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<SEC-DOCUMENT>0000950153-04-000407.txt : 20040217
<SEC-HEADER>0000950153-04-000407.hdr.sgml : 20040216
<ACCEPTANCE-DATETIME>20040217165533
ACCESSION NUMBER:		0000950153-04-000407
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040217

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		04609703

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U HAUL INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000004458
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500]
		IRS NUMBER:				860663060
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	002-38498
		FILM NUMBER:		04609704

	BUSINESS ADDRESS:	
		STREET 1:		2727 N CENTRAL AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6022636645

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 21502
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85036-1502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO INC /OR/
		DATE OF NAME CHANGE:	19790319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO INC
		DATE OF NAME CHANGE:	19770301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADVANCED MANAGEMENT ENGINEERING & RESEAR
		DATE OF NAME CHANGE:	19730830
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>p68793e10vq.htm
<DESCRIPTION>10-Q
<TEXT>
<HTML>
<HEAD>
<TITLE>e10vq</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

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

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

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

<P align="center">
<B><FONT size="5">Form&nbsp;10-Q</FONT></B>

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

<TR>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="84%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">(Mark One)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#254;</FONT>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">QUARTERLY REPORT PURSUANT TO SECTION 13 or
    15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">For the quarterly period ended
    December&nbsp;31, 2003</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">TRANSITION REPORT PURSUANT TO SECTION 13 or
    15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">For the transition period
    from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

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

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Commission</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registrant, State of Incorporation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">File Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Address and Telephone Number</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1-11255</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO<BR>
    (A Nevada Corporation)<BR>
    1325 Airmotive Way, Ste. 100<BR>
    Reno, Nevada 89502-3239<BR>
    Telephone (775)&nbsp;688-6300
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0106815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2-38498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul International, Inc.<BR>
    (A Nevada Corporation)<BR>
    2727 N. Central Avenue<BR>
    Phoenix, Arizona 85004<BR>
    Telephone (602)&nbsp;263-6645
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0663060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate
by check mark whether the registrant: (1)&nbsp;has filed all
reports required to be filed by Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding
12&nbsp;months (or for such shorter period that the registrant
was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past
90&nbsp;days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;<FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check
mark whether the registrant is an accelerated filer (as defined
in Rule&nbsp;12b-2 of the Exchange
Act).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;<FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by
check mark whether the registrant has filed all documents and
reports required to be filed by Section&nbsp;12, 13, or 15(d) of
the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a
court.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;<FONT face="wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,625,766
shares of AMERCO Common Stock, $0.25 par value were outstanding
at February&nbsp;13, 2004.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,385
shares of U-Haul International, Inc. Common Stock, $0.01 par
value, were outstanding at February&nbsp;13, 2004.
</FONT>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<P align="center">
<B><FONT size="2">PART I FINANCIAL INFORMATION</FONT></B>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;1.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Financial Statements
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">a)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Balance Sheets as of
    December&nbsp;31, 2003 (unaudited) and March&nbsp;31, 2003
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">b)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Statements of Operations
    for the Quarters ended December&nbsp;31, 2003 and 2002
    (unaudited)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">c)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Statements of Operations
    for the Nine months ended December&nbsp;31, 2003 and 2002
    (unaudited)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">d)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Statements of
    Comprehensive Income for the Quarters ended December&nbsp;31,
    2003 and 2002 (unaudited)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">e)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Statements of
    Comprehensive Income for the Nine months ended December&nbsp;31,
    2003 and 2002 (unaudited)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">f)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Condensed Consolidated Statements of Cash Flows
    for the Nine months ended December&nbsp;31, 2003 and 2002
    (unaudited)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">g)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Notes to Condensed Consolidated Financial
    Statements
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;2.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Management&#146;s Discussion and Analysis of
    Financial Condition and Results of Operations
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;3.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Quantitative and Qualitative Disclosures About
    Market Risk
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;4.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Controls and Procedures
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="center" valign="top">
    <B><FONT size="2">PART II OTHER INFORMATION</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;1.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Legal Proceedings
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;2
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Not applicable
    </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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;3.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Defaults Upon Senior Securities
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;4.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Submission of Matters to a Vote of Security
    Holders
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;5
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Other Information
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Item&nbsp;6.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2">Exhibits and Reports on Form 8-K
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">1
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">PART I. FINANCIAL INFORMATION</FONT></B>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item 1.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Financial Statements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED BALANCE
SHEETS</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="62%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">March 31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="11" align="center" valign="top">
    <B><FONT size="2">ASSETS</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">255,796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">860,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">474,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">389,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">32,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,889,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,859,349</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">159,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">751,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">747,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">293,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">156,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,208,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">733,215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">757,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,302,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,244,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,385,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,298,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,916,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="11" align="center" valign="top">
    <B><FONT size="2">LIABILITIES AND STOCKHOLDERS&#146;
    EQUITY</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">359,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">387,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">586,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">836,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">603,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,345</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,404,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,478,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </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>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in-capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in-capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings, AMERCO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">658,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">611,872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings, SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">401,836</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,805,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">SAC Holdings property, plant and equipment
    totaled $991.5&nbsp;million and $1,015.5&nbsp;million before
    eliminations, inter-company eliminations were
    $258.2&nbsp;million and $258.2&nbsp;million at December&nbsp;31,
    2003 and March&nbsp;31, 2003 respectively.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS" -->

<DIV align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands, except share data)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental Revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">386,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">335,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,274</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">311,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">286,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">503,613</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">473,945</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Loss from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/(loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,908</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,024</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted loss per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1.24</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2.45</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding: Basic
    and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,099,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,022,629</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">2002 amounts revised to reflect the corrected
    number of weighted average common shares outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS" -->

<DIV align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS</FONT></B>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands, except share data)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,304,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">182,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">188,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">243,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">909,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,536,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,563,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">173,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early termination of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings/(loss) available to common shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,599</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Basic and diluted earnings/(loss) per common share
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(0.48</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weighted average common shares outstanding: Basic
    and diluted
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,082,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,005,502</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">2002 amounts revised to reflect the corrected
    number of weighted average common shares outstanding.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">4
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME" -->

<DIV align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</FONT></B>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comprehensive income:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in other comprehensive income:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(970</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain/(loss)&nbsp;on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,373</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,696</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28,057</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME" -->

<DIV align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME</FONT></B>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Comprehensive income:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Changes in other comprehensive income:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foreign currency translation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,647</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unrealized gain on investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total comprehensive income/(loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS" -->

<DIV align="center">
<B><FONT size="2">CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS</FONT></B>
</DIV>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="65%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">December&nbsp;31,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Restated)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(Unaudited)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by operating activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151,201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(147,344</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(196,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">171,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,536</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(125,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </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>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</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" valign="bottom" nowrap><FONT size="2">130,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
    </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>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(205,364</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by financing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase in cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">The accompanying notes are an integral part of
these consolidated financial statements.
</FONT>

<P align="center"><FONT size="2">7
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

<!-- link2 "NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS" -->

<DIV align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">December&nbsp;31, 2003, December&nbsp;31, 2002
and March&nbsp;31, 2003</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Unaudited)</FONT></B>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">1.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Proceedings under Chapter&nbsp;11 of the
    Bankruptcy Code</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003, AMERCO (the
&#147;Debtor&#148;) filed a petition for relief under
Chapter&nbsp;11 of the federal bankruptcy laws in the United
States Bankruptcy Court for the District of Nevada. On
August&nbsp;13, 2003, the company&#146;s wholly owned
subsidiary, Amerco Real Estate Company, filed a petition for
relief under Chapter&nbsp;11 of the federal bankruptcy laws in
the United States Bankruptcy Court for the District of Nevada.
Under Chapter&nbsp;11, certain claims against the Debtor in
existence prior to the filing of the petition for relief under
the federal bankruptcy laws are stayed while the Debtor
continues business operations as debtor-in-possession. These
claims are reflected in the December&nbsp;31, 2003, balance
sheet as &#147;liabilities subject to compromise.&#148;
Additional claims (liabilities subject to compromise) may arise
subsequent to the filing date resulting from rejection of
executory contracts, including leases, and from the
determination by the court (or agreed to by parties in interest)
of allowed claims for contingencies and other disputed amounts.
Claims secured against the Debtor&#146;s assets (&#147;secured
claims&#148;) also are stayed, although the holders of such
claims have the right to move the court for relief from the
stay. Secured claims are secured primarily by liens of the
Debtor&#146;s property, plant and equipment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;6, 2003, AMERCO filed its Plan of
Reorganization and Disclosure Statement with the Bankruptcy
Court. On November&nbsp;26, 2003, AMERCO filed an Amended Plan
of Reorganization (the &#147;Plan&#148;). On December&nbsp;12,
2003, the Bankruptcy Court approved AMERCO&#146;s Disclosure
Statement. On February&nbsp;2, 2004, the Bankruptcy Court
confirmed the Plan contingent upon completion of documentation
and agreements acceptable to the involved parties and the
submission of proposed findings of fact and conclusions of law
and a confirmation order acceptable to all involved parties.
AMERCO expects that by fiscal year end (i)&nbsp;it will satisfy
the above contingencies and (ii)&nbsp;the Bankruptcy Court will
execute a confirmation order. The confirmation order will become
final if it is not appealed within ten days after entry and
AMERCO intends to proceed to implement the Plan and emerge from
bankruptcy as soon as possible thereafter.
</FONT>

<P align="left">
<B><FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organization
and Principles of Consolidation</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Organization</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO, a Nevada corporation
(&#147;AMERCO&#148;), is the holding company for U-Haul
International, Inc. (&#147;U-Haul&#148;), Amerco Real Estate
Company (&#147;Real Estate&#148;), Republic Western Insurance
Company (&#147;RepWest&#148;) and Oxford Life Insurance Company
(&#147;Oxford&#148;). Throughout this Form&nbsp;10-Q, unless the
context otherwise requires, the term &#147;Company&#148; refers
to AMERCO and all of its legal subsidiaries. The Company has
four industry segments represented by Moving and Storage
Operations (U-Haul), Real Estate, Property and Casualty
Insurance (RepWest) and Life Insurance (Oxford).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holding Corporation and SAC Holding
Corporation&nbsp;II, Nevada corporations (collectively,
&#147;SAC Holdings&#148;), are the holding companies for several
individual corporations that own self-storage properties managed
by AMERCO subsidiaries in the ordinary course of business.
Mark&nbsp;V. Shoen, a significant shareholder and executive
officer of AMERCO, owns all of the equity interest of SAC
Holdings.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Principles of Consolidation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The condensed consolidated financial statements
presented here include the accounts of AMERCO and its
wholly-owned subsidiaries and SAC Holdings and their
subsidiaries. All material inter-company accounts and
transactions have been eliminated in consolidation. AMERCO has
made significant loans to SAC Holdings and is entitled to
participate in SAC Holdings&#146; excess cash flow (after senior
debt service). All of the equity interest of SAC Holdings is
owned by Mark V. Shoen, a significant shareholder and executive
officer of
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">AMERCO. AMERCO does not have an equity ownership
interest in SAC Holdings, except for investments made by RepWest
and Oxford in a SAC Holdings-controlled limited partnership
which holds Canadian self-storage properties. SAC Holdings are
not legal subsidiaries of AMERCO. SAC Holdings&#146; securitized
loan agreements have no guarantees, or triggers that could
create a guarantee, from AMERCO. There are no cross default
provisions on indebtedness between AMERCO and SAC Holdings. The
condensed consolidated financial statements and notes are
presented as permitted by Form&nbsp;10-Q and do not contain
certain information included in AMERCO&#146;s annual financial
statements and notes. For a more detailed presentation of the
accounts and transactions of AMERCO, refer to AMERCO&#146;s
Form&nbsp;10-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The condensed consolidated balance sheet as of
December&nbsp;31, 2003 and the related condensed consolidated
statements of operations, comprehensive income, and cash flow
for the quarters ended December&nbsp;31, 2003 and 2002 are
unaudited. In our opinion, all adjustments necessary for a fair
presentation of such condensed consolidated financial statements
have been included. Such adjustments consist only of normal
recurring items. Interim results are not necessarily indicative
of results for a full year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenues, expenses (including professional fees),
realized gains and losses, and provisions for losses directly
associated with the reorganization and restructuring of the
business are reported as part of operating expenses in the
Condensed Consolidated Statements of Operations. The Condensed
Consolidated Balance Sheets distinguish pre-petition liabilities
subject to compromise from both those pre-petition liabilities
that are not subject to compromise and from post-petition
liabilities. Liabilities subject to compromise are reported at
the amounts expected to be allowed, even if they may be settled
for lesser amounts.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The operating results and financial position of
RepWest and Oxford have been consolidated on the basis of a
calendar year and, accordingly, results from operations for
RepWest and Oxford are for the quarter and nine months ended
September&nbsp;30, 2003 and 2002.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Going Concern Basis</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003 (the &#147;Petition
Date&#148;), AMERCO 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 is continuing to manage its
properties and operate its businesses as
&#147;debtor-in-possession&#148; under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code. In general, as
debtor-in-possession, AMERCO is authorized under Chapter&nbsp;11
to continue to operate as an ongoing business, but may not
engage in transactions outside the ordinary course of business
without the prior approval of the Bankruptcy Court. Specific
information pertaining to the bankruptcy filing may be obtained
from the website <B>www.amerco.com</B>. The Company&#146;s
independent auditors qualified their opinion on the
Company&#146;s March&nbsp;31, 2003 financial statements by
including an explanatory paragraph in which they expressed
substantial doubt about the Company&#146;s ability to continue
as a going concern. The consolidated financial statements do not
include any adjustments to reflect future effects on the
recoverability and classification of assets or the amount and
classification of liabilities that might result from these
uncertainties.
</FONT>

<P align="left">
<B><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restatement
and Reclassifications</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the audit of the
Company&#146;s financial statements for the year ended
March&nbsp;31, 2003, it was determined that there was a need for
the Company to record adjustments that resulted in the
restatement of the Company&#146;s financial statements,
including financial statements for the quarter ended
December&nbsp;31, 2002. The condensed consolidated statement of
operations, comprehensive income and cash flow for the quarter
ended December&nbsp;31, 2002 contained in this report have been
restated. Loss for the three months ended December&nbsp;31, 2002
as originally reported was $32.3&nbsp;million, or $1.73 per
basic and diluted share. Restated loss for this period were
$45.8&nbsp;million and $2.45 per basic and diluted share. Net
earnings for the nine months
</FONT>

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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">ended December&nbsp;31, 2002 as originally
reported was $48.8&nbsp;million, or $1.88 per basic and diluted
share. Net earnings (loss) for this period as restated was
$0.1&nbsp;million and ($0.48) per basic and diluted share. The
major components of the restatement were related to an
adjustment to accrue for fully-developed actuarial estimates of
the Company&#146;s insurance reserves and to recognize
equity-method losses relating to the Company&#146;s investments
in Private Mini Storage Realty, L.P. For a detailed discussion
of the adjustments to our financial statements for the fiscal
years ended March&nbsp;31, 2002 and 2001, see footnote 2 to
consolidated financial statements contained in our Annual Report
on Form&nbsp;10-K.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain balances as of March&nbsp;31, 2003 have
been reclassified in the accompanying condensed consolidated
financial statements to conform with the current year
presentation. These reclassifications had no effect on
previously reported net income or stockholders&#146; equity.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property, Plant and Equipment</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal year 2004 U-Haul decreased the
estimated useful lives of pick-up trucks and vans. The effect of
this change decreased net earnings for the nine-month period and
three-month period ended December&nbsp;31, 2003 by approximately
$4,875,000 ($0.24 per share) and $2,600,000 ($0.13 per share),
respectively, net of income tax benefit. The adjustment reflects
management&#146;s best estimate, based on information available,
of the estimated useful lives of these pick-ups and vans.
</FONT>

