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<SEC-DOCUMENT>0000950153-03-001904.txt : 20031001
<SEC-HEADER>0000950153-03-001904.hdr.sgml : 20031001
<ACCEPTANCE-DATETIME>20031001153341
ACCESSION NUMBER:		0000950153-03-001904
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031107
FILED AS OF DATE:		20031001
EFFECTIVENESS DATE:		20031001

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		03920474

	BUSINESS ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY 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>DEF 14A
<SEQUENCE>1
<FILENAME>p68029def14a.htm
<DESCRIPTION>DEFINITIVE 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B>
</FONT>

<P align="center"><FONT size="5"><B>SCHEDULE 14A INFORMATION</B>
</FONT>

<P align="left"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities Exchange Act
of 1934 (Amendment No. ______ )
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Filed by the Registrant <FONT face="wingdings">x</FONT></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Filed by a Party other than the Registrant <FONT face="wingdings">o</FONT></FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Check the appropriate box:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">o</FONT> Preliminary Proxy Statement</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<FONT face="wingdings">o</FONT> Confidential, for Use of the</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Commission Only (as permitted</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
by Rule&nbsp;14a-6(e)(2))</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">x</FONT> Definitive Proxy Statement</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">o</FONT> Definitive Additional Materials</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">o</FONT> Soliciting Material Pursuant to Rule&nbsp;14a-11(c) or Rule&nbsp;14a-12</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="6">AMERCO<BR>
<HR align="center" size="1" width="100%" noshade>
</FONT>

<DIV align="center"><FONT size="2">(Name of Registrant as Specified in Its Charter)
</FONT></DIV>
<P align="center"><HR align="center" size="1" width="100%" noshade>

<DIV align="center"><FONT size="2">(Name of Person(s) Filing Proxy Statement if other than the Registrant)
</FONT></DIV>
<P align="left"><FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">x</FONT>
No fee required.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="wingdings">o</FONT> Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)
(1)&nbsp;and 0-11.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Title of each class of securities to which transaction applies:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Aggregate number of securities to which transaction applies:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Proposed maximum aggregate value of transaction:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5) Total fee paid:
</FONT>
<P align="left"><FONT size="2"><FONT face="wingdings">o</FONT> Fee paid previously with preliminary materials:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="2"><FONT face="wingdings">o</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the form or schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Amount previously paid:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Form, Schedule or Registration Statement No.:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Filing Party:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Date Filed:
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">AMERCO PROXY STATEMENT 2003 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD NOVEMBER 7, 2003</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">BOARD REPORT ON EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">PERFORMANCE GRAPH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">EXECUTIVE OFFICERS OF THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">CHAPTER 11 FILING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">DERIVATIVE ACTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">RELATIONSHIP WITH INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">OTHER MATTERS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="2"><B>AMERCO</B>
</FONT>

<P align="center"><FONT size="2">1325 AIRMOTIVE WAY, SUITE 100<BR>
RENO, NEVADA 89502-3239
</FONT>

<P align="center"><FONT size="2"><B>NOTICE AND PROXY STATEMENT*<BR>
FOR THE 2003 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON FRIDAY, NOVEMBER 7, 2003</B>
</FONT>

<P align="left"><FONT size="2">TO THE STOCKHOLDERS:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2003 Annual Meeting of the Stockholders of AMERCO (the &#147;Company&#148;) will
be held at the Airport Plaza Hotel, 1981 Terminal Way, Reno, Nevada 89502, on
Friday, November&nbsp;7, 2003, at 11:00&nbsp;a.m. (local time) to (1)&nbsp;elect two Class&nbsp;I
Directors to serve until the 2007 Annual Meeting of Stockholders; and (2)
consider and act upon any other business that may properly come before the
meeting or any adjournment(s) thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has fixed the close of business on September&nbsp;10,
2003 as the record date for the determination of stockholders entitled to
receive notice of and to vote at the meeting or any adjournment(s) thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report for the year ended March&nbsp;31, 2003 is
enclosed, but is not deemed to be part of the official proxy soliciting
materials.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the
meeting, the person named in the enclosed proxy will vote thereon in accordance
with his judgment. The Company&#146;s management cordially invites you to attend
the meeting. In fairness to all stockholders, and in the interest of an orderly
meeting, we ask all stockholders attending the meeting to observe the annual
meeting procedures attached hereto as Exhibit&nbsp;A.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By order of the Board of Directors,</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Gary V. Klinefelter</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Gary V. Klinefelter</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Secretary and General Counsel</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>STOCKHOLDERS ARE URGED TO SIGN, DATE, AND PROMPTLY MAIL THE PROXY CARD IN
THE ENCLOSED POSTAGE-PAID ENVELOPE. YOUR PROMPT RESPONSE WILL BE APPRECIATED.</B>
</FONT>
<P align="left"><FONT size="2">*Approximate date of mailing to stockholders: October&nbsp;1, 2003
</FONT>


<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "AMERCO PROXY STATEMENT 2003 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD NOVEMBER 7, 2003" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center"><FONT size="2"><B>AMERCO</B>
</FONT>

<P align="center"><FONT size="2"><B>PROXY STATEMENT</B>
</FONT>

<P align="center"><FONT size="2"><B>2003 ANNUAL MEETING OF STOCKHOLDERS</B>
</FONT>

<P align="center"><FONT size="2"><B>TO BE HELD NOVEMBER 7, 2003</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation of
proxies on behalf of the Board of Directors of AMERCO, a Nevada corporation
(the &#147;Company&#148;), for use at the 2003 Annual Meeting of Stockholders to be held
on Friday, November&nbsp;7, 2003 at 11:00&nbsp;a.m. at the Airport Plaza Hotel, 1981
Terminal Way, Reno, Nevada 89502 (the &#147;Meeting&#148;), and at any adjournment or
adjournments thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record at the close of business on September&nbsp;10, 2003
(the &#147;Record Date&#148;) are entitled to notice of and to vote at the Meeting. At
the close of business on the Record Date, the Company had outstanding
14,959,004 shares of its Common Stock, $0.25 par value, and 5,662,495 shares of
its Series&nbsp;A Common Stock, $0.25 par value (collectively, the &#147;Common Stock&#148;).

