financial reports can be
found on our home page on the Internet at: http://www.uhaul.com.
Such information, however, will not be deemed to be incorporated
by reference in this prospectus.

<P align="center">1

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">
You should rely only on the information incorporated by reference
 or provided in this prospectus or any prospectus supplement. We
have not authorized anyone else to provide you with different
information. We are not making an offer of these securities in
any state where the offer is not permitted. You should not assume
 that the information in this prospectus or any prospectus
supplement is accurate as of any date other than the date on the
front of those documents.

<P align="center">
[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

<P align="center">2

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B><FONT size="4">SPECIAL NOTE OF CAUTION REGARDING</FONT></B>

<DIV align="center">
<B><FONT size="4">FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>

<P align="left">
Certain statements in (a)&nbsp;this prospectus under the caption
&#147;Risk Factors,&#148; (b)&nbsp;any applicable prospectus
supplement and (c)&nbsp;the documents incorporated by reference
into this prospectus may constitute &#147;forward-looking
statements&#148; within the meaning of federal securities laws.
Forward-looking statements are based on our management&#146;s
beliefs, assumptions, and expectations of our future economic
performance, taking into account the information currently
available to them. These statements are not statements of
historical fact. Forward-looking statements involve risks and
uncertainties that may cause our actual results, performance or
financial condition to be materially different from the
expectations of future results, performance or financial
condition we express or imply in any forward-looking statements.
Some of the important factors that could cause our actual
results, performance or financial condition to differ materially
from our expectations are:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Fluctuations in our costs to maintain and update our fleet and
	facilities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Changes in government regulations, particularly environmental
	regulations;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Changes in demand for our products;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Changes in the general domestic economy;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Degree and nature of our competition; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Other factors described in this prospectus, any prospectus
	supplement or the documents we file with the SEC and incorporate
	by reference into this prospectus.</TD>
</TR>

</TABLE>

<P align="left">
When used in our documents or oral presentations, the words
&#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148;
 &#147;objective,&#148; &#147;projection,&#148;
&#147;forecast,&#148; &#147;goal&#148; or similar words are
intended to identify forward-looking statements. We qualify any
such forward-looking statements entirely by these cautionary
factors.

<P align="center">3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B><FONT size="4">ABOUT AMERCO</FONT></B>

<P align="left"><B>General Information</B>

<P align="left">
AMERCO owns all of the stock of our principal subsidiary, U-Haul
International, Inc. U-Haul rental operations represented over 80%
 of our total revenue for each of the past five&nbsp;(5) fiscal
years ended March&nbsp;31, 1998. We also own all the stock of
Republic Western Insurance Company, Oxford Life Insurance
Company, and Amerco Real Estate Company. Throughout this
prospectus, unless otherwise indicated, AMERCO and references to
&#147;we,&#148; &#147;our,&#148; &#147;ours&#148; and
&#147;us&#148; includes all of our subsidiaries. Our principal
executive offices are located at 1325&nbsp;Airmotive Way,
Suite&nbsp;100, Reno, Nevada 89502, and our telephone number is
(775)&nbsp;688-6300.

<P align="left">U-HAUL OPERATIONS

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U-Move
Operations

<P align="left">
Founded in 1945, U-Haul is primarily engaged, through its
subsidiaries, in the rental of trucks, automobile-type trailers,
and support rental items to the do-it-yourself moving customer
which include the sale of moving items or moving materials (such
as boxes, tape, and packaging materials). Our do-it-yourself
moving business operates under the U-Haul name through an
extensive and geographically diverse distribution network of
approximately 1,100 company-owned U-Haul centers and
approximately 15,000 independent dealers throughout the United
States and Canada. We believe that we have more moving equipment
rental locations than our two largest competitors combined. The
U-Haul rental equipment fleet consists of 92,900 trucks, 79,600
trailers, and 18,300 tow dollies. Additionally, U-Haul sells
related products (such as boxes, tape, and packaging materials).

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self-Storage
 Rental Operations

<P align="left">
U-Haul entered the self-storage business in 1974 and offers for
rent more than 27.2&nbsp;million square feet of self-storage
space through over 800 company-owned or managed storage
locations. We believe we are the second largest self-storage
operator (in terms of square feet) in the industry. We believe
our self-storage operations are complementary to the
do-it-yourself moving business. All of our self-storage space is
located at or near one or more U-Haul centers or independent
U-Haul dealers.

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">INSURANCE OPERATIONS

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic
Western

<P align="left">
Republic Western originates and reinsures property and casualty
type insurance products for independent third parties, U-Haul
customers, and U-Haul. Republic Western&#146;s principal strategy
 is to capitalize on its knowledge of insurance products aimed at
 the moving and rental markets. Approximately 29.8% of Republic
Western&#146;s written premiums relate to insurance underwriting
activities involving affiliates of AMERCO. Approximately 90.8% of
 Republic Western&#146;s invested assets are in investment grade
(NAIC-2 or greater) fixed income securities. Republic Western is
rated &#147;A&#34;-VIII by A.M.&nbsp;Best.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Oxford</TD>
</TR>

</TABLE>

<P align="left">
Oxford primarily reinsures life, health, and annuity insurance
products and administers our self-insured employee health plan.
Approximately 2.9% of Oxford&#146;s premium revenues are from
business with affiliates of AMERCO. Approximately 91.4% of
Oxford&#146;s invested assets are in investment grade (NAIC-2 or
greater) fixed income securities. Oxford is rated
&#147;A-&#34;-VII by A.M.&nbsp;Best.

<P align="left">REAL ESTATE OPERATIONS

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amerco Real
 Estate

<P align="left">
Amerco Real Estate owns or actively manages over 1,150 properties
 throughout the United States and Canada. In addition to its
U-Haul operations, Amerco Real Estate actively seeks to lease or
dispose of our surplus properties.

<P align="center">5
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<P><HR noshade><P>

<P align="left">
The following chart represents the corporate structure of the
major operating subsidiaries of AMERCO:

<P align="center">
 Corporate Structure Flow Chart of Amerco

<P align="center"><B><FONT size="4">THE OFFERING</FONT></B>

<P align="left">
We may offer and sell from time to time, in one or more series,
unsecured senior or subordinated debt securities, which may
consist of notes, debentures or other evidences of indebtedness.

<P align="left">
The total initial offering prices of the debt securities we may
offer and sell pursuant to this prospectus and supplements to it
will not be greater than $500,000,000 (or the equivalent amount
in a foreign currency or currency unit at the time of sale). We
will offer these securities in amounts, at prices and on terms
that we determine in light of market conditions at the time of
sale and specify in a prospectus supplement.

<P align="center">6

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<P align="center"><B>RISK FACTORS</B>

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Highly
Competitive Industry</B>

<P align="left">
The truck rental industry is highly competitive and includes a
number of significant national and hundreds of regional and local
 competitors. Competition is generally based on price, product
quality, convenience, availability, brand name recognition and
service. Competition could adversely affect AMERCO&#146;s
operating results by forcing us to reduce prices or delay price
increases.

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
Management&#146;s Discretion as to Use of Proceeds</B>

<P align="left">
We will use the net proceeds from the sale of the debt securities
 in the manner set forth in the prospectus supplement relating to
 each offering of the debt securities. Consequently, our Board of
 Directors and management will have broad discretion in
allocating the net proceeds of this offering.

