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<SEC-DOCUMENT>0000950153-03-001828.txt : 20030912
<SEC-HEADER>0000950153-03-001828.hdr.sgml : 20030912
<ACCEPTANCE-DATETIME>20030912143537
ACCESSION NUMBER:		0000950153-03-001828
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030905
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20030912

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		03893632

	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>8-K
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<DESCRIPTION>FORM  8-K
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>


<DIV align="center"><FONT size="3"><B>WASHINGTON, DC 20549</B>
</FONT></DIV>


<P>
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<P>



<P align="center"><FONT size="5"><B>FORM 8-K</B>
</FONT>


<P align="center"><FONT size="3"><B>CURRENT REPORT</B>
</FONT>


<P align="center"><FONT size="3"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</FONT>


<P align="center"><FONT size="2"><B>Date of report (Date of earliest event reported): September&nbsp;5, 2003</B>
</FONT>


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


<DIV align="center"><FONT size="2"><B>(Exact Name of Registrant as Specified in Charter)</B>
</FONT></DIV>

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    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>Nevada</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>1-11255</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>88-0106815</B></FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
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    <TD align="center" valign="top"><FONT size="2"><B>(State or Other Jurisdiction<BR>
of Incorporation)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>(Commission<BR>
File Number)</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>(IRS Employer<BR>
Identification No.)</B></FONT></TD>
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    <TD width="100%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>1325 Airmotive Way, Ste. 100, Reno, Nevada 89502-3239</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
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<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>(Zip Code)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>(775)&nbsp;688-6300</B>
</FONT>



<HR width="26%" align="center" size="1" noshade>




<DIV align="center"><FONT size="2"><B>(Registrant&#146;s telephone number, including area code)</B>
</FONT></DIV>


<P align="center"><FONT size="2"><B>Not applicable</B>
</FONT>



<HR width="26%" align="center" size="1" noshade>




<DIV align="center"><FONT size="2"><B>(Former Name or Former Address, if Changed Since Last Report)</B>
</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD></TD><TD colspan="8"><A HREF="#000">ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="p68243exv99w1.htm">EXHIBIT 99.1</A></TD></TR>
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<!-- link2 "ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left"><FONT size="2">ITEM 7. FINANCIAL STATEMENTS, PRO FORM FINANCIAL INFORMATION AND EXHIBITS.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Exhibits
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">99.1</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2"> Transcript of AMERCO&#146;s Fourth Quarter Fiscal Year End
2003 Investor Call</FONT></TD>
</TR>
</TABLE>
<!-- link2 "ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2">ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;5, 2003, AMERCO held its investor call for fiscal year 2003
and the first quarter of fiscal year 2004. During this conference call
information regarding our results of operations and financial condition for the
completed quarterly period ended June&nbsp;30, 2003 was discussed. A copy of the
transcript of this conference call is attached as Exhibit&nbsp;99.1. To hear a replay
of the call visit www.amerco.com.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:&nbsp;The
conference call occurred before we filed our Form 10-Q for the quarter
ended June&nbsp;30, 2003. As such, information discussed during the
call pertaining to our quarterly results was based on preliminary
numbers. This accounts for the minor differences
between the quarterly results discussed during the conference call
and the final quarterly results reflected in our Form 10-Q which was
filed with the SEC on September&nbsp;10, 2003.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Current Report on Form&nbsp;8-K is being furnished and
shall not be deemed &#147;filed&#148; for the purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of
that Section. The information in this Current Report shall not be incorporated
by reference into any registration statement or other document pursuant to the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such a filing.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

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

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
</FONT>

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    <TD valign="top"><FONT size="2">Dated: September&nbsp;12, 2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <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>
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<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">
AMERCO</FONT></TD>
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    <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>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
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    <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, Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>

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<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

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

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    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
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<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Transcript of AMERCO&#146;s Fourth Quarter Fiscal Year End 2003 Investor Call</FONT></TD>
</TR>
</TABLE>
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<P align="center"><FONT size="2">&nbsp;</FONT>



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<SEQUENCE>3
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<DESCRIPTION>EXHIBIT 99.1
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<P align="right"><FONT size="2"><B>Exhibit&nbsp;99.1</B>
</FONT>


<P align="left"><FONT size="2"><B>AMERCO Investor Call &#150; 9-5-03</B>
</FONT>


<P align="left"><FONT size="2"><B>Joe Shoen</B>
</FONT>

<P align="left"><FONT size="2">Good morning. Welcome to the AMERCO Investor call for the year ended March&nbsp;31,
2003, and the quarter ended June&nbsp;30, 2003. This is Joe Shoen, Chairman of the
company. AMERCO&#146;s June&nbsp;10Q will be filed after Friday, September 5th. The
numbers are firm and Gary will review them in the financial review that follows
my presentation. The June&nbsp;03 10Q will be filed shortly.
</FONT>