<P align="left">
<B><FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
held by AMERCO&#146;s Insurance Subsidiaries</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A comparison of amortized cost to estimated
market value for fixed maturities is as follows:
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gross</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Estimated</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Amortized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Unrealized</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Market</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Cost</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Gains</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Losses)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="15" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Available-for-Sale:</FONT></B></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>
    <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>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">535,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,456</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">556,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S. government agency mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(26</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,438</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,960</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S. Treasury and government agency securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,626</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Municipal securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">3,359</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Subtotal
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">658,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,496</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,456</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">682,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,892</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,263</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Redeemable preferred stocks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,299</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,519</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">731,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,040</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,870</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">755,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Held-to-Maturity:</FONT></B></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>
    <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>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S. government agency mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mortgage-backed securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,519</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">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" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">739,503</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,872</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">10
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent
Liabilities and Commitments</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following is a summary of lease commitments:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Lease</FONT></B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B><FONT size="1">Twelve Months Ending December&nbsp;31</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Commitments</FONT></B></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2004
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">377,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2005
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90,160</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2006
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79,047</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Thereafter
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">604,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the normal course of business, AMERCO is a
defendant in a number of suits and claims. AMERCO is also a
party to several administrative proceedings arising from state
and local provisions that regulate the removal and/or clean up
of underground fuel storage tanks.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects Real
Estate&#146;s business operations. Among other things, these
requirements regulate the discharge of materials into the water,
air and land and govern the use and disposal of hazardous
substances. Real Estate is aware of issues regarding hazardous
substances on some of its properties. Real Estate regularly
makes capital and operating expenditures to stay in compliance
with environmental laws and has put in place a remedial plan at
each site where it believes such a plan is necessary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A subsidiary of U-Haul, INW Company (INW), owns
one property located within two different state hazardous
substance sites in the State of Washington. The sites are
referred to as the &#147;Yakima Valley Spray Site&#148; and the
&#147;Yakima Railroad Area.&#148; INW has been named as a
&#147;potentially liable party&#148; under state law with
respect to this property as it relates to both sites. As a
result of the cleanup costs of approximately $5.0&nbsp;million
required by the State of Washington, INW filed for
reorganization under federal bankruptcy laws in May of 2001. The
potential liability to INW could be in the range of $750,000 to
$1.25&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based upon the information currently available,
compliance with the environmental laws and the costs of
investigation and cleanup of known hazardous waste sites are not
expected to have a material adverse affect on the Company&#146;s
financial position or operating results.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the resolution of litigation
with certain members of the Shoen family and their corporations,
AMERCO has deducted for income tax purposes approximately
$372.0&nbsp;million of the payments made to plaintiffs in a
lawsuit. While AMERCO believes that such income tax deductions
are appropriate, there can be no assurance that such deductions
ultimately will be allowed in full. The IRS has proposed
adjustments to the Company&#146;s 1997 and 1996 tax returns.
Nearly all of the adjustments are attributable to denials of
deductions claimed for certain payments made in connection with
this litigation. We believe these income tax deductions are
appropriate and are vigorously contesting the IRS adjustments.
No additional taxes have been provided in the accompanying
financial statements, as management believes that none will
result.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;20, 2000, Charles Kocher
(&#147;Kocher&#148;) filed suit in Wetzel County, West Virginia,
Civil Action No.&nbsp;00-C-51-K, entitled Charles Kocher&nbsp;v.
Oxford Life Insurance Co. (&#147;Oxford&#148;) seeking
compensatory and punitive damages for breach of contract, bad
faith and unfair claims settlement practices arising from an
alleged failure of Oxford to properly and timely pay a claim
under a disability and dismemberment policy. On March&nbsp;22,
2002, the jury returned a verdict of $5&nbsp;million in
compensatory damages and $34&nbsp;million in punitive
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">damages. On November&nbsp;5, 2002, the trial
court entered an Order (&#147;Order&#148;) affirming the
$39&nbsp;million jury verdict and denying Oxford&#146;s motion
for New Trial Or, in The Alternative, Remittitur. On
January&nbsp;27, 2004, the matter was argued before the West
Virginia Supreme Court and taken under advisement. Management
does not believe that the Order is sustainable and expects the
Order to be overturned by the West Virginia Supreme Court, in
part because the jury award has no reasonable nexus to the
actual harm suffered by Kocher. The Company has accrued
$725,000, which represents management&#146;s best estimate of
the costs associated with legal fees to appeal and re-try the
case.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As previously discussed, on June&nbsp;20, 2003,
AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the Bankruptcy Code. As debtor-in-possession,
AMERCO is authorized under Chapter&nbsp;11 to continue to
operate as an ongoing business, but may not engage in
transactions outside the ordinary course of business without the
prior approval of the Bankruptcy Court. As of the Petition Date,
virtually all pending litigation against AMERCO is stayed, and
absent further order of the Bankruptcy Court, no party, subject
to certain exceptions, may take any action, again subject to
certain exceptions, to recover on pre-petition claims against
AMERCO. The automatic stay, however, does not apply to
AMERCO&#146;s subsidiaries, other than Amerco Real Estate
Company, which filed for protection under Chapter&nbsp;11, on
August&nbsp;13, 2003. On October&nbsp;6, 2003, AMERCO filed its
Plan of Reorganization and Disclosure Statement with the
Bankruptcy Court. On November&nbsp;26, 2003, AMERCO filed an
Amended Plan of Reorganization (the &#147;Plan&#148;). On
December&nbsp;12, 2003, the Bankruptcy Court approved
AMERCO&#146;s Disclosure Statement. On February&nbsp;2, 2004,
the Bankruptcy Court confirmed the Plan contingent upon
completion of documentation and agreements acceptable to the
involved parties and the submission of proposed findings of fact
and conclusions of law and a confirmation order acceptable to
all involved parties. AMERCO expects by fiscal year end
(i)&nbsp;that it will satisfy the above contingencies and
(ii)&nbsp;that the Bankruptcy Court will execute a confirmation
order. The confirmation order will become final if it is not
appealed within ten days after entry and AMERCO intends to
proceed to implement the Plan and emerge from bankruptcy as soon
as possible thereafter.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;24, 2002, Paul&nbsp;F. Shoen
filed a derivative action in the Second Judicial District Court
of the State of Nevada, Washoe County, captioned Paul&nbsp;F.
Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking
damages and equitable relief on behalf of AMERCO from SAC
Holdings and certain current and former members of the AMERCO
Board of Directors, including Edward&nbsp;J. Shoen, Mark&nbsp;V.
Shoen and James&nbsp;P. Shoen. AMERCO 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 AMERCO 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, AMERCO, 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&nbsp;E. Carty, et al, CV&nbsp;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&nbsp;E. Carty, et. al,
CV&nbsp;03-00386. Two additional derivative suits were also
filed against these parties. These additional suits are
substantially similar to the Paul&nbsp;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 AMERCO
Board lacked independence. In reaching his decision to dismiss
these claims, the court determined that the AMERCO Board of
Directors had the requisite level of independence required in
order to have these claims resolved by the Board. These cases
are stayed pending AMERCO&#146;s emergence from bankruptcy.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Securities and Exchange Commission
(&#147;SEC&#148;) has issued a formal order of investigation to
determine whether the Company has violated the Federal
securities laws. On January&nbsp;7, 2003, the Company received
the first of several subpoenas issued by the SEC to the Company.
SAC Holdings, the Company&#146;s current and former auditors,
and others have also received one or more subpoenas relating to
this matter. The Company is cooperating fully with the SEC and
is facilitating the expeditious review of its financial
statements and any other issues that may arise. The Company has
produced a large volume of documents and other materials in
response to the subpoenas, and the Company is continuing to
assemble and produce additional documents and materials for the
SEC. Although the Company has fully cooperated with the SEC in
this matter and intends to continue to fully cooperate, the SEC
may determine that the Company has violated Federal securities
laws. We cannot predict when this investigation will be
completed or its outcome. If the SEC makes a determination that
we have violated Federal securities laws, we may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO is a defendant in four putative class
action lawsuits. Article Four Trust v.&nbsp;AMERCO, et al.,
District of Nevada, United States District Court, Case
No.&nbsp;CV-N-03-0050-DWH-VPC. Article&nbsp;Four Trust, a
purported AMERCO shareholder, commenced this action on
January&nbsp;28, 2003 on behalf of all persons and entities who
purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The
Article&nbsp;Four Trust action alleges one claim for violation
of Section&nbsp;10(b) of the Securities Exchange Act and
Rule&nbsp;10b-5 thereunder. Mates v.&nbsp;AMERCO, et al., United
States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0107. Maxine Mates, an AMERCO shareholder,
commenced this putative class action on behalf of all persons
and entities who purchased or acquired AMERCO securities between
February&nbsp;12, 1998 and September&nbsp;26, 2002. The Mates
action asserts claims under section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Klug v.&nbsp;AMERCO, et&nbsp;al., United States
District Court of Nevada, Case No.&nbsp;CV-S-03-0380. Edward
Klug, an AMERCO shareholder, commenced this putative class
action on behalf of all persons and entities who purchased or
acquired AMERCO securities between February&nbsp;12, 1998 and
September&nbsp;26, 2002. The Klug action asserts claims under
section&nbsp;10(b) and Rule&nbsp;10b-5 and section&nbsp;20(a) of
the Securities Exchange Act. IG Holdings v.&nbsp;AMERCO, et al.,
United States District Court, District of Nevada, Case
No.&nbsp;CV-N-03-0199. IG Holdings, an AMERCO bondholder,
commenced this putative class action on behalf of all persons
and entities who purchased, acquired, or traded AMERCO bonds
between February&nbsp;12, 1998 and September&nbsp;26, 2002,
alleging claims under section&nbsp;11 and section&nbsp;12 of the
Securities Act of 1933 and section&nbsp;10(b) and
Rule&nbsp;10b-5, and section&nbsp;20(a) of the Securities
Exchange Act. Each of these four securities class actions allege
that AMERCO engaged in transactions with SAC entities that
falsely improved AMERCO&#146;s financial statements, and that
AMERCO failed to disclose the transactions properly. The actions
are at a very early stage and have recently been consolidated.
As to AMERCO, the actions are stayed pending AMERCO&#146;s
emergence from bankruptcy. In addition, by agreement of the
parties, AMERCO&#146;s directors who are also named in the
lawsuits have an extension to file their responses to the
complaints. Management intends to defend these cases vigorously.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Department of Labor
(&#147;DOL&#148;) is presently investigating whether there were
violations of the Employee Retirement Income Security Act of
1974 (&#147;ERISA&#148;) involving the AMERCO Employee Savings,
Profit Sharing, and Employee Stock Ownership Plan (the
&#147;Plan&#148;). The DOL has interviewed a number of Company
representatives as well as the Plan fiduciaries and has issued a
subpoena to the Company and a subpoena to SAC Holdings. One of
the issues raised by the DOL relates to the release of shares
from the Plan&#146;s loan suspense account. The Company believes
that it has resolved this particular issue by contributing
additional shares. At the present time, the Company is unable to
determine whether the DOL will assert any other claims against
the Company, SAC Holdings, or the Plan fiduciaries. The DOL has
asked AMERCO and its current directors as well as the Plan
Trustees to sign an agreement tolling the statute of limitations
with respect to any claims arising out of certain transactions
between AMERCO or any affiliate of AMERCO and SAC Holdings or
any of its affiliates and such persons have done so. The DOL
recently asked
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">such parties to extend the tolling agreement and
they have done so. The DOL has not advised the Company that it
believes that any other violations of ERISA have in fact
occurred. Instead, the DOL is simply investigating potential
violations. The Company intends to defend its position. The
Company also intends to take any corrective action that may be
needed in light of the DOL&#146;s ultimate findings. Although
the Company has fully cooperated with the DOL in this matter and
intends to continue to fully cooperate, the DOL may determine
that the Company has violated ERISA. In that event, the Company
may face sanctions, including, but not limited to, significant
monetary penalties and injunctive relief.
</FONT>

<P align="left">
<B><FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Accounting
Standards</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Statement of Financial Accounting Standards
(&#147;SFAS&#148;) No.&nbsp;143 (&#147;SFAS&nbsp;143&#148;),
Accounting for Asset Retirement Obligations, requires
recognition of the fair value of liabilities associated with the
retirement of long-lived assets when a legal obligation to incur
such costs arises as a result of the acquisition, construction,
development and/or the normal operation of a long-lived asset.
Upon recognition of the liability, a corresponding asset is
recorded at present value and accreted over the life of the
asset and depreciated over the remaining life of the long-lived
asset. SFAS&nbsp;143 defines a legal obligation as one that a
party is required to settle as a result of an existing or
enacted law, statute, ordinance, or written or oral contract or
by legal construction of a contract under the doctrine of
promissory estoppel. SFAS&nbsp;143 is effective for fiscal years
beginning after September&nbsp;15, 2002. We adopted this
statement effective April&nbsp;1, 2003, and it did not affect
our consolidated financial position or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2002, the FASB adopted
SFAS&nbsp;No.&nbsp;145 (&#147;SFAS&nbsp;145&#148;), Rescission
of No.&nbsp;4, (Reporting Gains and Losses from Extinguishment
of Debt), No.&nbsp;44 (Accounting for Intangible Assets of Motor
Carriers), No.&nbsp;64, (Extinguishments of Debt Made to Satisfy
Sinking-Fund Requirements), Amendment of FASB Statement
No.&nbsp;13 (Accounting for Leases) and Technical Corrections.
This statement eliminates the requirement that gains and losses
on debt extinguishment must be classified as extraordinary items
in the income statement. Instead, such gains and losses will be
classified as extraordinary items only if they are deemed to be
unusual and infrequent, in accordance with the current GAAP
criteria for extraordinary classification. In addition,
SFAS&nbsp;145 eliminates an inconsistency in lease accounting by
requiring that modification of capital leases that result in
reclassification as operating leases be accounted for consistent
with sale-leaseback accounting rules. The statement also
contains other non-substantive corrections to authoritative
accounting literature. The changes related to debt
extinguishment are effective for fiscal years beginning after
May&nbsp;15, 2002. We previously reclassified all extraordinary
loss on debt extinguishment to interest expense. The changes
related to lease accounting will be effective for transactions
occurring after May&nbsp;15, 2002. We adopted the lease
accounting provisions effective May&nbsp;16, 2002 and it did not
affect our consolidated financial position or results of
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2002, the FASB issued Statement of
Financial Accounting Standards No.&nbsp;146,
(&#147;SFAS&nbsp;146&#148;) Accounting for Costs Associated with
Exit or Disposal Activities, which addresses accounting for
restructuring and similar costs. SFAS&nbsp;146 supersedes
previous accounting guidance, principally Emerging Issues Task
Force (EITF)&nbsp;Issue No.&nbsp;94-3. SFAS&nbsp;146 requires
that the liability for costs associated with an exit or disposal
activity be recognized when the liability is incurred. Under
EITF No.&nbsp;94-3, a liability for an exit cost was recognized
at the date of a company&#146;s commitment to an exit plan.
SFAS&nbsp;146 also establishes that the liability should
initially be measured and recorded at fair value. Accordingly,
SFAS&nbsp;146 may affect the timing of recognizing future
restructuring costs as well as the amount recognized. The
provisions of this Statement are effective for exit or disposal
activities that are initiated after December&nbsp;31, 2002. We
adopted the Statement effective January&nbsp;1, 2003 and it did
not affect our consolidated financial position or results of
operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In November 2002, the FASB issued FASB
Interpretation No.&nbsp;45 (&#147;FIN&nbsp;45&#148;),
Guarantor&#146;s Accounting for Disclosure Requirements for
Guarantees, Including Indirect Guarantees of Indebtedness of
Others, an
</FONT>

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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<FONT size="2">interpretation of FASB Statements No.&nbsp;5, 57,
and 107 and rescission of FASB Interpretation No.&nbsp;34,
Disclosure of Indirect Guarantees of Indebtedness of Others.
FIN&nbsp;45 clarifies the requirements for a guarantor&#146;s
accounting for and disclosure of certain guarantees issued and
outstanding. It also requires a guarantor to recognize, at the
inception of a guarantee, a liability for the fair value of the
obligation undertaken in issuing the guarantee. This
Interpretation also incorporates without reconsideration the
guidance in FASB Interpretation No.&nbsp;34, which was
superseded. As a result of FIN&nbsp;45, the Company has recorded
a $125&nbsp;million liability at March&nbsp;31, 2003 and
December&nbsp;31, 2003, which is management&#146;s estimate of
the liability associated with the guarantee of the indebtedness
of an affiliate of Private Mini Storage Realty, L. P. which was
entered into in February 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 2002, the FASB issued Statement of
Financial Accounting Standards&nbsp;148
(&#147;SFAS&nbsp;148&#148;), &#147;Accounting for Stock-Based
Compensation -Transition and Disclosure&#148;, which amends
Statement of Financial Accounting Standards No.&nbsp;123
(&#147;SFAS&nbsp;123&#148;), &#147;Accounting for Stock-Based
Compensation&#148;. SFAS&nbsp;148 provides alternative methods
of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In
addition, SFAS&nbsp;148 amends the disclosure requirement of
SFAS&nbsp;123 to require more prominent and more frequent
disclosures in financial statements of the effects of
stock-based compensation. The transition guidance and annual
disclosure provisions of SFAS&nbsp;148 are effective for fiscal
years ending after December&nbsp;15, 2002. The interim
disclosure provisions are effective for financial reports
containing condensed financial statements for interim periods
beginning after December&nbsp;15, 2002. We have adopted this
statement and it had no impact on the Company&#146;s
consolidated balance sheet or results of operations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, the FASB issued Statement of
Financial Accounting Standards&nbsp;149,
(&#147;SFAS&nbsp;149&#148;) &#147;Amendment of Statement 133 on
Derivative Instruments and Hedging Activities.&#148; This
Statement amends and clarifies the accounting for derivative
instruments, including certain derivative instruments embedded
in other contracts and for hedging activities under
SFAS&nbsp;133. In particular, SFAS&nbsp;149 (1)&nbsp;clarifies
under what circumstances a contract with an initial net
investment meets the characteristic of a derivative as discussed
in SFAS&nbsp;133, (2)&nbsp;clarifies when a derivative contains
a financing component, (3)&nbsp;amends the definition of an
underlying derivative to conform it to the language used in
FIN&nbsp;45, and (4)&nbsp;amends certain other existing
pronouncements. SFAS&nbsp;149 is generally effective for
contracts entered into or modified after June&nbsp;30, 2003. The
Company does not believe the adoption of SFAS&nbsp;No.&nbsp;149
will have a material impact on the Company&#146;s financial
position, results of operations or cash flows.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In May 2003, the FASB issued SFAS&nbsp;150
(&#147;SFAS&nbsp;150&#148;), Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity.
This Statement establishes standards for classifying and
measuring as liabilities certain financial instruments that
embody obligations of the issuer and have characteristics of
both liabilities and equity. SFAS&nbsp;No.&nbsp;150 is effective
at the beginning of the first interim period beginning after
June&nbsp;15, 2003; including all financial instruments created
or modified after May&nbsp;31, 2003. SFAS&nbsp;150 currently has
no impact on the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In January 2003, the FASB issued Interpretation
Number 46, Consolidation of Variable Interest Entities
(&#147;FIN&nbsp;46&#148;), an interpretation of Accounting
Research Bulletin No.&nbsp;51. FIN&nbsp;46 requires that
variable interest entities be consolidated by a company if that
company absorbs a majority of the entity&#146;s expected losses,
receives a majority of its expected residual returns, or both,
as a result of holding a variable interest. In December 2003,
the FASB issued FIN&nbsp;46R, which reflected certain amendments
to the standard. The provisions of FIN&nbsp;46, as revised, are
effective for the first interim or annual period ending after
March&nbsp;15, 2004 when certain conditions are met by a
variable interest entity. At this time an evaluation is being
conducted to determine whether the adoption of FIN&nbsp;46 will
require that we consolidate SAC Holdings&#146; investment in
Private Mini.
</FONT>

