-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FVT6VXnMlsEc2SVAwTvNQJ5G5xGz76EkDTBKeXgU5XHn53XcfDi9jxBw225+kEBx
 /73EWIBqcPt7N0KBUm6wLg==

<SEC-DOCUMENT>0000950153-01-000262.txt : 20010224
<SEC-HEADER>0000950153-01-000262.hdr.sgml : 20010224
ACCESSION NUMBER:		0000950153-01-000262
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20010221

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:		S-3/A
		SEC ACT:		
		SEC FILE NUMBER:	333-48396
		FILM NUMBER:		1551232

	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>S-3/A
<SEQUENCE>1
<FILENAME>p64518a1s-3a.htm
<DESCRIPTION>S-3/A
<TEXT>

<HTML>
<HEAD>
<TITLE>s-3a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><B>As filed with the Securities and Exchange Commission on
February&nbsp;21, 2001.</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right">
<B>Registration No.&nbsp;333-48396</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="center">
<B><FONT size="5">SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<B> PRE-EFFECTIVE AMENDMENT NO. 1</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B>TO</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<B><FONT size="5">FORM S-3</FONT></B>
</DIV>

<DIV align="center">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center">
<B>UNDER</B>
</DIV>

<DIV align="center">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

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

<DIV align="center">
<B><FONT size="2">(Exact name of registrant as specified in its
charter)</FONT></B>
</DIV>

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

<TR>
	<TD width="57%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>Nevada</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>88-0106815</B></FONT></TD>
</TR>

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

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>(State or other jurisdiction of</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>(I.R.S. Employer</B></FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>of incorporation or organization)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>Identification No.)</B></FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B>1325 Airmotive Way, Suite&nbsp;100</B>

<DIV align="center">
<B>Reno, Nevada 89502-3239</B>
</DIV>

<DIV align="center">
<B>(775)&nbsp;688-6300</B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Address, including zip code, and telephone
number, including area code,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">of registrant&#146;s principal executive
offices)</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<B> Gary V. Klinefelter, Esq.</B>

<DIV align="center">
<B>Secretary and General Counsel</B>
</DIV>

<DIV align="center">
<B>AMERCO</B>
</DIV>

<DIV align="center">
<B>1325 Airmotive Way, Suite&nbsp;100</B>
</DIV>

<DIV align="center">
<B>Reno, Nevada 89502-3239</B>
</DIV>

<DIV align="center">
<B>(775)&nbsp;688-6300</B>
</DIV>

<DIV align="center">
<B>(Name, address, including zip code, and telephone number,
including</B>
</DIV>

<DIV align="center">
<B>area code, of agent for service)</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<B> <I>Copy to:</I></B>

<P align="center">
<B>Jon S. Cohen</B>

<DIV align="center">
<B>Michael M. Donahey</B>
</DIV>

<DIV align="center">
<B>Snell &#38; Wilmer L.L.P.</B>
</DIV>

<DIV align="center">
<B>One Arizona Center</B>
</DIV>

<DIV align="center">
<B>Phoenix, Arizona 85004-0001</B>
</DIV>

<DIV align="center">
<B>(602)&nbsp;382-6000</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="left">
<B><FONT size="2"> Approximate date of commencement of proposed
sale to the public:</FONT></B><FONT size="2"> From time to time
after this Registration Statement becomes effective.</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If the only securities
being registered on this form are being offered pursuant to
dividend or interest reinvestment plans, please check the
following box:&nbsp;&nbsp;<IMG src="p64518a1pi5-110.gif"></FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities
being registered on this form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities
Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, check the
following box:&nbsp;&nbsp;<IMG src="p64518a1pi5-178.gif"></FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to
register additional securities for an offering pursuant to
Rule&nbsp;462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement
number of the earlier effective registration statement for the
same
offering:&nbsp;&nbsp;
<IMG src="p64518a1pi5-110.gif">
&nbsp;&nbsp;<HR size="1" width="18%" align="left"></FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If this form is a
post-effective amendment filed pursuant to Rule&nbsp;462(c)
under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier
effective registration statement for the same
offering:&nbsp;&nbsp;&nbsp;
<IMG src="p64518a1pi5-110.gif">
&nbsp;&nbsp;<HR size="1" width="18%" align="left"></FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the
prospectus is expected to be made pursuant to Rule&nbsp;434,
please check the following
box:&nbsp;&nbsp;<IMG src="p64518a1pi5-110.gif"></FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="left">
<B><FONT size="2"> &nbsp;&nbsp;&nbsp;&nbsp;The Registrant hereby
amends this registration statement on such date or dates as may
be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that
this registration statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933
or until the registration statement shall become effective on
such date as the Commission, acting pursuant to said
Section&nbsp;8(a), may determine.</FONT></B>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<B><FONT color="#E8112D">The information in this prospectus is
not complete and may be amended. We cannot sell these securities
until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an
offer to sell these securities and is not soliciting an offer to
buy these securities in any state where the offer or sale is not
permitted.</FONT> <BR>
</B>
</TD></TR></TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><B><FONT color="#E8112D">Subject To Completion, Dated
February&nbsp;21, 2001</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">Prospectus

<P align="center">
<IMG src="p64518a1p64518l1.gif" alt="(UHAUL LOGO)">
<FONT color="#F95602"> </FONT>

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

<P align="center">
$350,000,000

<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) 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 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">
	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
	$350,000,000.</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>

</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; 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">

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
February&nbsp;&nbsp;&nbsp;&nbsp;, 2001

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

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

<TR>
	<TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></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">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	About this Prospectus</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Where You Can Find More Information</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Special Note of Caution Regarding Forward Looking Statements</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	About AMERCO</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	The Offering</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Risk Factors</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Use of Proceeds</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ratio of Earnings to Fixed Charges</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Description of Debt Securities</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Plan of Distribution</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Legal Opinions</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Experts</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B>You should not rely on any information you receive that is
not either contained in, or referred to in, this prospectus or
any prospectus supplement. Neither AMERCO nor any underwriter,
dealer or agent has authorized anyone to provide you with any
other information. This prospectus does not constitute an offer
for any securities other than those specifically referred to in
this document. We are not making an offer of these securities in
any state where the offer is not permitted. There is no
implication 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.</B>

<P align="center">i

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

<!-- link1 "ABOUT THIS PROSPECTUS" -->

<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 $350,000,000. 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.

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<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, 2000; and</TD>
</TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT>&nbsp;</TD>
	<TD align="left">
	Quarterly Reports on Form&nbsp;10-Q for the quarters ended
	June&nbsp;30, 2000, September&nbsp;30, 2000, and
	December&nbsp;31, 2000.</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></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; 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 including any pricing supplement is
accurate as of any date other than the date on the front of
those documents.

<P align="center">2

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

<!-- link1 "SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS" -->

<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 or
pricing 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 pricing 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>

<!-- link1 "ABOUT AMERCO" -->

<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
(5)&nbsp;fiscal years ended March&nbsp;31, 2000. 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

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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.
Our do-it-yourself moving business operates under the U-Haul
name through an extensive and geographically diverse
distribution network of approximately 1,200 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 approximately 99,500 trucks, approximately 85,900 trailers,
and approximately 21,000 tow dollies. Additionally, U-Haul sells
related products (such as boxes, tape, and packaging materials)
and rents various kinds of equipment (such as floor polishing
and carpet cleaning equipment).

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<FONT size="2">*</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Self-Storage
 Rental Operations

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
U-Haul entered the self-storage business in 1974 and offers for
rent more than 31.3 million square feet of self-storage space
through over 1,000 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.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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 11.97% of
Republic Western&#146;s written premiums relate to insurance
underwriting activities involving AMERCO&#146;s affiliates.
Approximately 89.0% of Republic Western&#146;s invested assets
are in investment grade (NAIC-2 or greater) fixed income
securities. Republic Western is rated &#147;A-&#148; by Fitch
and &#147;B++&#148; by A.M. Best.