</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third of the outstanding shares entitled to vote and to be represented
in person or by proxy at the Meeting will constitute a quorum for the conduct
of business. Abstentions and broker non-votes will be treated as shares that
are present and entitled to vote for purposes of determining the presence of a
quorum but as unvoted for purposes of determining the approval of any matter
submitted to the stockholders for a vote. Except as otherwise stated herein,
provided a quorum is present, the affirmative vote of the holders of a majority
of the shares entitled to vote on the matter is required to approve any matter.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each stockholder is entitled to one vote per share of Common Stock for the
election of directors and on all other matters that may properly be brought
before the Meeting. If the accompanying proxy is signed and returned, the
shares represented thereby will be voted in accordance with any directions on
the proxy. If a proxy does not specify how the shares represented thereby are
to be voted, it is intended that it will be voted for the director nominees
named herein. Any stockholder giving the enclosed form of proxy may revoke it
at any time before it is voted at the Meeting by filing with the Secretary of
the Company a document revoking the proxy or by submitting a proxy bearing a
later date. The revocation of the proxy will not affect any vote taken prior to
such revocation. This Proxy Statement and the enclosed proxy are first being
mailed to stockholders on or about October&nbsp;1, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The solicitation of all proxies will be made primarily by mail and the
cost of such solicitation will be borne by the Company. The Company will
reimburse fiduciaries, nominees, and others for their out-of-pocket expenses in
forwarding proxy materials to beneficial owners. Proxies may be solicited by
telephone, telegraph, facsimile transmission, and in person by employees of the
Company.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the
Meeting, the person named in the enclosed proxy will vote thereon in accordance
with his judgment.
</FONT>
<!-- link1 "ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>ELECTION OF DIRECTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors consists of eight directors. The
Company&#146;s Articles of Incorporation provide for the division of the Board of
Directors into four classes, designated Class&nbsp;I, Class&nbsp;II, Class&nbsp;III, and Class
IV. Subject to applicable law, each class shall consist, as nearly as may be
possible, of one-fourth of the total number of directors constituting the
entire Board of Directors. The term of each directorship is four years and the
terms of the four classes are staggered in a manner so that in most cases only
one class is elected by the stockholders annually.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, two Class&nbsp;I directors will be elected to serve until the
2007 Annual Meeting of Stockholders. It is the intention of the individual
named in the enclosed form of proxy to vote for the two nominees named below
unless instructed to the contrary. However, if any nominee named herein
becomes unavailable to serve at the time of election (which is not
anticipated), and, as a consequence, other nominees are designated, the person
named in the proxy or other substitutes shall have the discretion or authority
to vote or refrain from voting in accordance with his judgment with respect to
other nominees. The two Class&nbsp;I director nominees receiving the largest number
of votes in favor of their election will be elected as Class&nbsp;I directors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are elected by a plurality of the shares represented at the
meeting, in person or by proxy, and entitled to vote at the Annual Meeting,
provided that a quorum is present. Votes may be cast FOR the nominees or
WITHHELD. In addition, a stockholder may indicate that he or she is voting FOR
the nominee except for any nominee(s) specified in writing on the proxy card.
The two Class&nbsp;I nominees who receive the greatest number of votes cast FOR the
election of such nominees shall be elected as directors. As a result, any vote
other than a vote FOR the nominee will have the practical effect of voting
AGAINST the nominee. An abstention will have the same effect as voting
WITHHELD for election of directors, and a broker non-vote will not be treated
as voting in person or by proxy on the proposal.
</FONT>
<P align="center"><FONT size="2"><B>Management Nominees For Election As Class&nbsp;I Directors<BR>
(To serve until the 2007 Annual Meeting)</B>
</FONT>