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Control
by Certain Existing Stockholders</B>

<P align="left">
Edward&nbsp;J. Shoen, Chairman of the Board and President of
AMERCO, James&nbsp;P. Shoen, Vice President and a Director of
AMERCO, and Mark&nbsp;V. Shoen, President of U-Haul Phoenix
Operations collectively own 9,205,476 shares (approximately
40.1%) of the outstanding common stock of AMERCO. Accordingly,
Edward&nbsp;J. Shoen, Mark&nbsp;V. Shoen, and James&nbsp;P. Shoen
 will be in a position to continue to influence the election of
the members of the Board of Directors and decisions requiring
stockholder approval. In addition, 2,849,124 shares
(approximately 12.6%), including shares allocated to employees
and unallocated shares, are held by the AMERCO Employee Savings
and Employee Stock Ownership Trust.

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>
Environmental Matters</B>

<P align="left">
Compliance with environmental requirements of federal, state and
local governments significantly affects AMERCO&#146;s business.
Among other things, these requirements regulate the discharge of
materials into the water, air and land and govern the use and
disposal of hazardous substances. Under environmental laws,
AMERCO can be held strictly liable for hazardous substances that
are found on real property AMERCO has owned or operated. AMERCO
is aware of issues regarding hazardous substances on some of our
real estate and AMERCO has put in place a remedial plan at each
site where we believe such a plan is necessary. AMERCO regularly
makes capital and operating expenditures to stay in compliance
with environmental laws. In particular, AMERCO has managed a
testing and removal program since 1988 for our underground
storage tanks. Under this program, AMERCO has removed over 3,000
tanks at a total cost of $39.0 million since April 1988. As of
December&nbsp;31, 1998, AMERCO has twelve known sites containing
thirteen known underground storage tanks. Despite these
compliance efforts, risk of environmental liability is part of
the nature of our business. AMERCO cannot assure you that
environmental liabilities, including compliance and remediation
costs, will not have a material adverse effect on AMERCO in the
future. In addition, future events may lead to additional
compliance or other costs that could have a material adverse
effect on AMERCO. Such future events could include changes in, or
 new interpretations of, existing laws or enforcement policies.
For more information regarding AMERCO&#146;s environmental
matters,

<P align="center">7

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<P><HR noshade><P>

<DIV align="left">
see &#147;Item&nbsp;1. Business&nbsp;&#151; Moving and Storage
Operations&nbsp;&#151; Environmental Matters&#148; in
AMERCO&#146;s Form 10-K.
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	<B>Year 2000 Disclosure</B></TD>
</TR>

</TABLE>

<P align="left">
AMERCO is and has been working since 1997 to identify and
complete the changes necessary to our existing computerized
business systems to make these systems compliant for
Year&nbsp;2000 processing. The Year&nbsp;2000 processing problem
is caused by currently installed computer systems and software
products, including several used by AMERCO, being coded to accept
 only the last two digit entries in the date code field instead
of four digits to indicate the year. Such programs may interpret
the year&nbsp;2000 to mean 1900 instead, producing erroneous
information or date-related computer failures.

<P align="left">
AMERCO&#146;s date reliance functions related to the
Year&nbsp;2000 and beyond, such as rental transaction processing
and financial systems, may be adversely affected unless these
computer systems are or become Year&nbsp;2000 compliant.
Replacing, upgrading or modifying key financial systems has been
on-going in the normal course of business. AMERCO is utilizing
both internal and external resources to identify, correct,
reprogram and test our systems for Year&nbsp;2000 compliance. In
particular, AMERCO has an outside consulting firm on-site
currently making the Year&nbsp;2000 compliance related
modifications to existing systems. The assessment phase is
complete for information technology. AMERCO&#146;s internal
information technology conversion phase is underway, with the
testing phase going on at the same time.

<P align="left">
AMERCO is also assessing our non-information technology items for
 Year&nbsp;2000 compliance, such as rental vehicles and storage
facilities security systems.

<P align="left">
AMERCO is communicating with our major business partners to
determine the efforts being made on their part for compliance.
Critical vendors with electronic data interchange will be
scheduled for testing between January and March of 1999, with
other vendor testing to be scheduled during the remainder of the
calendar year 1999. There can be no assurance AMERCO will not be
adversely affected by the failure of others to become
Year&nbsp;2000 compliant. For example, AMERCO may be affected by,
 among other things, the failure of inventory suppliers, credit
card processors, security companies or other vendors and service
providers to become Year&nbsp;2000 compliant.

<P align="left">
AMERCO expects to be Year&nbsp;2000 compliant by the fall of
calendar year 1999. Initially, the budget was $2.0&nbsp;million;
as the conversion process continues, we now anticipate an
additional $0.8&nbsp;million may be incurred. Through
December&nbsp;31, 1998, $1.4&nbsp;million has been incurred.
AMERCO is accelerating the replacement of our payroll system due
to year&nbsp;2000 non-compliance at an estimated cost of
$0.3&nbsp;million to be incurred starting in June&nbsp;1999.
AMERCO has not deferred any major computer programming or update
projects due to Year&nbsp;2000 efforts. Although AMERCO believes
we will achieve compliance on a timely basis, no assurance can be
 given that AMERCO&#146;s computer systems will be Year&nbsp;2000
 compliant by the fall of 1999 or otherwise in a timely manner or
 that AMERCO will not incur significant additional costs pursuing
 Year&nbsp;2000 compliance. If the appropriate modifications are
not made, or are not timely, the Year&nbsp;2000 problem may have
a material adverse effect on AMERCO.

<P align="center">8

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<P><HR noshade><P>

<P align="left">
AMERCO considers our most reasonably likely worst case scenario
to be if a business partner is not Year&nbsp;2000 compliant.
AMERCO is in the process of developing and refining contingency
plans to be used if a business partner is not compliant. The
contingency plans will include processing of rental transactions,
 payments to employees and vendors, licensing of equipment,
preparation of financial statements and the movement of funds. It
 is anticipated that the contingency plans will be completed by
the end of March of 1999, with refinement continuing until the
year&nbsp;2000.

<P align="left">
Despite AMERCO&#146;s efforts to date, there can be no assurance
that the Year&nbsp;2000 problem will not have a material adverse
effect on AMERCO in the future.

<P align="center"><B><FONT size="4">USE OF PROCEEDS</FONT></B>

<P align="left">
The use of proceeds from the sale of the debt securities will be
set forth in a prospectus supplement relating to each offering of
 debt securities.

<P align="center">9

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<P align="center"><B><FONT size="4">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

<P align="left">
The following table shows AMERCO&#146;s ratio of earnings to
fixed charges for the periods indicated. For purposes of
computing the ratio of earnings to fixed charges,
&#147;earnings&#148; consists of pretax earnings from operations
plus total fixed charges excluding interest capitalized during
the period, and &#147;fixed charges&#148; consists of interest
expense, capitalized interest, amortization of debt expense and
discounts, and one-third of the our annual rental expense (which
we believe is a reasonable approximation of the interest factor
of these rentals). The ratio for the nine months ended on
December&nbsp;31, 1998 may be different from the ratio for fiscal
 1999 because, among other reasons, U-Haul rental operations are
seasonal and proportionally more of our earnings are generated in
 the first and second quarters of each fiscal year.