<P align="center"><FONT size="2">15
</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating balance sheets by industry
    segment as of December&nbsp;31, 2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </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>
    <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>
    <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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">346</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,789</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">17,078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,248</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216,227</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,540</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">270,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">47,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">52,678</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">50,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">50,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,458</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">18,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">180,396</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">588,316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">768,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135,000</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" valign="bottom" nowrap><FONT size="2">164,553</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">228,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">152,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253,648</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,027</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">884,308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">6,459</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">86,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">470,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">273,370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(793,968</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">700,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">605,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">668,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">955,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,336,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,139,016</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,096,352</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">20,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">138,818</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">159,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">148,727</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">603,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">751,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">293,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">156,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">156,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">1,208,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,208,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,808,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">760,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">2,569,098</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">325</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,054,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">263,658</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,318,817</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">753,755</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">496,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,250,281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,796,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,358,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">746,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">668,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">955,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,544,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance Sheet,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(30,715</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(35,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">55,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,411</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,733</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(5,039</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(411,031</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">474,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">86,603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,870</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(514,575</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,889,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">42,664</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">42,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">159,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">751,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">293,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">156,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,208,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">991,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">733,215</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">991,486</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,302,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,062</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,385,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">916,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(250,209</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,916,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">984,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">16
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating balance sheets by industry
    segment as of December&nbsp;31, 2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sheet&nbsp;&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </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>
    <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>
    <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>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">214,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">264,157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">436</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(100,647</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">379,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,941</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">281</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">197,278</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">457,685</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">181,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">836,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">603,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">603,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">21,051</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,472</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">45,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">22,690</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">37,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,591</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">16,795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(371,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123,169</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">321,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">10,951</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(332,752</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,808</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">105,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,226,986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">749,529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">522,251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">493,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">838,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(843,995</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,986,859</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </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>
    <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>
    <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 colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">540</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">396,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">396,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(33,860</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">3,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,993</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">600,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">534,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">77,235</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(802,499</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">600,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,742</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">569,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">609,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,717</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174,921</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">117,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,139,016</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">557,237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,796,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,358,955</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">746,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">668,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">955,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,983,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,544,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sheet&nbsp;&#151;</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </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>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,205</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(66,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">359,186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">85,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">990,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(403,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">586,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">836,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">603,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">45,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,241</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,042</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(23,819</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,345</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,017,793</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(600,033</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,404,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,549</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,549</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </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 colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(160,264</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(25,801</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,598</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,461</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57,523</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">608,593</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(12,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,863</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(109,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">401,836</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">984,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(722,120</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances as of September&nbsp;30, 2003
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating balance sheets by industry
    segment as of March&nbsp;31, 2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance Sheet</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">March 31, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </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>
    <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>
    <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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">62,172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">3,238</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,062</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">263,550</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">29,668</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">35,688</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">49,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">49,233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">27,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">253,871</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">613,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">867,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135,000</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" valign="bottom" nowrap><FONT size="2">170,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">217,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">224,604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(79,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">788,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">13,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">91,894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">105,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">471,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">161,825</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,991</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,289</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(689,684</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">625,495</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">472,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">240,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">704,644</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">964,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,238,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,037,756</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">995,818</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">18,849</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">157,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">145,177</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">602,676</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">747,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">459</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">272,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,040</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">291,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">459</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,726,911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">759,854</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">2,487,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">990,412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">254,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,245,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">736,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">505,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,242,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,621,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,208,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">746,087</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">704,644</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">964,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,438,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance Sheet</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">March 31, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assets:
    </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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,662</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Trade receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(7,754</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">255,796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Notes and mortgage receivables, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(24,879</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">53,270</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prepaid expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,846</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(6,477</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">860,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investments, other
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(399,522</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">389,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred policy acquisition costs, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">105,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">63,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(445,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,827,107</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment in SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">41,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Investment in Subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">41,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant, and equipment, at cost:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Land
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">157,987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Buildings and improvements
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">747,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Furniture and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">291,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trailers and other rental equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">149,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental trucks
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,140,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&nbsp;&#151; Property, plant and
    equipment(b)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,015,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">757,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,015,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(258,271</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,244,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Accumulated depreciation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,679</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,298,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">955,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(251,655</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,946,317</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">990,029</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(a)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(b)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and furniture and
    equipment of $2,559
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(c)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(d)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(e)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(f)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(g)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(h)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">18
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<P align="left">
<B><FONT size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidating
balance sheets by industry segment as of March&nbsp;31, 2003 are
as follows:</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Sheet&nbsp;&#151; March</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">31, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,496</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">263,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,892</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,735</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,617</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">861,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101,505</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">168,666</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">485,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">182,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">836,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">20,164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">30,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,863</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">34,817</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,446</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">214,715</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">8,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(353,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">325,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">11,315</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(337,098</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,123,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">709,411</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">531,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">505,547</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" valign="bottom" nowrap><FONT size="2">853,275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(769,391</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,953,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </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>
    <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>
    <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 colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">540</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,341</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">396,050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(355,169</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">396,050</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,849</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">13,589</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,166</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,094</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">430,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(698,340</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(418,179</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,197</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">497,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">499,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">214,982</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">199,097</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,037,756</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">484,297</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,621,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,208,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">746,087</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">704,644</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">964,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,807,147</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,438,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Balance</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Sheet&nbsp;&#151; March</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">31, 2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">(Continued)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Payables and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,033</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">387,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">954,856</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">983,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(394,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">589,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Policy benefits and losses, claims and loss
    expenses payable
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">836,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities from investment contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">639,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other policyholders&#146; funds and liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">30,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,033</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,463</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(d)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,918</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(98,005</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,242</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,023,338</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(531,272</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,445,976</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Minority Interest
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,828</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,828</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity:
    </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 colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B preferred stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;A common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Common Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid in- capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(160,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">235,784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in- capital&nbsp;&#151; SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,199</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(54,278</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive
    income/(loss)&nbsp;&#151; SAC Holdings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,487</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,650</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,266</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">568,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of common shares in treasury, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,199</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(421,378</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned ESOP shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(13,177</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,137</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(111,712</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(c)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">327,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Liabilities and Stockholders&#146; Equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">990,029</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(654,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(a)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances as of December&nbsp;31, 2002
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(b)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Included in this caption is land of $273,470,
    buildings and improvements of $739,534 and furniture and
    equipment of $2,559
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(c)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">(d)&nbsp;&nbsp;Eliminate intercompany receivables
and payables
</FONT>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(e)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(f)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">(g)&nbsp;&nbsp;Eliminate intercompany interest on
debt
</FONT>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(h)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">19
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating statements of operations by
    industry segment for the quarter ended December&nbsp;31, 2003
    are as follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">356,803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,215</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">356,719</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">36,655</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" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">36,670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">20,106</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" valign="bottom" nowrap><FONT size="2">36,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(445</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(f)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,908</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">21,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">529</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">400,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">470,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">283,936</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,687</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">290,209</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">38,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">38,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">19,684</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">19,689</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">26,597</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,359</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">50,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">4,676</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,351</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">11,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">39,591</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">33,728</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,000</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" valign="bottom" nowrap><FONT size="2">410,766</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,733</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,730</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,660</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">483,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,767</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(16,238</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,400</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,369</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,175</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,485</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,868</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,127</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">19,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,723</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,282</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,369</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,238</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,557</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,573</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,058</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">9,770</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,294</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,796</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,149</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,294</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,796</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,390</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,298</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,520</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">386,497</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">47,171</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">56,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,148</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,156</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">311,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(6,987</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">23,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">50,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">11,027</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(3,377</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34,292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,002</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">503,613</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(216</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(216</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,362</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,030</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,052</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(545</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">761</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,667</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,908</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(a)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Balances are for the quarter ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(b)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(c)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(d)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(e)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(f)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(g)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(h)&nbsp;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">20
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating statements of operations by
    industry segment for the quarter ended December&nbsp;31, 2002
    are as follows (as restated):</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">31, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,938</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,747</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">307,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">34,881</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">34,894</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">40,557</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,406</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(848</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(f)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,263</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,355</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,403</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">350,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,764</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">45,669</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18,643</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">440,230</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">253,244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,587</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">264,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">38,864</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">38,864</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">18,876</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">18,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">31,788</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,921</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">59,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">1,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">6,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,268</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,748</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">35,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">29,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,512</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">371,194</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47,013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,242</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(24,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">452,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,323</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">6,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,661</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">6,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(25,576</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,095</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,857</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(249</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,536</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,100</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,532</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,853</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">22,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,004</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(249</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,536</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(65,668</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,494</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,264</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">881</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(277</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46,265</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,260</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46,265</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,260</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Quarter</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">31, 2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,369</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,475</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">335,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">45,074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">80,115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(11,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,274</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,549</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(22,556</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,850</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">286,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(6,640</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">22,422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">59,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">6,253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(1,985</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,957</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">473,945</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">4,338</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">4,338</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,639</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,261</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,722</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,483</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,844</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,820</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(494</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,820</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,783</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">3,241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,338</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,820</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(49,024</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the quarter ending
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">21
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating statements of operations by
    industry segment for the nine months ended December&nbsp;31,
    2003 are as follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,220,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,376</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,219,931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">142,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">142,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">78,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,852</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,075</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(f)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">188,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">22,740</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">64,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,385,151</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" valign="bottom" nowrap><FONT size="2">56,335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,427</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">128,272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,614,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">817,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">17,761</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,173</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">837,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">139,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">139,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">70,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">70,120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">89,594</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">169,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">11,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,044</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">28,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,741</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">122,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93,693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,092</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">98,795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,231,383</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,854</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(53,451</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,466,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">104,158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153,768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,770</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">142,473</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,414</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,018</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">60,361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">161,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,516</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,770</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">82,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(58,184</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,781</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,876</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(33,464</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,648</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,602</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,648</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,602</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(14,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(104,158</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC Moving</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">and Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">127,415</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(42,876</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,304,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,621</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">182,048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">188,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">167,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(71,671</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">81,541</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">909,380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(22,933</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">116,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,903</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">87,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">169,801</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">28,886</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(10,132</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">112,058</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">114,451</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(44,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,536,636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW&nbsp;&#38;
    OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">5,811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">5,811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss) from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,585</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">173,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">61,273</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28,795</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,688</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,877</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,811</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED
FINANCIAL&nbsp;STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">
<B><FONT size="2">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidating
statements of operations by industry segment for the nine months
ended December&nbsp;31, 2002 are as follows (as
restated):</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,146,849</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(52,092</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,146,141</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">137,554</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">137,602</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">126,876</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121,099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,844</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(f)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">243,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,040</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,464</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,036</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,902</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,811</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,307,646</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">59,472</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">148,340</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134,135</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,628</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,586,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">824,302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,080</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,234</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(61,642</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">834,928</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">144,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">144,148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">71,481</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">71,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">111,733</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">88,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">200,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">13,159</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,736</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">27,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,407</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">128,584</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,933</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">89,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,244,271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,014</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151,126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(61,642</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,496,586</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,512</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(56,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(56,512</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,812</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41,458</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,786</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(59,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84,796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,657</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" valign="bottom" nowrap><FONT size="2">16,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">54,149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,581</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">55,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,808</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,786</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,435</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(59,498</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(38,122</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,683</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(79</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(978</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,418</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,865</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,313</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,322</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,865</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,313</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,045</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="24%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revenues:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rental revenue
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">123,760</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(36,858</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,233,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,107</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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">175,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Premiums
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">243,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net investment and interest income
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(28,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">161,867</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(65,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Costs and expenses:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Operating expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,922</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,195</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">900,655</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Commission expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(21,707</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cost of sales
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,986</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">87,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Benefits and losses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">200,142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amortization of deferred policy acquisition costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">27,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lease expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(5,956</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(e)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,446</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(h)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total costs and expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,365</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(38,304</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,563,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of AREC, UHI, RW &#38; OLIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity in earnings of SAC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">5,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total&nbsp;&#151; equity earnings in subsidiaries
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">5,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (losses)&nbsp;from operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,502</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(21,554</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,744</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest Expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(28,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)(g)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fees on early extinguishment of BBAT&#146;s
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">26,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,049</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,345</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Less: Preferred stock dividends
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">9,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings (loss)&nbsp;available to common
    shareholders
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,394</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,840</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,599</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

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

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances are for the nine months ending
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(b)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Included in this caption is land of $260,496,
    buildings and improvements of $727,586 and furniture and
    equipment of $3,404
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(c)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate investment in subsidiaries
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(d)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany receivables and payables
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(e)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany lease income
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(f)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany premiums
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(g)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate intercompany interest on debt
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">(h)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eliminate gain on sale of surplus property from
    AMERCO to SAC
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">23
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.&nbsp;</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating cash flow statements by industry
    segment for the nine months ended December&nbsp;31, 2003 are as
    follows:</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Cash Flow</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used by) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">115,179</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,220</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,586</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,798</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">138,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </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>
    <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>
    <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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(131,746</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,061</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(133,807</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(5,358</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,304</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(31,223</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(46,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">21,430</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,323</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">24,753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">83,527</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">87,878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">171,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">28,534</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">28,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used by) investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(110,243</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,392</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,189</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(37,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </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>
    <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>
    <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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
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    </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>
    <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>
    <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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(50,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(50,000</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">43,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">43,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(36,021</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(29,917</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease)&nbsp;in cash and cash
    equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,728</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(8,640</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(34</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">70,617</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,524</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,108</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" valign="bottom" nowrap><FONT size="2">9,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">62,172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">346</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,532</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">132,789</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Cash Flow</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used by) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">151,201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(19,254</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,717</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(147,344</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(50,662</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(29,508</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,508</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(78,142</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(37,614</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">171,405</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">28,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used by) investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(5,431</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(2,389</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,536</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financing activities:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">5,649</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(10,791</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,153</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(55,716</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">43,020</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(79,041</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash used by investing activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,354</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(35,633</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease)&nbsp;in cash and cash
    equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(585</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">70,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,662</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">66,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">136,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2003
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">24
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151; (Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Consolidating cash flow statements by industry
    segment for the nine months ended December&nbsp;31, 2002 are as
    follows (as restated):</FONT></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Cash Flow</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">U-Haul</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Property and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Casualty</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Life</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Real Estate</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Insurance(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="27" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">231,977</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78,008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(90,812</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(45,151</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18,999</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">155,023</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </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>
    <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>
    <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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </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>
    <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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(140,467</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(12,538</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(153,081</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(9,229</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,759</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">49,573</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">49,707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">8,875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,979</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">64,312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">215,162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">291,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(13,070</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">6,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(76</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(82,019</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(9,425</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">42,013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(57,504</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(107,011</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financial activities:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">99,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">99,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
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    </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>
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    <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>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(201,010</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(201,014</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">137,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">137,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
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    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(208,899</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">971</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">63,441</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(44,506</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease)&nbsp;in cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,040</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(256</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,138</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(13,062</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">3,506</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,823</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">47,641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,073</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(1,803</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="right">[Additional columns below]

<P>[Continued from above table, first column(s) repeated]

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Cash Flow</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">SAC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">Nine Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Moving and</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">December 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Storage</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Operations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) operating
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(11,983</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">147,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from investing activities:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchases of investments:
    </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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(43,171</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(196,252</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(248,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(52,988</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from sale of investments:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Property, plant and equipment
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24,555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">74,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fixed maturities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">291,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other asset investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">6,144</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) investing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(18,616</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">(125,627</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash flows from financial activities:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net change in short-term borrowings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds from notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">46,517</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(15,517</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,981</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt issuance costs
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Leverage Employee Stock Ownership Plan:
    </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><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Purchase of shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Repayments from loan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Principal payments on notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(31,850</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(205,364</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Preferred stock dividends paid
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(6,482</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock acquisitions, net
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(1,407</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract deposits
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">137,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Investment contract withdrawals
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(74,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net cash provided by (used in) financing
    activities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,667</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,856</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Increase (decrease)&nbsp;in cash equivalents
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">753</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">4,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the beginning of
    period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">47,651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash and cash equivalents at the end of period
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51,910</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>

<P align="left">
<HR size="1" width="18%" align="left" noshade>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT size="2">(a)
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Balances for the nine months ending
    September&nbsp;30, 2002
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">25
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">6.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Industry Segment and Geographic Area
    Data</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Geographic Area Data&nbsp;&#151; All amounts
are in U.S. $&#146;s</FONT></B>

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

<TR>
    <TD width="27%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">United</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">United</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">States</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Canada</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">States</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Canada</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Consolidated</FONT></B></TD>
</TR>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Quarter Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="11" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
</TR>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="23" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">December&nbsp;31, 2003
    </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>
    <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>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">486,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,655,924</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,710,156</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,780</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,614</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">107,855</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">113,356</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,413</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,449</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(32,198</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71,548</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">80,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(30,587</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,666,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,666,507</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">139,948</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,806,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">December&nbsp;31, 2002
    </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>
    <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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">455,016</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">467,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,639,034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,683,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Depreciation/amortization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,326</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33,314</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,406</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Interest expense
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,480</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,419</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86,306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Pretax earnings (loss)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(65,121</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">429</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(64,692</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(544</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Income tax benefit (expense)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,909</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,763</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Identifiable assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,642,835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,642,835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">130,620</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,773,455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">7.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Liabilities Subject to Compromise</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under the Bankruptcy Code certain claims against
AMERCO in existence prior to the Petition Date are stayed while
AMERCO continues operating as a debtor-in-possession. AMERCO has
received approval from the Court to (1)&nbsp;pay pre-petition
and post-petition employee wages, salaries, benefits, other
employee obligations and insurance obligations; (2)&nbsp;pay
vendors and other providers in the ordinary course for goods and
services received from and after the Petition Date.
Substantially all other pre-petition liabilities of AMERCO have
been classified as liabilities subject to compromise in the
unaudited Condensed Consolidated Balance Sheets. Adjustments to
these liabilities may result from negotiations, payments
authorized by Court order, additional rejection of executory
contracts including leases, or other events.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shortly after the Chapter&nbsp;11 filing, AMERCO
began notifying all known or potential creditors of the filing
for the purpose of identifying all pre-petition claims against
the Company. Amounts that AMERCO has recorded may be different
than amounts filed by its creditors.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD><B><FONT size="2">8.</FONT></B></TD>
    <TD>
    <B><FONT size="2">Certain Relationships and Related
    Transactions</FONT></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings loaned Self-Storage International
Holding Corporation (&#147;SSI&#148;) $4.5&nbsp;million. As of
December&nbsp;31, 2003, the outstanding balance due to SAC
Holdings was $1.5&nbsp;million. Mark V. Shoen, a significant
shareholder and executive officer of AMERCO, owns all of the
equity interest of SSI and substantially all of the equity
interest of SAC Holdings. For financial reporting purposes, SSI
is not consolidated by AMERCO or SAC Holdings.
</FONT>

<P align="center"><FONT size="2">26
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">AMERCO (Debtor in Possession) AND CONSOLIDATED
SUBSIDIARIES AND</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SAC HOLDING CORPORATIONS AND CONSOLIDATED
SUBSIDIARIES</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">NOTES TO CONDENSED CONSOLIDATED
FINANCIAL&nbsp;STATEMENTS&nbsp;&#151;&nbsp;(Continued)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table summarizes the components of
liabilities subject to compromise, included in AMERCO&#146;s
Condensed Consolidated Balance Sheet as of December&nbsp;31,
2003 (in thousands):
</FONT>

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

<TR>
    <TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Inter-company</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AMERCO</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">AREC</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Eliminations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Debt subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">871,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accounts payable and accrued expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">185</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,565</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">3,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total liabilities subject to compromise
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">809,808</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">105,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,372</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Reorganization expenses incurred as a direct
result of the Company&#146;s Chapter&nbsp;11 filing are included
in operating expenses and interest expense in the Condensed
Consolidated Statement of Operations. Professional fees of
$7.9&nbsp;million and default interest payments of $0 were paid
during the quarter ended December&nbsp;31, 2003. Professional
fees of $13.8&nbsp;million and default interest payments of
$4.4&nbsp;million were paid during the nine months ended
December&nbsp;31, 2003.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link2 "Item 2. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;2.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Management&#146;s Discussion and Analysis
    of Financial Condition and Results of Operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Cautionary Statements Regarding
Forward-Looking Statements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Quarterly Report on Form&nbsp;10-Q contains
forward-looking statements. We may make additional written or
oral forward-looking statements from time to time in filings
with the Securities and Exchange Commission or otherwise. We
believe such forward-looking statements are within the meaning
of the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements may include, but
are not limited to, the expected outcomes of the Chapter&nbsp;11
proceedings, projections of revenues, income or loss, estimates
of capital expenditures, our plans and intentions regarding the
recapitalization of our balance sheet and the payment of
dividends arrearages, plans for future operations, products or
services, financing needs and plans, our perceptions of our
legal positions and anticipated outcomes of pending litigation
against us, liquidity as well as assumptions relating to the
foregoing. The words &#147;believe&#148;, &#147;expect&#148;,
&#147;anticipate&#148;, &#147;estimate&#148;,
&#147;project&#148; and similar expressions identify
forward-looking statements, which speak only as of the date the
statement was made. Forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified. Factors that could significantly affect
results include, without limitation, the risk factors enumerated
at the end of this section, as well as the following: the
Company&#146;s ability to operate pursuant to the terms of its
DIP facility; the Company&#146;s ability to obtain court
approval with respect to motions in the Chapter&nbsp;11
proceeding prosecuted by it from time to time; the
Company&#146;s ability to prosecute, confirm, and consummate its
plan of reorganization with respect to the Chapter&nbsp;11 case;
the Company&#146;s ability to operate pursuant to the terms of
its post-bankruptcy financing agreements; the Company&#146;s
ability to obtain and maintain normal terms with vendors and
service providers; the Company&#146;s ability to maintain
contracts that are critical to its operations; the potential
adverse impact of the Chapter&nbsp;11 case on the Company&#146;s
liquidity or results of operations; the costs and availability
of financing; the Company&#146;s ability to execute its business
plan; the Company&#146;s ability to attract, motivate and retain
key employees; general economic conditions; weather conditions;
fluctuations in our costs to maintain and update our fleet and
facilities; our ability to refinance our debt; our ability to
successfully recapitalize our balance sheet; our ability to
continue as a going concern; changes in government regulations,
particularly environmental regulations; our credit ratings; the
availability of credit; changes in demand for our products;
changes in the general domestic economy; degree and nature of
our competition; the resolution of pending litigation against
the Company; changes in accounting standards and other factors
described in this report or the other documents we file with the
Securities Exchange Commission. The above factors, the following
disclosures, as well as other statements in this report and in
the Notes to AMERCO&#146;s Condensed Consolidated Financial
Statements, could contribute to or cause such differences, or
could cause AMERCO&#146;s stock price to fluctuate dramatically.
Consequently, the forward-looking statements should not be
regarded as representations or warranties by the Company that
such matters will be realized. The Company disclaims any intent
or obligation to update or revise any of the forward-looking
statements, whether in response to new information, unforeseen
events, changed circumstances or otherwise.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Information on industry segments is incorporated
by reference from&nbsp;&#151; Notes&nbsp;1 and 6 of Notes to
Condensed Consolidated Financial Statements. Those notes discuss
the principles of consolidation, summarized consolidated
financial information and industry segment and geographical area
data, respectively. In consolidation, all inter-segment premiums
are eliminated and the insured portion of the related benefits,
losses and expenses are retained by the insurance companies.
</FONT>

<P align="left">
<B><FONT size="2">Critical Accounting Policies and
Estimates</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management&#146;s discussion and analysis of
financial condition and results of operations are based upon the
consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the
United States of America. The preparation of our financial
statements requires the use of estimates and judgments that
affect the reported amounts of assets, liabilities, revenues and
expenses, and related disclosure of contingent assets and
liabilities. On an ongoing basis, estimates are re-evaluated,
including those related to areas that require a significant
level of judgment or are otherwise subject to an
</FONT>

<P align="center"><FONT size="2">28
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">inherent degree of uncertainty. These areas
include allowances for doubtful accounts, depreciation of
revenue earning vehicles and buildings, self-insured
liabilities, impairments of assets, insurance reserves, premiums
and acquisition cost amortization, income taxes and commitments
and contingencies. Our estimates are based on historical
experience, observance of trends in particular areas,
information and/or valuations available from outside sources and
on various other assumptions that we believe to be reasonable
under the circumstances and which form the basis for making
judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual amounts
may differ from these estimates under different assumptions and
conditions. Such differences may be material.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Accounting policies are considered critical when
they are significant and involve difficult, subjective or
complex judgments or estimates. We consider the following to be
critical accounting policies:
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Principles of Consolidation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The condensed consolidated financial statements
presented here include the accounts of AMERCO and its
wholly-owned subsidiaries and SAC Holdings and their
subsidiaries. All material inter-company accounts and
transactions have been eliminated in consolidation. AMERCO has
made significant loans to SAC Holdings and is entitled to
participate in SAC Holdings&#146; excess cash flow (after senior
debt service). All of the equity interest of SAC Holdings is
owned by Mark&nbsp;V. Shoen, a significant shareholder and
executive officer of AMERCO. AMERCO does not have an equity
ownership interest in SAC Holdings, except for investments made
by RepWest and Oxford in a SAC Holdings-controlled limited
partnership which holds Canadian self-storage properties. SAC
Holdings are not legal subsidiaries of AMERCO. AMERCO is not
liable for the debts of SAC Holdings and there are no default
provisions in AMERCO indebtedness that cross-default to SAC
Holdings&#146; obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The operating results and financial position of
RepWest and Oxford have been consolidated on the basis of a
calendar year and, accordingly, results from operations for
RepWest and Oxford are for the quarter and nine months ended
September&nbsp;30, 2003 and 2002.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Revenue earning vehicles and
    buildings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Depreciation is recognized in amounts expected to
result in the recovery of estimated residual values upon
disposal (i.e., no gains or losses). In determining the
depreciation rate, we review historical disposal experience and
holding periods. Due to longer holding periods on trucks and the
resulting increased possibility of changes in the economic
environment and market conditions, these estimates are subject
to a greater degree of risk.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Long-lived assets and intangible
    assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We review carrying value whenever events or
circumstances indicate the carrying values may not be
recoverable through projected undiscounted future cash flows.
The events could include significant underperformance relative
to expected, historical or projected future operating results,
significant changes in the manner of using the assets, overall
business strategy, significant negative industry or economic
trends and an unexpected non-compliance with significant debt
agreements.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Investments</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For investments accounted for under SFAS 115, in
determining if and when a decline in market value below
amortized cost is other than temporary, quoted market prices,
dealer quotes or discounted cash flows are reviewed.
Other-than-temporary declines in value are recognized in the
current period operating results to the extent of the decline.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Insurance revenue and expense
    recognition</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Premiums are recognized as revenue as earned over
the terms of the respective policies. Benefits and expenses are
matched with recognized premiums to result in revenue and
expense recognition over the life of
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV align="left">
<FONT size="2">the contracts. This match is accomplished by
recording a provision for future policy benefits and unpaid
claims and claim adjustment expenses and by amortizing deferred
policy acquisition costs. Charges related to services to be
performed are deferred until earned. The amounts received in
excess of premiums and fees are included in other policyholder
funds in the consolidated balance sheets.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Unearned premiums represent the portion of
premiums written which relate to the unexpired term of policies.
Liabilities for health and disability and other policy claims
and benefits payable represent estimates of payments to be made
on insurance claims for reported losses and estimates of losses
incurred but not yet reported. These estimates are based on past
claims experience and current claim trends as well as social and
economic conditions such as changes in legal theories and
inflation. Due to the nature of underlying risks and the high
degree of uncertainty associated with the determination of the
liability for future policy benefits and claims, the amounts to
be ultimately paid to settle liabilities cannot be precisely
determined and may vary significantly from the estimated
liability.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Acquisition costs related to insurance contracts
have been deferred to accomplish matching against future premium
revenue. The costs are charged to current earnings to the extent
it is determined that future premiums are not adequate to cover
amounts deferred.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul insurance expense</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Expense is recognized monthly based on reported
claims and an estimate of future claims. A reserve is booked for
unpaid losses. U-Haul&#146;s self-insured retention is paid out
over time as claims are settled, relieving the reserve for
unpaid losses.
</FONT>