<P align="center"><FONT size="2">John P. Brogan<BR>
James J. Grogan
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN P. BROGAN</B>, 59, has served as a Director of the Company since August
1998 and has served as the Chairman of Muench-Kreuzer Candle Company since
1980. He has been involved with various companies including a seven year
association with Alamo Rent-A-Car that ended in 1986. He is a member of the
American Institute of Certified Public Accountants and served as Chairman of
the Board of Trustees, College of the Holy Cross, from 1988 to 1996.
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JAMES J. GROGAN</B>, 49, has served as a Director of the Company since August
1998 and is the CEO of Loreto Bay Company. He was President of G.W. Holdings,
a diversified investment company, from 2001 to 2002. Throughout 1999 and 2000,
he served as President and CEO of Sterling Financial Corporation, a Toronto
Stock Exchange company focused on real estate investments. He was the Senior
Executive Vice President of UDC Homes, a homebuilder, from 1996 to 1998. He
serves on the Board of Directors of several charitable organizations.
</FONT>
<P align="center"><FONT size="2"><B>Directors Continuing In Office</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Term Expires</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">Class&nbsp;II</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Edward J. Shoen
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2004</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Class&nbsp;II</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
M. Frank Lyons
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2004</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">Class&nbsp;III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
John M. Dodds
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2005</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Class&nbsp;III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
James P. Shoen
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2005</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">Class&nbsp;IV</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
William E. Carty
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2006</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Class&nbsp;IV</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Charles J. Bayer
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2006</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EDWARD J. SHOEN</B>, 54, has served as a Director and Chairman of the Board of
the Company since 1986, as President since 1987, as a Director of U-Haul
International, Inc. (&#147;U-Haul&#148;) since 1990, and as the President of U-Haul since
1991. Mr.&nbsp;Shoen has been associated with the Company since 1971.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>M. FRANK LYONS, </B>67, was elected to the Board on February&nbsp;6, 2002 to fill
the vacancy created by the resignation of Richard J. Herrera. Mr.&nbsp;Lyons served
in various positions with the Company from 1959 until 1991, including 25&nbsp;years
as the president of Warrington Manufacturing. From 1991 until his retirement
in 2000 he was president of Evergreen Realty, Inc.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN M. DODDS</B>, 66, has served as a Director of the Company since 1987 and
Director of U-Haul since 1990. Mr.&nbsp;Dodds has been associated with the Company
since 1963. He served in regional field operations until 1986 and served in
national field operations until 1994. Mr.&nbsp;Dodds retired from the Company in
1994.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JAMES P. SHOEN</B>, 43, has served as a director of the Company since 1986 and
was Vice President of the Company from 1989 to November 2000. Mr.&nbsp;Shoen has
been associated with the Company since 1976. He served from 1990 to November
2000 as Executive Vice President of U-Haul.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WILLIAM E. CARTY</B>, 76, has served as a Director of the Company since 1987
and as a Director of U-Haul since 1986. He has been associated with the
Company since 1946. He has served in various executive positions in all areas
of the Company. Mr.&nbsp;Carty retired from the Company in 1987.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CHARLES J. BAYER</B>, 63, has served as a Director of the Company since 1990
and has been associated with the Company since 1967. He has served in various
executive positions and served as President of Amerco Real Estate Company until
his retirement in October 2000.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full Board of Directors of the Company met nine times during the
fiscal year ended March&nbsp;31, 2003. No director attended fewer than 75% of the
meetings of the full Board of Directors and of the committees on which he
served. The annual fee for all services as a director of the Company prior to
June&nbsp;4, 2003 was $26,400. Effective on that date, the annual fee was increased
to $50,000. This amount is paid in equal monthly installments. The Board of
Directors has appointed the following standing committees: Audit Committee,
Compensation Committee, Executive Finance Committee, and Independent Governance
Committee. The Company does not have a nominating committee. The Audit
Committee members receive a $50,000 annual fee. The Executive Finance
Committee and Compensation Committee members each receive a $20,000 annual fee.
Non-director members of the Independent Governance Committee receive a $50,000
annual fee. The director members of the Independent Governance Committee
receive a $25,000 annual fee. Listed below is a summary of the Company&#146;s four
committees, and the membership of those committees.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee</I>. The Audit Committee assists the Board of Directors in
fulfilling its oversight responsibilities as to financial reporting, audit
functions and risk management. The Audit Committee monitors the financial
information that is provided to stockholders and others, the independence and
performance of the Company&#146;s independent auditors and internal audit department
and the systems of internal control established by management and the Board of
Directors. The Audit Committee operates pursuant to a written charter approved
by the Board of Directors. The Audit Committee is composed of John P. Brogan,
James J. Grogan and John M. Dodds and met six times during the fiscal year
ended March&nbsp;31, 2003. Messrs.&nbsp;Brogan, Grogan and Dodds are considered
&#147;independent&#148; pursuant to the New York Stock Exchange and NASDAQ listing
standards (as currently in effect and as proposed).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive Finance Committee</I>. The Executive Finance Committee is
authorized to act on behalf of the Board of Directors in approving any
transaction involving the finances of the Company. It has the authority to
give final approval for the borrowing of funds on behalf of the Company without
further action or approval of the Board of Directors. The Executive Finance
Committee is composed of Edward J. Shoen, John P. Brogan and Charles J. Bayer.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Committee</I>. The Compensation Committee reviews the Company&#146;s
executive compensation plans and policies, including benefits and incentives,
to ensure that they are consistent with the goals and objectives of the
Company. It reviews and makes recommendations to the Board of Directors
regarding management recommendations for changes in executive compensation.
The Compensation Committee also monitors management plans and programs for the
retention, motivation and development of senior management. The Compensation
Committee met once during the fiscal year ending March&nbsp;31, 2003. The
Compensation Committee is composed of John P. Brogan and James J. Grogan,
non-employee directors of the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Governance Committee</I>. On April&nbsp;9, 2003, the Company&#146;s Board
of Directors approved the formation of an Independent Governance Committee.
The
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">Independent Governance Committee is co-chaired by two independent members
of the Board, James J. Grogan and John P. Brogan. Thomas W. Hayes, the former
State Treasurer of California, and Paul A. Bible, a partner in the Reno-based
law firm of Bible, Hoy &#038; Trachok, are also members of this committee. Neither
Mr.&nbsp;Hayes nor Mr.&nbsp;Bible are members of the Company&#146;s Board of Directors. The
Independent Governance Committee monitors and evaluates the Company&#146;s corporate
governance principles and standards and proposes to the Board any modifications
thereto as deemed appropriate for sound corporate governance. In addition,
this committee reviews potential candidates for Board membership. The
committee may review, or choose not to review, other matters as referred to it
by the Board. The committee has the authority to and a budget from which to
retain professionals. The committee membership term is one year and each
member is determined by the Board to be free of any relationship that would
interfere with his exercise of independent judgment as member of this
committee.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hayes was president of Metropolitan West Financial Inc, a diversified
financial management company with over $60&nbsp;billion in managed funds. He has
also served as the State Treasurer of California, California&#146;s Director of
Finance, and was responsible for overseeing the successful restructuring of
Orange County&#146;s investment pool, following that county&#146;s Chapter&nbsp;11 filing.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Bible currently serves as the Chairman of the Compliance Committee for
H Group Holding, Inc., the holding company of Hyatt Corporation. He also
serves as Chairman of the Compliance Committee for Jacobs Entertainment, Inc.,
the holding company of Black Hawk Gaming &#038; Development Company, Inc. He is the
former Chairman of the Board of Trustees of the University of Nevada, Reno
Foundation, and is the former Chairman of the Nevada Gaming Commission.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advisory Board Members</I>. In addition to the four committees described
above, on April&nbsp;9, 2003, the Board of Directors authorized Advisory Board
Members pursuant to the following resolution:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED, that the Board hereby authorizes the addition to the Board of
up to two (2)&nbsp;Advisory Board Members who shall serve at the will of the Board,
and
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FURTHER RESOLVED, that these Advisory Board Members shall not officially
vote, but shall be given full and complete access to all the affairs of the
Board, including all meetings and votes of the Board, and shall be treated in
all other respects as a Board member.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;4, 2003, the Board of Directors appointed Michael L. Gallagher as
a member of the Advisory Board. Mr.&nbsp;Gallagher is a senior partner in the law
firm Gallagher &#038; Kennedy. Mr.&nbsp;Gallagher is also a director of Pinnacle West
Capital Corporation and the Omaha World Herald Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Security Ownership of Certain Beneficial Owners and Management&#148; and
&#147;Certain Relationships and Related Transactions&#148; for additional information
relating to the directors.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS<BR>
AND MANAGEMENT</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, the following table lists, as of
June&nbsp;30, 2003 (1)&nbsp;the beneficial ownership of the Company&#146;s equity securities
of each director and director nominee of the Company, of each executive officer
named on page 9, and of all directors and executive officers of the Company as
a group; (2)&nbsp;the beneficial ownership of Common Stock of those persons who
beneficially own more than five percent (5%) of the Company&#146;s Common Stock; and
(3)&nbsp;the beneficial ownership of each director and director nominee of the
Company, of each executive officer named on page 9, and of all directors and
executive officers of the Company as a group, of the percentage of net payments
received by such persons during the 2003 fiscal year in respect of fleet-owner
contracts issued by U-Haul.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares of Common</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Net Fleet Owner</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Address of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Stock Beneficially</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Common Stock</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Contract</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Beneficial Owner</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Payments</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" nowrap><FONT size="2">Edward J. Shoen (1)<BR>
Chairman of the Board,<BR>
President and Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
3,487,645</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">16.9</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">.001</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">Mark V. Shoen (1)<BR>
President, U-Haul<BR>
Phoenix Operations<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
3,355,471</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">16.3</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" nowrap><FONT size="2">James P. Shoen (1)<BR>
Director<BR>
1325 Airmotive Way<BR>
Reno, NV 89502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2,049,962</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.9</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">Sophia M. Shoen<BR>
5104 N. 32nd Street<BR>
Phoenix, AZ 85018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
1,388,668</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">6.7</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" nowrap><FONT size="2">Heartland Advisors, Inc.<BR>
789 North Water Street<BR>
Milwaukee, WI 53202</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
1,143,500</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">5.5</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">Paul F. Shoen<BR>
P.O. Box 524<BR>
Glenbrook, NV 89413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
1,110,442</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">5.4</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">6</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares of Common</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Net Fleet Owner</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Address of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Stock Beneficially</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Common Stock</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Contract</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Beneficial Owner</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Payments</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top" nowrap><FONT size="2">The ESOP Trust (2)<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2,402,456</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">11.7</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top" nowrap><FONT size="2">John M. Dodds<BR>
Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
0</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">0</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">William E. Carty (1)<BR>
Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
0</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">0</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top" nowrap><FONT size="2">Charles J. Bayer<BR>
Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2,186</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">**</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">.001</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">John P. Brogan<BR>
Director and Director<BR>
Nominee<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
6,000</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">**</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">James J. Grogan<BR>
Director and Director<BR>
Nominee<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
100</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">**</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">M. Frank Lyons<BR>
Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
300</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">**</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top" nowrap><FONT size="2">Gary V. Klinefelter<BR>
Secretary and General<BR>
Counsel<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
3,513</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">**</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">N/A</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">7</FONT>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Shares of Common</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Net Fleet Owner</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Address of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Stock Beneficially</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Common Stock</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Contract</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Beneficial Owner</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Payments</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:0px"><FONT size="2">Gary B. Horton<br></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,657</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"><FONT size="2">**</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"><FONT size="2">N/A</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:0px; text-indent:0px"><FONT size="2">Treasurer of AMERCO<br>
and Assistant Treasurer<br>
of U-Haul</FONT></DIV></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>
    <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>
    <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>




<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ronald C. Frank<br></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,592</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">**</FONT></TD>
    <TD nowrap><FONT size="2">                            </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:0px"><FONT size="2">Executive V.P. Field<br>
Operations of U-Haul<br>
2727 N. Central Ave<br>
Phoenix, AZ 85004</FONT></DIV></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>
    <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>
    <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>



<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Officers and Directors<br></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,917,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43.2</FONT></TD>
    <TD nowrap><FONT size="2">                          </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">.004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as a group (17 persons)(1)</FONT></DIV></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>
    <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>
    <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>