<CENTER>
<TABLE width="50%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="14%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="13%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="6%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="5%">&nbsp;</TD>
	<TD width="3%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
	<TD width="1%">&nbsp;</TD>
	<TD width="4%">&nbsp;</TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>NINE MONTHS</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>ENDED</B></FONT></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>DECEMBER 31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>FISCAL YEAR ENDED MARCH 31,</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1995</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1994</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">2.36</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.66</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.74</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.01</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.99</FONT></TD>
	<TD></TD>
	<TD></TD>
	<TD></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.67</FONT></TD>
	<TD></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
For more information on AMERCO&#146;s ratio of earnings to fixed
charges, see Exhibit&nbsp;12 to the registration statement and
the section called &#147;Where You Can Find More
Information.&#148;

<P align="center"><B><FONT size="4">DESCRIPTION OF DEBT SECURITIES</FONT></B>

<P align="left">
The following is a description of certain general terms of the
debt securities to which any prospectus supplement may relate.
The particular terms of the debt securities, including the senior
 securities and the subordinated securities, offered by any
prospectus supplement (the &#147;Offered Securities&#148;) and
the extent, if any, to which such general provisions may apply to
 the debt securities so offered will be described in the
prospectus supplement relating to such Offered Securities.

<P align="left">
The senior securities are to be issued under an indenture (the
&#147;Senior Indenture&#148;), between AMERCO and The Bank of New
 York, as trustee (the &#147;Senior Trustee&#148;). The
subordinated securities are to be issued under an Indenture (the
&#147;Subordinated Indenture&#148;) between AMERCO and The Bank
of New York, as trustee (the &#147;Subordinated Trustee,&#148;
together with the Senior Trustee, the &#147;Trustees&#148;). The
Senior Indenture and the Subordinated Indenture (collectively,
the &#147;Indentures&#148;) are exhibits to the registration
statement. The following summaries of certain provisions of the
Indentures do not purport to be complete and are subject to, and
are qualified in their entirety by reference to, all provisions
of the Indentures, including the definitions therein of certain
terms. Because this is a summary, it does not contain all the
information that may be important to you. You should read each of
 the applicable Indentures in their entirety, including the
definitions of certain terms, and the applicable prospectus
supplement before you make any investment decision. Wherever
particular provisions or defined terms of the Indentures are
referred to, such provisions or defined terms are incorporated
herein by reference. Certain defined terms in the Indentures are
capitalized herein.

<P align="center">10

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<P><HR noshade><P>

<P align="center">GENERAL

<P align="left">
Unless otherwise indicated in the prospectus supplement relating
to Offered Securities, the debt securities will be unsecured
obligations of AMERCO.

<P align="left">
The Indentures do not limit the amount of Offered Securities that
 may be issued thereunder and provide that the Offered Securities
 may be issued thereunder from time to time in one or more
series. All Offered Securities of one series need not be issued
at the same time and, unless otherwise provided, a series may be
reopened under the applicable Indenture, without the consent of
any holder, for issuances of additional Offered Securities of
such series. The senior securities will rank <I>pari passu</I>
with all other unsecured and unsubordinated indebtedness of
AMERCO. The subordinated securities will rank <I>pari passu</I>
with other subordinated indebtedness of AMERCO and, together with
 such subordinated indebtedness, will be subordinated in right of
 payment to the prior payment in full of all Senior Indebtedness
of AMERCO as described under &#147;Subordinated Securities&#148;
below.

<P align="left">
Reference is made to the prospectus supplement relating to the
Offered Securities for the following terms, where applicable, of
the Offered Securities:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the title of the Offered Securities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any limit on the aggregate principal amount of the Offered
	Securities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the ranking of such Offered Securities as senior securities or
	subordinated securities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the person to whom any interest on any Offered Security will be
	payable, if other than the person in whose name such Offered
	Security (or one or more predecessor debt securities) is
	registered at the close of business on the regular record date
	for such interest;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the date or dates on which the Offered Securities will mature;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the rate or rates (which may be fixed or variable) at which the
	Offered Securities will bear interest, if any, and the date or
	dates from which such interest will accrue;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the dates on which such interest, if any, will be payable and the
	 regular record dates for such interest payment dates;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the place or places where the principal of (and premium, if any)
	and interest on the Offered Securities shall be payable, where
	any Offered Securities may be surrendered for registration of
	transfer or exchange and where notices to or demand upon AMERCO
	may be delivered;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the period or periods within which, the price or prices at which,
	 and the terms and conditions upon which, the Offered Securities
	may be redeemed in whole or in part, at the option of AMERCO;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the mandatory or optional redemption provisions applicable to the
	 Offered Securities;</TD>
</TR>

</TABLE>

<P align="center">11

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<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the obligation, if any, of AMERCO to redeem or purchase such
	Offered Securities pursuant to any sinking fund or analogous
	provision or at the option of a holder thereof and the period or
	periods within which, the price or prices at which, and the terms
	 and conditions upon which, such Offered Securities shall be
	redeemed or purchased, in whole or in part, pursuant to such
	obligation;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the denominations in which such Offered Securities will be
	issuable, if other than denominations of $1,000 and any integral
	multiples thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the portion of the principal amount of the Offered Securities, if
	 other than the entire principal amount thereof, payable upon
	acceleration of maturity thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any additional restrictive covenants under the applicable
	Indenture;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the right of AMERCO to defease the Offered Securities or certain
	restrictive covenants and certain Events of Default under the
	Indentures;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the currency or currencies in which payment of principal and
	premium, if any, and interest on the Offered Securities will be
	payable, if other than United States dollars;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	if the principal of and premium, if any, or interest, if any, on
	such Offered Securities is to be payable, at the election of
	AMERCO or a holder thereof, in a currency or currencies other
	than that in which such Offered Securities are stated to be
	payable, the currency or currencies in which payment of the
	principal of and premium, if any, or interest, if any, on such
	Offered Securities as to which such election is made will be
	payable and the period or periods within which, and the terms and
	 conditions upon which, such election may be made;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any index used to determine the amount of payments of principal
	of and premium, if any, and interest, if any, on the Offered
	Securities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	if the Offered Securities will be issuable only in the form of a
	global note as described under &#147;Book-Entry Securities,&#148;
	 the Depository or its nominee with respect to the Offered
	Securities, and the circumstances under which the global note may
	 be registered for transfer or exchange in the name of a person
	other than the Depository or its nominee;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any additional Events of Default under the applicable Indenture;
	and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any other terms of the Offered Securities.</TD>
</TR>

</TABLE>

<P align="left">
If the principal of and premium, if any, or any interest on
Offered Securities of any series are payable in a foreign or
composite currency, the restrictions, elections, federal income
tax consequences, specific terms and other information with
respect to such Offered Securities and such currency will be
described in the prospectus supplement relating thereto.