<P align="left">
<B><FONT size="2">Results of Operations</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Quarter Ended December&nbsp;31, 2003 Versus
    Quarter Ended December&nbsp;31, 2002</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">U-Haul Moving and Storage</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenues consist of rental revenues, net sales
and investment earnings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue was $356.8&nbsp;million and
$307.9&nbsp;million for the quarters ended December&nbsp;31,
2003 and 2002, respectively. The increase primarily resulted
from growth in equipment rental revenues due to improved revenue
per transaction and fleet utilization, and increases in storage
revenues due to increases in the quantity of rooms rented and
price improvement in rooms rented.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $36.7&nbsp;million and
$34.9&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively. The increase reflects improved sales of
propane and moving support items and shifts in the mix of
products sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Investment income was $6.9&nbsp;million and
$7.3&nbsp;million for the quarter ending December&nbsp;31, 2003
and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales were $19.7&nbsp;million and
$18.9&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively. The increase is due to a shift in the
mix of products sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before inter-company
eliminations were $283.9&nbsp;million and $253.2&nbsp;million
for the quarters ended December&nbsp;31, 2003 and 2002,
respectively. The increase is due to an increase in insurance
reserves partially offset by declines in advertising expense,
telephone and other operating expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $36.2&nbsp;million and
$32.3&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $32.8&nbsp;million
and $27.9&nbsp;million for the quarters ended December&nbsp;31,
2003 and 2002, respectively. Depreciation from rental trucks
acquired off lease and an increase in depreciation on pickups
and vans caused the increase.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating loss before inter-company eliminations
was $10.4&nbsp;million and $21.1&nbsp;million for the quarters
ended December&nbsp;31, 2003 and 2002.
</FONT>

<P align="center"><FONT size="2">30
</FONT>
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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Amerco Real Estate (AREC)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue before inter-company eliminations
was $20.1&nbsp;million and $21.7&nbsp;million for the quarters
ended December&nbsp;31, 2003 and 2002, respectively.
Inter-company revenue was $15.5 and $14.8&nbsp;million for the
quarters ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment and interest income was
$2.0&nbsp;million and $3.1&nbsp;million for the quarters ended
December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $3.1&nbsp;million and $2.7 for
the quarters ended December&nbsp;31, 2003 and 2002,
respectively. The increase is a result of the increase in lease
expense for storage facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $0.9&nbsp;million
and $1.2&nbsp;million for the quarters ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before inter-company
eliminations was $14.4&nbsp;million and $13.9&nbsp;million for
the quarters ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Property and Casualty (RepWest)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s net earned premiums were
$20.1&nbsp;million and $40.6&nbsp;million for the three months
ended September&nbsp;30, 2003 and 2002, respectively. General
agency premiums were $13.0&nbsp;million and $19.9&nbsp;million
for the three months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease in 2003 is due to RepWest&#146;s
decision to exit its non-U-Haul lines. Assumed treaty
reinsurance premiums were $0 and $10.6&nbsp;million for the
three months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease from 2002 to 2003 is due to the
cancellation of RepWest&#146;s assumed treaty business. Rental
industry earned premiums were $7.0&nbsp;million and
$10.0&nbsp;million for the three months ended September&nbsp;30,
2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income was $7.3&nbsp;million and
$6.2&nbsp;million for the three months ended September&nbsp;30,
2003 and 2002, respectively. The 2003 increase included a
$2.0&nbsp;million gain on sale of real estate.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits and losses incurred were
$26.6&nbsp;million and $31.8&nbsp;million for the three months
ended September&nbsp;30, 2003 and 2002, respectively. The
decrease is due to decreased earned premiums in all segments of
RepWest&#146;s business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The net amortization of deferred acquisition
costs (DAC)&nbsp;was $4.7&nbsp;million and $1.6&nbsp;million for
the three months ended September&nbsp;30, 2003 and 2002,
respectively. The increase is due to lower premiums resulting
from RepWest&#146;s decision to exit its non-U-Haul lines.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $3.5&nbsp;million and
$13.6&nbsp;million for the three months ended September&nbsp;30,
2003 and 2002, respectively. The decrease is a result of reduced
commissions and general administrative expenses.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating loss before tax was $7.4&nbsp;million
and $0.2&nbsp;million for the three months ended
September&nbsp;30, 2003 and 2002. The increase in losses is
primarily due to loss development and reserve strengthening on
cancelled lines of business that were written in prior years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, RepWest announced that in
conjunction with the Company&#146;s overall restructuring
efforts, it is redirecting its operating focus. In particular,
RepWest is exiting non-U-Haul related lines of business.
Management estimates that approximately 75% and 81% of earned
premium and balance sheet reserves, respectively, relate to the
operations that are being discontinued. The process will be
conducted in a fashion to help insure an orderly transition and
minimize related costs.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Life Insurance (Oxford)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net premiums were $36.4&nbsp;million and
$40.4&nbsp;million for the quarters ended September&nbsp;30,
2003 and 2002, respectively. Medicare supplement premiums
decreased $1.1&nbsp;million as lapses on closed blocks exceeded
new business. Life and annuity premiums decreased
$1.3&nbsp;million quarter over quarter due to a decline in new
life writings. Credit insurance premiums decreased
$1.3&nbsp;million for the quarter as the number of accounts
decreased. Other business segments had premium decreases
totaling $0.3&nbsp;million.
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income before inter-company
eliminations decreased to $4.7 million from $5.3&nbsp;million
due to fewer realized gains.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits incurred were $24.4&nbsp;million and
$27.9&nbsp;million for the quarters ended September&nbsp;30,
2003, and 2002, respectively. Medicare supplement incurred
benefits decreased $1.9&nbsp;million due to a reduced population
and better loss experience. Life insurance benefits decreased
$1.3&nbsp;million. Other business segments had benefits
decreases totaling $0.4&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Amortization of deferred acquisition costs
(DAC)&nbsp;and the value of business acquired (VOBA)&nbsp;was
$6.4&nbsp;million and $4.6&nbsp;million for the quarters ended
September&nbsp;30, 2003 and 2002, respectively. The increase is
from increased surrender activity from the deferred annuity
segment that has occurred since AMERCO&#146;s bankruptcy filing
and Oxford&#146;s subsequent rating decline.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $6.0&nbsp;million and
$9.7&nbsp;million for the quarters ended September&nbsp;30,
2003, and 2002, respectively. Commissions have decreased
$1.7&nbsp;million from 2002 as new sales have declined. Fees
collected from surrendered annuity policies increased
$2.4&nbsp;million offsetting the increases in DAC amortization.
General and administrative expenses net of fees collected
increased $0.5&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before tax and inter-company
eliminations was $4.4&nbsp;million, and $3.4&nbsp;million for
the quarters ending September&nbsp;30, 2003, and 2002,
respectively. The increase is primarily from improvements in the
Medicare supplement segment.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">SAC Moving and Storage</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Total revenues consist of storage rental
revenues, vehicle rental commissions and net sales. Total rental
revenue was $43.3&nbsp;million and $39.4 million for the
quarters ended December&nbsp;31, 2003 and 2002, respectively.
The increase is due to increased room inventory and rates.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues increased to
$10.5&nbsp;million from $10.2&nbsp;million for the quarters
ended December&nbsp;31, 2003 and 2002, respectively. The
increase is due to higher sales volume of moving support items.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before inter-company
eliminations increased to $24.9&nbsp;million from
$24.7&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively. Operating expenses are relatively
constant.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales were $4.2&nbsp;million and
$3.5&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $5.1&nbsp;million
and $4.7&nbsp;million for the quarters ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profits were $19.5&nbsp;million and
$16.6&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Consolidated Group</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense was $31.2&nbsp;million and
$31.4&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively. AMERCO&#146;s interest expense,
excluding SAC, was $19.7 and $22.0&nbsp;million for the quarters
ended December&nbsp;31, 2003 and 2002, respectively. Interest
expense of SAC Holdings on third party debt was
$11.4&nbsp;million and $9.4&nbsp;million for the quarter ended
December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax loss was $32.2&nbsp;million and
$64.7&nbsp;million for the quarters ended December&nbsp;31, 2003
and 2002, respectively. After providing for income taxes, net
losses were $21.7&nbsp;million and $45.8&nbsp;million for the
quarters ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="center"><FONT size="2">32
</FONT>

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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Nine months ended December&nbsp;31, 2003
    Versus Nine months Ended December&nbsp;31, 2002</FONT></I></B></TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">U-Haul Moving and Storage</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Revenues consist of rental revenues, net sales
and investment earnings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue was $1,220.0&nbsp;million and
$1,146.8&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. The increase from
the prior year reflects increased equipment rental revenues
which can be attributed to an increase in the average dollar per
transaction, improved equipment utilization, and increases in
storage revenues due to an increase in the number of rooms
rented and improved pricing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $142.4&nbsp;million and
$137.6&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The increase in sales reflects
improved sales of propane and moving support items.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales were $70.1&nbsp;million and
$71.5&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The decrease was due to a shift in
the mix of products sold.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before inter-company
eliminations were $817.8&nbsp;million and $824.3&nbsp;million
for the nine months ended December&nbsp;31, 2003 and 2002,
respectively. Decreases in advertising, telephone, utility and
other operating expenses caused the decrease.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $110.8&nbsp;million and
$120.4&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. The decrease is due to a decrease
in the number of trucks leased.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $93.7&nbsp;million
and $83.9&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. Depreciation from
rental trucks acquired off lease, an increase in depreciation on
pickups and vans, and increased losses on disposition of fixed
assets is responsible for the increase in net depreciation
expense.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before inter-company
eliminations was $153.8&nbsp;million and $63.4&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Amerco Real Estate (AREC)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Rental revenue before inter-company eliminations
was $50.3&nbsp;million and $51.4&nbsp;million for the nine
months ended December&nbsp;31, 2003 and 2002, respectively.
Inter-company revenue was $45.7 and $45.1&nbsp;million for the
nine months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment and interest income was
$6.0&nbsp;million and $8.0&nbsp;million for the nine months
ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Lease expense was $10.7&nbsp;million and $7.5 for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively. The increase is a result of the increase in lease
expense for storage facilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $5.1&nbsp;million
and $5.4&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before inter-company
eliminations was $40.5&nbsp;million and $41.5&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Property and Casualty (RepWest)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s earned premiums were
$78.2&nbsp;million and $126.9&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. General
agency premiums were $56.4&nbsp;million and $68.5&nbsp;million
for the nine months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease in 2003 is due to RepWest exiting its
non-U-Haul related lines. Assumed treaty reinsurance premiums
were $2.1&nbsp;million and $29.1&nbsp;million for the nine
months ended September&nbsp;30, 2003 and 2002, respectively. The
decrease from 2002 to 2003 is due to the cancellation of
RepWest&#146;s assumed treaty business. Rental industry earned
premiums were $19.7&nbsp;million and $29.2&nbsp;million for the
nine months ended September&nbsp;30, 2003 and 2002,
respectively. The 2003 decrease was from a change in policy
structure on U-Haul business effective April&nbsp;1, 2003.
</FONT>

<P align="center"><FONT size="2">33
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income was $19.2&nbsp;million and
$21.5&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. The decrease is attributable to
lower average invested assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits and losses incurred were
$89.6&nbsp;million and $111.7&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. The
decrease is primarily due to decreased earned premiums in all
segments of the RepWest&#146;s business, which was offset
partially by the reserve strengthening on discontinued lines.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The net amortization of deferred acquisition
costs (DAC)&nbsp;were $11.8&nbsp;million and $13.2&nbsp;million
for the nine months ended September&nbsp;30, 2003 and 2002,
respectively. The decrease is due to RepWest&#146;s decreased
earned premiums.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $17.8&nbsp;million and
$26.2&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. The decrease is due to reduced
general administrative expenses, as a result of the
discontinuance of non-related U-Haul lines.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating loss before tax was $21.8&nbsp;million
and $2.8&nbsp;million for the nine months ended
September&nbsp;30, 2003 and 2002, respectively. The increase in
the loss is due to further loss development and reserve
strengthening on cancelled lines of business that were written
in prior years.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April 2003, RepWest announced that in
conjunction with the Company&#146;s overall restructuring
efforts, it is redirecting its operating focus. In particular,
RepWest is exiting non-U-Haul related lines of business.
Management estimates that approximately 75% and 81% of earned
premium and balance sheet reserves, respectively, relate to the
operations that are being discontinued. The process will be
conducted in an orderly fashion to help minimize related costs.
</FONT>

<P align="center">
<B><FONT size="2">Republic Western Business Breakdown</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net Earned Premium</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Net Earned Premium</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Outstanding</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Reserves at</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Reserves at</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Insurance Line</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">AMERCO Related Business:</FONT></B></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>
    <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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U-Haul business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">70,224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Safestor, Safetow, Safemove
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,995</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" valign="bottom" nowrap><FONT size="2">11,531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,698</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Storage
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,712</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,871</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NAFCIC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,293</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,628</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,749</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">81,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">98,394</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Non-AMERCO Related Business:</FONT></B></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>
    <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>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Agency
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">56,366</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">68,537</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">277,924</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">227,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Assumed business
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">63,019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73,278</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">58,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,630</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">340,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Total RepWest</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">126,876</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">422,724</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">399,448</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Life Insurance (Oxford)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net premiums were $112.9&nbsp;million and
$121.1&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. Life insurance premium and
annuitizations decreased $2.8&nbsp;million from the same period
in 2002. Credit insurance premiums decreased $3.6&nbsp;million
for the nine months. Other business segments had premium
decreases totaling $1.9&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net investment income before inter-company
eliminations was $15.4&nbsp;million and $13.0&nbsp;million for
the nine months ended September&nbsp;30, 2003 and 2002,
respectively. This is primarily due to fewer other than
</FONT>

<P align="center"><FONT size="2">34
</FONT>

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<DIV align="left">
<FONT size="2">temporary decline write-downs in the bond
portfolio offset by reduced investment yields and a lower
invested asset base.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Benefits incurred were $80.2&nbsp;million and
$88.4&nbsp;million for the nine months ended September&nbsp;30,
2003 and 2002, respectively. Medicare supplement incurred
benefits decreased $4.7&nbsp;million and credit life and
disability decreased $1.8&nbsp;million from reduced populations
and improved loss experience. Other segments had benefit
decreases totaling $1.7&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Amortization of deferred acquisition cost
(DAC)&nbsp;and the value of business acquired (VOBA)&nbsp;was
$17.0&nbsp;million and $14.7&nbsp;million for the nine months
ended September&nbsp;30, 2003 and 2002, respectively. The
increase is primarily due to surrender activity from the
deferred annuity segment that has occurred since AMERCO&#146;s
bankruptcy filing and Oxford&#146;s subsequent rating decline.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses were $23.2&nbsp;million and
$29.6&nbsp;million for the nine months ended September&nbsp;30,
2003, and 2002, respectively. Commission expenses decreased
$2.0&nbsp;million as new sales declined. Fees collected from
annuity policies that surrendered increased $3.2&nbsp;million
offsetting the increases in DAC amortization. General and
administrative expenses net of fees collected decreased
$1.2&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profit before tax and inter-company
eliminations was $7.8&nbsp;million and $1.4&nbsp;million for the
nine months ended September&nbsp;30, 2003 and 2002,
respectively. The improvement is due to fewer write-downs of
bonds and from better loss experience in the Medicare supplement
segment.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">SAC Moving and Storage</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Total revenues consist of storage rental
revenues, vehicle rental commissions and net sales. Total rental
revenue was $127.4&nbsp;million and $123.8&nbsp;million for the
nine months ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net sales revenues were $39.6&nbsp;million and
$38.1&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. Propane and hitch sales accounted
for the increase.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating expenses before inter-company
eliminations were $81.5&nbsp;million and $74.9&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively. Increased expenses were the result of increased
payroll, advertising, property tax expenses, and liability
insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cost of sales increased to $16.9&nbsp;million
from $16.0&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. This increase was
due to increased sales volume.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Net depreciation expense was $16.0&nbsp;million
and $14.5&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. The increase is
due to an increased loss on disposal of assets.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Operating profits were $52.6&nbsp;million and
$56.5&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <I><FONT size="2">Consolidated Group</FONT></I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest expense was $92.8&nbsp;million and
$86.3&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. AMERCO&#146;s interest expense was
$60.4 and $54.1&nbsp;million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively. AMERCO&#146;s
interest expense increased despite lower overall average debt
outstanding due to an increase in the average cost of debt
resulting from default interest. Interest expense of SAC
Holdings on third party debt was $32.5&nbsp;million and
$32.2&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pretax earnings were $80.7&nbsp;million and
$6.9&nbsp;million for the nine months ended December&nbsp;31,
2003 and 2002, respectively. After providing for income taxes,
net earnings were $50.1&nbsp;million and $0.1&nbsp;million for
the nine months ended December&nbsp;31, 2003 and 2002,
respectively.
</FONT>

<P align="center"><FONT size="2">35
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<P align="left">
<B><FONT size="2">Liquidity and Capital Resources</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The matters described in &#147;Liquidity and
Capital Resources&#148; to the extent that they relate to future
events or expectations, may be significantly affected by the
Chapter&nbsp;11 case. That proceeding involves, or may result
in, various restrictions on the Company&#146;s activities,
limitations on financing, the need to obtain Bankruptcy Court
approval for various matters and uncertainty as to relationships
with vendors, suppliers, customers and others with whom the
Company may conduct or seek to conduct business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Generally, under the Bankruptcy Code, most of a
debtor&#146;s liabilities must be satisfied in full in order to
preserve the value of the debtor&#146;s preferred and common
stock. The rights and claims of the Company&#146;s various
creditors and security holders will be determined by the plan of
reorganization filed by AMERCO. Although AMERCO expects to
consummate a &#147;full value&#148; plan of reorganization that
provides creditors with a combination of cash and new debt
securities equal to the full amount of their allowed claims and
also preserves the value of AMERCO&#146;s common and preferred
stock, no assurance can be given as to what values will be
ascribed in the bankruptcy proceedings to each of these
constituencies.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage Capital
    Expenditures</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To meet the needs of its customers, U-Haul must
maintain a large inventory of fixed asset rental items.
Historically capital expenditures have primarily reflected new
rental truck acquisitions and storage expansion. The capital
required to fund these expenditures has historically been
obtained through internally generated funds from operations,
indebtedness and lease financing.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During each of the fiscal years ending
March&nbsp;31, 2004, 2005 and 2006, U-Haul estimates gross
capital expenditures will average approximately
$150&nbsp;million to maintain the rental fleet at current
levels. Management estimates that U-Haul will fund these
requirements with leasing, internally generated funds and
proceeds from the sale of trucks and surplus assets. The level
of capital expenditures may be affected by the amount of
internally generated funds and proceeds from the sale of assets.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amerco Real Estate (AREC)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, Real Estate had
$101.5&nbsp;million of notes and loans payable due in less than
one year and its accounts payable and accrued expenses total
$4.0&nbsp;million. Real Estate financial assets (cash,
receivables, inventories, and short term investments) at
December&nbsp;31, 2003 were $14.6&nbsp;million.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property and Casualty
    (RepWest)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At September&nbsp;30, 2003, RepWest had no notes
and loans due in less than one year and its accounts payable and
accrued expenses were $1.4&nbsp;million. RepWest&#146;s
financial assets (cash, receivables, inventories, short-term
investments and fixed maturities) at September&nbsp;30, 2003
were $545.0&nbsp;million. State insurance regulations restrict
the amount of dividends that can be paid to stockholders of
insurance companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">RepWest&#146;s cash and cash equivalents and
short-term investment portfolio were $61.2&nbsp;million and
$29.6&nbsp;million at September&nbsp;30, 2003, and 2002,
respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholder&#146;s equity was $174.9&nbsp;million
and $213.1&nbsp;million at September&nbsp;30, 2003, and 2002,
respectively. RepWest considers current stockholder&#146;s
equity to be adequate to absorb unforeseen risk events.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Life Insurance (Oxford)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At September&nbsp;30, 2003, Oxford had no notes
and loans payable due in less than one year and its accounts
payable and accrued expenses total $0.7&nbsp;million. Life
Insurance financial assets (cash, receivables, inventories,
short-term investments, other investments, and fixed maturities)
at September&nbsp;30, 2003 were $873.8&nbsp;million. State
insurance regulations restrict the amount of dividends that can
be paid to stockholders of insurance companies.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition to cash flows from operating and
financing activities, a substantial amount of liquid funds is
available through Oxford&#146;s short-term portfolio. At
September&nbsp;30, 2003, and 2002 short-term investments
</FONT>