<P align="left"><FONT size="2">**The percentage of the referenced class beneficially owned is less than one
percent.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Edward J. Shoen, Mark V. Shoen, James P. Shoen, and William E. Carty
beneficially own 16,300 shares (0.26%), 16,700 shares (0.27%), 31,611
shares (0.51%), and 12,000 shares (0.19%) of the Company&#146;s
Series&nbsp;A 8&#189;%
Preferred Stock, respectively. The executive officers and directors as a
group beneficially own 77,611 shares (1.27%) of the Company&#146;s Series&nbsp;A
8&#189;% Preferred Stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The complete name of the ESOP Trust is the ESOP Trust Fund for the AMERCO
Employee Savings and Employee Stock Ownership Trust. The ESOP Trustee,
which consists of three individuals without a past or present employment
history or business relationship with the Company, is appointed by the
Company&#146;s Board of Directors. Under the ESOP, each participant (or such
participant&#146;s beneficiary) in the ESOP directs the ESOP Trustee with
respect to the voting of all Common Stock allocated to the participant&#146;s
account. All shares in the ESOP Trust not allocated to participants are
voted by the ESOP Trustee. As of June&nbsp;30, 2003, of the 2,402,456 shares
of Common Stock held by the ESOP Trust, 1,607,509 shares were allocated to
participants and 794,947 shares remained unallocated. The number of
shares reported as beneficially owned by Edward J. Shoen, Mark V. Shoen,
James P. Shoen, Paul F. Shoen, and Sophia M. Shoen include Common Stock
held directly by those individuals and 3,964, 3,690, 3,648, 779, and 196
shares of Common Stock, respectively, allocated by the ESOP Trust to those
individuals. Those shares are also included in the number of shares held
by the ESOP Trust.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The ownership information set forth herein is based on material contained
in a Schedule&nbsp;13G, dated February&nbsp;13, 2003, filed with the SEC by William
Nasgovitz and Heartland Advisors, Inc. According to the Schedule&nbsp;13G,
Heartland</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">8</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Advisors, Inc. has sole voting and sole dispositive power over 264,200
and 1,143,500 shares, respectively. According to the same Schedule&nbsp;13G,
Mr.&nbsp;Nasgovitz has sole voting and sole dispositive power over 788,000 and
0 shares, respectively.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, there are no arrangements giving
any stockholder the right to acquire the beneficial ownership of any shares
owned by any other stockholder.
</FONT>

<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>EXECUTIVE COMPENSATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Summary Compensation Table shows the annual compensation
paid to (1)&nbsp;the Company&#146;s chief executive officer; and (2)&nbsp;the four most highly
compensated executive officers of the Company, other than the chief executive
officer.
</FONT>

<P align="center"><FONT size="2"><B>Summary Compensation Table</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Annual Compensation</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>All Other</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Principal</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Salary</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Bonus</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Compensation</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Position</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)(1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)(2)</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Edward J. Shoen</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</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"><FONT size="2">503,708</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"><FONT size="2">&#151;</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"><FONT size="2">334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chairman of the Board</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</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"><FONT size="2">503,708</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"><FONT size="2">&#151;</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"><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">and President
of AMERCO and U-Haul</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</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"><FONT size="2">503,708</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"><FONT size="2">&#151;</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"><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mark V. Shoen</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</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"><FONT size="2">617,308</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"><FONT size="2">&#151;</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"><FONT size="2">334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">President of U-Haul</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</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"><FONT size="2">623,077</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"><FONT size="2">&#151;</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"><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Phoenix Operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</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"><FONT size="2">623,077</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"><FONT size="2">&#151;</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"><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gary V. Klinefelter</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</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"><FONT size="2">251,738</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"><FONT size="2">55,000</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"><FONT size="2">334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Secretary and General</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</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"><FONT size="2">222,547</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"><FONT size="2">67,000</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"><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Counsel of AMERCO
and U-Haul</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</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"><FONT size="2">224,239</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"><FONT size="2">60,000</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"><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gary B. Horton</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</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"><FONT size="2">242,308</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"><FONT size="2">40,000</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"><FONT size="2">334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Treasurer of AMERCO</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</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"><FONT size="2">233,655</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"><FONT size="2">40,000</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"><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">and Assistant
Treasurer of U-Haul</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</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"><FONT size="2">234,539</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"><FONT size="2">110,000</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"><FONT size="2">2,192</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ronald C. Frank</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</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"><FONT size="2">237,995</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"><FONT size="2">15,704</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"><FONT size="2">334</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Executive V.P.
U-Haul</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</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"><FONT size="2">188,471</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"><FONT size="2">&#151;</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"><FONT size="2">1,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Field Operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</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"><FONT size="2">188,471</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"><FONT size="2">&#151;</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"><FONT size="2">2,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><HR align="left" Size="1" width="20%" noshade>
</FONT>
<P align="center"><FONT size="2">9</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes annual fees paid to Directors of the Company and U-Haul.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents the value of Common Stock allocated under the AMERCO Employee
Savings, Profit Sharing and Employee Stock Ownership Plan.</FONT></TD>
</TR>
</TABLE>
<!-- link1 "BOARD REPORT ON EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="center"><FONT size="2"><B>BOARD REPORT ON EXECUTIVE COMPENSATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Company has established a Compensation Committee, the entire
Board of Directors reviewed and determined the amount of compensation paid to
the Chairman of the Board and President for fiscal 2003. The determination was
subjective and not subject to a specific criteria. Although the Board of
Directors had primary authority with respect to compensation decisions for the
Company&#146;s other executive officers during fiscal 2003, the Chairman of the
Board and President has historically and continued to make these decisions with
the counsel of individual Board members, subject to the ability of the full
Board to revise or override these decisions. Executive compensation was set at
levels designed to retain the Company&#146;s executive officers and was based on
subjective factors such as his perception of each officer&#146;s performance and
changes in functional responsibility.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its involvement in executive compensation matters as
described above, the Board of Directors determines the amount, if any, of the
Company&#146;s contribution pursuant to the AMERCO Employee Savings, Profit Sharing
and Employee Stock Ownership Plan.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">John P. Brogan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
James J. Grogan</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center"><FONT size="2"><B>AUDIT COMMITTEE REPORT</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors (&#147;Audit Committee&#148;) is
composed of three independent directors and operates under a written charter
adopted by the Board of Directors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the Company&#146;s internal controls and the
financial reporting process. The independent accountants are responsible for
performing an independent audit of the Company&#146;s consolidated financial
statements in accordance with generally accepted auditing standards and to
issue a report thereon. The Audit Committee&#146;s responsibility is to monitor and
oversee these processes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this context, the Audit Committee has met and held discussions with
management and the independent accountants. Management represented to the
Audit Committee that the Company&#146;s consolidated financial statements were
prepared in accordance with generally accepted accounting principles, and the
Audit Committee has reviewed and discussed the consolidated financial
statements with management and the independent accountants. The Audit
Committee discussed with the independent accountants the matters required to be
discussed by Statement on Auditing Standards No.&nbsp;61 (Communication with Audit
Committees).
</FONT>
<P align="center"><FONT size="2">10</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s independent accountants also provided to the Audit Committee
the written disclosures and the letter required by Independence Standards Board
Standard No.&nbsp;1 (Independence Discussions with Audit Committees), and the Audit
Committee discussed with the independent accountants that firm&#146;s independence.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the Audit Committee&#146;s discussions with management and the
independent accountants and its review of the representation of management and
the report of the independent accountants to the Audit Committee, the Audit
Committee recommended that the Board of Directors include the audited
consolidated financial statements in the Company&#146;s Annual Report on Form&nbsp;10-K
for the year ended March&nbsp;31, 2003 filed with the Securities and Exchange
Commission.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">John P. Brogan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
James J. Grogan
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">John M. Dodds</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "PERFORMANCE GRAPH" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="center"><FONT size="2"><B>PERFORMANCE GRAPH</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total stockholder return on
the Company&#146;s Common Stock for the period March&nbsp;31, 1998 through March&nbsp;31, 2003
with the cumulative total return on the Dow Jones Composite Average and the Dow
Jones Transportation Average. The comparison assumes that $100 was invested on
March&nbsp;31, 1998 in the Company&#146;s Common Stock and in each of the comparison
indices. The graph reflects the closing price of the Common Stock trading on
Nasdaq on March&nbsp;31, 1999, 2000, 2001, 2002 and 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1998</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2003</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">AMERCO</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</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"><FONT size="2">70</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"><FONT size="2">60</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"><FONT size="2">69</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"><FONT size="2">57</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"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dow Jones Composite Average</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</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"><FONT size="2">104</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"><FONT size="2">108</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"><FONT size="2">107</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"><FONT size="2">106</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"><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dow Jones Transportation Average</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</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"><FONT size="2">92</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"><FONT size="2">77</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"><FONT size="2">77</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"><FONT size="2">82</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"><FONT size="2">60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "EXECUTIVE OFFICERS OF THE COMPANY" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="center"><FONT size="2"><B>EXECUTIVE OFFICERS OF THE COMPANY</B>
</FONT>