<P align="left">
Unless otherwise indicated in the prospectus supplement relating
to Offered Securities, principal of and premium, if any, and
interest, if any, on the Offered Securities will be

<P align="center">12

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<P><HR noshade><P>

<DIV align="left">
payable, and the Offered Securities will be exchangeable and
transfers thereof will be registrable, at the office of the
applicable Trustee at 101 Barclay Street, Floor 21 West, New
York, New York, 10286, provided that, at the option of AMERCO,
payment of interest may be made by:
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	wire transfer on the date of payment in immediately available
	federal funds or next day funds to an account specified by
	written notice to the applicable Trustee from any holder of
	Offered Securities;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any similar manner that such holder may designate in writing to
	the applicable Trustee; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	by check mailed to the address of the person entitled thereto as
	it appears in the security register.</TD>
</TR>

</TABLE>

<P align="left">
Any payment of principal and premium, if any, and interest, if
any, required to be made on an interest payment date, redemption
date, or at maturity that is not a business day need not be made
on such day, but may be made on the next succeeding business day
with the same force and effect as if made on the interest payment
 date, redemption date, or at maturity, as the case may be, and
no interest shall accrue for the period from and after such
interest payment date, redemption date, or maturity.

<P align="left">
Unless otherwise indicated in the prospectus supplement relating
to Offered Securities, the debt securities will be issued only in
 fully registered form, without coupons, in denominations of
$1,000 or any integral multiple thereof. No service charge will
be made for any transfer or exchange of Offered Securities, but
AMERCO may require payment of a sum sufficient to cover any tax
or other government charge payable in connection therewith.

<P align="left">
Offered Securities may be issued under the Indentures as original
 issue discount securities to be offered and sold at a
substantial discount from their stated principal amount. In
addition, under United States treasury regulations, it is
possible that Offered Securities that are offered and sold at
their stated principal amount would, under certain circumstances,
 be treated as issued at an original issue discount for federal
income tax purposes. Federal income tax consequences and other
special considerations applicable to any such original issue
discount securities (or other debt securities treated as issued
at an original issue discount) and to &#147;investment
units&#148; will be described in the prospectus supplement
relating thereto. An &#147;original issue discount security&#148;
 means any security that provides for an amount less than the
principal amount thereof to be due and payable upon a declaration
 of acceleration of the maturity thereof upon the occurrence of
an Event of Default and the continuation thereof.

<P align="center">BOOK-ENTRY SYSTEM

<P align="left">
The debt securities will be represented by one or more permanent
global notes deposited with, or on behalf of, The Depository
Trust Company, as Depository under the Indentures

<P align="center">13

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<P><HR noshade><P>

<DIV align="left">
and the related supplemental indentures (the
&#147;Depository&#148;), and registered in the name of the
Depository&#146;s nominee. Except as set forth below:
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	owners of beneficial interests in a global note will not be
	entitled to have debt securities represented by such global note
	registered in their names, will not receive or be entitled to
	receive physical delivery of notes in definitive form and will
	not be considered the owners or holders thereof under the
	Indentures and the related Supplemental Indentures; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	each global note may be transferred, in whole and not in part,
	only to another nominee of the Depository or to a successor of
	the Depository or its nominee.</TD>
</TR>

</TABLE>

<P align="left">
Accordingly, beneficial interests in the debt securities will be
shown on, and transfers thereof will be effected only through,
records maintained by the Depository and its participants. The
laws of some states require certain purchasers of securities to
take physical delivery thereof in definitive form. The depository
 arrangements described above and such laws may impair the
ability to own or transfer beneficial interests in a global note.

<P align="left">
Owners of beneficial interests in any global note will not be
entitled to receive debt securities in definitive form and will
not be considered holders of debt securities unless:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	the Depository notifies AMERCO that it is unwilling or unable to
	continue as Depository for such global note or if at any time the
	 Depository ceases to be a clearing agency registered under the
	Exchange Act;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	AMERCO executes and delivers to the applicable Trustee a company
	order that such global note shall be so exchangeable; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	there shall have occurred and be continuing an Event of Default
	or an event which, with the giving of notice or lapse of time, or
	 both, would constitute an Event of Default with respect to the
	debt securities (a &#147;Default&#148;).</TD>
</TR>

</TABLE>

<P align="left">
In such circumstances, upon surrender by the Depository or a
successor depository of any global note, debt securities in
definitive form will be issued to each person that the Depository
 or a successor depository identifies as the beneficial owner of
the related debt securities. Upon such issuance, the applicable
Trustee is required to register such debt securities in the name
of, and cause such debt securities to be delivered to, such
person or persons (or nominees thereof). Such debt securities
would be issued in fully registered form without coupons, in
denominations of $1,000 and integral multiples thereof.

<P align="left">
The Depository is a limited-purpose trust company organized under
 the laws of the State of New York Uniform Commercial Code, and a
 &#147;clearing agency&#148; registered pursuant to the
provisions of Section&nbsp;17A of the Exchange Act. The
Depository was created to hold securities for its participants
and to facilitate the clearance and settlement of securities
transactions among its participants in such securities through
electronic book-entry changes in accounts of the participants,
thereby eliminating the need for physical movement of securities
certificates. The Depository&#146;s direct participants include
securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations, some of whom
(and/or their representatives) own the Depository. Access to the
Depository&#146;s book-entry system is also available to others
known as indirect participants, such as banks, brokers, dealers
and trust companies that clear through or maintain a custodial
relationship

<P align="center">14

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<P><HR noshade><P>

<DIV align="left">
with a participant, either directly or indirectly. The Depository
 agrees with and represents to its participants that it will
administer its book-entry system in accordance with its rules and
 by-laws and requirements of law.
</DIV>

<P align="left">
Principal and interest payments on debt securities registered in
the name of or held by the Depository or its nominee will be made
 to the Depository or its nominee, as the case may be, as the
registered owner of the global note representing such debt
securities. Under the terms of the Indentures and the related
Supplemental Indentures, AMERCO and the applicable Trustee will
treat the persons in whose names the debt securities are
registered as the holders of such debt securities for the purpose
 of receiving payment of principal and interest on such debt
securities and for all other purposes whatsoever. Therefore, none
 of AMERCO, the Trustees or any paying agent has any direct
responsibility or liability for the payment of principal of or
interest on the debt securities to owners of beneficial interests
 in any global note. The Depository has advised AMERCO and the
Trustees that its current practice is to credit the accounts of
participants with payments of principal or interest on the date
payable in amounts proportionate to their respective holdings in
principal amount of beneficial interests in a global note as
shown in the records of the Depository, unless the Depository has
 reason to believe that it will not receive payment on such date.
 The Depository&#146;s current practice is to credit such
accounts, as to interest, in next-day funds and, as to principal,
 in same-day funds. Payments by participants and indirect
participants to owners of beneficial interests in a global note
will be governed by standing instructions and customary
practices, as is now the case with securities held for the
accounts of customers in bearer form or registered in
&#147;street name&#148; and will be the responsibility of the
participants and indirect participants.

<P align="left">
The Depository has advised AMERCO that it will take any action
permitted to be taken by an owner or holder of debt securities
only at the direction of one or more participants to whose
account with the Depository such holder&#146;s debt securities
are credited. Additionally, the Depository has advised AMERCO
that it will take such actions with respect to any percentage of
the beneficial interest of holders who hold debt securities
through participants only at the direction of and on behalf of
participants whose account holders include undivided interests
that satisfy any such percentage. The Depository may take
conflicting actions with respect to other undivided interests to
the extent that such actions are taken on behalf of participants
whose account holders include such undivided interests.