<DIV align="left"><FONT size="1">

</FONT></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">
	Oxford</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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 AMERCO&#146;s affiliates. Approximately 89.1% of
Oxford&#146;s invested assets are in investment grade (NAIC-2 or
greater) fixed income securities. Oxford is rated &#147;A-&#148;
by A.M.&nbsp;Best.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<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 1,200
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="left">
The following chart represents the corporate structure of the
major operating subsidiaries of AMERCO:

<P align="center">
<IMG src="p64518a1p64518f1.gif" alt="(Corporate Structure Flow Chart of Amerco)">

<P align="center">5
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- link1 "THE OFFERING" -->

<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 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 $350,000,000 (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 or pricing
supplement.

<P align="center">6

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

<P align="center"><B><FONT size="4">RISK FACTORS</FONT></B>
<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD align="left">
	<B>We operate in a highly competitive industry, which could
	adversely affect our operations.</B></TD>
</TR>

</TABLE>

<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 our
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>Control
of the Company remains in the hands of a small contingent.</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
Edward J. Shoen, Chairman of the Board and President of AMERCO,
James P. Shoen, Vice President and a Director of AMERCO, and
Mark V. Shoen, President of U-Haul Phoenix Operations
collectively own 9,071,070 shares (approximately 41.3%) of the
outstanding common stock of AMERCO. Accordingly, Edward J.
Shoen, Mark V. Shoen, and James 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, 2,677,667 shares (approximately 12.2%), including
shares allocated to employees and unallocated shares, are held
by our Employee Savings and Employee Stock Ownership Trust.

<DIV align="left"><FONT size="1">

</FONT></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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
	<TD align="left">
	<B>Our operations subject us to numerous environmental
	regulations and the possibility that environmental liability in
	the future could adversely affect our&nbsp;operations.</B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
Compliance with environmental requirements of federal, state and
local governments significantly affects our 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, we
can be held strictly liable for hazardous substances that are
found on real property we have owned or operated. We are aware
of issues regarding hazardous substances on some of our real
estate and we have put in place a remedial plan at each site
where we believe such a plan is necessary. We regularly make
capital and operating expenditures to stay in compliance with
environmental laws. In particular, we have managed a testing and
removal program since 1988 for our underground storage tanks.
Under this program, we have removed over 3,000 tanks at a total
cost of $43.2 million since April 1988. As of December&nbsp;31,
2000, we have seven known sites containing nine known
underground storage tanks. Despite these compliance efforts,
risk of environmental liability is part of the nature of our
business. For example, a subsidiary of AMERCO owns property
located within two different state hazardous substance sites in
the State of Washington. The subsidiary has been named a
&#147;potentially liable party&#148; under state law. Future
environmental liabilities, including compliance and remediation
costs, could have a material adverse effect on our business. For
more information regarding environmental matters that affect our
business, see &#147;Item&nbsp;1. Business&nbsp;&#151; Moving and
Storage Operations&nbsp;&#151; Environmental Matters&#148; in
our Annual Report on Form&nbsp;10-K.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">7

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

<!-- link1 "USE OF PROCEEDS" -->

<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 or pricing supplement
relating to each offering of debt securities.

<DIV>&nbsp;</DIV>

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<DIV align="center"><B><FONT size="4">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
The following table shows our ratio of earnings to fixed charges
for the periods indicated. For purposes of computing the ratio
of earnings to fixed charges, &#147;earnings&#148; consist of
pretax earnings from operations plus total fixed charges
excluding interest capitalized during the period. &#147;Fixed
charges&#148; consist 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, 2000 may be
different from the ratio for fiscal 2001 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.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">NINE</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></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">MONTHS</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></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">ENDED</FONT></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">DECEMBER&nbsp;31,</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2">FISCAL YEAR ENDED MARCH&nbsp;31,</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="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">2000</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">2000</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">1999</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">1998</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">1997</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2">1996</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 align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ratio of earnings to fixed&nbsp;charges</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.79</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.66</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.74</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.02</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
For more information on our 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 we may offer (the
&#147;offered securities&#148;) will be described in the
prospectus supplement and pricing supplement, if applicable,
relating to such offered securities.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
The offered securities are to be issued in one or more series
under an indenture (the &#147;Indenture&#148;), between us and
The Bank of New York, as Trustee. The Indenture is incorporated
by reference in this registration statement. The following
summaries of certain provisions of the Indenture do not purport
to be complete and are subject to, and are qualified in their
entirety by reference to, all provisions of the Indenture.
Because this is a summary, it does not contain all the
information that may be important to you. You should read the
Indenture in its entirety, including the definitions of certain
terms, the prospectus supplement and any pricing supplement
before you make any investment decision.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">8
<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
Wherever particular provisions or defined terms of the Indenture
are referred to, such provisions or defined terms are
incorporated herein by reference. Certain defined terms in the
Indenture are capitalized herein.
</DIV>

<P align="center">GENERAL

<P align="left">
The debt securities will be unsecured obligations. The Indenture
does not limit the amount of offered securities that may be
issued and provides that the offered securities may be issued
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
Indenture, without the consent of any holder, for issuances of
additional offered securities of such series. The offered
securities will rank <I>pari passu </I>with all of our other
unsecured and unsubordinated indebtedness.

<P align="left">
We refer you to the prospectus supplement and pricing 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;</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 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, floating or adjustable)
	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 will be payable, where
	any offered securities may be surrendered for registration of
	transfer or exchange and where notices to or demand upon us 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 our option;</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">9

<!-- PAGEBREAK -->
<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 us 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 Indenture;</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	our right to defease the offered securities or certain
	restrictive covenants and certain Events of Default under the
	Indenture;</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 our election 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; DTC 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 DTC 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 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

<P align="center">10

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

<DIV align="left">
securities and such currency will be described in the prospectus
supplement or pricing supplement relating thereto.
</DIV>

<P align="left">
Unless otherwise indicated in the prospectus supplement or
pricing supplement relating to offered securities, principal of
and premium, if any, and interest, if any, on the offered
securities will be payable, and the offered securities will be
exchangeable and transfers thereof will be registrable, at the
office of the Trustee at 101 Barclay Street, Floor 21 West, New
York, New York, 10286, provided that, at our option, payment of
interest may be made by:
<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 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 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 or
pricing 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 we 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 Indenture 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">11

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

<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 Indenture
(&#147;DTC&#148;), and registered in the name of DTC&#146;s
nominee. Except as set forth below:
<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
	Indenture; 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 DTC or to a successor of DTC 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 DTC 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">
	DTC notifies us that it is unwilling or unable to continue as
	depository for such global note or if at any time DTC 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">
	We execute and deliver to the 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.</TD>
</TR>

</TABLE>

<P align="left">
In such circumstances, upon surrender by DTC or a successor
depository of any global note, debt securities in definitive
form will be issued to each person that DTC or a successor
depository identifies as the beneficial owner of the related
debt securities. Upon such issuance, the 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 following is based on information furnished by DTC:
<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">
	In the event that DTC acts as securities depository for any debt
	securities, such debt securities will be issued as fully
	registered securities registered in the name of Cede &#38; Co.
	(DTC&#146;s partnership nominee). One fully registered debt
	security certificate will be issued with respect to each $200
	million of</TD>
</TR>