<P align="left"><FONT size="2">Fiscal year 2003 was a challenge for AMERCO. Beginning with the default in Oct.
the continuing problems with RepWest, the investigation by the SEC, the
bankruptcy filings of AMERCO in June and the subsequent filing of AMERCO Real
estate in August and culminating in the restatement of our financial statements
for fiscal years 2002 and 2001. Despite all these events the core U-Haul
business continues to perform very well in what is perceived by many to be a
down economy. I will first address the negatives and end on the topic of
operations. I will then turn over the discussion to Gary Horton, AMERCO&#146;s
treasurer, who will go through the results of operations. I will end with a
view toward the future and answers for the questions that have been submitted
to us.
</FONT>


<P align="left"><FONT size="2"><B>Q: Why did AMERCO default on one hundred million-dollar principle payments on October&nbsp;15, 2002?</B>
</FONT>

<P align="left"><FONT size="2">A: Simply stated: We ran out of time to refinance the maturing debt. The
primary reason we ran out of time is we didn&#146;t have timely financial
statements. Furthermore, when we finally had audited statements, they were not
transparent.
</FONT>

<P align="left"><FONT size="2">In order to prevent this situation in the future I have retained top notched
financial professionals to make sure we will have timely, transparent financial
statements. On behalf of the AMERCO audit committee, I asked BDO to reaudit the
prior two years.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the problem with RepWest?</B>
</FONT>

<P align="left"><FONT size="2">A: Republic Western entered into businesses in which they had insufficient
knowledge to create profits. As a result we replaced the management two years
ago. We were in insurance markets where we had no hope of making profits. That
is why we have ceased writing any non U-Haul related insurance risks. We are
presently working on a more formal segregation of the U-Haul and non-U-Haul
business lines. The non-U-Haul related lines are in runoff.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is going on with the SEC investigation?</B>
</FONT>

<P align="left"><FONT size="2">A: We have been supplying them with whatever they have requested and we will
continue to do so. We have hired independent accounting professionals to
recommend solutions to accounting treatments and independent auditors to verify
that we are following the prescribed accounting treatment.
</FONT>

<P align="left"><FONT size="2"><B>Q: How is the Bankruptcy process going? And why did AMERCO Real Estate Company file?</B>
</FONT>

<P align="left"><FONT size="2">A: As we have previously released, we have a $300&nbsp;million debtor-in-possession
facility in place that is agented and lead by Wells Fargo Foothill. In order to
protect Foothills security interests, we filed AMERCO Real estate company into
Chapter 11. What you may not know is that AMERCO has reached agreement with 2 of
the 4 major creditor groups on how they will be treated as we come out of
Chapter 11. These agreements will be filed with the court and made public in
due time.
</FONT>


<P align="center"><FONT size="2">-1-</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>AMERCO Investor Call &#150; 9-5-03</B>
</FONT>
<P align="left"><FONT size="2"><B>Q: Why the large restatements in 02 and 01?</B>
</FONT>

<P align="left"><FONT size="2">A: In performing the re-audit in 2002 and 2001 the Company&#146;s outside auditors
BDO and the company found items that had been accounted for incorrectly. The
largest items were insurance reserves. The reserves are non-cash in nature but
they do have a negative impact on earnings. The necessary accounting entries
have been made. The other major restatement amount was the Private Mini Storage
limited partnership interest. This is a $34&nbsp;million issue. The company through
its insurance subsidiaries had an equity stake in Private Mini Storage Reality
LP. Private Mini is a self-storage company that operates throughout Texas and
the southeast. AMERCO had a limited partnership interest in Private Mini
Storage. Under the equity method of accounting the company should have been
recognizing its share of the Private Mini Storage losses as a reduction in our
investment. We have made the appropriate accounting entries. Further, beginning
the September&nbsp;10/Q Private Mini Storage Reality LP will be consolidated with
Storage Acquisition Corp in our financial presentation.
</FONT>

<P align="left"><FONT size="2"><B>Q: Why such negative press?</B>
</FONT>

<P align="left"><FONT size="2">A: AMERCO is a good corporate citizen, we support local charities, we offer a
good product for a reasonable price, our executives are encouraged to take part
in the charities in their community, not just with money but with their time.
Reporters often have little time to do research and assemble facts. We have
retained Sitrick &#038; Company to help us deal with the media. I think we have done
a better job in the months that Sitrick has been on board.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the value of the company&#146;s real estate?</B>
</FONT>

<P align="left"><FONT size="2">A: Wells Fargo Foothill in conjunction with the debtor-in-possession in
emergence loan facilities had the Company&#146;s wholly owned unencumbered real
estate appraised. The results of the appraisals showed that value of the
Company&#146;s real estate was approximately $1.1&nbsp;billion. This value is
approximately 2 times the carrying value on the books of AMERCO.
</FONT>