<P align="center"><FONT size="2">36
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<DIV align="left">
<FONT size="2">amounted to $122.9&nbsp;million, and
$38.4&nbsp;million, respectively. Management believes that the
overall sources of liquidity will continue to meet foreseeable
cash needs.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Stockholder&#146;s equity increased to
$117.2&nbsp;million from $104.3&nbsp;million in 2002. The
increase from 2002 is a result of earnings and changes in market
value for the available for sale investment portfolio.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Oxford is in compliance with the NAIC minimum
risk-based capitalization (RBC)&nbsp;requirements.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings operations are funded by various
mortgage loans and unsecured notes, with interest rates ranging
from 5.0% to 13.0%. SAC Holdings does not utilize revolving
lines of credit to finance its operations or acquisitions.
Certain of SAC Holdings&#146; agreements contain restrictive
covenants and restrictions on incurring additional subsidiary
indebtedness. At December&nbsp;31, 2003, SAC Holdings was in
compliance with all of these covenants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, SAC Holdings&#146;
notes and loans payable due in less than one year total
$32.9&nbsp;million and its accounts payable and accrued expenses
total $46.2&nbsp;million. SAC Holdings&#146; financial assets
(cash, receivables, inventories, and short term investments) at
December&nbsp;31, 2003 were $8.8&nbsp;million. Because AMERCO
does not have any equity ownership in SAC Holdings (other than
investments made by RepWest and Oxford in a SAC
Holdings-controlled limited partnership which holds Canadian
self-storage properties), these assets are not available to meet
the obligations of AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, total outstanding
notes and mortgages payable for SAC Holdings and consolidated
subsidiaries, before inter-company eliminations were
$990.1&nbsp;million as compared to $983.2&nbsp;million at
March&nbsp;31, 2003. SAC Holdings&#146; creditors have no
recourse to AMERCO. AMERCO is not liable for the debts of SAC
Holdings. Further, there are no cross default provisions on
indebtedness between AMERCO and SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, total outstanding
notes and mortgages payable for AMERCO and wholly owned
subsidiaries was $957.0&nbsp;million compared to
$954.9&nbsp;million at March&nbsp;31, 2003.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Credit Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s operations were previously funded
by various credit and financing arrangements, including
unsecured long-term borrowings, unsecured medium-term notes and
revolving lines of credit with domestic and foreign banks. To
finance its fleet of trucks and trailers, U-Haul routinely
enters into leasing transactions. As of December&nbsp;31, 2003,
AMERCO had $957.0&nbsp;million in total notes and loans
outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Certain of AMERCO&#146;s credit agreements
contained restrictive financial and other covenants, including,
among others, covenants with respect to incurring additional
indebtedness, making third party guarantees, entering into
contingent obligations, maintaining certain financial ratios and
placing certain additional liens on its properties and assets
and restricting the issuance of certain types of preferred stock
AMERCO&#146;s various credit and financing arrangements are
affected by its credit ratings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;15, 2002, AMERCO failed to make a
$100&nbsp;million principal payment due to the
Series&nbsp;1997-C Bond Backed Asset Trust. On that date, AMERCO
also failed to pay a $26.5&nbsp;million obligation to Citibank
and Bank of America in connection with the BBATs. As a result of
the foregoing, AMERCO is in default with respect to its other
credit arrangements that contain cross-default provisions,
including its Revolver. In addition to the cross-default under
the Revolver, AMERCO is also in default under that agreement as
a result of its failure to obtain incremental net cash proceeds
and/or availability from additional financings in the aggregate
amount of at least $150&nbsp;million prior to October&nbsp;15,
2002. In addition, Amerco Real Estate Company has defaulted on a
$100&nbsp;million loan by failing to grant mortgages required by
the loan agreement in a timely manner. The obligations of AMERCO
currently in default (either directly or as a result of a
cross-default) are approximately $1,121.2&nbsp;million.
</FONT>

<P align="center"><FONT size="2">37
</FONT>
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<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Support Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 1997, AMERCO, through its insurance
subsidiaries, made an equity investment in Private Mini. During
1997, Private Mini secured a line of credit in the amount of
$225&nbsp;million with a financial institution, which was
subsequently reduced in accordance with its terms to
$125&nbsp;million in December 2001. Under the terms of this
credit facility AMERCO entered into a support party agreement
with Private Mini and the financial institution whereby upon
certain defaults or noncompliance with debt covenants by Private
Mini, AMERCO could be required to assume responsibility in
fulfilling all payment obligations and certain covenant
obligations related to this credit facility. Private Mini
defaulted on the credit facility due to AMERCO&#146;s default
under the support party agreement, which support party agreement
default was triggered by virtue of cross-defaults to certain
other AMERCO obligations. Additionally, Private Mini defaulted
under the credit facility by virtue of non-payment of the
outstanding balance at maturity. In December 2002, the financing
institution exercised its option to require AMERCO to purchase
all commitments under the credit facility. In March, 2003 AMERCO
and the financial institution entered a standstill agreement
with respect to this obligation, which standstill agreement
expired by its terms on April&nbsp;30, 2003. Since
April&nbsp;30, 2003, the financial institution has not re-issued
any default notices to AMERCO with respect to this obligation or
otherwise required AMERCO to purchase all commitments under the
credit facility. AMERCO has not purchased any commitments under
the credit facility and, as of December&nbsp;31, 2003, AMERCO
has recorded a liability for the $55&nbsp;million remaining
balance under the credit facility with a corresponding increase
to its receivable from Private Mini.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 2003, an entity affiliated with
Private Mini closed on a $255 million financing and
$70&nbsp;million of these proceeds were used to pay down the
$125&nbsp;million line of credit described above. The aggregate
amount of support provided by AMERCO remains unchanged at
$125&nbsp;million ($55&nbsp;million to the lenders under the
Amended and Restated loan agreement with the 1997 lenders and
$70&nbsp;million under the new $255&nbsp;million financing).
Under the terms of the support party agreement for the
$255&nbsp;million financing, following certain events of
default, AMERCO would assume responsibility for $70&nbsp;million
of the obligations under this financing. AMERCO has recorded a
liability for the $70 million obligation with a corresponding
increase to its receivable from Private Mini. In June 2003,
AMERCO&#146;s insurance subsidiaries sold their equity interest
in Private Mini to SAC Holding.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Bankruptcy Filing</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003 (the &#147;Petition
Date&#148;), AMERCO 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 continues to manage its
properties and operate its businesses as
&#147;debtor-in-possession&#148; under the jurisdiction of the
Bankruptcy Court and in accordance with the applicable
provisions of the Bankruptcy Code. In general, as
debtor-in-possession, AMERCO is authorized under Chapter&nbsp;11
to continue to operate as an ongoing business, but may not
engage in transactions outside the ordinary course of business
without the prior approval of the Bankruptcy Court. Specific
information pertaining to the bankruptcy filing may be obtained
from the website <I>www.amerco.com</I>. The consolidated
financial statements do not include any adjustments to reflect
future effects on the recoverability and classification of
assets or the amount and classification of liability that might
result from these uncertainties. The Company&#146;s independent
auditors qualified their opinion on the Company&#146;s
March&nbsp;31, 2003 financial statements by including an
explanatory paragraph in which they expressed substantial doubt
about the Company&#146;s ability to continue as a going concern.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;6, 2003, AMERCO filed its Plan of
Reorganization and Disclosure Statement with the Bankruptcy
Court. On November&nbsp;26, 2003, AMERCO filed an Amended Plan
of Reorganization (the &#147;Plan&#148;). On December&nbsp;12,
2003, the Bankruptcy Court approved AMERCO&#146;s Disclosure
Statement. On February&nbsp;2, 2004, the Bankruptcy Court
confirmed the Plan contingent upon completion of documentation
and agreements acceptable to the involved parties and the
submission of proposed findings of fact and conclusions of law
and a confirmation order acceptable to all involved parties.
AMERCO expects that by fiscal year end (i)&nbsp;it will satisfy
the above contingencies and (ii)&nbsp;the Bankruptcy Court will
execute a confirmation
</FONT>

<P align="center"><FONT size="2">38
</FONT>

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<DIV align="left">
<FONT size="2">order. The confirmation order will become final
if it is not appealed within ten days after entry and AMERCO
intends to proceed to implement the Plan and emerge from
bankruptcy as soon as possible thereafter.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">DIP Facility</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The DIP Facility consists of a $300&nbsp;million
credit facility with an interest rate option of LIBOR plus 3.5%
or the prime rate plus 1.0%. The DIP Facility will mature on the
earlier of (i)&nbsp;12&nbsp;months following the Bankruptcy
Court&#146;s order approving the facility; (ii)&nbsp;ten days
following the date of entry of an order confirming AMERCO&#146;s
plan of reorganization; or (iii)&nbsp;the conversion of the
Chapter&nbsp;11 case to a case under Chapter&nbsp;7. In order to
facilitate a drawing on the DIP Facility, Real Estate filed for
Chapter&nbsp;11. This filing was needed to facilitate granting
security to the lending group in the real estate assets owned by
Real Estate. The DIP Facility was approved by the Bankruptcy
Court on September&nbsp;26, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;14, 2003, the Bankruptcy Court
approved the use of $56&nbsp;million of DIP Facility proceeds to
reduce the amount outstanding under the Revolver and to pay
financing fees.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms of the DIP Facility include covenants
that require AMERCO to maintain agreed upon minimum levels of
EBITDA, EBITDAR and fixed charge coverage ratios. The DIP
Facility also contains a limitation on capital expenditures. All
such financial covenants are tested monthly. Other customary
covenants (both positive and negative) are included in the DIP
Facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, AMERCO has entered into a
restructuring agreement with the revolver lenders and a Plan
Support Agreement with the Official Committee of Unsecured
Creditors. Amerco Real Estate Company has entered into a
restructuring agreement with the holders of $100&nbsp;million of
its notes. Both agreements govern the consensual treatment of
such creditors under AMERCO&#146;s Plan of Reorganization and
such creditors have supported confirmation of the Plan.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Holdings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">SAC Holdings intends to meet its current debt
obligations through cash flows, generated from its operating
activities. SAC Holdings intends to continue to purchase storage
properties during the next year using financing arrangements.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Consolidated Group</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, total outstanding
notes and mortgages payable for AMERCO and consolidated
subsidiaries was $957.0&nbsp;million compared to
$954.9&nbsp;million at March&nbsp;31, 2003. The Company&#146;s
total of cash, cash equivalents and short-term investments was
$136.9&nbsp;million at December&nbsp;31, 2003, compared to
$66.8&nbsp;million at March&nbsp;31, 2003. At December&nbsp;31,
2003, total outstanding notes and mortgages payable for SAC
Holdings and consolidated subsidiaries, before inter-company
eliminations were $990.1&nbsp;million as compared to
$983.2&nbsp;million at March&nbsp;31, 2003. SAC Holdings&#146;
creditors have no recourse to AMERCO. AMERCO is not liable for
the debts of SAC Holdings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Due to the defaults and various cross defaults,
the consolidated group has notes, loans and lease obligations
due in one year of $1.1&nbsp;billion. The group also had
accounts payable and accrued expenses of $359.2&nbsp;million.
Liquid assets for the group totaled $431.4&nbsp;million.
</FONT>

<P align="left">
<B><FONT size="2">Cash Provided by Operating
Activities</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">U-Haul Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided by operating activities was
$115.2&nbsp;million and $78.0&nbsp;million for the nine months
ended December&nbsp;31, 2003 and 2002, respectively. The
increase is due to improved earnings.
</FONT>

<P align="center"><FONT size="2">39
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Amerco Real Estate (AREC)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash used by operating activities was
$1.2&nbsp;million and $90.8&nbsp;million for the nine months
ended December&nbsp;31, 2003 and 2002, respectively. The
decrease in cash used is from a reduction in acquisitions and
construction.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Property and Casualty
    (RepWest)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash flows used by operating activities were
$55.6&nbsp;million and $45.1 million for the nine months ended
September&nbsp;30, 2003 and 2002, respectively. The increase in
2003 over 2002 is a result of an increase in reinsurance
recoverables. The overall use of cash for operating activities
is a result of the company exiting non-U-Haul lines, and
reducing unearned premium and losses associated with the exit.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Life Insurance (Oxford)</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided/(used) by operating activities was
$11.8&nbsp;million and ($19.0) million for the nine months ended
September&nbsp;30, 2003 and 2002, respectively. The increase in
cash flows from operating activities in 2003 related to $7.0
million less of federal income taxes paid, $10.0&nbsp;million
less in commissions paid, and the timing of the collection of
receivables.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">SAC Moving and Storage</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash flows provided by operating activities were
$1.2&nbsp;million and $4.7 million for the nine months ended
December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Consolidated Group</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Cash provided by operating activities was
$151.2&nbsp;million and $147.7&nbsp;million for the nine months
ended December&nbsp;31, 2003 and 2002, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, total outstanding
notes and mortgages payable for AMERCO and wholly owned
subsidiaries was $957.0&nbsp;million compared to
$954.9&nbsp;million at March&nbsp;31, 2003. At December&nbsp;31,
2003, total outstanding notes and mortgages payable for SAC
Holdings and consolidated subsidiaries was $990.1&nbsp;million
compared to $983.2&nbsp;million at March&nbsp;31, 2003. SAC
Holdings&#146; securitized loan agreements have no guarantees,
or triggers that could create a guarantee, from AMERCO.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO does not have any ownership interest in
SAC Holdings or its subsidiaries, except for investments made by
RepWest and Oxford in a SAC Holdings controlled limited
partnership which holds Canadian self-storage properties. The
presentation of the consolidated statements has no bearing on
the credit agreements or the operations of either AMERCO or SAC
Holdings.
</FONT>

<P align="left">
<B><FONT size="2">Disclosures About Contractual Obligations and
Commercial Commitments</FONT></B>

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

<TR>
    <TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Payments due by Period (as of December&nbsp;31, 2003)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Prior to</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">01-01-05</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">01-01-07</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">01-01-09 and</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Financial Obligations</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12-31-04</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12-31-06</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">12-31-08</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">thereafter</FONT></B></TD>
</TR>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">(In thousands)</FONT></B></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s notes and loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">957,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">957,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMERCO&#146;s operating leases
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">604,904</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">377,673</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">169,207</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53,964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; financed lease obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,238</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">122,238</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SAC Holdings&#146; notes and loans
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">867,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,851</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14,803</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">802,088</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Elimination of SAC Holdings&#146; Obligations to
    AMERCO
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(403,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">(403,521</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total Contractual Obligations
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,148,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,489,764</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">184,010</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">402,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">40
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As discussed above and in Part II, Item&nbsp;3
&#147;Defaults Upon Senior Securities&#148;, on October&nbsp;15,
2002 we defaulted on our BBATs and related obligations. This
default triggered cross-default provisions in most of
AMERCO&#146;s other debt agreements. As a result, approximately
$1,121.2&nbsp;million of AMERCO&#146;s contractual obligations
and commercial commitments listed below are classified as
current.
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In millions)</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of Montreal synthetic lease
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Citibank synthetic lease
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3yr Credit Agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&#146;03 Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&#146;05 Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Medium Term Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BBAT
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of America Obligation (BBAT)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Citicorp Obligation (BBAT)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of America Swap
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">JP Morgan Swap
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,121.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Following its emergence from bankruptcy, AMERCO
expects its debt structure, excluding the synthetic leases and
the indebtedness of SAC Holdings, to be as follows:
</FONT>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In millions)</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolver Due 2009 (total availability)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term Loan Due 2009.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">350.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term Note Due 2009.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term Note Due 2011.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">144.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">894.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate principal amount of SAC Holdings
indebtedness will remain substantially unchanged following
AMERCO&#146;s emergence from bankruptcy.
</FONT>

<P align="left">
<B><FONT size="2">Risk Factors</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">AMERCO has filed for protection under
    Chapter&nbsp;11 of the Bankruptcy Code</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;20, 2003, AMERCO filed a voluntary
petition for relief under Chapter&nbsp;11 of the Bankruptcy
Code. AMERCO&#146;s subsidiaries were not included in the
initial filing. However, on August&nbsp;13, 2003, Amerco Real
Estate Company filed for protection under Chapter&nbsp;11.
AMERCO is continuing to manage its properties and operate its
businesses as &#147;debtor-in-possession in&#148; under the
jurisdiction of the Bankruptcy Court and in accordance with the
applicable provisions of the Bankruptcy Code. In order to exit
Chapter&nbsp;11 successfully, AMERCO will need to obtain
confirmation by the Bankruptcy Court of, a plan of
reorganization that satisfies the requirements of the Bankruptcy
Code. Although AMERCO has filed a &#147;full-value&#148; plan of
reorganization that provides creditors with a combination of
cash and new debt securities equal to the full amount of their
allowed claims as well as AMERCO&#146;s emergence from
bankruptcy as a going concern, there can be no assurance at this
time that a plan of reorganization will be confirmed by the
Bankruptcy Court or that any such plan will be implemented
successfully.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s future results depend on the
timely and successful confirmation and implementation of a plan
of reorganization. The rights and claims of various creditors
and security holders will be determined by the plan as well.
Although AMERCO has filed and plans to consummate a &#147;full
value&#148; plan of reorganization
</FONT>

<P align="center"><FONT size="2">41
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">that provides creditors with a combination of
cash and new debt securities equal to the full amount of their
allowed claims and also preserves the value of AMERCO&#146;s
common and preferred stock, no assurance can be given as to what
values will be ascribed in the bankruptcy proceedings to each of
these constituencies. Accordingly, the Company urges that
appropriate caution be exercised with respect to existing and
future investments in any of such securities and claims.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">The terms of AMERCO&#146;s credit facility
    and the indentures relating to notes to be issued to
    AMERCO&#146;s existing creditors may restrict our current and
    future operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">AMERCO&#146;s credit facility and the indentures
to be entered into contemporaneous with our emergence from
bankruptcy, contain a number of restrictive covenants that will
impose significant operating and financial restrictions on us.
Our failure to comply with such covenants, including as a result
of events beyond our control, could result in an event of
default which could materially and adversely affect our
operating results and our financial condition. If there were an
event of default under our contemplated debt instruments, the
holders of the defaulted debt could cause all amounts
outstanding with respect to that debt to be due and payable
immediately. We cannot assure you that our assets, refinance
proceeds or cash flow would be sufficient to fully repay
borrowings under such debt instruments, either upon maturity or,
if accelerated, upon an event of default. In addition, any event
of default or declaration of acceleration under one debt
instrument would likely also result in an event of default under
one or more of our other future debt instruments.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We operate in a highly competitive
    industry</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The truck rental industry is highly competitive
and includes a number of significant national and hundreds of
regional and local competitors. Competition is generally based
on price, product quality, convenience, availability, brand name
recognition and service. In our truck rental business, we face
competition from Budget Car and Truck Rental Company and Penske
Truck Leasing. Some of our competitors may have greater
financial resources than we have. We cannot assure you that we
will not be forced to reduce our rental prices or delay price
increases.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We compete with national and regional
self-storage operators as well as local operators. Competition
in the market areas in which we operate is significant and
affects the occupancy levels, rental rates and operating
expenses of our facilities. Competition might cause us to
experience a decrease in occupancy levels, limit our ability to
increase rental rates and compel us to offer discounted rental
rates which could have a material adverse effect on our
operating results.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Entry into the self-storage business through
acquisition of existing facilities is possible for persons or
institutions with the required initial capital. Development of
new self-storage facilities is more difficult, however, due to
zoning, environmental and other regulatory requirements. The
self-storage industry has in the past experienced overbuilding
in response to perceived increases in demand. We cannot assure
you that we will be able to successfully compete in existing
markets or expand into new markets.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Control of AMERCO remains in the hands of a
    small contingent</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of December&nbsp;31, 2003, Edward&nbsp;J.
Shoen, Chairman of the Board of Directors and President of
AMERCO, James&nbsp;P. Shoen, a director of AMERCO, and
Mark&nbsp;V. Shoen, an executive officer of AMERCO, collectively
own 8,689,933 shares (approximately 42.4%) of the outstanding
common shares of AMERCO. Accordingly, Edward&nbsp;J. Shoen,
Mark&nbsp;V. Shoen and James&nbsp;P. Shoen will be in a position
to continue to influence the election of the members of the
Board of Directors and approval of significant transactions. In
addition, 2,372,002 shares (approximately 11.7%) of the
outstanding common shares of AMERCO, including shares allocated
to employees and unallocated shares, are held by our Employee
Savings and Employee Stock Ownership Trust.
</FONT>