<P align="center">SENIOR SECURITIES

<P align="left">
Payment of the principal of, premium, if any, and interest on
senior securities issued under the Senior Indenture will rank <I>
pari passu</I> with all other unsecured and unsubordinated
indebtedness of AMERCO.

<P align="center">SUBORDINATED SECURITIES

<P align="left">
Payment of the principal of, premium, if any, and interest on
subordinated securities issued under the Subordinated Indenture
will rank <I>pari passu</I> with all other subordinated
indebtedness of AMERCO and will be subordinate and junior in
right of payment, to the extent and in the manner set forth in
the Subordinated Indenture, to all Senior

<P align="center">15

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<P><HR noshade><P>

<DIV align="left">
Indebtedness of AMERCO. The Subordinated Indenture does not
contain any limitation on the amount of Senior Indebtedness than
can be incurred by AMERCO.
</DIV>

<P align="left">
The Subordinated Indenture provides that AMERCO may make no
principal, interest or other payment on account of any
subordinated securities or redeem, defease (other than payments
made by the Subordinated Trustee pursuant to the provisions of
the Subordinated Indenture described under
&#147;Defeasance&#148;) or acquire any of the subordinated
securities for cash, property or securities:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	upon the maturity of the Designated Senior Indebtedness or any
	other Senior Indebtedness with an aggregate principal amount in
	excess of $1,000,000 unless and until all principal, premium and
	interest on such Senior Indebtedness and all other obligations in
	 respect thereof are first paid in full in cash or cash
	equivalents or such payment is duly provided for, or unless and
	until any such maturity by acceleration has been rescinded or
	waived; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	in the event of default in the payment of any principal, premium
	or interest on or any other amount payable in respect of the
	Designated Senior Indebtedness or any other Senior Indebtedness
	with an aggregate principal amount in excess of $1,000,000 when
	it becomes due and payable, whether at maturity or at a date
	fixed for prepayment or by declaration or otherwise, unless and
	until such payment default has been cured or waived or has
	otherwise ceased to exist.</TD>
</TR>

</TABLE>

<P align="left">
Upon the happening of a default (any event that after notice or
passage of time would be an event of default) or an event of
default (any event that permits the holders of Senior
Indebtedness or their representative or representatives
immediately to accelerate its maturity) with respect to any
Senior Indebtedness, other than a default in payment of the
principal, premium or interest on such Senior Indebtedness, and
upon written notice of such default or event of default given to
AMERCO and the Subordinated Trustee by the holders of a majority
of the principal amount outstanding of the Designated Senior
Indebtedness or their representative or, at such time there is
not Designated Senior Indebtedness, the holders of a majority of
the principal amount outstanding of all Senior Indebtedness or
their representative or representatives or, if such default or
event of default results from the acceleration of the
subordinated securities, immediately upon such acceleration,
then, unless such default or event of default has been cured or
waived or otherwise has ceased to exist, AMERCO may make no
payment with respect to any obligation or claim in respect of the
 subordinated securities.

<P align="left">
Notwithstanding the foregoing, unless the Senior Indebtedness in
respect of which such default or event of default exists has been
 declared due and payable in its entirety within 180&nbsp;days
after the date written notice of such default or event of default
 is delivered as set forth above or the date of such acceleration
 as the case may be (the &#147;payment blockage period&#148;),
and such declaration or acceleration has not been rescinded,
AMERCO may then pay all sums not paid to the holders of the
subordinated securities during the payment blockage period due to
 the foregoing prohibitions and resume all other payments as and
when due on the subordinated securities. Any number of such
notices may be given; provided, however, that (1)&nbsp;during any
 360 consecutive days, only one payment blockage

<P align="center">16

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<P><HR noshade><P>

<DIV align="left">
period may commence and (2)&nbsp;any such default or event of
default that existed upon the commencement of a payment blockage
period may not be the basis for the commencement of any other
payment blockage period, unless such default or event of default
shall have been cured or waived for a period of not less than 90
consecutive days.
</DIV>

<P align="left">
In the event that any payment or distribution of assets of AMERCO
 from any source is received by the Subordinated Trustee or the
holders on account of any obligation or claim in respect of the
subordinated securities at a time when such payment or
distribution is prohibited by the foregoing provisions, such
payment or distribution will be held in trust for the benefit of
the holders of Senior Indebtedness, and will be paid or delivered
 by the Subordinated Trustee or such holders, as the case may be,
 to the holders of the Senior Indebtedness remaining unpaid or
unprovided for ratably according to the aggregate amounts
remaining unpaid on account of the Senior Indebtedness.

<P align="left">
The holders of the Senior Indebtedness and their respective
representatives are authorized to demand specific performance of
the provisions with respect to subordination in the Subordinated
Indenture at any time when AMERCO or any holder shall have failed
 to comply with any provision with respect to subordination in
the Subordinated Indenture applicable to it, and AMERCO and each
holder irrevocably waives any defense based on the adequacy of a
remedy at law that might be asserted as a bar to the remedy of
specific performance of such subordination provision in any
action brought therefor by the holders of the Senior Indebtedness
 and their respective representatives.

<P align="left">
By reasons of such subordination, in the event of the liquidation
 or insolvency of AMERCO, creditors of AMERCO who are not holders
 of Senior Indebtedness, including holders of the subordinated
securities, may recover less, ratably, than holders of Senior
Indebtedness.

<P align="left">
No provision contained in the Subordinated Indenture or the
subordinated securities will affect the obligation of AMERCO,
which is absolute and unconditional, to pay, when due, principal
of, premium, if any, and interest on the subordinated securities.
 The subordination provisions of the Subordinated Indenture and
the subordinated securities will not prevent the occurrence of
any Event of Default under either of the Indentures or limit the
rights of the Subordinated Trustee or any holder, except as
provided in the seven preceding paragraphs, to pursue any other
rights or remedies with respect to the subordinated securities.

<P align="center">COVENANTS

<P align="left">
The Indentures contain several restrictive covenants. The
Indentures do not contain:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any restrictions on AMERCO paying dividends or making other
	distributions on any of its capital stock or purchasing or
	redeeming any of its capital stock;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any restrictions on AMERCO incurring, assuming or become liable
	upon senior indebtedness or subordinated indebtedness or any
	other type of debt securities or other obligations;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any restrictions on AMERCO creating liens on its property for any
	 purpose; or</TD>
</TR>

</TABLE>

<P align="center">17

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<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any requirement on AMERCO adhering to any financial ratios or
	specified levels of net worth or liquidity.</TD>
</TR>

</TABLE>

<P align="left">
Any additional restrictive covenants relating to any series of
debt securities will be described in the prospectus supplement
relating to such series. If any such covenants are described, the
 prospectus supplement will also state whether the &#147;covenant
 defeasance&#148; provisions described below will apply.

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Existence

<P align="left">
AMERCO will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate
existence and material rights (charter and statutory) and
material franchises of AMERCO; provided, however, that AMERCO
shall not be required to preserve any such right or franchise if
our Board of Directors shall determine that the preservation of
such rights and franchises is no longer desirable in the conduct
of the business of AMERCO and our consolidated subsidiaries
considered as a whole, and that the loss thereof is not
disadvantageous in any material respect to the holders of the
debt securities.