</TABLE>

<P align="center">12

<!-- PAGEBREAK -->
<P><HR noshade><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></TD>
	<TD align="left">
	principal amount of the debt securities of a series, and an
	additional certificate will be issued with respect to any
	remaining principal amount of such series.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	DTC is a limited-purpose trust company organized under the New
	York Banking Law, a &#147;banking organization&#148; within the
	meaning of the New York Banking Law, a member of the Federal
	Reserve System, a &#147;clearing corporation&#148; within the
	meaning of the New York Uniform Commercial Code, and a
	&#147;clearing agency&#148; registered pursuant to the
	provisions of Section&nbsp;17A of the Exchange Act. DTC holds
	securities that its participants (&#147;Participants&#148;)
	deposit with DTC. DTC also facilitates the settlement among
	Participants of securities transactions, such as transfers and
	pledges, in deposited securities through electronic computerized
	book-entry changes in Participants&#146; accounts, thereby
	eliminating the need for physical movement of securities
	certificates. Direct Participants include securities brokers and
	dealers, banks, trust companies, clearing corporations and
	certain other organizations (&#147;Direct Participants&#148;).
	DTC is owned by a number of its Direct Participants and by the
	New York Stock Exchange, Inc., the American Stock Exchange, Inc.
	and the National Association of Securities Dealers, Inc. Access
	to the DTC system is also available to others, such as
	securities brokers and dealers, banks and trust companies, that
	clear through or maintain a custodial relationship with a Direct
	Participant, either directly or indirectly (&#147;Indirect
	Participants&#148;). The rules applicable to DTC and its
	Participants are on file with the SEC.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Purchases of debt securities under the DTC system must be made
	by or through Direct Participants, which will receive a credit
	for the debt securities on DTC&#146;s records. The ownership
	interest of each actual purchaser of each Debt Security
	(&#147;Beneficial Owner&#148;) is in turn recorded on the Direct
	and Indirect Participants&#146; records. A Beneficial Owner does
	not receive written confirmation from DTC of its purchase, but
	such Beneficial Owner is expected to receive a written
	confirmation providing details of the transaction, as well as
	periodic statements of its holdings, from the Direct or Indirect
	Participant through which such Beneficial Owner entered into the
	transaction. Transfers of ownership interests in debt securities
	are accomplished by entries made on the books of Participants
	acting on behalf of Beneficial Owners. Beneficial Owners will
	not receive certificates representing their ownership interests
	in debt securities, except in the limited circumstances
	described above.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	To facilitate subsequent transfers, the debt securities are
	registered in the name of DTC&#146;s partnership nominee, Cede
	&#38; Co. The deposit of the debt securities with DTC and their
	registration in the name of Cede &#38; Co. effects no change in
	beneficial ownership. DTC has no knowledge of the actual
	Beneficial Owners of the debt securities; DTC&#146;s records
	reflect only the identity of the Direct Participants to whose
	accounts debt securities are credited, which may or may not be
	the Beneficial Owners. The Participants</TD>
</TR>

</TABLE>

<P align="center">13

<!-- PAGEBREAK -->
<P><HR noshade><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></TD>
	<TD align="left">
	remain responsible for keeping account of their holdings on
	behalf of their customers.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Delivery of notices and other communications by DTC to Direct
	Participants, by Direct Participants to Indirect Participants,
	and by Direct Participants and Indirect Participants to
	Beneficial Owners are governed by arrangements among them,
	subject to any statutory or regulatory requirements as may be in
	effect from time to time.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Redemption notices must be sent to Cede &#38; Co. If less than
	all of the debt securities within an issue are being redeemed,
	DTC&#146;s practice is to determine by lot the amount of
	interest of each Direct Participant in such issue to be redeemed.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Neither DTC nor Cede &#38; Co. consents or votes with respect to
	the debt securities. Under its usual procedures, DTC mails a
	proxy (an &#147;Omnibus Proxy&#148;) to the issuer as soon as
	possible after the record date. The Omnibus Proxy assigns Cede
	&#38; Co.&#146;s consenting or voting rights to those Direct
	Participants to whose accounts the debt securities are credited
	on the record date (identified on a list attached to the Omnibus
	Proxy).</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	Payments of principal of and any premium and interest on the
	debt securities will be made to DTC. DTC&#146;s practice is to
	credit Direct Participants&#146; accounts on the payment date in
	accordance with their respective holdings as shown on DTC&#146;s
	records unless DTC has reason to believe that it will not
	receive payment on the payment date. Payments by Participants to
	Beneficial Owners will be governed by standing instructions and
	customary practices, as is 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 such
	Participant and not of DTC, any paying agent or us, subject to
	any statutory or regulatory requirements as may be in effect
	from time to time. Payment of principal and any premium and
	interest to DTC will be our responsibility or the responsibility
	of the applicable paying agent, disbursement of such payments to
	Direct Participants will be the responsibility of DTC, and
	disbursement of such payments to the Beneficial Owners will be
	the responsibility of Direct and Indirect Participants.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	DTC may discontinue providing its services as securities
	depository with respect to the debt securities at any time by
	giving reasonable notice to us or the applicable paying agent.
	Under such circumstances, in the event that a successor
	securities depository is not appointed, debt securities in
	certificated form are required to be prepared and delivered as
	described above.</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	We may decide to discontinue use of the system of book-entry
	transfers through DTC (or a successor securities depository). In
	that event, debt security certificates will be printed and
	delivered.</TD>
</TR>

</TABLE>

<P align="center">14

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

<P align="left">
The information in this section concerning DTC and DTC&#146;s
book-entry system has been obtained from sources (including DTC)
that we believe to be reliable. However, neither we nor any
underwriter or agent take any responsibility for its accuracy.

<P align="left">
Neither we nor any underwriter or agent, the Trustee or any
applicable paying agent will have any responsibility or
liability for any aspect of the records relating to or payments
made on account of beneficial interests in a global security, or
for maintaining, supervising or reviewing any records relating
to such beneficial interests.

<P align="center">COVENANTS

<P align="left">
The Indenture contains several restrictive covenants. The
Indenture does 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 us paying dividends or making other
	distributions on any of our capital stock or purchasing or
	redeeming any of our 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 us incurring, assuming or becoming liable
	upon Senior 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 us creating liens on our property for any
	purpose; or</TD>
</TR>

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

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	any requirement on us 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
or pricing supplement relating to such series. If any such
covenants are described, the prospectus supplement or pricing
supplement will also state whether the &#147;covenant
defeasance&#148; provisions described below will apply.
<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">
	Corporate Existence</TD>
</TR>

</TABLE>

<P align="left">
We will do or cause to be done all things necessary to preserve
and keep in full force and effect our corporate existence and
material rights (charter and statutory) and material franchises;
provided, however, that we will not be required to preserve any
such right or franchise if our Board of Directors determines
that the preservation of such rights and franchises is no longer
desirable in the conduct of our business 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>

<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">
	Consolidation, Merger, and Sale of Assets</TD>
</TR>

</TABLE>

<P align="left">
Without the consent of any holders of outstanding debt
securities, we may consolidate or merge with or into, or
transfer or lease our assets as an entirety to, any corporation,
provided that (i)&nbsp;the corporation (if other than AMERCO)
formed by such consolidation or into which we are merged or that
acquires or leases our assets 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 our obligations on the debt securities

<P align="center">15

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

<DIV align="left">
and under the Indenture, (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.
</DIV>

<P align="center">EVENTS OF DEFAULT

<P align="left">
The following are Events of Default under the Indenture with
respect to debt securities of any series issued thereunder:
<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">
	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><FONT size="2">*</FONT></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><FONT size="2">*</FONT></TD>
	<TD align="left">
	(i)&nbsp;the failure by us 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 by us or any of our
	subsidiaries in 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><FONT size="2">*</FONT></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><FONT size="2">*</FONT></TD>
	<TD align="left">
	failure to perform any of our covenants or warranties in the
	Indenture (other than a covenant or warranty included in the
	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><FONT size="2">*</FONT></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><FONT size="2">*</FONT></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 relating to bankruptcy, insolvency or
reorganization 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 Trustee or any
holder. If any other Event of Default occurs and is continuing
with respect to outstanding debt securities of any series,
either the 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

<P align="center">16

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

<DIV align="left">
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 us (and to the 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.
</DIV>

<P align="left">
We refer 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.

<P align="left">
The Indenture provides that the Trustee will be under no
obligation, subject to the duty of the Trustee during any
default to act with the required standard of care, to exercise
any of its rights or powers under the Indenture at the request
or direction of any of the holders, unless such holders shall
have offered to the Trustee reasonable indemnity. Subject to
such provisions for indemnification of the 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 the Trustee, or exercising any trust or power
conferred on the Trustee, with respect to the debt securities of
that series.