<P align="left"><FONT size="2">The Company&#146;s executive officers are:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Age *</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Office</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Edward J. Shoen</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
54</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman of the Board, President, and Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">William E. Carty</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
76</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">John M. Dodds</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
66</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Charles J. Bayer</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
63</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">John P. Brogan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
59</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">James J. Grogan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
49</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">M. Frank Lyons</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
67</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">James P. Shoen</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
43</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Gary B. Horton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
59</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Treasurer of AMERCO and Asst. Treasurer of U-Haul</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Gary V. Klinefelter<br>
Rocky D. Wardrip</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
55<br>
45</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Secretary &#038;
General Counsel of AMERCO and U-Haul<br>
Assistant Treasurer of AMERCO</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">11</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Age *</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Office</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Mark V. Shoen</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
52</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President of U-Haul Phoenix Operations</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">John C. Taylor</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
45</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director and Executive V.P. of U-Haul</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ronald C. Frank</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
62</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Executive V.P. of U-Haul Field Operations</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Mark A. Haydukovich</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
46</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President of Oxford Life Insurance Company</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Carlos Vizcarra</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
56</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President of Amerco Real Estate Company</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Richard M. Amoroso</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
44</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President of Republic Western Insurance Company</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ages are as of June&nbsp;30, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Election of Directors&#148; for information regarding Edward J. Shoen,
William E. Carty, Charles J. Bayer, James P. Shoen, John M. Dodds, John P.
Brogan, James J. Grogan and M. Frank Lyons.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary B. Horton has served as Treasurer of the Company since 1982 and
Assistant Treasurer of U-Haul since 1990. He has been associated with the
Company since 1969.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary V. Klinefelter, Secretary of the Company since 1988 and Secretary of
U-Haul since 1990, is licensed as an attorney in Arizona and has served as
General Counsel of the Company and U-Haul since June 1988. He has been
associated with the Company since 1978.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky D. Wardrip, Assistant Treasurer of the Company since 1990, has been
associated with the Company since 1978 in various capacities within accounting
and treasury operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark V. Shoen has served as a Director of the Company from 1990 until
February 1997. He has served as a Director of U-Haul from 1990 until November
1997 and as President, Phoenix Operations, from 1994 to present.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John C. Taylor, Director of U-Haul since 1990, has been associated with
the Company since 1981. He is presently an Executive Vice President of U-Haul.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald C. Frank has been associated with the Company since 1959. He is
presently Executive Vice President of U-Haul Field Operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark A. Haydukovich has served as President of Oxford Life Insurance
Company (&#147;Oxford&#148;) since June 1997. From 1980 to 1997 he served as Vice
President of Oxford.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos Vizcarra has served as President of Amerco Real Estate Company
since September 2000. He began his previous position as Vice President/Storage
Product Group for U-Haul in 1988.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard M. Amoroso has served as President of Republic Western Insurance
Company (&#147;RepWest&#148;) since August 2000. He was Assistant General Counsel of
U-Haul from 1993 until February 2000. He served as Assistant General Counsel
of ON Semiconductor Corporation from February to August 2000.
</FONT>
<P align="center"><FONT size="2">12</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edward J., Mark V., and James P. Shoen are brothers. William E. Carty is
the uncle of Edward J. and Mark V. Shoen. M. Frank Lyons was married to
William E. Carty&#146;s sister and the aunt of Edward J. and Mark V. Shoen until her
death in 1992.
</FONT>
<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="center"><FONT size="2"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;23, 2002, Mark V. Shoen, President, U-Haul Phoenix Operations
and a significant stockholder of the Company, purchased a condominium in
Phoenix, Arizona from Oxford. The purchase price was $279,573, which was in
excess of the appraised value.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, U-Haul purchased $2.1&nbsp;million of printing from Form
Builders, Inc. Mark V. Shoen, his daughter and Edward J. Shoen&#146;s sons are major
stockholders of Form&nbsp;Builders, Inc. Edward J. Shoen is Chairman of the Board
of Directors and President of the Company and is a significant stockholder of
the Company. Mark V. Shoen is President, U-Haul Phoenix Operations and is a
significant stockholder of the Company. The Company ceased doing business with
Form&nbsp;Builders, Inc. on April&nbsp;18, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, Sam Shoen, a son of Edward J. Shoen, was employed by
U-Haul as project group supervisor. Mr.&nbsp;Shoen was paid an aggregate salary and
bonus of $77,327 for his services during the fiscal year.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, a subsidiary of the Company held various senior and
junior unsecured notes of SAC Holdings Corporation and its subsidiaries (&#147;SAC
Holdings&#148;). Substantially all of the equity interest of SAC Holdings is owned
by Mark V. Shoen, a significant shareholder and executive officer of the
Company. The Company does not have an equity ownership interest in SAC
Holdings, except for minority investments made by RepWest and Oxford in a SAC
Holdings-controlled limited partnership which holds Canadian self-storage
properties. The senior unsecured notes of SAC Holdings that the Company holds
rank equal in right of payment with the notes of certain senior mortgage
holders, but junior to the extent of the collateral securing the applicable
mortgages and junior to the extent of the cash flow waterfalls that favor the
senior mortgage holders. The Company received cash interest payments of $26.6
million from SAC Holdings during fiscal year 2003. The notes receivable
balance outstanding at March&nbsp;31, 2003 was, in the aggregate, $394.2&nbsp;million.
The largest aggregate amount outstanding during the fiscal year ended March&nbsp;31,
2003 was $407.4&nbsp;million. At March&nbsp;31, 2003, SAC Holdings&#146; notes and loans
payable to third parties totaled $589.0&nbsp;million. Interest on the senior and
junior notes accrues at rates ranging from 6.5% to 13%.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrues on the outstanding principal balance of senior notes of
SAC Holdings that the Company holds at a fixed rate and is paid on a monthly
basis.
</FONT>
<P align="center"><FONT size="2">13</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrues on the outstanding principal balance of junior notes of
SAC Holdings that the Company holds at a stated rate of basic interest. A fixed
portion of that basic interest is paid on a monthly basis. Additional interest
is paid on the same payment date based on the difference between the amount of
remaining basic interest and an amount equal to a specified percentage of the
net cash flow before interest expense generated by the underlying property
<I>minus </I>the <I>sum of </I>the principal and interest due on the senior notes of SAC
Holdings relating to that property <I>and </I>a multiple of the fixed portion of basic
interest paid on that monthly payment date.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The latter amount is referred to as the &#147;cash flow-based calculation.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that this cash flow-based calculation exceeds the amount of
remaining basic interest, contingent interest equal to that excess and the
amount of remaining basic interest are paid on the same monthly date as the
fixed portion of basic interest. To the extent that the cash flow-based
calculation is less than the amount of remaining basic interest, the additional
interest payable on the applicable monthly date is limited to the amount of
that cash flow-based calculation. In such a case, the excess of the remaining
basic interest over the cash flow-based calculation is deferred and all amounts
so deferred bear the stated rate of basic interest until maturity of the junior
note.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, subject to certain contingencies, the junior notes provide
that the holder of the note is entitled to receive 90% of the appreciation
realized upon, among other things, the sale of such property by SAC Holdings.
To date, no such properties have been sold by SAC Holdings.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company currently manages the self-storage properties owned by SAC
Holdings pursuant to a standard form of management agreement with each SAC
Holdings subsidiary, under which the Company receives a management fee equal to
6% of the gross receipts. The Company received management fees of $12.3
million during fiscal year 2003. This management fee is consistent with the
fees received for other properties the Company manages for third parties.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RepWest and Oxford currently hold a 46% limited partnership interest in
Securespace Limited Partnership (&#147;Securespace&#148;), a Nevada limited partnership.
A SAC Holdings subsidiary serves as the general partner of Securespace and owns
a 1% interest. Another SAC Holdings subsidiary owns the remaining 53% limited
partnership interest in Securespace. Securespace was formed by SAC Holdings to
be the owner of various Canadian self-storage properties.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2003, the Company leased space for marketing company
offices, vehicle repair shops and hitch installation centers in 35 locations
owned by subsidiaries of SAC Holdings. Total lease payments pursuant to such
leases were $2.1&nbsp;million during fiscal year 2003. The terms of the leases are
similar to the terms of leases for other properties owned by unrelated parties
that are leased to the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2003, subsidiaries of SAC Holdings acted as U-Haul
independent dealers. The financial and other terms of the dealership contracts
with subsidiaries of SAC Holdings are substantially identical to the terms of
those with the Company&#146;s other
</FONT>