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidation,
 Merger, and Sale of Assets

<P align="left">
AMERCO, without the consent of any holders of outstanding debt
securities, may consolidate or merge with or into, or transfer or
 lease its assets as an entirety to, any corporation, provided
that (i)&nbsp;the corporation (if other than AMERCO) formed by
such consolidation or into which AMERCO is merged or that
acquires or leases the assets of AMERCO substantially as an
entirety is a corporation, partnership or trust, is organized and
 existing under the laws of any United States jurisdiction and
expressly assumes AMERCO&#146;s obligations on the debt
securities and under the Indentures, (ii)&nbsp;after giving
effect to such transaction no Event of Default, and no event
that, after notice or lapse of time or both, would become an
Event of Default, shall have occurred and be continuing (provided
 that a transaction will only be deemed to be in violation of
this condition (ii)&nbsp;as to any series of debt securities as
to which such Event of Default or such event shall have occurred
and be continuing), and (iii)&nbsp;certain other conditions are
met.

<P align="center">EVENTS OF DEFAULT

<P align="left">
The following are Events of Default under each Indenture with
respect to debt securities of any series issued thereunder:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="7%"></TD>
	<TD width="87%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)</TD>
	<TD align="left">
	failure to pay principal of or premium, if any, on any debt
	security of that series when due;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)</TD>
	<TD align="left">
	failure to pay any interest on any debt security of that series
	when due, continued for 30&nbsp;days;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)</TD>
	<TD align="left">
	(i)&nbsp;the failure by AMERCO or any of our subsidiaries to pay
	indebtedness for money borrowed (including debt securities of
	other series) in an aggregate principal amount exceeding
	$10,000,000 at the later of final maturity or upon the expiration
	 of any applicable period of grace with respect to such principal
	 amount or (ii)&nbsp;acceleration of the maturity of any
	indebtedness for money borrowed of AMERCO or any of our
	subsidiaries in</TD>
</TR>

</TABLE>

<P align="center">18

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<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="7%"></TD>
	<TD width="87%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	excess of $10,000,000, if such failure to pay or acceleration is
	not discharged or such acceleration is not annulled within
	15&nbsp;days after due notice;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(4)</TD>
	<TD align="left">
	failure to deposit any sinking fund payment, when due, in respect
	 of any debt security of that series;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(5)</TD>
	<TD align="left">
	failure to perform any other covenant or warranty of AMERCO in
	such Indenture (other than a covenant or warranty included in
	such Indenture solely for the benefit of a series of debt
	securities other than that series), continued for 60&nbsp; days
	after written notice as provided in such Indenture;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(6)</TD>
	<TD align="left">
	certain events in bankruptcy, insolvency or reorganization; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(7)</TD>
	<TD align="left">
	any other Event of Default provided with respect to debt
	securities of that series.</TD>
</TR>

</TABLE>

<P align="left">
If an Event of Default specified in clause (6)&nbsp;above occurs
and is continuing with respect to a series of debt securities,
then the principal amount of the outstanding debt securities
shall become immediately due and payable without any declaration
or other act on the part of the applicable Trustee or any holder.
 If an Event of Default (not specified in clause (6)&nbsp;above)
shall occur and be continuing with respect to outstanding debt
securities of any series, either the applicable Trustee or the
holders of at least 25% in principal amount of the outstanding
debt securities of that series may declare the principal amount
(or, if the debt securities of that series are original issue
discount securities, such portion of the principal amount as may
be specified in the terms of that series) of all the debt
securities of that series to be due and payable immediately by
written notice to AMERCO (and to the applicable Trustee if given
by the holders). At any time after a declaration of acceleration
with respect to debt securities of any series has been made, but
before a judgment or decree based on acceleration has been
obtained, the holders of a majority in principal amount of the
outstanding debt securities of that series may, under certain
circumstances, rescind and annul such acceleration. For
information as to waiver of defaults, see &#147;Modification and
Waiver&#148; below.

<P align="left">
Reference is made to the prospectus supplement relating to each
series of Offered Securities that are original issue discount
securities for the particular provisions relating to acceleration
 of the maturity of a portion of the principal amount of such
original issue discount securities upon the occurrence of an
Event of Default and the continuation thereof.

<P align="left">
The Indentures provides that each Trustee will be under no
obligation, subject to the duty of the applicable Trustee during
default to act with the required standard of care, to exercise
any of its rights or powers under the related Indenture at the
request or direction of any of the holders, unless such holders
shall have offered to the applicable Trustee reasonable
indemnity. Subject to such provisions for indemnification of the
applicable Trustee, the holders of a majority in principal amount
 of the outstanding debt securities of any series will have the
right to direct the time, method, and place of conducting any
proceeding for any remedy available to that Trustee, or
exercising any trust or power conferred on that Trustee, with
respect to the debt securities of that series.

<P align="center">19

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<P><HR noshade><P>

<P align="left">
AMERCO will furnish to each Trustee annually a certificate as to
compliance by AMERCO with all terms, provisions and conditions of
 the applicable Indenture.

<P align="center">DEFEASANCE

<P align="left">
The prospectus supplement will state if any additional defeasance
 provision will apply to the Offered Securities.

<P align="left"><I>Defeasance and Discharge</I>

<P align="left">
Each Indenture provides that, if applicable, AMERCO will be
discharged from any and all obligations in respect of the debt
securities of any series issued thereunder (except for certain
obligations to register the transfer or exchange of debt
securities of such series, to replace stolen, lost, or mutilated
debt securities of such series, to maintain paying agencies and
to hold monies for payment in trust) upon the irrevocable deposit
 with the applicable Trustee, in trust, of money and/or U.S.
Government obligations, which through the payment of interest and
 principal in respect thereof in accordance with their terms will
 provide money in an amount sufficient to pay the principal of
and premium, if any, and each installment of interest on the debt
 securities of that series on the stated maturity of such
payments in accordance with the terms of the applicable Indenture
 and the debt securities of such series. Such a trust may only be
 established if, among other things, AMERCO has delivered to the
applicable Trustee an opinion of counsel (who may be an employee
of or counsel for AMERCO) to the effect that AMERCO has received
from, or there has been published by, the Internal Revenue
Service a ruling or there has been a change in the applicable
United States federal income tax law to the effect that holders
of the debt securities of that series will not recognize income,
gain, or loss for federal income tax purposes as a result of such
 deposit, defeasance, and discharge and will be subject to
federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such deposit,
defeasance, and discharge had not occurred.

<P align="left">
However, the Statement of Financial Accounting Standards
No.&nbsp;125 &#147;Accounting for Transfers and Services of
Financial Assets and Extinguishments of Liabilities&#148; as
issued by the Financial Accounting Standard&#146;s Board will
generally not permit the in-substance defeasance of debt as
described above.