<P align="left">
We will furnish to the Trustee annually a certificate as to
compliance by us with all terms, provisions and conditions of
the Indenture.

<P align="center">DEFEASANCE

<P align="left">
The prospectus supplement or pricing 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">
The Indenture provides that, if applicable, we will be
discharged from any and all obligations in respect of the debt
securities of any series issued (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 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 Indenture and the debt securities of such series.
Such a trust may only be established if, among other things, we
have delivered to the Trustee an opinion of counsel (who may be
an employee of or counsel for AMERCO) to the effect that we have

<P align="center">17

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

<DIV align="left">
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.
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.
</DIV>

<P align="left"><I>Defeasance of Certain Covenants and Certain Events of
Default</I>

<P align="left">
The Indenture provides that we may omit to comply with the
covenants described under &#147;Covenants,&#148; and that may be
described in a prospectus supplement or pricing supplement, and
that violations of such covenants will not be deemed to be an
Event of Default under the Indenture to the extent that the
conditions described herein are met. The Indenture also provides
with respect to the offered securities of any series issued
thereunder, to the extent provided for in the prospectus
supplement, that we 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 Indenture and the debt
securities of such series, upon the deposit with the 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 such series on
the stated maturity of such payments in accordance with the
terms of the Indenture and the debt securities of such series.
Our obligations under the 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, we have
delivered to the 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.

<P align="left"><I>Defeasance and Certain Other Events of Default</I>

<P align="left">
In the event we exercise our option to omit compliance with
certain covenants of the 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 Trustee will be

<P align="center">18

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

<DIV align="left">
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, we will remain liable for such payments.
</DIV>

<P align="center">MODIFICATION AND WAIVER

<P align="left">
Both we and the Trustee may make modifications and amendments to
the Indenture 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>

<TR>
	<TD>&nbsp;</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; 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 Indenture or for
	waiver of compliance with certain provisions of the 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 us with certain restrictive
provisions of the 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 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 Indenture cannot be modified or amended without the consent
of the holder of each outstanding debt security of that series
affected.

<P align="center">19

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

<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 Indenture. Reference is
made to the 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;indebtedness for money borrowed,&#148; </I>when used
with respect to us or any of our subsidiaries, means any
obligation of, or any obligation guaranteed by, us 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, us for the payment of the purchase
price of property or assets.

<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">
We may maintain banking and other commercial relationships with
the Trustee and its affiliates in the ordinary course of
business.

<P align="center">GOVERNING LAW

<P align="left">
The Indenture and the offered securities will be governed by and
construed in accordance with the laws of the State of New York.

<P align="center">20

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

<!-- link1 "PLAN OF DISTRIBUTION" -->

<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>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>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>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">
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 or pricing supplement.

<P align="center">21

<!-- PAGEBREAK -->
<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 us 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.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
In connection with an offering of our offered debt,
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.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

<!-- link1 "LEGAL OPINIONS" -->

<DIV align="center"><B><FONT size="4">LEGAL OPINIONS</FONT></B>
</DIV>

<P align="left">
Our counsel, Lionel, Sawyer &#38; Collins, Las Vegas, Nevada,
will issue a legal opinion about the validity of the offered
securities. Counsel named in the applicable prospectus
supplement will advise the underwriters.

<DIV>&nbsp;</DIV>

<!-- link1 "EXPERTS" -->

<DIV align="center"><B><FONT size="4">EXPERTS</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
Our consolidated financial statements as of March&nbsp;31, 2000
and 1999 and for each of the fiscal years in the three-year
period ended March&nbsp;31, 2000, incorporated in this
prospectus by reference to our Annual Report on Form&nbsp;10-K
for the fiscal year ended March&nbsp;31, 2000, have been so
incorporated by reference herein and in the registration
statement in reliance on the reports of PricewaterhouseCoopers
LLP, independent accountants, and given on the authority of said
firm as experts in auditing and accounting.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">22
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center">
<FONT size="5">$350,000,000</FONT>

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

<P align="center">
<IMG src="p64518a1p64518l1.gif" alt="(UHAUL LOGO)">
<FONT size="6" color="#F95602"> </FONT>

<P align="center">
<FONT size="5">DEBT SECURITIES</FONT>

<P align="center">
<HR size="1" width="35%" align="center">

<DIV align="center">
<FONT size="5">PROSPECTUS</FONT>
</DIV>

<DIV align="center">
<HR size="1" width="35%" align="center">
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<FONT size="5">Dated
February&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
 2001</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV>&nbsp;</DIV>

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

<P align="center">PART II

<P align="center">
INFORMATION NOT REQUIRED IN PROSPECTUS

<P align="left">ITEM 14.&nbsp; OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION

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

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="82%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Securities and Exchange Commission Registration Fee</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52,800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Printing and Engraving Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Legal Fees and Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Accounting Fees and Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

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

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

<TR>
	<TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total Expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">193,800</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="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>*&nbsp;</TD>
	<TD align="left">
	Estimated</TD>
</TR>

</TABLE>

<P align="left">ITEM 15.&nbsp; INDEMNIFICATION OF DIRECTORS AND OFFICERS

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
The Nevada General Corporation Law requires AMERCO to indemnify
officers and directors for any expenses incurred by any officer
or director in connection with any actions or proceedings,
whether civil, criminal, administrative, or investigative,
brought against such officer or director because of his or her
status as an officer or director, to the extent that the
director or officer has been successful on the merits or
otherwise in defense of the action or proceeding. The Nevada
General Corporation Law permits a corporation to indemnify an
officer or director, even in the absence of an agreement to do
so, for expenses incurred in connection with any action or
proceeding if such officer or director acted in good faith and
in a manner in which he or she reasonably believed to be in or
not opposed to the best interests of the corporation and such
indemnification is authorized by the stockholders, by a quorum
of disinterested directors, by independent legal counsel in a
written opinion authorized by a majority vote of a quorum of
directors consisting of disinterested directors, or by
independent legal counsel in a written opinion if a quorum of
disinterested directors cannot be obtained. AMERCO&#146;s
Restated Articles of Incorporation eliminate personal liability
of directors and officers, to AMERCO or its stockholders, for
damages for breach of their fiduciary duties as directors or
officers, except for liability (i)&nbsp;for acts or omissions
that involve intentional misconduct, fraud, or a knowing
violation of law, or (ii)&nbsp;for the unlawful payment of
dividends. In addition, AMERCO&#146;s Bylaws provide that AMERCO
shall indemnify, to the fullest extent authorized or permitted
by law, any person made, or threatened to be made, a defendant
in any threatened, pending, or completed action, suit, or
proceeding by reason of the fact that he or she was a director
or officer of AMERCO. AMERCO has also executed Indemnification
Agreements that provide that certain of AMERCO&#146;s directors
and officers shall be indemnified and held harmless by AMERCO to
the fullest extent permitted by applicable law or the Restated
Articles of incorporation or Bylaws of AMERCO. The Nevada
General Corporation Law prohibits indemnification of a director
or officer if a final adjudication establishes that the
officer&#146;s or director&#146;s acts or omissions involved
intentional misconduct, fraud, or a knowing

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="left">
violation of the law and were material to the cause of action.
Despite the foregoing limitations on indemnification, the Nevada
General Corporation Law may permit an officer or director to
apply to the court for approval of indemnification even if the
officer or director is adjudged to have committed intentional
misconduct, fraud, or a knowing violation of the law. The Nevada
General Corporation Law also provides that indemnification of
directors is not permitted for the unlawful payment of
distributions, except for those directors registering their
dissent to the payment of the distribution.
</DIV>