<P align="center"><FONT size="2">14</FONT>



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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">independent dealers. During fiscal 2003, the Company paid subsidiaries of
SAC Holdings $27.7&nbsp;million in commissions pursuant to such dealership
contracts.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transactions discussed above involving SAC Holdings have all been
eliminated from the Company&#146;s consolidated financial statements. Although
these transactions have been eliminated for financial statement reporting
purposes, except for minority investments made by RepWest and Oxford in
Securespace, the Company has not had any equity ownership interest in SAC
Holdings.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAC Holdings were established in order to acquire self-storage properties
which are being managed by the Company pursuant to management agreements. The
sale of self-storage properties by the Company to SAC Holdings has in the past
provided significant cash flows to the Company and the Company&#146;s outstanding
loans to SAC Holdings entitle the Company to participate in SAC Holdings&#146;
excess cash flows (after senior debt service).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that its sales of self-storage properties to SAC
Holdings over the past several years provided a unique structure for the
Company to earn rental revenues from the SAC Holdings self-storage properties
that the Company manages and participate in SAC Holdings&#146; excess cash flows as
described above.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the Board of Directors of the appropriate subsidiary which was a
party to each transaction with SAC Holdings approved such transaction at the
time it was completed, the Company did not seek approval by AMERCO&#146;s Board of
Directors for such transactions. However, AMERCO&#146;s Board of Directors,
including the independent members, was made aware of and received periodic
updates regarding such transactions from time to time. All future real estate
transactions with SAC Holdings that involve the Company or any of its
subsidiaries will have the prior approval of AMERCO&#146;s Board of Directors, even
if it is not legally required, including a majority of the independent members
of AMERCO&#146;s Board of Directors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with transactions described above regarding parts, tools and
printing services, the Internal Audit Department of U-Haul periodically tests
pricing against competitive third party bids for fairness.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that the foregoing transactions were consummated on
terms equivalent to those that prevail in arm&#146;s-length transactions.
</FONT>
<!-- link1 "CHAPTER 11 FILING" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="center"><FONT size="2"><B>CHAPTER 11 FILING</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;20, 2003, the Company filed a voluntary petition for relief under
Chapter&nbsp;11 of the United States Bankruptcy Code (the &#147;Bankruptcy Code&#148;) in the
United States Bankruptcy Court, District of Nevada (the &#147;Bankruptcy Court&#148;)
(Case No.&nbsp;0352103). Amerco Real Estate Company filed a voluntary petition for
relief under Chapter&nbsp;11 on August&nbsp;13, 2003. The Company&#146;s other subsidiaries
were not included in either of the filings. The Company and Amerco Real Estate
Company will continue to manage their properties and operate their businesses
as &#147;debtor-in-possession&#148; under the jurisdiction of
</FONT>
<P align="center"><FONT size="2">15</FONT>
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<P align="left"><FONT size="2">the Bankruptcy Court and in accordance with the applicable provisions of
the Bankruptcy Code.
</FONT>
<!-- link1 "DERIVATIVE ACTION" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="center"><FONT size="2"><B>DERIVATIVE ACTION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;24, 2002, Paul F. Shoen filed a derivative action in the
Second Judicial District Court of the State of Nevada, Washoe County, captioned
Paul F. Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking damages
and equitable relief on behalf of the Company from SAC Holdings and certain
current and former members of the Company&#146;s Board of Directors, including
Edward J. Shoen, Mark V. Shoen and James P. Shoen as defendants. The Company
is named a nominal defendant for purposes of the derivative action. The
complaint alleges breach of fiduciary duty, self-dealing, usurpation of
corporate opportunities, wrongful interference with prospective economic
advantage and unjust enrichment and seeks the unwinding of sales of
self-storage properties by subsidiaries of the Company to SAC Holdings over the
last several years. The complaint seeks a declaration that such transfers are
void as well as unspecified damages. On October&nbsp;28, 2002, the Company, the
Shoen directors, the non-Shoen directors and SAC Holdings filed Motions to
Dismiss the complaint. In addition, on October&nbsp;28, 2002, Ron Belec filed a
derivative action in the Second Judicial District Court of the State of Nevada,
Washoe County, captioned Ron Belec vs. William E. Carty, et al, CV 02-06331
and on January&nbsp;16, 2003, M.S. Management Company, Inc. filed a derivative
action in the Second Judicial District Court of the State of Nevada, Washoe
County, captioned M.S. Management Company, Inc. vs. William E. Carty, et. al,
CV 03-00386. Two additional derivative suits also were filed against these
parties. These additional suits are substantially similar to the Paul F. Shoen
derivative action. The five suits assert virtually identical claims. In fact,
three of the five plaintiffs are parties who are working closely together and
chose to file the same claims multiple times. The court consolidated all five
complaints before dismissing them on May&nbsp;8, 2003. Plaintiffs have filed a
notice of appeal. These lawsuits falsely alleged that the Company&#146;s Board
lacked independence. In reaching its decision to dismiss these claims, the
court determined that the Company&#146;s Board of Directors had the requisite level
of independence required in order to have these claims resolved by the Board.
</FONT>
<!-- link1 "RELATIONSHIP WITH INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="center"><FONT size="2"><B>RELATIONSHIP WITH INDEPENDENT AUDITORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal independent accounting firm utilized by the Company during
the fiscal year ended March&nbsp;31, 2003 was BDO Seidman, LLP (&#147;BDO&#148;), independent
certified public accountants. It is contemplated that BDO will be retained as
the principal accounting firm to be utilized by the Company for the fiscal year
ended March&nbsp;31, 2004. Representatives of BDO will not be present at the
Meeting.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees</I>. BDO billed the Company an aggregate of $2,292,169 for
professional services rendered for the audit of the Company&#146;s financial
statements for the fiscal year ended March&nbsp;31, 2003 and its reviews of the
Company&#146;s financial statements included in the Company&#146;s Forms 10-Q during
fiscal 2003. BDO billed the Company an aggregate of $1,320,000 for
professional services rendered for the re-audit of the Company&#146;s financial
statements for the fiscal years ended March&nbsp;31, 2001 and March&nbsp;31, 2002.
</FONT>
<P align="center"><FONT size="2">16</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Information Systems Design and Implementation Fees</I>. During the
year ended March&nbsp;31, 2003, BDO provided no services and therefore billed no
fees to the Company in connection with financial information systems design and
implementation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees</I>. During the year ended March&nbsp;31, 2003, BDO billed the
Company an aggregate of $495,319 for other services rendered, primarily in
connection with a note offering circular and accounting advisory services.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax and Other Fees</I>. Other than the fees relating to the services
described above, there were no additional fees billed by BDO for the fiscal
year ended March&nbsp;31, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has determined that the provision of services by BDO
described in the preceding paragraphs were compatible with maintaining BDO&#146;s
independence as the Company&#146;s principal accountant.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;17, 2002, the Company dismissed PricewaterhouseCoopers LLP (&#147;PwC&#148;)