<P align="center"><FONT size="2">42
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our operations subject us to numerous
    environmental regulations and the possibility that environmental
    liability in the future could adversely affect our
    operations</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Compliance with environmental requirements of
federal, state and local governments significantly affects our
business. Among other things, these requirements regulate the
discharge of materials into the water, air and land and govern
the use and disposal of hazardous substances. Under
environmental laws, we can be held strictly liable for hazardous
substances that are found on real property we have owned or
operated. We are aware of issues regarding hazardous substances
on some of our real estate and we have put in place a remedial
plan at each site where we believe such a plan is necessary. We
regularly make capital and operating expenditures to stay in
compliance with environmental laws. In particular, we have
managed a testing and removal program since 1988 for our
underground storage tanks. Under this program, we spent
$43.7&nbsp;million between April 1988 and March&nbsp;31, 2003.
Despite these compliance efforts, risk of environmental
liability is part of the nature of our business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Environmental laws and regulations are complex,
change frequently and could become more stringent in the future.
We cannot assure you that future compliance with these
regulations or future environmental liabilities will not have a
material adverse effect on our business.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our business is seasonal</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our business is seasonal and our results of
operations and cash flows fluctuate significantly from quarter
to quarter. Historically, revenues have been stronger in the
first and second fiscal quarters due to the overall increase in
moving activity during the spring and summer months. The fourth
fiscal quarter is generally weakest, when there is a greater
potential for adverse weather conditions.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We obtain our rental trucks from a limited
    number of manufacturers</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the last ten years, we purchased all of our
rental trucks from Ford and General Motors. Although we believe
that we have alternative sources of supply for our rental
trucks, termination of one or more of our relationships with any
of these suppliers could have a material adverse effect on our
business, financial condition or results of operations.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our property and casualty insurance
    business has suffered extensive losses</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our property and casualty insurance business,
RepWest, has reported losses totaling approximately
$135&nbsp;million since January&nbsp;1, 2000. These losses are
primarily attributable to business lines that were unprofitable
as underwritten. To restore profitability in RepWest, we are
exiting all non-U-Haul related lines and the exit may result in
near term losses as these lines are eliminated. Although we
believe the changes will have a positive impact on the financial
position of RepWest, we cannot assure you that we will be
successful in returning RepWest to sustained profitability. Our
inability to sustain profitability could have a material adverse
effect on our earnings and financial position.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our insurance businesses suffered
    downgrades in their ratings from national insurance company
    rating agencies</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A.M. Best has downgraded RepWest and Oxford.
These downgrades have affected their standing in the insurance
industry and caused their premiums to decrease. Ratings have
become an increasingly important factor in establishing the
competitive position of insurance companies. A.M. Best ratings
reflect its opinion of an insurance company&#146;s financial
strength, operating performance, strategic position and ability
to meet its obligations to policyholders. The A.M. Best ratings
are C for RepWest and C+ for Oxford.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Notes receivable from SAC Holdings are a
    significant portion of AMERCO&#146;S total assets</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At December&nbsp;31, 2003, we held
$403.5&nbsp;million of mortgage loans and notes due from SAC
Holdings. Although these assets have been eliminated in the
consolidated financial statements, we have significant economic
exposure to SAC Holdings. SAC Holdings is highly leveraged with
total outstanding indebtedness
</FONT>

<P align="center"><FONT size="2">43
</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">and other obligations of $990.1&nbsp;million at
December&nbsp;31, 2003. We hold various unsecured notes of SAC
Holdings. If SAC Holdings are unable to meet their obligations
to their senior lenders, it could trigger a default on their
obligations to us. In such an event of default, we could suffer
a significant loss to the extent the value of the underlying
collateral on our loans to SAC Holdings is inadequate to repay
SAC Holdings&#146; senior lenders and us. We cannot assure you
that SAC Holdings will not default on their loans to their
senior lenders or that the value of SAC Holdings&#146; assets
upon liquidation would be sufficient to repay us in full.
</FONT>
</DIV>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">AMERCO is a holding company and is
    dependent on its subsidiaries for cash flow</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As a holding company with no business operations,
AMERCO&#146;s material assets consist only of the stock of its
subsidiaries. AMERCO will have to rely upon dividends and other
payments from its subsidiaries to generate the funds necessary
to pay its obligations. The ability of AMERCO&#146;s
subsidiaries to make dividend and other payments to AMERCO is
subject to, among other things, the availability of funds, the
terms of the indebtedness of AMERCO&#146;s subsidiaries and
applicable state laws and insurance regulations.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">We face risk related to an SEC
    investigation and securities litigation</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The SEC has issued a formal order of
investigation to determine whether we have violated the Federal
securities laws. Although we have fully cooperated with the SEC
in this matter and intend to continue to fully cooperate, the
SEC may determine that we have violated Federal securities laws.
We cannot predict when this investigation will be completed or
its outcome. If the SEC makes a determination that we have
violated Federal securities laws, we may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, the Company has been named a
defendant in a number of class action and related lawsuits. The
findings and outcome of the SEC investigation may affect the
class-action lawsuits that are pending. We are generally
obliged, to the extent permitted by law, to indemnify our
directors and officers who are named defendants in some of these
lawsuits. We are unable to estimate what our liability in these
matters may be, and we may be required to pay judgments or
settlements and incur expenses in aggregate amounts that could
have a material adverse effect on our financial condition or
results of operations.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Our common stock may be delisted from the
    NASDAQ Stock Market</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On June&nbsp;24, 2003, we received a letter from
NASDAQ indicating that, in light of AMERCO&#146;s recent
Chapter&nbsp;11 filing, a NASDAQ Listing Qualifications Panel
(the &#147;Panel&#148;) would consider such filing and
associated concerns in rendering a determination regarding
AMERCO&#146;s listing status. NASDAQ has requested, and we have
provided, information regarding the Chapter&nbsp;11 filing and
the anticipated effect of the filing on the shareholders of
AMERCO. On September&nbsp;12, 2003, AMERCO received a letter
from Nasdaq indicating that the Panel has determined to continue
the listing of AMERCO&#146;s common stock on Nasdaq provided
that on or before February&nbsp;27, 2004, AMERCO submits
documentation to Nasdaq evidencing that its plan of
reorganization has been confirmed by the bankruptcy court and on
or before March&nbsp;15, 2004, AMERCO submits documentation to
Nasdaq evidencing its emergence from bankruptcy. In addition to
the foregoing, AMERCO must comply with all other requirements
for continued listing on Nasdaq and must timely file all
periodic reports with the SEC for all periods ending on or
before June&nbsp;30, 2004, without the benefit of any extensions
provided pursuant to Exchange Act Rule&nbsp;12b-25. Although we
intend to take all actions available to maintain our Nasdaq
listing, there can be no assurance that AMERCO will be able to
do so.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">RepWest has consented to an Order of
    Supervision issued by the Arizona Department of
    Insurance</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;20, 2003, RepWest consented to an
Order of Supervision issued by the DOI. Pursuant to this Order
and Arizona law, during the period of supervision, RepWest may
not engage in certain activities without the prior approval of
the DOI.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If RepWest fails to satisfy the concerns of the
DOI, the DOI may take further action, including, but not limited
to, commencing a conservatorship.
</FONT>

<P align="center"><FONT size="2">44
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link2 "Item 3. Quantitative and Qualitative Disclosures About Market Risk" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;3.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Quantitative and Qualitative Disclosures
    About Market Risk</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Reference is made to Part&nbsp;II, Item&nbsp;7A,
Quantitative and Qualitative Disclosure About Market Risk, in
AMERCO&#146;s Annual Report on Form&nbsp;10-K for the fiscal
year ended March&nbsp;31, 2003.
</FONT>

<!-- link2 "Item 4. Controls and Procedures" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Controls and Procedures</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Disclosure Controls and Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We maintain disclosure controls procedures, which
are designed to ensure that information related to AMERCO and
its subsidiaries and SAC Holdings and their subsidiaries, is
disclosed in our public filings in a timely manner. In response
to recent legislation and new SEC regulations, we reviewed our
internal control structure and our disclosure controls and
procedures. We believe our disclosure controls and procedures
are adequate to enable us to comply with our disclosure
obligations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As of the end of the period covered by this
report, members of the Company&#146;s management, including the
Company&#146;s Principal Executive Officer and Principal
Financial Officer, evaluated the effectiveness of the design and
operation of the Company&#146;s disclosure controls and
procedures. Based upon that evaluation, management concluded
that the Company&#146;s disclosure controls and procedures are
effective in causing material information to be recorded,
processed, summarized and reported by management of the Company
on a timely basis and to ensure that the quality and timeliness
of the Company&#146;s public disclosures complies with its SEC
disclosure obligations.
</FONT>

<P align="left">
<B><FONT size="2">Changes in Internal Control Over Financial
Reporting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the period covered by this report we made
no change in our internal control over financial reporting which
may materially affect, or is reasonably likely to materially
affect, our internal control over financial reporting.
</FONT>

<!-- link1 "PART II OTHER INFORMATION" -->

<P align="center">
<B><FONT size="2">PART II OTHER INFORMATION</FONT></B>

<!-- link2 "Item 1. Legal Proceedings" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;1.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Legal Proceedings</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On July&nbsp;20, 2000, Charles Kocher
(&#147;Kocher&#148;) filed suit in Wetzel County, West Virginia,
Civil Action No.&nbsp;00-C-51-K, entitled Charles Kocher v.
Oxford Life Insurance Co. (&#147;Oxford&#148;) seeking
compensatory and punitive damages for breach of contract, bad
faith and unfair claims settlement practices arising from an
alleged failure of Oxford to properly and timely pay a claim
under a disability and dismemberment policy. On March&nbsp;22,
2002, the jury returned a verdict of $5&nbsp;million in
compensatory damages and $34&nbsp;million in punitive damages.
On November&nbsp;5, 2002, the trial court entered an Order
(&#147;Order&#148;) affirming the $39&nbsp;million jury verdict
and denying Oxford&#146;s motion for New Trial Or, in The
Alternative, Remittitur. Oxford has perfected its appeal to the
West Virginia Supreme Court. Oral argument on the appeal
petition occurred on September&nbsp;9, 2003. On
September&nbsp;10, 2003, the West Virginia Supreme Court granted
in part, Oxford&#146;s petition. On January&nbsp;27, 2004, the
matter was argued before the West Virginia Supreme Court and
taken under advisement. Management does not believe that the
Order is sustainable and expects the Order to be overturned by
the West Virginia Supreme Court, in part because the jury award
has no reasonable nexus to the actual harm suffered by Kocher.
The Company has accrued $725,000, which represents
management&#146;s best estimate of the costs associated with
legal fees to appeal and re-try the case and the Company&#146;s
uninsured exposure to an unfavorable outcome.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As previously discussed, on June&nbsp;20, 2003,
AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the Bankruptcy Code. As debtor-in-possession,
AMERCO is authorized under Chapter&nbsp;11 to continue to
operate as an ongoing business, but may not engage in
transactions outside the ordinary course of business without the
prior approval of the Bankruptcy Court. As of the Petition Date,
virtually all pending litigation against AMERCO is stayed, and
absent further order of the Bankruptcy Court, no party, subject
to certain exceptions, may take any action, again subject to
certain exceptions, to recover on pre-petition claims against
AMERCO. The automatic stay, however, does not apply to
AMERCO&#146;s subsidiaries, other than
</FONT>

<P align="center"><FONT size="2">45
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Amerco Real Estate Company, which filed for
protection under Chapter&nbsp;11, on August&nbsp;13, 2003. On
October&nbsp;6, 2003, AMERCO filed its Plan of Reorganization
and Disclosure Statement with the Bankruptcy Court. On
November&nbsp;26, 2003, AMERCO filed an Amended Plan of
Reorganization (the &#147;Plan&#148;). On December&nbsp;12,
2003, the Bankruptcy Court approved AMERCO&#146;s Disclosure
Statement. On February&nbsp;2, 2004, the Bankruptcy Court
confirmed the Plan contingent upon completion of documentation
and agreements acceptable to the involved parties and the
submission of proposed findings of fact and conclusions of law
and a confirmation order acceptable to all involved parties.
AMERCO expects that by fiscal year end (i)&nbsp;it will satisfy
the above contingencies and (ii)&nbsp;the Bankruptcy Court will
execute a confirmation order. The confirmation order will become
final if it is not appealed within ten days after entry and
AMERCO intends to proceed to implement the Plan and emerge from
bankruptcy as soon as possible thereafter.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Securities and Exchange Commission
(&#147;SEC&#148;) has issued a formal order of investigation to
determine whether the Company has violated the Federal
securities laws. On January&nbsp;7, 2003, the Company received
the first of several subpoenas issued by the SEC to the Company.
SAC Holdings, the Company&#146;s current and former auditors,
and others have also received one or more subpoenas relating to
this matter. The Company is cooperating fully with the SEC and
is facilitating the expeditious review of its financial
statements and any other issues that may arise. The Company has
produced a large volume of documents and other materials in
response to the subpoenas, and the Company is continuing to
assemble and produce additional documents and materials for the
SEC. Although the Company has fully cooperated with the SEC in
this matter and intends to continue to fully cooperate, the SEC
may determine that the Company has violated Federal securities
laws. We cannot predict when this investigation will be
completed or its outcome. If the SEC makes a determination that
we have violated Federal securities laws, we may face sanctions,
including, but not limited to, significant monetary penalties
and injunctive relief.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The United States Department of Labor
(&#147;DOL&#148;) is presently investigating whether there were
violations of the Employee Retirement Income Security Act of
1974 (&#147;ERISA&#148;) involving the AMERCO Employee Savings,
Profit Sharing, and Employee Stock Ownership Plan (the
&#147;Plan&#148;). The DOL has interviewed a number of Company
representatives as well as the Plan fiduciaries and has issued a
subpoena to the Company and a subpoena to SAC Holdings. One of
the issues raised by the DOL relates to the release of shares
from the Plan&#146;s loan suspense account. The Company believes
that it has resolved this particular issue by contributing
additional shares. At the present time, the Company is unable to
determine whether the DOL will assert any other claims against
the Company, SAC Holdings, or the Plan fiduciaries. The DOL has
asked AMERCO and its current directors as well as the Plan
Trustees to sign an agreement tolling the statute of limitations
with respect to any claims arising out of certain transactions
between AMERCO or any affiliate of AMERCO and SAC Holdings or
any of its affiliates and such persons have done so. The DOL has
not advised the Company that it believes that any other
violations of ERISA have in fact occurred. Instead, the DOL is
simply investigating potential violations. The Company intends
to defend its position. The Company also intends to take any
corrective action that may be needed in light of the DOL&#146;s
ultimate findings. Although the Company has fully cooperated
with the DOL in this matter and intends to continue to fully
cooperate, the DOL may determine that the Company has violated
ERISA. In that event, the Company may face sanctions, including,
but not limited to, significant monetary penalties and
injunctive relief.
</FONT>

<!-- link2 "Item 3. Defaults Upon Senior Securities" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;3.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Defaults Upon Senior
    Securities</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;On October&nbsp;15, 2002, AMERCO failed
to make a $100&nbsp;million principal payment and a
$3.6&nbsp;million interest payment due to the Series&nbsp;1997-C
Bond Backed Asset Trust. On that date, AMERCO also failed to pay
$26.6&nbsp;million in the aggregate to Citibank and Bank of
America in connection with the early extinguishment of the
Series&nbsp;1997-C bonds. As a result of the foregoing, AMERCO
is in default with respect to the other contractual obligations
and commercial commitments listed below, which contain
cross-default provisions, including its 3-Year Credit Agreement
dated June&nbsp;28, 2002 (the &#147;Revolver&#148;). In addition
to the cross-default under the Revolver, AMERCO is also in
default under that agreement as a result of its failure to
obtain incremental net cash proceeds and/or availability from
additional financings in an aggregate amount of at least
$150.0&nbsp;million prior to October&nbsp;15, 2002. In addition,
Amerco Real Estate Company has defaulted on a $100&nbsp;million
loan by failing to grant mortgages required by the loan
agreement in a timely manner. The total
</FONT>

<P align="center"><FONT size="2">46
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">amount of indebtedness currently in default
(either directly or as a result of a cross-default) is
approximately $1,121.2&nbsp;million.
</FONT>
</DIV>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(In millions)</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of Montreal synthetic lease
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">149.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Citibank synthetic lease
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">3yr Credit Agreement
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">153.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Amerco Real Estate Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&#146;03 Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&#146;05 Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Medium Term Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">109.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">BBAT
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of America Obligation (BBAT)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Citicorp Obligation (BBAT)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bank of America Swap
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">JP Morgan Swap
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,121.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;AMERCO has not paid the December&nbsp;1,
2002 and any of the 2003 quarterly dividend payments to holders
of its Series&nbsp;A 8.5% Preferred Stock. No assurance can be
given as to when or whether the payment of the deferred
preferred stock dividends will be made. The total amount of
Series&nbsp;A 8.5% Preferred Stock dividends in arrears is
$16.2&nbsp;million. However, on February&nbsp;4, 2004, AMERCO
declared a regular quarterly dividend on the Series&nbsp;A
8&nbsp;1/2 Preferred Stock. The dividend is payable on
March&nbsp;1, 2004 subject to the Bankruptcy Court execution of
the findings of fact, conclusions of law, and order confirming
Debtors&#146; First Amended Joint Plan of Reorganization. AMERCO
anticipates resumption of Preferred Stock cash dividends on a
quarterly basis going forward and will address the deferred
dividend payments subsequent to its emergence from bankruptcy.
</FONT>

<!-- link2 "Item 4. Submission of Matters to a Vote of Security Holders" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;4.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Submission of Matters to a Vote of Security
    Holders</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2003 Annual Meeting of Stockholders was held
on November&nbsp;7, 2003. At the 2003 Annual Meeting of
Stockholders, John P. Brogan and James J. Grogan were elected to
serve until the 2007 Annual Meeting of Stockholders. Edward J.
Shoen and M. Frank Lyons continue as directors with terms that
expires at the 2004 Annual Meeting of Stockholders; John M.
Dodds and James P. Shoen continue as directors with terms that
expire at the 2005 Annual Meeting of Stockholders; and William
E. Carty and Charles J. Bayer continue as directors with terms
that expire at the 2006 Annual Meeting of Stockholders. The
following table sets forth the votes cast for, against or
withheld, as well as the number of abstentions and broker
non-votes with respect to each matter voted on at the 2003
Annual Meeting of Stockholders.
</FONT>

<P align="left">
<B><FONT size="2">Matters Submitted To a Vote</FONT></B>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Votes Cast For</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Votes Cast Against</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Withheld</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Abstentions</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Non-Votes</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Election of Directors
    </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>
    <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>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">John P. Brogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,565,109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">52,211</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,108,024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James J. Grogan
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,566,062</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">54,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,105,151</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" valign="bottom" nowrap><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" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- link2 "Item 5. Other Information" -->

<P align="left">
<B><FONT size="2">Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Information</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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&nbsp;U-Haul International, Inc., 2721 North
Central Avenue, Phoenix, Arizona 85004, on or before June&nbsp;3,
</FONT>

<P align="center"><FONT size="2">47
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">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>
</DIV>