<P align="left">ITEM 16.&nbsp; EXHIBITS

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2">NUMBER</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">EXHIBIT</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Form of Underwriting or Distribution Agreement for Debt
	Securities*</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Senior Indenture between AMERCO and The Bank of New York, dated
	April&nbsp;1, 1999<SUP>(1)</SUP></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Supplemental Indenture between AMERCO and The Bank of New&nbsp;
	York*</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Opinion of Lionel, Sawyer&nbsp;&#38; Collins&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Statement re Computation of Ratios</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Consent of Independent Accountants</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Consent of Lionel, Sawyer&nbsp;&#38; Collins (included in
	Exhibit&nbsp; 5)&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Power of Attorney (included on signature page of Registration
	Statement)&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Form&nbsp;T-1 Statement of Eligibility under the Trust Indenture
	Act of 1939, as amended, of The Bank of New York, as Trustee
	under the Indenture<SUP>(2)</SUP></FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

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

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>*&nbsp;</TD>
	<TD align="left">
	To be filed by means of Form&nbsp;8-K.</TD>
</TR>

</TABLE>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="6%"></TD>
	<TD width="2%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#134;&nbsp;</TD>
	<TD align="left">
	Previously filed.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

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

<TR>
	<TD width="7%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>(1)</TD>
	<TD align="left">
	Incorporated by reference to AMERCO&#146;s Current Report on
	Form&nbsp;8-K filed on April&nbsp;4, 1999</TD>
</TR>

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

<TR valign="top">
	<TD>(2)</TD>
	<TD align="left">
	Incorporated by reference to AMERCO&#146;s Registration
	Statement on Form&nbsp;S-3, Registration No.&nbsp;333-73357</TD>
</TR>

</TABLE>

<P align="left">ITEM 17.&nbsp; UNDERTAKINGS

<P align="left">
The undersigned registrant hereby undertakes:
<P>

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

<TR>
	<TD width="7%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>(1)</TD>
	<TD align="left">
	To file, during any period in which offers or sales are being
	made, a post-effective amendment to this registration statement
	to include any material information with respect to the plan of
	distribution not previously disclosed in the registration
	statement or any material change to such information in the
	registration statement.</TD>
</TR>

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

<TR valign="top">
	<TD>(2)</TD>
	<TD align="left">
	That, for the purpose of determining any liability under the
	Securities Act of 1933, each such post-effective amendment shall
	be deemed to be a new registration</TD>
</TR>

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

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

<TR>
	<TD width="7%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	statement relating to the securities offered therein, and the
	offering of such securities at that time shall be deemed to be
	the initial bona fide offering thereof.</TD>
</TR>

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

<TR valign="top">
	<TD>(3)</TD>
	<TD align="left">
	To remove from registration by means of a post-effective
	amendment any of the securities being registered which remain
	unsold at the termination of the offering.</TD>
</TR>

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

<TR valign="top">
	<TD>(4)</TD>
	<TD align="left">
	That, for purposes of determining any liability under the
	Securities Act of 1933, each such filing of the
	registrant&#146;s annual report pursuant to Section&nbsp;13(a)
	or Section&nbsp;15(d) of the Securities Exchange Act of 1934
	that is incorporated by reference in the registration statement
	shall be deemed to be a new registration statement relating to
	the securities offered therein, and the offering of such
	securities at that time shall be deemed to be the initial bona
	fide offering thereof.</TD>
</TR>

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

<TR valign="top">
	<TD>(5)</TD>
	<TD align="left">
	That, for purposes of determining any liability under the
	Securities Act of 1933, the information omitted from the form of
	prospectus filed as part of this registration statement in
	reliance upon Rule&nbsp;430A and contained in a form of
	prospectus filed by the registrant pursuant to
	Rule&nbsp;424(b)(1) or (4)&nbsp;or 497(h) under the Securities
	Act shall be deemed to be part of this registration statement as
	of the time it was declared effective.</TD>
</TR>

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

<TR valign="top">
	<TD>(6)</TD>
	<TD align="left">
	That, for the purpose of determining any liability under the
	Securities Act of 1933, each post-effective amendment that
	contains a form of prospectus shall be deemed to be a new
	registration statement relating to the securities offered
	therein, and the offering of such securities at that time shall
	be deemed to be the initial bona fide offering thereof.</TD>
</TR>

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

<TR valign="top">
	<TD>(7)</TD>
	<TD align="left">
	To file an application for the purpose of determining the
	eligibility of the Trustee to act under subsection (a)&nbsp;of
	Section&nbsp;310 of the Trust Indenture Act of 1939 in
	accordance with the rules and regulations prescribed by the
	Commission under Section&nbsp; 305(b)(2) of the Trust Indenture
	Act of 1939.</TD>
</TR>

</TABLE>

<P align="left">
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the
provisions described in Item&nbsp;15 above, or otherwise, the
registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.

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

<P align="center"><B><FONT size="4">SIGNATURES</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe
that it meets all of the requirements for filing on
Form&nbsp;S-3 and has duly caused this registration statement to
be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on the
21st day of February, 2001.

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

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

<TR>
	<TD width="42%"></TD>
	<TD width="58%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	AMERCO</TD>
</TR>

</TABLE>
<P>

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

<TR>
	<TD width="42%"></TD>
	<TD width="4%"></TD>
	<TD width="54%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:</TD>
	<TD align="left">
	/s/ EDWARD J. SHOEN</TD>
</TR>

</TABLE>

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

<TR>
	<TD width="42%"></TD>
	<TD width="58%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Edward J. Shoen</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Chairman of the Board and President</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons
in the capacities and on the dates indicated.

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="26%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="52%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Signature</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Title</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Date</B></FONT></TD>
</TR>

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

<TR>
	<TD align="left" valign="top"><FONT size="2">
	/s/ EDWARD J. SHOEN<BR>
	<HR size="1">Edward J. Shoen</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman of the Board and President (principal executive officer)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">Gary B. Horton</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Treasurer (principal financial and accounting officer)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">James P. Shoen</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">William E. Carty</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">John M. Dodds</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">Charles J. Bayer</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">Richard J. Herrera</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">John P. Brogan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*<BR>
	<HR size="1">James J. Grogan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	February&nbsp;21, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top"><FONT size="2">
	*By: /s/ EDWARD J. SHOEN<BR>
	<HR size="1">Edward J. Shoen (Attorney-in-fact)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<P align="center">EXHIBIT INDEX

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
	<TD align="center" nowrap colspan="3"><FONT size="2">NUMBER</FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2">EXHIBIT</FONT></TD>
</TR>

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

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Form of Underwriting or Distribution Agreement for Debt
	Securities*</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Senior Indenture between AMERCO and The Bank of New York, dated
	April&nbsp;1, 1999<SUP>(1)</SUP></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Supplemental Indenture between AMERCO and The Bank of New&nbsp;
	York*</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Opinion of Lionel, Sawyer &#38; Collins&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Statement re Computation of Ratios</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Consent of Independent Accountants</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Consent of Lionel, Sawyer &#38; Collins (included in
	Exhibit&nbsp; 5)&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Power of Attorney (included on signature page of Registration
	Statement)&#134;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="bottom"><FONT size="2">
	Form&nbsp;T-1 Statement of Eligibility under the Trust Indenture
	Act of 1939, as amended, of The Bank of New York, as Trustee
	under the Indenture<SUP>(2)</SUP></FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

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

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>*&nbsp;</TD>
	<TD align="left">
	To be filed by means of Form&nbsp;8-K.</TD>
</TR>

</TABLE>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<TR>
	<TD width="6%"></TD>
	<TD width="2%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#134;&nbsp;</TD>
	<TD align="left">
	Previously filed.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

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

<TR>
	<TD width="7%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>(1)</TD>
	<TD align="left">
	Incorporated by reference to AMERCO&#146;s Current Report on
	Form&nbsp;8-K filed on April&nbsp;4, 1999</TD>
</TR>

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

<TR valign="top">
	<TD>(2)</TD>
	<TD align="left">
	Incorporated by reference to AMERCO&#146;s Registration
	Statement on Form&nbsp;S-3, Registration No.&nbsp;333-73357</TD>
</TR>