as the Company&#146;s independent auditors. On August&nbsp;8, 2002, the Company engaged
BDO as the Company&#146;s independent auditing firm.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2002, the Company disclosed the following:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That the reports of PwC on the financial statements of the
Company for the fiscal years ended March&nbsp;31, 2002 and 2001 did not
contain an adverse opinion or a disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or accounting
principles.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That the decision to dismiss PwC was recommended by the
Company&#146;s audit committee and authorized by the Board of Directors
of the Company.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That for the Company&#146;s fiscal years ended March&nbsp;31, 2002 and
2001 and through July&nbsp;17, 2002, there were no disagreements with PwC
on any matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of PwC would have
caused it to make reference to the subject matter of the
disagreements in its report.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That for the Company&#146;s fiscal years ended March&nbsp;31, 2002 and
2001 and through July&nbsp;17, 2002, there had occurred none of the
&#147;reportable events&#148; listed in Item&nbsp;304 (a)(1)(v)(A-D) of Regulation
S-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That PwC indicated to the Company that material weaknesses
exist in certain aspects of the Company&#146;s internal controls that
were noted during PwC&#146;s audits of the Company&#146;s financial statements
for the fiscal years ended March&nbsp;31, 2001 and 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That PwC recommended examination and augmentation, as
appropriate, of certain aspects of the Company&#146;s internal control
procedures, including the following: (1)&nbsp;Responsibility for each
general ledger account should be</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">17</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">assigned to an appropriate person, reconciliations (particularly with
respect to intercompany accounts with SAC Holdings, inventory, and
fixed assets) should be performed on a monthly basis, and the
financial reporting manager should ensure that all accounts with
variances at month-end are investigated and corrected within an
appropriate timeframe; (2)&nbsp;The internal control structure and
monitoring process of management should be strengthened to help
detect misstated account balances on a timely basis. Corrections of
items should be made on a timely basis, as well, to ensure proper
quarterly and annual reporting; (3)&nbsp;Access to the general ledger
should be limited to a few select individuals, with the appropriate
level of authority, who do not possess incompatible job
responsibilities. Further, journal entries should be reviewed and
approved to ensure that each adjustment is supported by appropriate
documentation and that each entry has been reflected on the
subsidiary ledger, if applicable; (4)&nbsp;Controls relating to inventory
costing, including LIFO reserve calculations, manufacturing and
overhead costs, and retention of records should be improved; and (5)
Position vacancies should be filled in a timely manner with competent
personnel. Documentation of job responsibilities, processes, etc.
should be prepared to ensure efficient and accurate knowledge
transfer. In addition, cross training of employees and functions
should occur to strengthen the control environment and to minimize
disruptions in the event of employee turnover.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That the Audit Committee had discussed these matters with PwC
and the Company had begun addressing these matters.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That the Company had authorized PwC to respond fully to any
inquiries concerning these matters from the auditor selected to
replace PwC.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">That the Company had received a letter from PwC stating that
PwC agreed with the statements reported above.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequently, the Report of Independent Accountants on the financial
statements of the Company for the year ended March&nbsp;31, 2002 issued by PwC on
January&nbsp;6, 2003 included a going concern explanatory paragraph. Such
explanatory paragraph expressed substantial doubt about the Company&#146;s ability
to continue as a going concern due, in part, to AMERCO&#146;s default (either
directly or indirectly as a result of cross-default) of approximately $1,175.4
million in current obligations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;7, 2003 PwC notified the Company that the report referred to in the
preceding paragraph, that is dual dated September&nbsp;23, 2002, except notes 1, 21,
and 22, which are dated January&nbsp;6, 2003, should no longer be associated with
the financial statements (a)&nbsp;of AMERCO and its subsidiaries, SAC Holding
Corporation and its subsidiaries, and SAC Holding Corporation II and its
subsidiaries at March&nbsp;31, 2002, and the results of their operations and their
cash flows for the year then ended and (b)&nbsp;of AMERCO and its subsidiaries and
SAC Holding Corporation and its subsidiaries at March&nbsp;31, 2001, and the results
of their operations and their cash flows for each of the two years in the
period ended March&nbsp;31, 2001.
</FONT>
<P align="center"><FONT size="2">18</FONT>
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<!-- link1 "SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE" -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="center"><FONT size="2"><B>SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires the
Company&#146;s directors and executive officers, and persons who own more than 10%
of a registered class of the Company&#146;s equity securities, to file reports of
ownership of, and transactions in, the Company&#146;s securities with the Securities
and Exchange Commission. Such directors, executive officers and 10%
stockholders are also required to furnish the Company with copies of all
Section&nbsp;16(a) forms they file.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on a review of the copies of such forms received by it, the
Company believes that during fiscal 2003, all Section&nbsp;16(a) filing requirements
applicable to its directors, officers and 10% stockholders were complied with.
</FONT>
<!-- link1 "STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="center"><FONT size="2"><B>STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For inclusion in the proxy statement and form of proxy relating to the
2004 Annual Meeting of Stockholders, a proposal intended for presentation at
that meeting must be submitted in accordance with the applicable rules of the
Securities and Exchange Commission and received by the Secretary of AMERCO, c/o
U-Haul International, Inc., 2721 North Central Avenue, Phoenix, Arizona 85004,
on or before June&nbsp;3, 2004. Proposals to be presented at the 2004 Annual
Meeting of Stockholders that are not intended for inclusion in the proxy
statement and form of proxy must be submitted by that date and in accordance
with the applicable provisions of the Company&#146;s By-Laws, a copy of which is
available upon written request, delivered to the Secretary of AMERCO at the
address in the preceding sentence. The Company suggests that proponents submit
their proposals to the Secretary of AMERCO by Certified Mail-Return Receipt
Requested.
</FONT>
<!-- link1 "OTHER MATTERS" -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="center"><FONT size="2"><B>OTHER MATTERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report for the fiscal year ended March&nbsp;31,
2003 is enclosed with this Proxy Statement. The Annual Report is not to be
regarded as proxy solicitation material.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE COMPANY WILL PROVIDE TO EACH STOCKHOLDER OF RECORD ON THE RECORD DATE,
WITHOUT CHARGE, A COPY OF ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR
ENDED MARCH 31, 2003, INCLUDING THE REQUIRED FINANCIAL STATEMENTS AND FINANCIAL
STATEMENT SCHEDULES. WRITTEN REQUESTS FOR THIS INFORMATION SHOULD BE DIRECTED
TO: MANAGER, FINANCIAL REPORTING, U-HAUL INTERNATIONAL, INC., P.O. BOX 21502,
PHOENIX, ARIZONA 85036-1502.
</FONT>
<P align="center"><FONT size="2">19</FONT>
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<P align="center"><FONT size="2"><B>EXHIBIT A</B>
</FONT>