<!-- link2 "Item 6. Exhibits and Reports on Form 8-K" -->

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;6.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits and Reports on
    Form&nbsp;8-K</FONT></I></B></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">No.</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Joint Plan of Reorganization of AMERCO and Amerco
    Real Estate Company(1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    Joint Plan of Reorganization(1)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Joint Plan of Reorganization of AMERCO
    and Amerco Real Estate Company
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    First Amended Joint Plan of Reorganization
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of AMERCO(2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-Laws of AMERCO(3)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of U-Haul
    International, Inc.(4)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul International, Inc.(4)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">31.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rule&nbsp;13a-14(a)/15d-14(a) Certificate of
    Edward J. Shoen, President and Chairman of the Board of AMERCO
    and U-Haul International, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">31.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rule&nbsp;13a-14(a)/15d-14(a) Certificate of Gary
    B. Horton, Treasurer of AMERCO and Assistant Treasurer of U-Haul
    International, Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">32.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Edward J. Shoen, President and
    Chairman of the Board of U-Haul International, Inc. pursuant to
    Section&nbsp;906 if the Sarbanes-Oxley Act of 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">32.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Gary B. Horton, Treasurer of
    AMERCO and Assistant Treasurer of U-Haul, International, Inc.
    pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed October&nbsp;20, 2003,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form&nbsp;10-Q for the quarter ended
    December&nbsp;31, 1992, file no. 1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form&nbsp;10-Q for the quarter ended
    September&nbsp;30, 1996, file no. 1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form&nbsp;10-K for the year ended March&nbsp;31, 2003,
    file no. 1-11255.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;<I>Reports on Form&nbsp;8-K.</I>
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On October&nbsp;20, 2003, we filed a
Form&nbsp;8-K announcing that we have filed our Plan of
Reorganization and Disclosure Statement with the United States
Bankruptcy Court, District of Nevada on October&nbsp;6, 2003 and
that a court hearing on the adequacy of the Disclosure Statement
is scheduled for November 18, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On November&nbsp;20, 2003, we filed an amendment
to Form&nbsp;8-K dated September&nbsp;5, 2003 to include
information about non-GAAP financial measures disclosed during
our first quarter earnings conference call, including
reconciliations to comparable GAAP measures.
</FONT>

<P align="center"><FONT size="2">48
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SIGNATURES" -->

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 thereunto duly
authorized.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President and Chairman of the Board</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">(Duly Authorized Officer)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ GARY B. HORTON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Gary B. Horton
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Treasurer</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">(Principal Financial Officer)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL INTERNATIONAL, INC.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President and Chairman of the Board</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">(Duly Authorized Officer)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="center">
    <FONT size="2">/s/ GARY B. HORTON
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Gary B. Horton
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Assistant Treasurer</FONT></I></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">(Principal Financial Officer)</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>

<P align="center"><FONT size="2">49
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "EXHIBIT INDEX" -->

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<B><FONT size="2">EXHIBIT INDEX</FONT></B>

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

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">No.</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Joint Plan of Reorganization of AMERCO and Amerco
    Real Estate Company(1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    Joint Plan of Reorganization(1)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Amended Joint Plan of Reorganization of AMERCO
    and Amerco Real Estate Company
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Disclosure Statement Concerning the Debtors&#146;
    First Amended Joint Plan of Reorganization
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of AMERCO(2)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated By-Laws of AMERCO(3)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Restated Articles of Incorporation of U-Haul
    International, Inc.(4)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">3.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Bylaws of U-Haul International, Inc.(4)
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">31.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rule&nbsp;13a-14(a)/15d-14(a) Certificate of
    Edward J. Shoen, President and Chairman of the Board of AMERCO
    and U-Haul International, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">31.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Rule&nbsp;13a-14(a)/15d-14(a) Certificate of Gary
    B. Horton, Treasurer of AMERCO and Assistant Treasurer of U-Haul
    International, Inc.
    </FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#EEEEEE">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">32.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Edward J. Shoen, President and
    Chairman of the Board of U-Haul International, Inc. pursuant to
    Section&nbsp;906 if the Sarbanes-Oxley Act of 2002
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">32.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Certificate of Gary B. Horton, Treasurer of
    AMERCO and Assistant Treasurer of U-Haul, International, Inc.
    pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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<HR size="1" width="18%" align="left" noshade>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Current Report on Form&nbsp;8-K filed October&nbsp;20, 2003,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form&nbsp;10-Q for the quarter ended
    December&nbsp;31, 1992, file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s
    Quarterly Report on Form&nbsp;10-Q for the quarter ended
    September&nbsp;30, 1996, file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Incorporated by reference to AMERCO&#146;s Annual
    Report on Form&nbsp;10-K for the year ended March&nbsp;31, 2003,
    file no.&nbsp;1-11255.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">50
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.3
<SEQUENCE>3
<FILENAME>p68793exv2w3.txt
<DESCRIPTION>EX-2.3
<TEXT>
<PAGE>

                         UNITED STATES BANKRUPTCY COURT
                               DISTRICT OF NEVADA

                                                  .
                                          BK-03-52103-GWZ and BK-03-5270-GWZ
In re
                                          Jointly Administered under
                                          BK-03-52103-GWZ
AMERCO, a Nevada corporation, et. al.,
                                          Chapter 11

                  Debtors.
                                          Hon. Gregg W. Zive

- --------------------------------------------------------------------------------

            FIRST AMENDED JOINT PLAN OF REORGANIZATION OF AMERCO AND
          AMERCO REAL ESTATE COMPANY, DEBTORS AND DEBTORS-IN-POSSESSION

- --------------------------------------------------------------------------------

Craig D. Hansen                     Bruce T. Beesley
Thomas J. Salerno                   Bridget Peck
G. Christopher Meyer                BEESLEY, PECK & MATTEONI, LTD
Sean T. Cork                        5011 Meadowood Mall Way, Suite 300
SQUIRE, SANDERS & DEMPSEY L.L.P.    Reno, Nevada 89502
Two Renaissance Square, Suite 2700  (775) 827-8666
40 North Central Avenue
Phoenix, Arizona 85004              Co-Counsel for Debtors and
(602) 528-4000                      Debtors-in-Possession

Attorneys for Debtors and Debtors-in-Possession

Dated: November 26, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
INTRODUCTION ................................................................    1

ARTICLE I   DEFINITIONS, RULES OF INTERPRETATION, AND COMPUTATION OF TIME....    1

   A. Scope of Definitions ..................................................    1

   B. Definitions ...........................................................    2

      1.1   "503 Deadline" ..................................................    2
      1.2   "Administrative Claim" ..........................................    2
      1.3   "Administrative Claims Bar Date" ................................    2
      1.4   "Affiliate" .....................................................    2
      1.5   "Allowed Claim" or "Allowed Interest" ...........................    2
      1.6   "Amended and Restated Articles of Incorporation" ................    2
      1.7   "AMERCO" ........................................................    2
      1.8   "AMERCO/AREC Guaranty Obligations" ..............................    2
      1.9   "AMERCO Notes" ..................................................    2
      1.10  "AMERCO Unsecured Claims" .......................................    3
      1.11  "AREC" ..........................................................    3
      1.12  "AREC Note Claims" ..............................................    3
      1.13  "AREC Notes" ....................................................    3
      1.14  "AREC Syndication Terms" ........................................    3
      1.15  "Avoidance Claims" ..............................................    3
      1.16  "Ballot" ........................................................    3
      1.17  "Bank of America Swap" ..........................................    3
      1.18  "Bankruptcy Code" ...............................................    3
      1.19  "Bankruptcy Court" ..............................................    3
      1.20  "Bankruptcy Rules" ..............................................    3
      1.21  "Bar Date" ......................................................    3
      1.22  "Bar Date Order" ................................................    4
      1.23  "BBATs" .........................................................    4
      1.24  "BEAT Swaps" ....................................................    4
      1.25  "BMO Guaranty Claim" ............................................    4
      1.26  "BMO Master Lease" ..............................................    4
      1.27  "BMO Properties" ................................................    4
      1.28  "BMO Secured Claim" .............................................    4
      1.29  "BMO Valuation Hearing" .........................................    4
      1.30  "Business Day" ..................................................    4
      1.31  "Carey Cash Proceeds" ...........................................    4
      1.32  "Carey Sale Agreement" ..........................................    4
      1.33  "Carey Sale Transaction" ........................................    4
      1.34  "Cash" ..........................................................    5
</TABLE>

                                        i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
1.35    "Causes of Action" ...................................................   5
1.36    "Chapter 11 Cases" ...................................................   5
1.37    "Citibank Guaranty Claim" ............................................   5
1.38    "Citibank Master Lease" ..............................................   5
1.39    "Citibank Properties" ................................................   5
1.40    "Citibank Secured Claim" .............................................   5
1.41    "Citibank Valuation Hearing" .........................................   5
1.42    "Claim" ..............................................................   5
1.43    "Claimholder" ........................................................   5
1.44    "Claims Agent" .......................................................   5
1.45    "Class" ..............................................................   6
1.46    "Class Actions" ......................................................   6
1.47    "Confirmation Date" ..................................................   6
1.48    "Confirmation Hearing" ...............................................   6
1.49    "Confirmation Order" .................................................   6
1.50    "Creditor" ...........................................................   6
1.51    "Creditors' Committee" ...............................................   6
1.52    "Cure" ...............................................................   6
1.53    "D&O Insurance Policies" .............................................   6
1.54    "Debtors" ............................................................   6
1.55    "Derivative Actions" .................................................   6
1.56    "Derivative Claims" ..................................................   7
1.57    "DIP Agent" ..........................................................   7
1.58    "DIP Credit Agreement" ...............................................   7
1.59    "DIP Facility" .......................................................   7
1.60    "DIP Facility Claim" .................................................   7
1.61    "DIP Facility Order" .................................................   7
1.62    "DIP Lenders" ........................................................   7
1.63    "Disallowed Claim" or "Disallowed Interest" ..........................   7
1.64    "Disclosure Statement" ...............................................   7
1.65    "Disputed Claim" or "Disputed Interest" ..............................   7
1.66    "Distribution Date" ..................................................   8
1.67    "Effective Date" .....................................................   8
1.68    "Effective Date Interest" ............................................   8
1.69    "Equity Committee" ...................................................   8
1.70    "Estates" ............................................................   8
1.71    "Exchange Act" .......................................................   8
1.72    "Exhibit" ............................................................   8
1.73    "Exhibit Filing Date" ................................................   8
1.74    "Existing Common Stock" ..............................................   8
1.75    "Existing Debt Securities" ...........................................   8
1.76    "Existing SAC Holding Notes" .........................................   9
</TABLE>

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
1.77  "Exit Financing Facility" ..............................................    9
1.78  "Face Amount" ..........................................................    9
1.79  "Final Order" ..........................................................    9
1.80  "Holdback Amount" ......................................................    9
1.81  "Impaired" .............................................................    9
1.82  "Indemnification Obligation" ...........................................    9
1.83  "Indentures" ...........................................................    9
1.84  "Indenture Trustees" ...................................................    9
1.85  "Indenture Trustees Charging Lien" .....................................    9
1.86  "Indenture Trustee Fees" ...............................................   10
1.87  "Insurance First Day Order" ............................................   10
1.88  "Intercompany Claim" ...................................................   10
1.89  "Interest" .............................................................   10
1.90  "Interestholder" .......................................................   10
1.91  "JPMorgan" .............................................................   10
1.92  "JPMorgan Chase Credit Facility" .......................................   10
1.93  "JPMorgan Claims" ......................................................   10
1.94  "JPMorgan Support Party Obligation" ....................................   10
1.95  "JPMorgan Swap" ........................................................   10
1.96  "JPMorgan Syndication Terms" ...........................................   10
1.97  "Key Ordinary Course Professional" .....................................   10
1.98  "Key Ordinary Course Professional Claim" ...............................   10
1.99  "Miscellaneous Secured Claims" .........................................   10
1.100 "New AMERCO Notes" .....................................................   11
1.101 "New AMERCO Notes Indenture" ...........................................   11
1.102 "New BMO Guaranty" .....................................................   11
1.103 "New Citibank Guaranty" ................................................   11
1.104 "New Debt Securities" ..................................................   11
1.105 "New Term Loan A Notes" ................................................   11
1.106 "New Term Loan B Notes" ................................................   11
1.107 "New Term Loan B Notes Indenture" ......................................   11
1.108 "Non-Debtor Subsidiaries" ..............................................   11
1.109 "Ordinary Course Professional Order" ...................................   11
1.110 "Other Interests" ......................................................   11
1.111 "Other Priority Claims" ................................................   11
1.112 "Other Unsecured Claims" ...............................................   12
1.113 "Oxford" ...............................................................   12
1.114 "Oxford Note Claims" ...................................................   12
1.115 "Person" ...............................................................   12
1.116 "Petition Date" ........................................................   12
1.117 "Plan" .................................................................   12
1.118 "Plan Support Agreement" ...............................................   12
</TABLE>

                                      iii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
1.119  "PMSR" ..............................................................     12
1.120  "PMSR Agreement" ....................................................     12
1.121  "PMSR Facility" .....................................................     12
1.122  "PMSR Support Agreement" ............................................     13
1.123  "PMSR Support Obligations" ..........................................     13
1.124  "Preferred Stock Interests" .........................................     13
1.125  "Prepetition Agent" .................................................     13
1.126  "Prepetition Lenders" ...............................................     13
1.127  "Prepetition Lender Claims" .........................................     13
1.128  "Prepetition Note Claims" ...........................................     13
1.129  "Priority Claims" ...................................................     13
1.130  "Priority Tax Claim" ................................................     13
1.131  "Professional" ......................................................     13
1.132  "Professional Claim" ................................................     13
1.133  "Professional Fee Bar Date" .........................................     13
1.134  "Professional Fee Order" ............................................     13
1.135  "Pro Rata" ..........................................................     13
1.136  "PwC" ...............................................................     14
1.137  "PwC Litigation" ....................................................     14
1.138  "Record Date" .......................................................     14
1.139  "Reinstated" or "Reinstatement" .....................................     14
1.140  "Released Parties" ..................................................     14
1.141  "Reorganized AMERCO" ................................................     14
1.142  "Reorganized AREC" ..................................................     14
1.143  "Reorganized Debtor" or "Reorganized Debtors" .......................     14
1.144  "Restated BMO Master Lease" .........................................     14
1.145  "Restated Citibank Master Lease" ....................................     15
1.146  "Restructuring Agreement (Revolver Lenders)" ........................     15
1.147  "Restructuring Agreement (AREC Noteholders)" ........................     15
1.148  "RepWest" ...........................................................     15
1.149  "Retained Actions" ..................................................     15
1.150  "Retiree Benefits" ..................................................     15
1.151  "SAC Holding" .......................................................     15
1.152  "SAC Holding Note Documents" ........................................     15
1.153  "SAC Holding Senior Notes" ..........................................     15
1.154  "SAC Holding Senior Notes Indenture" ................................     15
1.155  "SAC Holding Participation and Subordination Agreement" .............     15
1.156  "Scheduled" .........................................................     16
1.157  "Schedules" .........................................................     16
1.158  "Secured Claims" ....................................................     16
1.159  "Securities Act" ....................................................     16
1.160  "Securities Action" .................................................     16
</TABLE>

                                       iv

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
    1.161 "Statutory Committees" ...........................................     16
    1.162 "Subordinated Claims (Common)" ...................................     16
    1.163 "Subordinated Claims (Preferred)" ................................     16
    1.164 "Subsidiary" .....................................................     16
    1.165 "Subsidiary Interests" ...........................................     16
    1.166 "Terminated Swaps" ...............................................     16
    1.167 "U-Haul" .........................................................     16
    1.168 "UH Storage" .....................................................     17
    1.169 "Unimpaired" .....................................................     17
    1.170 "Unsecured Deficiency Claim" .....................................     17
    1.171 "Voting Deadline" ................................................     17
    1.172 "Workers' Compensation Program" ..................................     17

  C. Rules of Interpretation ...............................................     17

  D. Computation of Time ...................................................     18

  E. References to Monetary Figures ........................................     18

  F. Exhibits ..............................................................     18

ARTICLE II ADMINISTRATIVE CLAIMS, PRIORITY TAX CLAIMS, AND OTHER
           UNCLASSIFIED CLAIMS .............................................     18

    2.1   Administrative Claims ............................................     18
    2.2   Priority Tax Claims ..............................................     19
    2.3   Workers' Compensation Programs Claims ............................     19
    2.4   Retiree Benefits .................................................     19
    2.5   Claims for Professional Fees .....................................     19
    2.6   Claims of DIP Lender .............................................     19

ARTICLE III CLASSIFICATION OF CLAIMS AND INTERESTS .........................     20

    3.1   Class 1 ..........................................................     20
    3.2   Class 2 ..........................................................     20
    3.3   Class 3 ..........................................................     20
    3.4   Class 4 ..........................................................     20
    3.5   Class 5 ..........................................................     20
    3.6   Class 6 ..........................................................     20
    3.7   Class 7 ..........................................................     20
    3.8   Class 8 ..........................................................     20
    3.9   Class 9 ..........................................................     20
    3.10  Class 10 .........................................................     20
    3.11  Class 11 .........................................................     20
    3.12  Class 12 .........................................................     20
    3.13  Class 13 .........................................................     20
    3.14  Class 14 .........................................................     20
</TABLE>

                                        v

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                     PAGE
<S>                                                                                  <C>
ARTICLE IV   IDENTIFICATION OF CLASSES OF CLAIMS AND INTERESTS
             IMPAIRED AND UNIMPAIRED BY THE PLAN .................................    21

          4.1   Classes of Claims and Interests That Are Unimpaired ..............    21
          4.2   Impaired Classes of Claims .......................................    21

ARTICLE V    PROVISIONS FOR TREATMENT OF CLAIMS AND INTERESTS ....................    21

          5.1   Class 1  (JPMorgan Claims) (Impaired) ............................    21
          5.2   Class 2  (Other Priority Claims) (Unimpaired) ....................    22
          5.3   Class 3  (Citibank Secured Claim and Citibank Guaranty Claim)
                (Impaired) .......................................................    22
          5.4   Class 4  (BMO Secured Claim and BMO Guaranty Claim) (Impaired)....    24
          5.5   Class 5  (Other Unsecured Claims) (Unimpaired) ...................    25
          5.6   Class 6  (AREC Note Claims) (Impaired) ...........................    25
          5.7   Class 7  (AMERCO Unsecured Claims) (Impaired) ....................    26
          5.8   Class 8  (Oxford Note Claims) (Unimpaired) .......................    26
          5.9   Class 9  (Miscellaneous Secured Claims) (Unimpaired) .............    26
          5.10  Class 10 (Intercompany Claims) (Unimpaired) ......................    27
          5.11  Class 11 (AMERCO/AREC Guaranty Obligations (Unimpaired) ..........    27
          5.12  Class 12 (Preferred Stock Interests and Subordinated Claims)
                (Unimpaired) .....................................................    27
          5.13  Class 13 (Existing Common Stock, Other Interests and
                Subordinated Claims) (Unimpaired) ................................    27
          5.14  Class 14 (Subsidiary Interests) ..................................    28

ARTICLE VI    ACCEPTANCE OR REJECTION OF THE PLAN; EFFECT OF
              REJECTION BY ONE OR MORE IMPAIRED CLASSES OF
              CLAIMS OR INTERESTS ................................................    28

          6.1   Impaired Classes of Claims Entitled to Vote ......................    28
          6.2   Classes Deemed to Accept the Plan ................................    28
          6.3   Acceptance by Impaired Classes ...................................    28
          6.4   Classes Deemed to Reject the Plan ................................    28
          6.5   Confirmation Pursuant to Section 1129(b) of the Bankruptcy Code...    28

ARTICLE VII  MEANS FOR IMPLEMENTATION OF THE PLAN ................................    29

          7.1   Continued Corporate Existence ....................................    29
          7.2   Directors and Officers of AMERCO .................................    29
          7.3   Listing on Securities Exchange or Quotation System ...............    30
          7.4   SAC Holding Participation ........................................    30
          7.5   Cancellation of Existing Debt Securities and Issuance of New Debt
                Securities .......................................................    30
          7.6   Emergence Date Financing .........................................    31
</TABLE>

                                       vi

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                                    PAGE
                                                                                    ----
<S>                                                                                 <C>
        7.7    Preservation of Causes of Action ................................     31
        7.8    Exclusivity Period ..............................................     31
        7.9    Corporate Action ................................................     31
        7.10   Effectuating Documents; Further Transactions ....................     32
        7.11   Exemption From Certain Transfer Taxes and Recording Fees ........     32

ARTICLE VIII EXECUTORY CONTRACTS AND UNEXPIRED LEASES ..........................     32

        8.1    Executory Contracts .............................................     32
        8.2    Approval of Assumption or Rejection .............................     32
        8.3    Cure of Defaults ................................................     33
        8.4    Bar Date ........................................................     33

ARTICLE IX   PROVISIONS GOVERNING DISTRIBUTIONS ................................     33

        9.1    Record Date .....................................................     33
        9.2    Time of Distributions ...........................................     33
        9.3    No Interest on Claims or Interests ..............................     33
        9.4    Reorganized Debtors as Disbursing Agent .........................     33
        9.5    Surrender of Securities or Instruments ..........................     34
        9.6    Services of Indenture Trustees, Agents and Servicers ............     34
        9.7    Claims Administration Responsibility ............................     34
        9.8    Delivery of Distributions .......................................     35
        9.9    Procedures for Treating and Resolving Disputed and Contingent
               Claims ..........................................................     35
        9.10   Fractional Securities; Fractional Dollars .......................     36