</TABLE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12
<SEQUENCE>2
<FILENAME>p64518a1ex12.htm
<DESCRIPTION>EX-12
<TEXT>

<HTML>
<HEAD>
<TITLE>ex12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="right"><B>Exhibit&nbsp;12</B>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="43%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&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="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&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="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&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="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Nine months ended</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="19"><FONT size="2"><B>Year Ended March 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>December 31, 2000</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Pretax earnings from operations</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">95.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">102.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">97.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">76.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">83.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">96.2</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Plus: Interest expense</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">65.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">81.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">73.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">79.4</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">76.0</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">67.6</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2">Amortization of debt
expense and discounts</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2">A portion of rental
expense(1/3)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">44.1</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">45.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">39.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">30.0</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">28.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">23.0</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Subtotal(A)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">205.4</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">229.9</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">211.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">186.0</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">188.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">186.8</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Divided by:</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Fixed charges
Interest expense</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">65.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">81.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">73.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">79.4</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">76.0</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">67.6</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2">A portion of rental
expense(1/3)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">44.1</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">45.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">39.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">30.0</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">28.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">23.0</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2">Interest capitalized during
the period</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.9</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.8</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2">Amortization of debt
expense and discounts</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.3</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">0.1</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Subtotal(B)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">111.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">128.6</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">114.5</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">111.9</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">108.2</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">92.4</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="1"></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">Ratio of earnings to fixed
charges(A)/(B)</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.84</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.79</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.84</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.66</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1.74</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2.02</FONT></TD>
        <TD></TD>
</TR>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><HR size="4" noshade></TD>
        <TD></TD>
</TR>
</TABLE>
</CENTER>

<P align="center">

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>p64518a1ex23-1.htm
<DESCRIPTION>EX-23.1
<TEXT>

<HTML>
<HEAD>
<TITLE>ex23-1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="right"><B>EXHIBIT 23.1</B>

<P align="center"><B>CONSENT OF INDEPENDENT ACCOUNTANTS</B>

<P>We hereby consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-3 of our report dated June&nbsp;26, 2000 relating to the
financial statements and financial statement schedules, which appears in
AMERCO&#146;s Annual Report on Form&nbsp;10-K for the year ended March&nbsp;31, 2000. We also
consent to the reference to us under the heading &#147;Experts&#148; in such Registration
Statement.


<P>PricewaterhouseCoopers LLP<BR>
Phoenix, Arizona<BR>
<DIV align="left"><FONT size="1">

</FONT></DIV>
February 21, 2001
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center">

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>p64518a1pi5-110.gif
<TEXT>

begin 775 pi5-110.gif
M1TE&.#EA#``,`/?^``````$!`0("`@,#`P0$!`4%!08&!@<'!P@("`D)"0H*
M"@L+"PP,#`T-#0X.#@\/#Q`0$!$1$1(2$A,3$Q04%!45%186%A<7%Q@8&!D9
M&1H:&AL;&QP<'!T='1X>'A\?'R`@("$A(2(B(B,C(R0D)"4E)28F)B<G)R@H
M*"DI*2HJ*BLK*RPL+"TM+2XN+B\O+S`P,#$Q,3(R,C,S,S0T-#4U-38V-C<W
M-S@X.#DY.3HZ.CL[.SP\/#T]/3X^/C\_/T!`0$%!04)"0D-#0T1$1$5%149&
M1D='1TA(2$E)24I*2DM+2TQ,3$U-34Y.3D]/3U!04%%145)24E-34U145%55
M55965E=75UA86%E965I:6EM;6UQ<7%U=75Y>7E]?7V!@8&%A86)B8F-C8V1D
M9&5E969F9F=G9VAH:&EI:6IJ:FMK:VQL;&UM;6YN;F]O;W!P<'%Q<7)R<G-S
M<W1T='5U=79V=G=W=WAX>'EY>7IZ>GM[>WQ\?'U]?7Y^?G]_?X"`@(&!@8*"
M@H.#@X2$A(6%A8:&AH>'AXB(B(F)B8J*BHN+BXR,C(V-C8Z.CH^/CY"0D)&1
MD9*2DI.3DY24E)65E9:6EI>7EYB8F)F9F9J:FIN;FYR<G)V=G9Z>GI^?GZ"@
MH*&AH:*BHJ.CHZ2DI*6EI::FIJ>GIZBHJ*FIJ:JJJJNKJZRLK*VMK:ZNKJ^O
MK["PL+&QL;*RLK.SL[2TM+6UM;:VMK>WM[BXN+FYN;JZNKN[N[R\O+V]O;Z^
MOK^_O\#`P,'!P<+"PL/#P\3$Q,7%Q<;&QL?'Q\C(R,G)R<K*RLO+R\S,S,W-
MS<[.SL_/S]#0T-'1T=+2TM/3T]34U-75U=;6UM?7U]C8V-G9V=K:VMO;V]S<
MW-W=W=[>WM_?W^#@X.'AX>+BXN/CX^3DY.7EY>;FYN?GY^CHZ.GIZ>KJZNOK
MZ^SL[.WM[>[N[N_O[_#P\/'Q\?+R\O/S\_3T]/7U]?;V]O?W]_CX^/GY^?KZ
M^OO[^_S\_/W]_?[^_O___R'Y!`$``/X`+``````,``P`!P@Z`/\)'$APX)L?
M"!,J_/<#F;B'$!\:8"BNX,`#%"T*Q/BCHD:.'BV"U/AOY,>,)SN2Y&C@@,N7
&+@$$!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>p64518a1pi5-178.gif
<TEXT>

begin 775 pi5-178.gif
M1TE&.#EA#``,`/?^``````$!`0("`@,#`P0$!`4%!08&!@<'!P@("`D)"0H*
M"@L+"PP,#`T-#0X.#@\/#Q`0$!$1$1(2$A,3$Q04%!45%186%A<7%Q@8&!D9
M&1H:&AL;&QP<'!T='1X>'A\?'R`@("$A(2(B(B,C(R0D)"4E)28F)B<G)R@H
M*"DI*2HJ*BLK*RPL+"TM+2XN+B\O+S`P,#$Q,3(R,C,S,S0T-#4U-38V-C<W
M-S@X.#DY.3HZ.CL[.SP\/#T]/3X^/C\_/T!`0$%!04)"0D-#0T1$1$5%149&
M1D='1TA(2$E)24I*2DM+2TQ,3$U-34Y.3D]/3U!04%%145)24E-34U145%55
M55965E=75UA86%E965I:6EM;6UQ<7%U=75Y>7E]?7V!@8&%A86)B8F-C8V1D
M9&5E969F9F=G9VAH:&EI:6IJ:FMK:VQL;&UM;6YN;F]O;W!P<'%Q<7)R<G-S
M<W1T='5U=79V=G=W=WAX>'EY>7IZ>GM[>WQ\?'U]?7Y^?G]_?X"`@(&!@8*"
M@H.#@X2$A(6%A8:&AH>'AXB(B(F)B8J*BHN+BXR,C(V-C8Z.CH^/CY"0D)&1
MD9*2DI.3DY24E)65E9:6EI>7EYB8F)F9F9J:FIN;FYR<G)V=G9Z>GI^?GZ"@
MH*&AH:*BHJ.CHZ2DI*6EI::FIJ>GIZBHJ*FIJ:JJJJNKJZRLK*VMK:ZNKJ^O
MK["PL+&QL;*RLK.SL[2TM+6UM;:VMK>WM[BXN+FYN;JZNKN[N[R\O+V]O;Z^
MOK^_O\#`P,'!P<+"PL/#P\3$Q,7%Q<;&QL?'Q\C(R,G)R<K*RLO+R\S,S,W-
MS<[.SL_/S]#0T-'1T=+2TM/3T]34U-75U=;6UM?7U]C8V-G9V=K:VMO;V]S<
MW-W=W=[>WM_?W^#@X.'AX>+BXN/CX^3DY.7EY>;FYN?GY^CHZ.GIZ>KJZNOK
MZ^SL[.WM[>[N[N_O[_#P\/'Q\?+R\O/S\_3T]/7U]?;V]O?W]_CX^/GY^?KZ
M^OO[^_S\_/W]_?[^_O___R'Y!`$``/X`+``````,``P`!PA>`/]%8T:PH,%_
M&0`H7,@0(3UF_R)&C*8N`T)P"O1(1"4@F$6+UB@0^H=*P2V$*/]94\!$P$F4
J%B/^`1!%XL>('#-EC'BSY,F0(S]&<REQY:B;RR1&M`8S@].G3P4$!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>p64518a1p64518l1.gif
<TEXT>