<P align="left"><FONT size="2">Now I will address operations. Moving Revenues are up. Utilization of trucks
and trailers has improved as has pricing. We have seen price increases tending
to stick for more than a year. I believe that the Budget organization has quit
its wholesale discounting programs. The Penske truck rental organization has
never been the problem. Over the last three years our truck fleet has declined
by nearly 10,000 units. With more trucks we could increase to more profitable
revenue. However, because of the bankruptcy we are probably are going
to be
restricted on fleet additions. We can live within these restrictions that had
been imposed by the new lenders and still maintain market dominance.
Self-storage is our biggest near term opportunity. Currently, we have nearly
42,000 vacant storage rooms in inventory. We have the assets we are paying the
carrying costs. As we rent them up we will leverage operations.
</FONT>

<P align="left"><FONT size="2">We have several programs that are currently being implemented. I am not
satisfied with our current progress in renting up these rooms. I have been
focused on other things over the past several months. I am now refocused on
operations and storage rentals is one of my top priorities. Propane sales are
doing well. Moving supplies are following the moving revenue trends. Hitch
sales are relatively flat with a year ago. There are always opportunities for
improvement in all the sales
programs. Margins have improved due to better buying and better distribution. I
believe we have made progress and gained market share in the truck rental market
over the past year. I believe that Penske has also been gaining share. In the
storage business I believe we are holding our own against the major
competitors. I also believe we are probably losing market share to the
independent operator. Instead of the market consolidating I believe it is
becoming more fragmented. I believe that our current strategy in partnering
with the independent storage operators is the way for us to go.
</FONT>

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

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>

<P align="left"><FONT size="2">We can offer
them the benefits that size and brand name can offer, and they can help us
serve our customers better. Both parties prosper and AMERCO grows without
significant new capital commitments. With that I will turn it over to Gary
Horton who will go through the numbers and then I will come back and address
some of the questions that have been submitted.
</FONT>

<P align="left"><FONT size="2"><B>Gary Horton</B>
</FONT>

<P align="left"><FONT size="2">Thanks Joe. Before I discuss our performance for last year and the first
quarter of this year, I would like to explain why we had the prior two years
reaudited and the outcome. As you know the audit committee replaced our former
auditors with BDO Seidman. This in itself created logistical problems with
completing the required SEC reporting. BDO would have had to rely on the former
auditor&#146;s opinion for two years and perhaps as much as five years. The problem
grew much larger when the company sued our former auditors. This in effect
created a disagreement with the auditors, which caused them to lose their
independence, and therefore invalidates their opinion. We are required to have
an independent auditor opinion for each of the years reported. Therefore, the
only choice was to have BDO reaudit the years in question. Additionally to all
of the technical reasons, the audit committee and the company wanted to make sure
that the financial statements were correct and factual.
</FONT>

<P align="left"><FONT size="2">Unfortunately, we found out that we had not been using the correct treatment
for insurance reserves and accounting for the Private Mini Storage
partnership. We also took this opportunity to go back and prepay our
consolidating statements including cash flow statements that previously had
been missed. Now I&#146;d like to discuss the results of operations for last year.
Rental revenues were $1.56&nbsp;billion for the year ended March&nbsp;31, 2003, as
compared to $1.51&nbsp;billion and $1.44&nbsp;billion for fiscal year 2002 and 2001
respectively. In prior years rental revenues were net of commissions paid. This
year we have moved it and actually showed it under operating expenses. Moving
revenues increased in 2003 due to improved utilization and improved pricing.
The growth in 2002 was due to utilization and flat pricing. Storage rental
growth in 2003 was due to increased rooms and pricing. 2002 growth was due to
increased pricing, somewhat improved occupancy and increased room availability.
Net sales revenues were $222.9&nbsp;million, $222.8&nbsp;million and $212.2&nbsp;million for
fiscal years 2003, 2002 and 2001 respectively. Growth in the sale of moving
supplies has been offset by declines in hitch sales. Propane has fluctuated
primarily due to pricing. Margins have improved in all categories. Premiums
were $307.9&nbsp;million this year&#146;s compared to $411.2&nbsp;million and $328.1&nbsp;million
for fiscal years 2002 and 2001. The decline in 2003 was a direct
result of
getting out of unprofitable lines of business. The increased riding of non
U-Haul business caused a premium growth in 2002. We have ceased writing
virtually all-non U-Haul business. Investment income declined in both 2003 and
2002 due to what is classified as other than temporary declines in market
value held by the insurance companies and in lower investment based and lower
rates. Since fiscal year 2001 investment income after elimination of $92.8
million of interest from SAC has declined to $52.3&nbsp;million to $41.6&nbsp;million per
year. Total revenues declined 2.2% in 2003 to $2.13&nbsp;billion and that again was
due to lower premium and investment revenues. The 8.1% growth in fiscal year
2002 was due to the increase in all the revenue categories except investment
income. Prior to the inclusion of SAC total revenues were $1.99&nbsp;billion for
this year, $2.11&nbsp;billion for last year and $1.97&nbsp;billion for the fiscal year
2000 and 2001 respectively. Operating expenses declined 1% in fiscal 2003 to
$1.13&nbsp;billion. This was after a growth in fiscal year
2002 from $1.08&nbsp;billion to $1.15&nbsp;billion. Fiscal year 2003 declined would have
been greater would it had not been for restructuring cost. Commission expenses
previously a deduction from rental revenues were $136.8&nbsp;million
this year,
$140.4&nbsp;million last year and $132.9&nbsp;million in 2001. This expense represents
commissions paid to independent dealers and independent owners of trailer
fleets that are being utilized as rental equipment in U-Haul&#146;s trailer fleets.
Cost of sales has declined in each of the last two years due to better buying
programs and lower unit prices.
</FONT>