<P align="left"><I>Defeasance of Certain Covenants and Certain Events of Default
</I>

<P align="left">
Each Indenture provides that AMERCO may omit to comply with the
covenants described under &#147;Covenants,&#148; and that may be
described in a prospectus supplement and as set forth in a
related Supplemental Indenture, and that violations of such
covenants will not be deemed to be an Event of Default under the
applicable Indenture to the extent that the conditions described
herein are met. Each Indenture also provides with respect to the
Offered Securities of any series issued thereunder, to the extent
 provided for in the prospectus supplement, that AMERCO may omit
to comply with certain restrictive covenants provided for in this
 prospectus or the prospectus supplement and, to the extent
provided in the prospectus supplement, that violations of certain
 restrictive covenants provided for in the prospectus supplement
shall not be deemed to be an Event of Default under the
applicable Indenture and the debt securities of such series, upon
 the deposit with the applicable Trustee, in trust, of money
and/or U.S. Government obligations which

<P align="center">20

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<P><HR noshade><P>

<DIV align="left">
through the payment of interest and principal in respect thereof
in accordance with their terms will provide money in an amount
sufficient to pay the principal of and premium, if any, and each
installment of interest on the debt securities of such series on
the stated maturity of such payments in accordance with the terms
 of the applicable Indenture and the debt securities of such
series. The obligations of AMERCO under the applicable Indenture
and the debt securities of such series other than with respect to
 the covenants referred to above and the Events of Default other
than the Event of Default referred to above shall remain in full
force and effect. Such a trust may only be established if, among
other things, AMERCO has delivered to the applicable Trustee an
opinion of counsel (who may be an employee of or counsel for
AMERCO) to the effect that the holders of the debt securities of
such series will not recognize income, gain or loss for federal
income tax purposes as a result of such deposit and defeasance of
 certain covenants and Events of Default and will be subject to
federal income tax on the same amount and in the same manner and
at the same times as would have been the case if such deposit and
 defeasance had not occurred.
</DIV>

<P align="left"><I>Defeasance and Certain Other Events of Default</I>

<P align="left">
In the event AMERCO exercises its option to omit compliance with
certain covenants of the applicable Indenture with respect to the
 Offered Securities of any series as described above issued
thereunder and the Offered Securities of such series are declared
 due and payable because of the occurrence of any Event of
Default other than the Event of Default due to certain events in
bankruptcy, insolvency, or reorganization described under
&#147;Events of Default,&#148; the amount of money and U.S.
Government obligations on deposit with the applicable Trustee
will be sufficient to pay amounts due on the Offered Securities
of such series at the time of their stated maturity but may not
be sufficient to pay amounts due on the Offered Securities of
such series at the time of the acceleration resulting from such
Event of Default. However, AMERCO shall remain liable for such
payments.

<P align="center">MODIFICATION AND WAIVER

<P align="left">
Modifications and amendments of the Indentures may be made by
AMERCO and the Trustees with the consent of the holders of a
majority in principal amount of the outstanding debt securities
of each series affected by such modification or amendment;
provided, however, that no such modification or amendment may,
without the consent of the holder of each outstanding debt
security affected thereby:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	change the stated maturity of the principal of, or any
	installment of principal of or interest on, any debt security;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	reduce the principal amount of, or the premium, if any, or
	interest, if any, on any debt security or any premium payable
	upon the redemption thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	reduce the amount of principal of an original issue discount
	security payable upon acceleration of the maturity thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	adversely affect the rights of such holder under any mandatory
	redemption or repurchase provision or any right or redemption or
	repurchase at the option of such holder;</TD>
</TR>

</TABLE>

<P align="center">21

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<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	change the place or currency of payment of principal of, or
	premium, if any, or interest, if any, on, any debt security;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	impair the right to institute suit for the enforcement of any
	payment on or with respect to any debt security;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	with respect to the Subordinated Indenture, modify the terms
	relating to subordination in a manner adverse to the holders of
	debt securities issued under such Subordination Indenture; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	reduce the percentage in principal amount of outstanding debt
	securities of any series, the consent of the holders of which is
	required for modification or amendment of the applicable
	Indenture or for waiver of compliance with certain provisions of
	the applicable Indenture or for waiver of certain defaults.</TD>
</TR>

</TABLE>

<P align="left">
The holders of a majority in principal amount of the outstanding
debt securities of any series may on behalf of the holders of all
 debt securities of that series waive, insofar as that series is
concerned, compliance by AMERCO with certain restrictive
provisions of the applicable Indenture. The holders of a majority
 in principal amount of the outstanding debt securities of any
series may on behalf of the holders of all debt securities of
that series waive any past default under the applicable Indenture
 with respect to that series, except a default in the payment of
the principal of or premium, if any, or interest on any debt
security of that series or in respect of a provision that under
the applicable Indenture cannot be modified or amended without
the consent of the holder of each outstanding debt security of
that series affected.

<P align="center">CERTAIN DEFINITIONS

<P align="left">
Set forth below is a summary of certain of the defined terms used
 in the covenants contained in the applicable Indenture.
Reference is made to the applicable Indenture for the full
definition of all such terms as well as any other capitalized
terms used herein for which no definition is provided.

<P align="left">
<I>&#147;consolidated subsidiary&#148; </I>means any subsidiary
of a person or of any consolidated subsidiary which is
consolidated with such person for financial reporting purposes in
 accordance with United States generally accepted accounting
principles.

<P align="left">
<I>&#147;Designated Senior Indebtedness&#148; </I>means any class
 of Senior Indebtedness the aggregate principal amount
outstanding of which exceeds $50,000,000 and which is
specifically designated in the instrument evidencing such Senior
Indebtedness or the agreement under which such Senior
Indebtedness arises as &#147;Designated Senior
Indebtedness.&#148;

<P align="left">
<I>&#147;indebtedness for money borrowed,&#148; </I>when used
with respect to AMERCO or any of our subsidiaries, means any
obligation of, or any obligation guaranteed by, AMERCO or any of
our subsidiaries for the repayment of borrowed money, whether or
not evidenced by bonds, debentures, notes or other written
instruments, and any deferred obligation of, or any such
obligation guaranteed by, AMERCO for the payment of the purchase
price of property or assets.

<P align="center">22

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<P><HR noshade><P>

<P align="left">
<I>&#147;Senior Indebtedness&#148; </I>as defined in the
Subordinated Indenture means the principal of and premium, if
any, and interest on (a)&nbsp;all indebtedness of AMERCO whether
outstanding on the date of the Subordinated Indenture or
thereafter created:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	for money borrowed by AMERCO;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	for money borrowed by, or obligations of, others and either
	assumed or guaranteed, directly or indirectly, by AMERCO;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	in respect of letters of credit and acceptances issued or made by
	 banks; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	constituting purchase money indebtedness, or indebtedness secured
	 by property included in the property, plant and equipment
	accounts of AMERCO at the time of the acquisition of such
	property by AMERCO, for the payment of which AMERCO is directly
	liable;</TD>
</TR>

</TABLE>

<P align="left">
and (b)&nbsp;all deferrals, renewals, extensions and refunding
of, and amendments, modifications and supplements to, any such
indebtedness. As used in the preceding sentence, the terms
&#147;purchase money indebtedness&#148; means indebtedness
evidenced by a note, debenture, bond or other instrument (whether
 or not secured by any lien or other security interest) issued or
 assumed as all or a part of the consideration for the
acquisition of property, whether by purchase, merger,
consolidation or otherwise, unless by its terms such indebtedness
 is subordinated to other indebtedness of AMERCO. Notwithstanding
 anything to the contrary in the Subordinated Indenture or the
subordinated securities, Senior Indebtedness shall not include
(1)&nbsp;any indebtedness of AMERCO which, by its terms or the
terms of the instrument creating or evidencing it, is subordinate
 in right of payment to or <I>pari passu</I> with the
subordinated securities or (2) any indebtedness of AMERCO to a
subsidiary of AMERCO.