begin 775 p64518l1.gif
M1TE&.#EAC``K`*+_`/___W]_?P```#\_/[^_O_ZLB_Y:%_[5Q2P`````C``K
M```#_P@0TOXPRDFKO3CK/!08`^&-9&F>:*JN;.NZ!+@(;VW?>*Y[0]#OP*!P
MJ/+1B,BD\M98.I_*0*#4'#$@TV(DFY)Z12:O%&PBB+\H,[I\)JF][@>IZKD^
MN"B[`W_"]N]Y$X%[)WI'=1`D4@,"/QYT"H8"?&%;*WXFF)D3E)&`E7)6B2,A
M#5(CD#.:@Y\IJZBMBA0=H*:%HXBA=3V,9`"IDIVRKYN$Q;;'$KZYR"6&PP[.
MS0K`EEK$5+&PQG%W$+30D[>ZGN0JU=CATW_<<]H*C'+QT=+MHN;/+>CO]:UG
M8M_^22%&X)LJ>P?%U=J7RM6A<OS4*?RUP0(E0UDB])NHKO^COH<)URUL5M%B
M-EWSUND1EH]90Q0,16XD69("'XP>"CX`!Y'C/7HN03J4*.PGMYHV2:04X"N"
MKY7C@/84"A.D))Y1CR*5@$>G!IY01WID$?,ET3H"#?40N&HI!J,L<4UU4;:1
M,#-<+T5<59.+'JQ!Q^KMMA7A29D4N4G*$'3M&8U&)Z7ET[!PQ&V(-6W-LOB"
M1`KN#A=>EDP8IF!IE]+R^O6S(%@S:P(NS0[9TJ*)'8`I>5-#Z!)N*Y*F39NU
MV<8*C%L`W%G"[Q(Q^M+="\C0<'>ZHE_HU!SR(ZI0PHO?<7R\^?.#T:M??XY&
M`0/PX\N?3[^^_?OX\^O?S[]__@*%L+WGWX`$%FC@@04"^!T``B+HX(,01GB?
M@M2X)^&%&&8X((44,:CAAR"&:`"'330HXHDH&DBBA2FVZ.)^*P)P0`$TUFCC
MC3CFJ...//;HXX]`!MGC`;!<Q]Z1Y]F%Y)+K^5`0DU".5]`4C$QFY9589JGE
5EEQVV64C:'DIYIADEFFFE6`D```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>p64518a1p64518f1.gif
<TEXT>