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

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>

<P align="left"><FONT size="2">Cost of sales in 2003 was $115.1&nbsp;million as
compared to $122.7&nbsp;million and $126.5&nbsp;million in fiscal year 2002 and 2001
respectively. Benefits and losses were $281.9&nbsp;million, $423.7&nbsp;million and
$331.1&nbsp;million for fiscal years 2003, 2002 and 2001 respectively. In addition
to the impact of the increase and decrease writing of non U-Haul business there
has been a charge for insurance reserves that previously have not been shown on
this line. The amount of insurance reserve included on this line were $37.6
million for the year just ended, $47&nbsp;million for the previous year and $40.5
million for fiscal year 2001. The amounts shown for 2003 and 2001 had not been
previously recorded. It should be noted that these are not cash expense
and do not lower the company&#146;s ability to pay current expenditures.
Amortization of deferred policy acquisition costs were $37.8&nbsp;million for fiscal
year 2003 as compared to $40.7 for fiscal year 2002 and $36.2&nbsp;million for
fiscal year 2001. This represents the amortization of commissions paid on
insurance premiums over the life of the underlying policy. The expense
subtracts the premium income. Lease expense for fiscal year 2003 was $179.6
million and that is compared to $174.7&nbsp;million for fiscal year 2002 and $175.5
million in fiscal year 2001. Depreciation expense net of any gains increased 33.4% from last year&#146;s $103&nbsp;million to $137.4&nbsp;million for this year. For fiscal
year 2001 depreciation expense was $103.8&nbsp;million. The reason for the increase
in 2003 was the increase in vehicles owned and depreciation of
properties owned by
SAC. Total operating expenses and costs were $2.02&nbsp;billion as compare to $2.15
billion last year and $1.98&nbsp;billion two years prior. Other than depreciation
and lease expense all other expense categories achieved decreases. The decrease
in expenses achieved through the cost reduction programs initiated by
management over the last 18&nbsp;months. Because of the foregoing, operating income was $109.2&nbsp;million this last year, $42.1&nbsp;million
for the prior
year and $47.2&nbsp;million for fiscal year 2001. Interest expense for the year
was $148.1&nbsp;million for 2003 as compared to $109.5&nbsp;million last year&#146;s and $111.9
million for 2001. Fiscal year increases in interest expense can be attributed
to the extinguishment of the BAT option that was $26.6&nbsp;million and SAC interest
$12.6&nbsp;million and we had paid the following interest which was approximately 12
million last year. Due to the reasons mentioned previously pre-tax loses were
$38.9&nbsp;million this year, $67.3&nbsp;million for fiscal year 2002, and $64.7&nbsp;million
for 2001. The non-recurring expenses associated with the default
interest, the
professional fees associated with the restructuring and the extinguishment of
the B-BAT notes were approximately $46&nbsp;million in fiscal year 2003. Therefore, if
you look at it before the non-recurring, the pretax income last year would have
been $6.8&nbsp;million and instead of the $38.9&nbsp;million loss. The net
loss after taxes for fiscal year 2003, 2002 and 2001 were $25&nbsp;million this
year, $47.4&nbsp;million last year and $42.1&nbsp;million for fiscal year 2001. Of the
$114.5&nbsp;million in reported losses over the past 3&nbsp;years $109.2&nbsp;million were
attributable to the combined SAC and RepWest losses. Stockholders
equity as reported for the combined group was $327.4&nbsp;million and $381.5&nbsp;million and again
that was for 2003 and 2002 respectively. AMERCO stockholders&#146; equity for the two
periods was $526.3&nbsp;million and $574.9&nbsp;million. For fiscal
year 2003, if you
subtract the preferred stockholders equity that is really attributable to the
common shareholder is $369.8&nbsp;million. If you divide that by the current shares
outstanding you would calculate the current book value per share to be $17.93.
At March&nbsp;31st the notes and loans were $954.9&nbsp;million as
compared to $1.45&nbsp;billion for the prior year. What I&#146;d like to do now is go into the first
quarter results. We have not filed it yet but the numbers are final and it&#146;s
being reviewed in its final review by the independent auditors. Again we will
just start going through the P&#038;L rental of revenues for the first quarter of
fiscal year 2004, were $435.3&nbsp;million as compared to $412.2&nbsp;million
for the same period one year earlier. The reason for the change was
increased
pricing and better utilization of the rental fleet. Net sales were
$69.2&nbsp;million this year as compared to $68.2&nbsp;million last year. The reason for the
change was the increased increases in sales moving aids and propane and that
was partially offset by a decline in the sale of hitches and towing
accessories. Premiums for the quarter were $64.5&nbsp;million as compared to $84.1
million last year. And again the reason for the decline was the plan withdrawal
from non U-Haul related businesses.
</FONT>