<P align="left">
<I>&#147;subsidiary&#148; </I>means a person more than 50% of the
 outstanding voting stock of which is owned, directly or
indirectly, by such person or by one or more other subsidiaries,
or by such person and one or more other subsidiaries of such
person.

<P align="center">CONCERNING THE TRUSTEE

<P align="left">
AMERCO may maintain banking and other commercial relationships
with the applicable Trustee and its affiliates in the ordinary
course of business.

<P align="center">GOVERNING LAW

<P align="left">
The Indentures and the Offered Securities will be governed by and
 construed in accordance with the laws of the State of New York.

<P align="center">23

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<P align="center"><B><FONT size="4">PLAN OF DISTRIBUTION</FONT></B>

<P align="left">
We may sell the Offered Securities:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="5%"></TD>
	<TD width="6%"></TD>
	<TD width="89%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	through agents;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	through underwriters or dealers;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	directly to one or more purchasers; or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	through some combination of these methods.</TD>
</TR>

</TABLE>

<P align="left"><I>By Agents</I>

<P align="left">
The Offered Securities may be sold through agents we designate.
Except as otherwise set forth in a prospectus supplement, the
agents will agree to use their reasonable best efforts to solicit
 purchases for the period of their appointment.

<P align="left"><I>By Underwriters</I>

<P align="left">
If underwriters are used in the sale, the underwriters will
acquire the Offered Securities for their own account. The
underwriters may resell the Offered Securities in one or more
transactions, including negotiated transactions, at a fixed
public offering price or at varying prices determined at the time
 of sale. The obligations of the underwriters to purchase the
Offered Securities will be subject to certain conditions. The
underwriters will be obligated to purchase all the Offered
Securities of the series offered if any of the Offered Securities
 are purchased. Any public offering price and any discounts or
concessions allowed or re-allowed or paid to dealers may be
changed from time to time.

<P align="left"><I>By Dealers</I>

<P align="left">
If dealers are used in the sale, we will sell the Offered
Securities to the dealers, as principal. The dealers may then
resell the Offered Securities to the public at varying prices to
be determined by them at the time of sale.

<P align="left"><I>Direct Sales</I>

<P align="left">
We may also directly sell the Offered Securities. In this case,
no underwriters, dealers or agents would be involved.

<P align="left"><I>General Information</I>

<P align="left">
Any underwriter, dealer or agent involved in the offer and sale
of the Offered Securities will be named in the applicable
prospectus supplement. Underwriters, dealers and agents that
participate in the distribution of the Offered Securities may be
deemed underwriters under the Securities Act of 1933, and any
discounts or commissions they receive from us or commissions from
 purchasers of the Offered Securities may be treated as
underwriting discounts, concessions or commissions under the
Securities Act. Any underwriter, dealer or agent will be
identified and their compensation described in the applicable
prospectus supplement.

<P align="center">24

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<P><HR noshade><P>

<P align="left">
We may have agreements with the underwriters, dealers and agents
to indemnify them against certain civil liabilities, including
liabilities under the Securities Act, or to contribute to
payments that the underwriters, dealers or agents may be required
 to make.

<P align="left">
Certain of the underwriters or agents and their affiliates may be
 customers of, engage in transactions with and perform investment
 banking, commercial banking and other financial services for
AMERCO and our affiliates in the ordinary course of business.

<P align="left">
Each series of Offered Securities will be a new issue with no
established trading market. We do not intend to list any of the
Offered Securities on a national securities exchange or quotation
 system. It is possible that one or more underwriters or
broker-dealers may make a market in the Offered Securities, but
will not be obligated to do so and may discontinue any market
making at any time without notice. Therefore, we can give you no
assurance as to the existence or liquidity of a trading market
for any of the Offered Securities.

<P align="left">
In connection with an offering of our Offered Securities,
underwriters, dealers or agents may purchase and sell them in the
 open market. These transactions may include stabilizing
transactions and purchases to cover syndicate short positions
created in connection with the offering. Stabilizing transactions
 consist of certain bids or purchases for the purpose of
preventing or slowing a decline in the market price of the
Offered Securities; and syndicate short positions involve the
sale by the underwriters, dealers or agents, as the case may be,
of a greater number of Offered Securities than they are required
to purchase from us in the offering. Underwriters also may impose
 a penalty bid, which means that the underwriting syndicate may
reclaim selling concessions allowed to syndicate members or other
 broker dealers who sell Offered Securities in the offering for
their account if the syndicate repurchases the securities in
stabilizing or covering transactions. These activities may
stabilize, maintain or otherwise affect the market price of the
Offered Securities, which may be higher than the price that might
 otherwise prevail in the open market. These activities, if
commenced, may be discontinued at any time without notice. These
transactions may be effected on any securities exchange on which
the Offered Securities may be listed, in the over-the-counter
market or otherwise.

<P align="center"><B><FONT size="4">LEGAL OPINIONS</FONT></B>

<P align="left">
Our counsel, Lionel, Sawyer &#38; Collins, located at 300 S. 4th
Street, Suite 1700, Las Vegas, Nevada 89101, will issue a legal
opinion about the validity of the Offered Securities. Counsel
named in the applicable prospectus supplement will advise the
underwriters.

<P align="center"><B><FONT size="4">EXPERTS</FONT></B>

<P align="left">
The consolidated financial statements of AMERCO as of
March&nbsp;31, 1998 and 1997 and for each of the fiscal years in
the three-year period ended March&nbsp;31, 1998, incorporated in
this prospectus by reference to AMERCO&#146;s Annual Report on
Form&nbsp;10-K for the fiscal year ended March&nbsp;31, 1998 have
 been so incorporated by reference herein and in the registration
 statement in reliance upon the reports of PricewaterhouseCoopers
 LLP, independent accountants, and upon the authority of said
firm as experts in auditing and accounting.

<P align="center">25

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<P><HR noshade><P>

<DIV align="left">
 <HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<P align="center">
<B><FONT size="5">$200,000,000</FONT></B>

<P align="center">
<B><FONT size="6">AMERCO</FONT></B>

<P align="center">
<B><FONT size="6"> [UHAUL LOGO]</FONT></B>

<P align="center">
<B><FONT size="4">8.80% Senior Notes due 2005</FONT></B>

<P align="center">
<HR size="1" width="61%" align="center">

<P align="center">
<B><FONT size="4">PROSPECTUS SUPPLEMENT</FONT></B>

<P align="center">
<HR size="1" width="61%" align="center">

<P align="center">
<B><FONT size="5">Merrill Lynch &#38; Co.</FONT></B>

<DIV align="center">
<B><FONT size="5">Chase Securities Inc.</FONT></B>
</DIV>

<P align="center">
<B>January&nbsp;27, 2000</B>

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>
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