begin 775 p64518f1.gif
M1TE&.#EAK`%L`/?8`/______S/__F?__9O__,___`/_,___,S/_,F?_,9O_,
M,__,`/^9__^9S/^9F?^99O^9,_^9`/]F__]FS/]FF?]F9O]F,_]F`/\S__\S
MS/\SF?\S9O\S,_\S`/\`__\`S/\`F?\`9O\`,_\``,S__\S_S,S_F<S_9LS_
M,\S_`,S,_\S,S,S,F<S,9LS,,\S,`,R9_\R9S,R9F<R99LR9,\R9`,QF_\QF
MS,QFF<QF9LQF,\QF`,PS_\PSS,PSF<PS9LPS,\PS`,P`_\P`S,P`F<P`9LP`
M,\P``)G__YG_S)G_F9G_9IG_,YG_`)G,_YG,S)G,F9G,9IG,,YG,`)F9_YF9
MS)F9F9F99IF9,YF9`)EF_YEFS)EFF9EF9IEF,YEF`)DS_YDSS)DSF9DS9IDS
M,YDS`)D`_YD`S)D`F9D`9ID`,YD``&;__V;_S&;_F6;_9F;_,V;_`&;,_V;,
MS&;,F6;,9F;,,V;,`&:9_V:9S&:9F6:99F:9,V:9`&9F_V9FS&9FF69F9F9F
M,V9F`&8S_V8SS&8SF68S9F8S,V8S`&8`_V8`S&8`F68`9F8`,V8``#/__S/_
MS#/_F3/_9C/_,S/_`#/,_S/,S#/,F3/,9C/,,S/,`#.9_S.9S#.9F3.99C.9
M,S.9`#-F_S-FS#-FF3-F9C-F,S-F`#,S_S,SS#,SF3,S9C,S,S,S`#,`_S,`
MS#,`F3,`9C,`,S,```#__P#_S`#_F0#_9@#_,P#_``#,_P#,S`#,F0#,9@#,
M,P#,``"9_P"9S`"9F0"99@"9,P"9``!F_P!FS`!FF0!F9@!F,P!F```S_P`S
MS``SF0`S9@`S,P`S````_P``S```F0``9@``,P```/___P``````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!`$``-@`+`````"L`6P```C_`+$)'$BPH,&#
M"!,J7,BPH<.'$",B!&"EHL6+&#-JW,BQH\>/($.ND$BRI,F3*%.J7,FRI<N7
M"5=8`4"SILV;.'/JW,FSI\^?/E>,A$FTJ-&C2),J75I0)M"G4*-*G6I3*-.K
M6+-JW<JUI%.J8,.*A6JUJ]FS:-.J1?EUK-NW;\NNG4NWKEVM;>'JW4MVZ-V_
M@`,+)IF7K^'#..4.7LRX,>#"B",;5NRXLN7+62%+WAS7+^;/H$.WU,RY-%C*
MHE.K7JV0M.G7?5G+GCW;->S;/5'3WLV[L6W<P!-[[DV\^-_?P9,#T&V\N?.N
MR)4#9_Z\NO6DT:7?IGZ]NW>6V;6__^;^O;SYB.'%ER9_OKW[@[\KYK02B!6K
M0#M7V+\O<[]__RM0])]]5@2HDQ7_!8*@@371IV`@"NK$WGL4NO<;*]?LA.$U
M#-YDQ377X$?3"B#.9-.'!I)XC8GZ7<,*3A^RTN&''#88XDV!K"A<A3SV.)!M
M-)J(TX8OYN2BCC6!V"%-!2998TT8BLBDBSF1:&",.6$HY(C#^>BE>;;=1V66
M.3YY8GU(TJ1D3VO:F.&(;>(42(`J+@FGF<MU^>6>U[FVPIPE9MEBD39QJ&6A
M>"YW4YP4@5A3CH0*UVBD-QU:TX1\9KJ;:W,"`*F@-,Z(GZ5J)DHIHU$Z*:6&
M-^KTZ:5Z:O\J:V^DZ7?GEC3)"`"&D=9(*@`@*F@1AHL^^>>8RP7*9IHP.@KK
MK-`:1UJGN2(+98"A,BGBKR4*)=2'Q4(8;(<JXFHDLQXZRV6T[/)&6J39VJ3K
MKF/.RVVBJP+K:ZN7*LO3K^F^N6Z[!+.F&8+_@4CIO*'2!R6SC"J**)W!5FJM
MJQ?+RV^>!7><FF:4-HKGO/3:Q^"]=HY8:HK^BISRB>KBU#*F'M=\%V01#FDM
MR32NBG).U,89I,8A-UBMN9/>1+/-3*]5&(D8F\G*EAAV^+.'A#):II`JYDL1
MM?0N26+(2S=MMEEY(;BBV&5.+9.+30IX*8UKOPVW16CB=ZR+'6[_S6"9PM9G
M+H)-]H=TV6<GGMF6W@JE=..0.ZXREY%7#GF>C3\N^=P5O3RB19XCKOCH2J6G
MWF:BDZYZ4::?'EGJJ\<^&M*NXP:[[+BS17OML-V>^^\2M<X[7[X#;WQ#P@^O
M5_''-X]0\LIWYOSTLT<?'//44P^]]6)AG[WSVW-_6JS?E\]0^.)/Y;WYP*.?
M?E3KLY^[^^\_%;_\LM-?_T_WX[^Z_OO+#?G\YS\`!C`_`R2@_`QXP"HE4('F
MDXGE)DC!"EKP@AC,8`4+!,$._DB#(`RAC$)(0@P"P(,H3,LU4LC"\ZRPA3#L
MS@MC2$/GS+"&..S-#7/(0]GLL(=`%,T/_X-(Q,L,L8A(9,P1DQ@:BH3DB5",
MHA2G2,4J6K$B*[JB%K?(Q2YZL2,/=-?4ODC&,D91<&9,HQHW0J`UNM&-4_..
M?GPTQQY5Q$=W[$X=>;3'"N611W^T3A\I-,CW!))"AWQ.(2W$"CQ:P9%R;&2/
M%MF>1+K'DLVAY'DT:1Y,GL>3Q>%D>43Y'5"6QY2TDB0?5>G'1]K1E7UB)2%E
M:4A8MA)M)<QEY.BCRUXV;B&^]"4O@]E+8!(SEYT[9BZ-J<P0)K.9('PF-*=)
M35L>1)K4S"8Q35D@;7ISF]8T2#>_24YDQJV!;PEG0<Z)SNZIDR"[:R?\WCF0
M>,K3?NR\)U7H*?^0?.ISG@NQYS]SPT]L"'2@^?$G0H%24(4NE*`!?:A49!)1
MB9+%H18]4$`]EU&E-;2C0*&H0@X*4@F"]"<-Y>A)E_/1E?)$I`DA:4=-*CZ5
MAB6E8]F<A&P:E*K$I:6349K$3@=3A,BT2J[C:6(P&A;]=$H_7*L/MM"EM*DA
M!J>GZ53.Y.2IW/`L37]JD/N*>DT)2=5A4=DJ5)TH(9.12$1H/0Q9Q1F6HL'E
M3S**ZT[JHSZFUE5(N$)0DE0JG\-@E2I2LY.M?D(R8*6LL&Z9ZSIW(MA='96M
M#1(HU#P%5X[Z%:(C!0OA(E-9J[[4K@15JE1,2Q&L#58F\G&8;"\+E</_2J6R
M-('0GPHTIP5),+80ZAR*"L4@P?YI3M]"+?^`"J,B6?5;<X*05&UE*P?I2CX1
M@NW"9@*NUE)$/]_JG-N2*Y/@CM&NDH6G:'%KWHH@MS_E59!V6=JY$SF7N[O]
MKGP6.T_51H6U@1VAE9J4(>J^"+)\L6U4<"NWM2[GP";*J]ZVU2$\O0F[0F'M
M1)F+M=%ZZFUK%>R;,B1;"+.U2`$64(&XRUMA*4I7R!TCA7>5LO36<Y\!0E)L
M61QC]^:*2;L:T:H(]]S>ODAO+^+O1?T+%0#OZCYR4Q.VP&5@S!I&P;6-%(2T
M-:(7,<PBF&VLA9DT$^7BLZ+SD5&-PGHM-0'+_\V%)3&+E;RH%4,YR/+2E9Y/
M%.$`-79N:$ZK4/C*UAW#:R;\Y:_`!&0E*Y,YR6:6T&>ILM442UD^!8:TH_>"
MY2:?[$K//;*)5LS=&0^V7V2F\>3Z&FC76BG1]GKSFPMK8DSOU;DBRIGC;*7G
M%-':SS7F<$@95*,=.W%>L'4SG*!DWV255V6:IG-()ZT^7>4%KU-%D((X!-X%
M;=FP&VVJ5A&-GP]5I-=.T:UEM=VO;HIKT$9&\(9;?2FI-@JO\K%JD]S&(=D&
M2+=;1B.,1IVB^ZSXWYZR<^=T"U4'>Y3>04&VR0`>706-\;C_'N/7OEOOZZ[(
MX#/)8E[_O%PFPT^U=/_B4FDZ??)A.U!])G]X:/N2*W:F/$\O93*#-I<BD]NX
MGZBK,;E<KK*8S\WH"&6Y2UD*<:!H&)T_-^C2$XKT@2K=I5&G+>7TF?6I2[KJ
M_[SZ2KON]:4V?>HT+?N)PJUV0,^\[9\[^]+3+AR=IG.>#@3[83-G.]"9ANR4
M`[MH)2CX,[]]IY>+[,&50_<A><TME]VLS+2^]I'V+=*'8=CCY<IA0O=N7EM%
MG;"'Q"+*XXA%F'\=4Y^K*#;C_%*MA_V/$P/[G2=))VL>JMTIRW8F$4IRNY>]
M3GD.*QP-6?:Q'ZKR;<]1P/N^^,JG??2!O_,E:9A%S%^U[K.?4+G7_'&S?SW_
M9)?$8*Z!GUS5+_J&.<KO<R^HM;J]#X2F)M\R.QN\')>OR)U2I$43ET3G!G\'
M95L+XC9'IE\'=F0&AQ\]5ETYAH#$!2/_5B`B=VYO-5WV!X`+4B-@XWR,9H!A
MQ8`S(5_REV\/5B`'UA\0N&QRDF%"48%$-G].5%WT1X'_MG.C5RFCQE:`@G#8
MU5LY]C>#,X$-!X(&9U4,^((6J&_VU'@Z*&N&,H,.8VV0YCBZ\B9[]F!0:(4/
M:"1=&"(I@E*])S>]9EI55E@C6&9^5EF#YH*G5BE=!H5N=F'(I6HCEG#>%7>'
M1X9K^&4G1B?`IFH&QR4QQC(#QV5WZ%CWU4V9IH41_\(X.2@OR%5N00-D@I5O
M@R8D3X=GO!:(,D*%`BB'LA44JQ=R4F9B;7:&[X>%&79[=VB!LB8S7TAR/$&`
M7@9L^A%MJ.A>:FA9O_=X3Z=H<OAF;U)=J^AFX$4N'"98O<9NQO9EO?9D4>6%
M'H)ZPQB%A08U59:,51&)4!)8.E*,`6B"<I(OPAB-GV@@<A8AB9A7I,A^IJB(
M4=:+!H:)LG:%CP*%]GAAB_*%:,53MBB(3B%>6KA?)M9K:[99F\-@7=A5B9@A
M%P9F^"AKW^9V,>5:>M8DO<5BJF:/&5DD7;@YH=>*;/60BQ5=#UAEG"5S%]D3
M`!9A]UB0O9B'DJ<H`C,JGO^(?W]BC,/(8%27'^:58:-5'Y-8:N45@^N67;WU
M8!DF./P!8X!U7D)I']O2$WL'<+Q%'_4EE0Q'?]&5E1_RB(-X)N.T'$N9C".D
M9F`6@VA))[CB?!@G7\'E%%"%E2K&'W))'V`H(*$W@Y)S$4R)EH036U,C8^7E
MEBQI5+DA7[`%F`9H<2Z8BV_)F'1REGFY6_R!:%[I6Z!7<OM#;4\A=MSC?U9I
M=GL80-)6BZ;9DNE#BP?"4TY8=J(9/0"(4E3E@0'T?CYA;JNIF.GC<"]%55\'
M=PTRAFJ'FV6'G%X7FUXWFS/EC5@'G6,'FAGEG!FEG&@GG2?%G%-GG1:%G7.G
JG24E19T6Y9T2!9[1Z7W3^4;L>44!U9[P.47O&9_T&1+S69_XN1$!`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