<P align="center"><FONT size="2"><B>AMERCO 2003 ANNUAL MEETING OF STOCKHOLDERS</B>
</FONT>

<P align="center"><FONT size="2"><B>November&nbsp;7, 2003</B>
</FONT>

<P align="center"><FONT size="2"><B>Reno, Nevada</B>
</FONT>

<P align="center"><FONT size="2"><B>MEETING PROCEDURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fairness to all stockholders attending the 2003 Annual Meeting, and in
the interest of an orderly meeting, we ask you to honor the following:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admission to the meeting is limited to stockholders of record or their
proxies. Stockholders of record voting by proxy will not be admitted to the
meeting unless their proxies are revoked, in which case the holders of the
revoked proxies will not be permitted to attend the meeting. The meeting will
not be open to the public. The media will not be given access to the meeting
through the proxy process.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameras and recording devices of all kinds (including stenographic) are
prohibited in the meeting room.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After calling the meeting to order, the Chairman will require the
registration of all stockholders intending to vote in person, and the filing of
all proxies with the teller. After the announced time for such filing of
proxies has ended, no further proxies or changes, substitutions, or revocations
of proxies will be accepted. (Bylaws, Article&nbsp;II, Section&nbsp;9)
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the meeting has absolute authority to determine the
order of business to be conducted at the meeting and to establish rules for,
and appoint personnel to assist in, preserving the orderly conduct of the
business of the meeting (including any informal, or question-and-answer,
portions thereof). (Bylaws, Article&nbsp;II, Section&nbsp;9)
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When an item is before the meeting for consideration, questions and
comments are to be confined to that item only.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Article&nbsp;II, Section&nbsp;5 of the Company&#146;s Bylaws, only such
business (including director nominations) as shall have been properly brought
before the meeting shall be conducted.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Company&#146;s Bylaws, in order to be properly brought before
the meeting, such business must have either been (1)&nbsp;specified in the written
notice of the meeting given to stockholders on the record date for such meeting
by or at the direction of the Board of Directors, (2)&nbsp;brought before the
meeting at the direction of the Board of Directors or the Chairman of the
meeting, or (3)&nbsp;specified in a written notice given by or on behalf of a
stockholder on the record date for such meeting entitled to vote thereat or a
duly authorized proxy for such stockholder, in accordance with all of the
following requirements.
</FONT>
<P align="center"><FONT size="2">A-1</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such notice must have been delivered personally to, or mailed to and
received at, the principal executive office of the corporation, addressed to
the attention of the Secretary no later than March&nbsp;29, 2003.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such notice must have set forth:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a full description of each such item of business proposed to be
brought before the meeting and the reasons for conducting such business at such
meeting,
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the name and address of the person proposing to bring such business
before the meeting,
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the class and number of shares held of record, held beneficially,
and represented by proxy by such person as of the record date for the meeting,
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if any item of such business involves a nomination for director, all
information regarding each such nominee that would be required to be set forth
in a definitive proxy statement filed with the Securities and Exchange
Commission (&#147;SEC&#148;) pursuant to Section&nbsp;14 of the Securities Exchange Act of
1934, as amended, or any successor thereto (the &#147;Exchange Act&#148;), and the
written consent of each such nominee to serve if elected,
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any material interest of such stockholder in the specified business,
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether or not such stockholder is a member of any partnership,
limited partnership, syndicate, or other group pursuant to any agreement,
arrangement, relationship, understanding, or otherwise, whether or not in
writing, organized in whole or in part for the purpose of acquiring, owning, or
voting shares of the corporation, and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all other information that would be required to be filed with the
SEC if, with respect to the business proposed to be brought before the meeting,
the person proposing such business was a participant in a solicitation subject
to Section&nbsp;14 of the Exchange Act.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No business shall be brought before any meeting of the Company&#146;s
stockholders otherwise than as provided in this Section. The Chairman of the
meeting may, if the facts warrant, determine that any proposed item of business
or nomination as director was not brought before the meeting in accordance with
the foregoing procedure, and if he should so determine, he shall so declare to
the meeting and the improper item of business or nomination shall be
disregarded.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the appropriate time, any stockholder who wishes to address the
meeting should do so only upon being recognized by the Chairman of the meeting.
After such recognition, please state your name, whether you are a stockholder
or a proxy for a
</FONT>
<P align="center"><FONT size="2">A-2</FONT>
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<P align="left"><FONT size="2">stockholder, and, if you are a proxy, name the stockholder you represent.
All matters should be concisely presented.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A person otherwise entitled to attend the meeting will cease to be so
entitled if, in the judgment of the Chairman of the meeting, such person
engages thereat in disorderly conduct impeding the proper conduct of the
meeting against the interests of all stockholders as a group. (Bylaws, Article
II, Section&nbsp;6)
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there are any questions remaining after the meeting is adjourned,
please take them up with the representatives of the Company at the Secretary&#146;s
desk. Also, any matters of a personal nature that concern you as a stockholder
should be referred to these representatives after the meeting.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The views, constructive comments and criticisms from stockholders are
welcome. However, it is requested that no matter be brought up that is
irrelevant to the business of the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is requested that common courtesy be observed at all times.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objective is to encourage open communication and the free expression
of ideas, and to conduct an informative and meaningful meeting in a fair and
orderly manner. Your cooperation will be sincerely appreciated.
</FONT>

<P align="center"><FONT size="2">A-3</FONT>




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<P align="center"><FONT size="2"><B>PROXY</B>
</FONT>

<P align="center"><FONT size="2"><B>AMERCO</B>
</FONT>

<P align="center"><FONT size="2"><B>ANNUAL MEETING DATE:</B>
</FONT>

<P align="center"><FONT size="2"><B>November&nbsp;7, 2003</B>
</FONT>

<P align="center"><FONT size="2"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY&#146;S<BR>
BOARD OF DIRECTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John M. Dodds is hereby appointed proxy, with full power of substitution,
to vote all shares of stock which I am (we are) entitled to vote at the AMERCO
2003 Annual Meeting of Stockholders, and at any adjournment thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors:
</FONT>
<P align="left"><FONT size="2"><FONT face="wingdings">o</FONT> For all Nominees listed below except as marked to the contrary
below
</FONT>
<P align="left"><FONT size="2"><FONT face="wingdings">o</FONT> Withhold Authority to vote for all Nominees listed below
</FONT>
<P align="left"><FONT size="2"><B>(INSTRUCTIONS: To withhold authority to vote for any individual nominee,
strike line through the nominee&#146;s name below.)</B>
</FONT>
<P align="left"><FONT size="2">CLASS I (term expires 2007) John P. Brogan, James J. Grogan
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted as specified above. IF
NO SPECIFIC DIRECTIONS ARE GIVEN, THIS PROXY WILL BE VOTED FOR THE NOMINEES
LISTED ABOVE AND, WITH RESPECT TO SUCH OTHER BUSINESS AS MAY PROPERLY COME
BEFORE THE MEETING, IN ACCORDANCE WITH THE DISCRETION OF THE APPOINTED PROXY.
PLEASE SIGN, DATE AND RETURN THIS PROXY PROMPTLY.
</FONT>
<P align="left"><FONT size="2">Signature(s) __________
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated
______________
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign exactly as your name appears. Joint owners should both sign.
Fiduciaries, attorneys, corporate officers, etc., should state their
capacities.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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