<P align="center"><FONT size="2">-4-</FONT>

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>

<P align="left"><FONT size="2"> Just to give you example RepWest premiums
declined $18&nbsp;million to $28.6&nbsp;million for the
3&nbsp;months. Net investment
in interest income was $11.6&nbsp;million as compared to $14.9&nbsp;million last year.
The reason for the change was a reduction in investment pool and lower interest
rates. Total revenues $580.6&nbsp;million this year as compared to $579.3&nbsp;million
last year. Operating expenses for the first quarter were $293&nbsp;million as compared to $276.2&nbsp;million for the same quarter a year earlier. Included in
here are $7.7&nbsp;million of restructuring charges. Commission expense was
$40.2&nbsp;million this year as compared to $42.1&nbsp;million last year. The reason for
the decrease was the shift in moving revenues to owned and SAC locations from
other independent dealers. Cost of sales decreased to $32.2&nbsp;million from $35.5
million and the decline was due to a lower purchase price of items sold and a
change in the sales mix. Benefits and losses were $53.9&nbsp;million this year and
$76.4&nbsp;million last years. The decline is due to the withdrawal for
non-profitable lines of business by RepWest. &nbsp;Amortization of deferred
acquisition cost was $9.1&nbsp;million this year as compared to $10.3&nbsp;million this
year. Again as I mentioned earlier the decline is due to reduced premiums in
the corresponding lower commission that are being advertised over the life of
the underlying insurance. Lease expense decreased to $38.9&nbsp;million from $41.4
million and that was due to decline in the number of trucks leased.
Depreciation expense was $38&nbsp;million this year as compared to $33.7&nbsp;million last
year. Change was due to an increase in the depreciation of pickups
and vans and
a shift again from the lease to the owned vehicles. Total cost and expenses for
the quarter were $504.8&nbsp;million this year as compared to $515.7&nbsp;million
last year. Operating income increased from $63.6&nbsp;million to
$75.8&nbsp;million. Before
non-recurring restructuring charges operating income was $83.5&nbsp;million. Interest
expense was $30.9&nbsp;million this year as compared to $28.7&nbsp;million last year. This
also includes $4.4&nbsp;million of default interest. Pretax earnings this year was $57
million before non-recurring charges, after non recurring charges pretax
earnings stood at $44.9&nbsp;million. Last years pretax earnings were $34.9&nbsp;million.
Net earnings were $28&nbsp;million this year as compared to $23.8&nbsp;million last year.
Net earnings before SAC was $31&nbsp;million this year as compared to
$24.2&nbsp;million
last year. EPS the combined group was $1.20 this year as compare to $ .98 last
year. EPS for AMERCO and its wholly owned subsidiaries was $1.36 this year as
compared to $1 last year. Non-recurring charges reduced EPS by approximately $.50. AMERCO notes and loans were $954.9&nbsp;million both at June&nbsp;30th and March&nbsp;31,
2003.
</FONT>

<P align="left"><FONT size="2">What we&#146;d like to do now is answer the questions that have been submitted by
shareholders and interested parties. What I&#146;d like to do is turn the
presentation over to Joe.
</FONT>

<P align="left"><FONT size="2"><B>Joe Shoen</B>
</FONT>

<P align="left"><FONT size="2">Thank you Gary. I&#146;ll now go through some of the questions I received, I tried
to group them a little bit, by topic and I&#146;ve eliminated a few questions that
seem to be overlapping to me. I apologize if I eliminated one of your
questions. I&#146;ll read the question and give the best answer I can.
</FONT>

<P align="left"><FONT size="2"><B>Q: Regarding the preferred stock, is it still your intention to resume dividend
payments? Also repay the three missing quarterly dividends? If so, when?</B>
</FONT>

<P align="left"><FONT size="2">A: Yes, it is our intention to resume dividend payments, I cannot determine the
date at this time.
</FONT>

<P align="left"><FONT size="2"><B>Q: Regarding the three unpaid quarterly dividends on the preferred stock, if
you are able at some point to resume dividend payments and repay the arrears as
well, would I have to have owned my shares throughout each of these quarters to
be deserving of the three missing dividends or would a new buyer of the
preferred shares today be paid the arrears as well?</B>
</FONT>

<P align="left"><FONT size="2">A: Whoever owns the preferred stock on the record date will receive the
dividend. The record date is set close in time to the actual paid date.
</FONT>

<P align="center"><FONT size="2">-5-</FONT>

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the status of the accumulative dividend on AMERCO&#146;s 8.5% preferred?</B>
</FONT>

<P align="left"><FONT size="2">A: That dividend is presently suspended.
</FONT>

<P align="left"><FONT size="2"><B>Q: On the 8.5% preferred you last paid a dividend on 9-3-2002, when will this
dividend be reinstated?</B>
</FONT>

<P align="left"><FONT size="2">A: It will be after we emerge from Chapter&nbsp;11.
</FONT>

<P align="left"><FONT size="2"><B>Q: Are you planning on calling these securities on 10/2/2003 or later?</B>
</FONT>

<P align="left"><FONT size="2">A: There&#146;s no plans at this time to call these securities.
</FONT>

<P align="left"><FONT size="2"><B>Q: How can there be any value left for shareholders under your plan when in
almost every bankruptcy stockholders receive no recovery? Have creditors signed
onto your plan for a full recovery?</B>
</FONT>

<P align="left"><FONT size="2">A: Well quite simply AMERCO has more assets than liabilities. Real estate
appraisals showed that market value of AMERCO&#146;s unencumbered owned real estate
is $550&nbsp;million higher than stated book value. Two of four major
creditors groups have agreed to our plan and we&#146;re working with the remaining
persons to get agreement to our plan.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the status of the
Securities and Exchange Commission investigation?</B>
</FONT>

<P align="left"><FONT size="2">A: The Company is in ongoing general document production. Nothing very specific
is occurring there.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the status of the NASDAQ listing?</B>
</FONT>

<P align="left"><FONT size="2">A: The listing continues with the agreement by AMERCO to keep NASDAQ appraised
of our Chapter&nbsp;11 progress.
</FONT>

<P align="left"><FONT size="2"><B>Q: Why are there so many related party transactions between the company and
executives?</B>
</FONT>

<P align="left"><FONT size="2">A: There is one related party transaction that is with SAC holdings which is
owned by Mark Shoen, my brother.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is being done at the company to enhance corporate governance?</B>
</FONT>

<P align="left"><FONT size="2">A: As announced in several press releases, the company has added an independent
advisory board member and instituted an independent governance committee with
two new outside independent persons, Paul Bible of Reno, Nevada and Tom Hayes
of Northern California.
</FONT>

<P align="left"><FONT size="2"><B>Q: I am confused about SAC holdings, how was it included in your consolidated
balance sheet and income statements pre Chapter&nbsp;11?</B>
</FONT>

<P align="left"><FONT size="2">A: It was accounted for as a
consolidated entity both before and after Chapter&nbsp;11 filing. The SAC holdings treatment changed as of December 2001.
</FONT>

<P align="left"><FONT size="2"><B>Q: How is SAC being treated going forward? Is it or has it ever been
profitable?</B>
</FONT>

<P align="left"><FONT size="2">A: SAC will continue to be treated as a consolidated entity. SAC has lost money
historically equal roughly to its depreciation on its real estate holdings.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the debt situation of SAC holdings? Is it equal to AMERCO debt?</B>
</FONT>

<P align="left"><FONT size="2">A: SAC&#146;s debt is non-recourse to AMERCO and it is not in default. As of June
30 SAC had debt owning third parties $589.6&nbsp;million. Which includes capitalized
leases of $122&nbsp;million and had debt owed to AMERCO of $394.5&nbsp;million. I&#146;m not
sure what was meant by the question, &#147;Is debt at SAC holdings
</FONT>
<P align="center"><FONT size="2">-6-</FONT>

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>

<P align="left"><FONT size="2">equal to AMERCO
debt,&#148; I thing I answered it as to what is between the two companies and what
is exclusively SAC&#146;s debt to third parties.
</FONT>

<P align="left"><FONT size="2"><B>Q: In AMERCO&#146;s lawsuit vs. Price Waterhouse company, it is stated that 90% of
SAC&#146;s cash flow and 90% of gains from future sales of properties return to
AMERCO, would you please clarify about the remaining 10%?</B>
</FONT>

<P align="left"><FONT size="2">A: The remaining 10% stays with SAC. These contracts and these percentages have
all been disclosed as exhibits to AMERCO&#146;s K&#146;s and Q&#146;s over the past 8&nbsp;years.
These calculations are very specific and also very public. The question as
asked is a little bit of an over generalization but it&#146;s basically correct.
</FONT>

<P align="left"><FONT size="2"><B>Q: Can you explain how U-Haul has been able to reduce projections for gross
capital expenditures from 289&nbsp;million annually in 2002 to 150&nbsp;million in the
2003 10K?</B>
</FONT>

<P align="left"><FONT size="2">A: Well there&#146;s two things operating here: First of all, AMERCO has stopped
acquiring self-storage properties. That immediately impacts gross capital
expenditures. As those of you know who have followed the company the company
has added millions of square feet in self-storage over the last five years.
Secondly, gross capital expenditures is a little bit it&#146;s very specific
calculation and it&#146;s impacted by the fact that AMERCO primarily acquires trucks
via leases not via direct purchases. Because we can anticipate the general
guidelines of our exit financing we know there will be some limitations both on
capital expenditures and on lease commitments and we have tried to factor those
into the projections going ahead.
</FONT>

<P align="left"><FONT size="2"><B>Q: Would converting the real estate business to a real estate investment trust,
a REIT, improve return on assets? Can you tell us if you have considered this
type of transaction and the pros and cons of such a structure?</B>
</FONT>

<P align="left"><FONT size="2">A: We considered a restructure several years ago. At that time, because our
storage properties also sell boxes, trailer hitches, rent trucks, etc., there
was too much non real estate income. We also looked at segregating our
locations and trying to just put the locations that were primarily storage into
a REIT. The indications that we got was that the market would not support a REIT
were the manager in this case, U-Haul, had properties in the REIT that it
managed and its own properties it managed separately of the REIT. This is one
of the reasons we went with the SAC structure to expand into the self-storage
business.
</FONT>

<P align="left"><FONT size="2"><B>Q: What are the financials of private mini storage?</B>
</FONT>

<P align="left"><FONT size="2">A: This is a typical real estate financial statement annual loss roughly equals
depreciation, value increases as cash flow increases over time.
</FONT>

<P align="left"><FONT size="2"><B>Q: Which entity has contingently
guaranteed $125&nbsp;million in Private Mini
obligations?</B>
</FONT>

<P align="left"><FONT size="2">A: AMERCO
</FONT>

<P align="left"><FONT size="2"><B>Q: What debt does the interest
payments being made by U-Haul $9.9&nbsp;million in 03
and real estate $23.6&nbsp;million in 03 go to support?</B>
</FONT>

<P align="left"><FONT size="2">A: These payments go to support debt related to their own operations. The
interest is actually paid directly to AMERCO.
</FONT>


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

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>
<P align="left"><FONT size="2"><B>Q: What entities are responsible to the synthetic leases due to Royal Bank of
Canada, Bank of Montreal and City? What are the annual payments for each of the
synthetic leases, what are the assets supporting the synthetic leases, when
would the synthetic leases have matured if not for the default?</B>
</FONT>

<P align="left"><FONT size="2">A: AMERCO Real Estate is responsible
for these $16 to $17.5&nbsp;million annual
payment under the Bank of Montreal and City facilities. Self-storage properties
branded as U-Haul are the underlying assets. The maturities of these facilities
would have been in the July/September&nbsp;04 time frame. So approximately a year
from now.
</FONT>

<P align="left"><FONT size="2"><B>Q: What are the details regarding
the $100&nbsp;million note payable to the
insurance operations? To which operations what was the consideration given by
the insurance operations in exchange for the note? Which entity gave the note
to the insurance operations and who is the debtor?</B>
</FONT>

<P align="left"><FONT size="2">A: The $100&nbsp;million note payable that&#146;s being referred to is a private
placement done with non affiliated insurance companies it has nothing to do
with AMERCO&#146;s two insurance companies. The loan was made to AMERCO Real Estate
supported by AMERCO Real Estate&#146;s assets.
</FONT>

<P align="left"><FONT size="2"><B>Q: Please update us on the status and values of any real estate appraisals.</B>
</FONT>

<P align="left"><FONT size="2">A: Some of the specific properties appraisals are posted in the amerco.com website as part
of bankruptcy filings. The appraisals were done by Cushman Wakefield on behalf
of a lenders group they were not done by AMERCO. The values came in the
aggregate $550&nbsp;million higher than the book value for owned unencumbered
real estates.
</FONT>

<P align="left"><FONT size="2"><B>Q: Please discuss specifically how you can plan to pay off the creditors in
full without diluting the equity.</B>
</FONT>

<P align="left"><FONT size="2">A: Our plans are to pay creditors through cash and the insurance of new securities.
We anticipate filing this specifics of this plan with the bankruptcy court in
late September. We will then post it on the amerco.com website and it will be
public information available to anyone who would care to look it up.
</FONT>

<P align="left"><FONT size="2"><B>Q: What are the future cash flow implications of the booking of the insurance
reserves?</B>
</FONT>

<P align="left"><FONT size="2">A: They will be paid out over a period of several years. The cash will be
retained by U-Haul until the actual payments are made.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is your best estimate for
timing coming out of bankruptcy?</B>
</FONT>

<P align="left"><FONT size="2">A: If we are able to achieve a consensual plan it&#146;s our intent to come out in
December of this year. If we are unable to achieve a consensual plan and we
have to go with a cram down, it could be as late as July&nbsp;04.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the financial status of Private Mini Storage LP and under what
conditions would AMERCO have to make good on the support party
agreement?</B>
</FONT>

<P align="left"><FONT size="2">A: Private Mini is currently paying all of their obligations. In the event
they fail to make an event of default, AMERCO would make good.
</FONT>

<P align="left"><FONT size="2"><B>Q: When Private Mini did its $255&nbsp;million financing, why did AMERCO not
get taken out of its support party agreement and be released from its previous
$55&nbsp;million liability?</B>
</FONT>

<P align="left"><FONT size="2">A: AMERCO was on track to be taken out
until its default last October. This
default impacted on to PMSR refinance. The new financing does provide for an
orderly reduction in the support as certain performance hurdles are met by
Private Mini Storage.
</FONT>

<P align="center"><FONT size="2">-8-</FONT>

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<P align="left"><FONT size="2"><B>AMERCO Investor Call &#151; 9-5-03</B>
</FONT>


<P align="left"><FONT size="2"><B>Q: Has the mortgage B-BAT notes
ever been perfected?</B>
</FONT>

<P align="left"><FONT size="2">A: I think what you actually meant to ask there was has the mortgage for the
AMERCO Real Estate the ARAC notes ever been perfected? And the answer to that questions is no it has not been.
</FONT>

<P align="left"><FONT size="2"><B>Q: Why was the liability to the IRS
increased to $164&nbsp;million?</B>
</FONT>

<P align="left"><FONT size="2">A: First of all, our liability to the IRS has not increased to the best of my
knowledge. I cannot locate in our financial statements the $164&nbsp;million number and if this answer isn&#146;t adequate email me it again and tell me where
you found the number and I&#146;ll try to be more specific.
</FONT>

<P align="left"><FONT size="2"><B>Q: Under what conditions could
AMERCO be liable for the trac terminal rental
adjustment clause leases?</B>
</FONT>

<P align="left"><FONT size="2">A: If the trucks were liquidated and the proceeds were not adequate to pay the
residual then AMERCO could be liable for the tracs.
</FONT>

<P align="left"><FONT size="2"><B>Q: This person wanted yes or no
answers, so I will do my best. The bankruptcy filing
was necessitated by the complexity of your creditor group, yes or no?</B>
</FONT>

<P align="left"><FONT size="2">A: I would say Yes.
</FONT>

<P align="left"><FONT size="2"><B>Q: Any attempt to extend maturities or pay less than 100% of your debt
obligations could cause material dilution to the equity, yes or no?</B>
</FONT>

<P align="left"><FONT size="2">A: I&#146;m going to split the question in half and I would say Yes, but any attempt
to pay less than 100% of our debt obligations could cause dilution. However,
the plan is and has been to pay 100% plus interest. The other half of the
question would be with an attempt to extend maturities on the debt obligations
cause material dilutions on the equity. That&#146;s a very complicated question I&#146;m
going to answer no, I don&#146;t think it lends itself to a yes or no answer.
</FONT>

<P align="left"><FONT size="2"><B>Q: Reporting SAC on a consolidated basis could obscure true AMERCO earnings
for a considerable length of time, yes or no? And how long?</B>
</FONT>

<P align="left"><FONT size="2">A: I would say the answer is yes. The time period is indefinite, because that
seems to be the approved accounting treatment at this time.
</FONT>

<P align="left"><FONT size="2"><B>Q: What is the estimated range of fees paid to Foothill?</B>
</FONT>

<P align="left"><FONT size="2">A: It&#146;s in the neighborhood of $5&nbsp;million.
</FONT>

<P align="left"><FONT size="2">That concludes the questions that I received and that I was able to answer. I
want to thank those of you who submitted questions. I appreciate each of you
whose supported the company. I believe that we have made significant progress
with the Chapter 11 filing and the subsequent events towards getting AMERCO
back into general credit markets. Our fundamental U-Haul business has been good
and remains good. We are exiting the property casualty business and have
already made those decisions. It takes some amount time for this business to
roll off the books. I expect that we will continue to perform to plan and I
request your support in the coming quarters.
</FONT>

<P align="left"><FONT size="2">Thank You.
</FONT>



<P align="center"><FONT size="2">-9-</FONT>



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