ARTICLE X    ALLOWANCE AND PAYMENT OF CERTAIN
             ADMINISTRATIVE CLAIMS .............................................     36

        10.1   DIP Facility Claim ..............................................     36
        10.2   Professional Claims .............................................     36
        10.3   Substantial Contribution Compensation and Expenses Bar Date .....     37
        10.4   Other Administrative Claims .....................................     37

ARTICLE XI   EFFECT OF THE PLAN ON CLAIMS AND INTERESTS ........................     37

        11.1   Revesting of Assets .............................................     37
        11.2   Discharge of the Debtors ........................................     38
        11.3   Compromises and Settlements .....................................     38
        11.4   Releases, Exculpation and Related Matters .......................     38
        11.5   Setoffs .........................................................     40
        11.6   Subordination Rights ............................................     40
        11.7   Indemnification Obligations .....................................     40
        11.8   D&O Insurance Policies ..........................................     40
        11.9   Injunction ......................................................     40
        11.10  PMSR Agreement ............................... ..................     40
</TABLE>

                                       vii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<TABLE>
<CAPTION>
                                                                                PAGE
<S>                                                                             <C>
ARTICLE XII CONDITIONS PRECEDENT ..........................................      41

        12.1  Conditions to Confirmation...................................      41
        12.2  Conditions to the Effective Date.............................      41
        12.3  Waiver of Conditions to Confirmation or Effective Date.......      41

ARTICLE XIII  RETENTION OF JURISDICTION....................................      42

ARTICLE XIV   MISCELLANEOUS PROVISIONS.....................................      43

        14.1  Binding Effect...............................................      43
        14.2  Modification and Amendments..................................      43
        14.3  Withholding and Reporting Requirements.......................      44
        14.4  Revocation, Withdrawal or Non-Consummation...................      44
        14.5  Notices......................................................      44
        14.6  Term of Injunctions or Stays.................................      45
        14.7  Governing Law................................................      45
        14.8  No Waiver or Estoppel........................................      45
        14.9  Severability.................................................      45
        14.10 Conflicts....................................................      45
</TABLE>

                                      viii
<PAGE>

                                    EXHIBITS

Exhibit A -1   --     Exit Financing Facility Commitment Letter

Exhibit A -2   --     Exit Financing Facility Agreement

Exhibit B      --     Plan Support Agreement (Creditors' Committee)

Exhibit C      --     Restructuring Agreement (AREC Noteholders)

Exhibit D      --     Restructuring Agreement (Revolver Lenders)

Exhibit E      --     SAC Holding Participation and Subordination Agreement

Exhibit F      --     AMERCO/AREC Guaranty Obligations

Exhibit G      --     PMSR Agreement

Exhibit H      --     Restated BMO Master Lease

Exhibit I      --     Restated Citibank Master Lease

Exhibit J      --     New BMO Guaranty

Exhibit K      --     New Citibank Guaranty

Exhibit L      --     New AMERCO Notes Indenture

Exhibit M      --     New Term Loan B Notes Indenture

Exhibit N      --     SAC Holding Senior Notes Indenture

Exhibit O      --     Restated Articles of Incorporation of Reorganized AMERCO

Exhibit P      --     Restated Articles of Incorporation of Reorganized AREC

                                       ix

<PAGE>

                                  INTRODUCTION

         AMERCO and its wholly-owned subsidiary, Amerco Real Estate Company, as
debtors and debtors-in-possession in the above-captioned jointly administered
Chapter 11 Cases, together with SAC Holding Corporation ("SAC") and SAC Holding
II Corporation, each a Nevada corporation (together with SAC, collectively, "SAC
Holding") hereby propose the following First Amended Joint Plan of
Reorganization for the resolution of the outstanding Claims against and
Interests in the Debtors. Capitalized terms used herein shall have the meanings
ascribed to such terms in Article I.B. of this Plan. The Debtors and SAC Holding
are proponents of this Plan within the meaning of Section 1129 of the Bankruptcy
Code.

         The direct and indirect subsidiaries of AMERCO and Amerco Real Estate
Company have not commenced cases under Chapter 11 of the Bankruptcy Code. These
subsidiaries, including, without limitation, U-Haul International, Inc., Oxford
Life Insurance Company and Republic Western Insurance Company, continue to
operate their businesses outside of bankruptcy.

         Under Section 1125(b) of the Bankruptcy Code, a vote to accept or
reject this Plan cannot be solicited from a Claimholder until such time as the
Disclosure Statement has been approved by the Bankruptcy Court and distributed
to Claimholders. In this case, the Disclosure Statement was approved by the
Bankruptcy Court by order entered on December [12], 2003, and has been
distributed simultaneously with this Plan to all parties whose votes are being
solicited. The Disclosure Statement contains, among other things, a discussion
of the Debtors' and SAC Holding's history, business, properties and operations,
projections for those operations, risk factors associated with the business and
Plan, a summary and analysis of this Plan, and certain related matters
including, among other things, the securities to be issued pursuant to this Plan
by the Reorganized Debtors and SAC Holding. ALL CLAIMHOLDERS ARE ENCOURAGED TO
READ THIS PLAN AND THE DISCLOSURE STATEMENT AND RELATED SOLICITATION MATERIALS
IN THEIR ENTIRETY BEFORE VOTING TO ACCEPT OR REJECT THIS PLAN.

         Subject to certain restrictions and requirements set forth in Section
1127 of the Bankruptcy Code and Bankruptcy Rule 3019 and those restrictions on
modifications set forth in Article 14.2 of this Plan, each of the Debtors
expressly reserves its respective rights to alter, amend, modify, revoke or
withdraw this Plan with respect to such Debtor, one or more times, prior to this
Plan's substantial consummation.

                                    ARTICLE I

                              DEFINITIONS, RULES OF
                    INTERPRETATION, AND COMPUTATION OF TIME

A.       SCOPE OF DEFINITIONS

         For purposes of this Plan, except as expressly provided or unless the
context otherwise requires, all capitalized terms not otherwise defined shall
have the meanings ascribed to them in Article I.B. of this Plan. Any term used
in this Plan that is not defined herein, but is defined in the Bankruptcy Code
or the Bankruptcy Rules, shall have the meaning ascribed to that term in the
Bankruptcy Code or the Bankruptcy Rules.

                                        1

<PAGE>

B.       DEFINITIONS

                  1.1      "503 DEADLINE" means the deadline for any Person who
requests compensation or expense reimbursement for making a substantial
contribution in the Chapter 11 Cases pursuant to Sections 503(b)(3), (4), and
(5) of the Bankruptcy Code to file an application with the clerk of the
Bankruptcy Court, which shall be forty-five (45) days after the Effective Date.

                  1.2      "ADMINISTRATIVE CLAIM" means a Claim for any cost or
expense of administration of the Chapter 11 Cases allowed under Sections 503(b),
507(b) or 546(c)(2) of the Bankruptcy Code and entitled to priority under
Section 507(a)(1) of the Bankruptcy Code, including, without limitation: (a)
fees payable under 28 U.S.C. Section 1930; (b) actual and necessary costs and
expenses incurred in the ordinary course of the Debtors' business; (c) actual
and necessary costs and expenses of preserving the Debtors' Estates or
administering the Chapter 11 Cases; (d) DIP Facility Claims; (e) all
Professional Fees to the extent allowed by Final Order under Sections 330, 331,
or 503 of the Bankruptcy Code; and (f) Indenture Trustees Fees.

                  1.3      "ADMINISTRATIVE CLAIMS BAR DATE" means the deadline
for filing proofs or requests for payment of Administrative Claims, which shall
be forty-five (45) days after the Effective Date, unless otherwise ordered by
the Bankruptcy Court, except with respect to Professional Claims, which shall be
subject to the provisions of Article 10.2 hereof.

                  1.4      "AFFILIATE" has the meaning given such term by
Section 101(2) of the Bankruptcy Code.

                  1.5      "ALLOWED CLAIM" or "ALLOWED INTEREST" means,
respectively, except as otherwise allowed or provided for in this Plan, a Claim
or an Interest, proof of which was timely and properly filed or, if no proof of
claim or proof of interest was filed, which has been or hereafter is listed by
the Debtors in their Schedules as liquidated in amount and not disputed or
contingent, and in either case, as to which no objection to the allowance
thereof has been interposed on or before the later of: (a) 45 days after the
Effective Date; or (b) such other applicable period of limitation as may be
fixed or extended by the Bankruptcy Court, or as to which any objection has been
determined by a Final Order to the extent such objection is determined in favor
of the respective holder.

                  1.6      "AMENDED AND RESTATED ARTICLES OF INCORPORATION"
means the articles of incorporation of the Reorganized Debtors, amended and
restated to the extent necessary to comply with the provisions of Section
1123(a)(6) of the Bankruptcy Code, in substantially the form attached hereto as
Exhibit O and Exhibit P.

                  1.7      "AMERCO" means AMERCO, a Nevada corporation, debtor
and debtor-in-possession in Case No. 03-52103 pending in the Bankruptcy Court.

                  1.8      "AMERCO/AREC GUARANTY OBLIGATIONS" means those
obligations of the Debtors guarantying the obligations of certain of their
direct and indirect subsidiaries, as set forth in Exhibit F.

                  1.9      "AMERCO NOTES" means, collectively, the following:
(a) the $175,000,000 in original principal amount of 7.85% Senior Notes due 2003
issued by AMERCO pursuant to that certain Indenture, dated as of May 1, 1996,
between AMERCO, as Issuer, and Citibank, N.A., as Trustee, as supplemented; (b)
the $200,000,000 in original principal amount of 8.80% Senior Notes due 2005
issued by AMERCO pursuant to that certain Senior Indenture, dated as of April 1,
1999, between AMERCO and the Bank of New York, as Trustee, as supplemented; and
(c) the $110,000,000 in medium-term notes

                                        2

<PAGE>

issued pursuant to that certain Indenture, dated September 10, 1999, as
supplemented, between AMERCO and The Bank of New York, as successor Indenture
Trustee to The First National Bank of Chicago.

                  1.10     "AMERCO UNSECURED CLAIMS" means any Claim arising
under, from or relating to the following: (a) the AMERCO Notes; (b) the BBATs;
(c) the Terminated Swaps; (d) the JPMorgan Support Party Obligation; and (e)
Effective Date Interest.

                  1.11     "AREC" means Amerco Real Estate Company, a Nevada
corporation, debtor and debtor-in-possession in Case No. 03-52790 pending in the
Bankruptcy Court.

                  1.12     "AREC NOTE CLAIMS" means any Claim arising under,
from or relating to the AREC Notes.

                  1.13     "AREC NOTES" means, collectively, the following: (a)
the $95,000,000 original principal amount of Senior Secured Notes, Series A, due
April 30, 2012; and (b) the $5,000,000 original principal amount of Senior
Notes, Series B, due April 30, 2007, each issued by AREC under that certain Note
Purchase Agreement, dated March 15, 2002, as amended or modified from time to
time, between AREC and the holders of such Series A and Series B Notes.

                  1.14     "AREC SYNDICATION TERMS" means those Syndication
Terms described in an exhibit to the Restructuring Agreement (AREC Noteholders).

                  1.15     "AVOIDANCE CLAIMS" means Causes of Action against
Persons arising under any of Sections 510, 547, 548, 549, 550 and 551 (to the
extent the latter two Sections are applicable to the other statutory sections
referred to in this Article 1.15) of the Bankruptcy Code, or under similar or
related state or federal statutes and common law, including fraudulent transfer
laws, whether or not litigation has been commenced as of the Confirmation Date
to prosecute such Avoidance Claims.

                  1.16     "BALLOT" means each of the ballot forms that are
distributed with the Disclosure Statement to Claimholders included in Classes
that are Impaired under this Plan and entitled to vote under Article 6.1 of this
Plan to accept or reject this Plan.

                  1.17     "BANK OF AMERICA SWAP" means that certain ISDA Master
Agreement, dated as of September 11, 1997, between AMERCO and Bank of New York,
with an aggregate termination amount of $2,141,800.

                  1.18     "BANKRUPTCY CODE" means the Bankruptcy Reform Act of
1978, as amended and codified in title 11 of the United States Code, 11 U.S.C.
Sections 101-1330, as in effect on the date hereof.

                  1.19     "BANKRUPTCY COURT" means the United States Bankruptcy
Court for the District of Nevada or such other court as may have jurisdiction
over the Chapter 11 Cases.

                  1.20     "BANKRUPTCY RULES" means the Federal Rules of
Bankruptcy Procedure and the Official Bankruptcy Forms, as amended, the Federal
Rules of Civil Procedure, as amended, as applicable to the Chapter 11 Cases or
proceedings therein, and the Local Rules of the Bankruptcy Court, as applicable
to the Chapter 11 Cases or proceedings therein, as the case may be.

                  1.21     "BAR DATE" means the deadline set by the Bankruptcy
Court pursuant to the Bar Date Order or other Final Order for filing proofs of
claim in the Chapter 11 Cases. For all prepetition Claims, the Bar Date is
November 10, 2003.

                                        3

<PAGE>

                  1.22     "BAR DATE ORDER" means the order entered by the
Bankruptcy Court on September 30, 2003, which established November 10, 2003 as
the Bar Date (Docket No. 415).

                  1.23     "BBATs" means the 7.135% Series 1997-C Bond Backed
Asset Trust Certificates due October 15, 2002, in the original principal amount
of $100,000,000 issued by AMERCO pursuant to that certain Trust Agreement, dated
as of October 22, 1997, as amended or modified from time to time, between
AMERCO, as depositer, and The Bank of New York as successor Trustee to IBJ
Schroder Bank & Trust Company.

                  1.24     "BBAT SWAPS" means the following interest rate swap
agreements: (a) that certain ISDA Master Agreement, dated as of October 8, 1997,
between AMERCO and Citibank, N.A., New York dated October 3, 2002, with an
aggregate termination amount of $15,266,722.28; and (b) that certain ISDA Master
Agreement, dated as of September 11, 1997, between AMERCO and Bank of America,
N.A. (f/k/a NationsBank, N.A.) with an aggregate termination amount of
$11,284,099.

                  1.25     "BMO GUARANTY CLAIM" means all Claims arising under
or related to that certain Amended and Restated Guaranty, dated July 27, 1999
(amending and restating the Guaranty dated December 8, 1996), by AMERCO in favor
of (i) Bank of Montreal and each of the other various financial institutions, as
the Lenders, (ii) BMO Global Capital Solutions, Inc. and the other various
lessors, as Lessors, (iii) BMO Capital Solutions, Inc., as Agent Lessor for the
Lessors, and (iv) Bank of Montreal, as Administrative Agent for the Lenders and
as Arranger.

                  1.26     "BMO MASTER LEASE" means that certain Amended and
Restated Master Lease Agreement and Open End Mortgage, dated as of July 27,
1999, as amended, by and among BMO Global Solutions, Inc., and the various
Persons party thereto, U-Haul and AREC.

                  1.27     "BMO PROPERTIES" means the real property that is
subject to the BMO Master Lease.

                  1.28     "BMO SECURED CLAIM" means any Secured Claim arising
under, from or relating to the BMO Master Lease.

                  1.29     "BMO VALUATION HEARING" means the hearing to be
conducted by the Bankruptcy Court pursuant to Article 5.4(a)(iii) of the Plan
and Sections 506 and 1129(b) of the Bankruptcy Code with respect to the BMO
Properties, as such hearing may be adjourned or continued from time to time.

                  1.30     "BUSINESS DAY" means any day, excluding Saturdays,
Sundays and "legal holidays" (as defined in Bankruptcy Rule 9006(a)), on which
commercial banks are open for business in Nevada.

                  1.31     "CAREY CASH PROCEEDS" means the Cash proceeds
received by AREC and U-Haul from the Carey Sale Transaction pursuant to the
terms of the Carey Sale Agreement.

                  1.32     "CAREY SALE AGREEMENT" means that certain Purchase
and Sale Agreement, dated as of June 6, 2003, by and among AREC, U-Haul and UH
Storage, including any amendment, modification, supplement and exhibit thereto.

                  1.33     "CAREY SALE TRANSACTION" means that certain
transaction or series of transactions related to the sale of the Citibank
Properties and BMO Properties pursuant to the Carey Sale Agreement.

                                        4

<PAGE>

                  1.34     "CASH" means currency, checks drawn on a bank insured
by the Federal Deposit Insurance Corporation, certified checks, money orders,
negotiable instruments, and wire transfers of immediately available funds.

                  1.35     "CAUSES OF ACTION" means any and all actions,
proceedings, causes of action, suits, accounts, controversies, agreements,
promises, rights to legal remedies, rights to equitable remedies, rights to
payment and claims, whether known, unknown, reduced to judgment, not reduced to
judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured,
disputed, undisputed, secured or unsecured and whether asserted or assertable
directly or derivatively, in law, equity or otherwise, including Avoidance
Claims and Derivative Claims, unless otherwise waived or released by the Debtors
or the Reorganized Debtors.

                  1.36     "CHAPTER 11 CASES" means the Chapter 11 Cases of the
Debtors pending in the Bankruptcy Court and being jointly administered with one
another under Case No. 03-52103-GWZ, and the phrase "Chapter 11 Case" when used
with reference to a particular Debtor shall mean the particular case under
Chapter 11 of the Bankruptcy Code commenced by such Debtor in the Bankruptcy
Court.

                  1.37     "CITIBANK GUARANTY CLAIM" means all Claims arising
under or related to that certain Parent Guaranty, dated September 24, 1999, by
AMERCO in favor of Citicorp USA, Inc., as Agent for the benefit of the Note
Holders and the Certificate Holders, BMO Global Capital Solutions, Inc., as
Lessor under the Lease, and Citibank N.A., as APA Agent for the benefit of he
APA Purchasers.

                  1.38     "CITIBANK MASTER LEASE" means that certain Master
Lease, dated as of September 24, 1999, as amended, between BMO Global Capital
Solutions, Inc., and AREC.

                  1.39     "CITIBANK PROPERTIES" means the real property that is
subject to the Citibank Master Lease.

                  1.40     "CITIBANK SECURED CLAIM" means any Secured Claim
arising under, from or relating to the Citibank Master Lease.

                  1.41     "CITIBANK VALUATION HEARING" means the hearing to be
conducted by the Bankruptcy Court pursuant to Article 5.3(a)(iii) of the Plan
and Sections 506 and 1129(b) of the Bankruptcy Code with respect to the Citibank
Properties, as such hearing may be adjourned or continued from time to time.

                  1.42     "CLAIM" means a claim against one or both of the
Debtors or their property, whether or not asserted in the Bankruptcy Cases, as
defined in Section 101(5) of the Bankruptcy Code, including, without limitation:
(a) any right to payment, whether or not such right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, mature, unmatured, disputed,
undisputed, legal, equitable, secured, or unsecured arising at any time before
the Effective Date; (b) any right to an equitable remedy for breach of
performance if such breach gives rise to a right to payment, whether or not such
right to an equitable remedy is reduced to judgment, fixed, contingent, matured,
unmatured, disputed, undisputed, secured, or unsecured; (c) any claim arising
from rescission of or for damages from the purchase or sale of Existing Debt
Securities; or (d) any claim for reimbursement or contribution associated with
Existing Debt Securities.

                  1.43     "CLAIMHOLDER" means a holder of a Claim.

                  1.44     "CLAIMS AGENT" means The Trumbull Group, LLC, P.O.
Box 721, Windsor, Connecticut 06095, Attn: Ronnie Kryjak.

                                        5

<PAGE>

                  1.45     "CLASS" means a category of Claimholders or
Interestholders described in Article III of this Plan.

                  1.46     "CLASS ACTIONS" means, collectively, the following
class action lawsuits: (1) Article Four Trust v. AMERCO, et al., District of
Nevada, United States District Court, Case No. CV-N-03-0050-DWH-VPC; (2) Mates
v. AMERCO, et al., United States District Court, District of Nevada, Case No.
CV-N-03-0107; (3) Klug v. AMERCO, et al., United States District Court of
Nevada, Case No. CV-S-03-0380; and (4) IG Holdings v. AMERCO, et al., United
States District Court, District of Nevada, Case No. CV-N-03-0199.

                  1.47     "CONFIRMATION DATE" means the date of entry of the
Confirmation Order.

                  1.48     "CONFIRMATION HEARING" means the hearing before the
Bankruptcy Court held to consider confirmation of this Plan and related matters
under Section 1128 of the Bankruptcy Code, as such hearing may be adjourned or
continued from time to time.

                  1.49     "CONFIRMATION ORDER" means the order entered by the
Bankruptcy Court confirming this Plan.

                  1.50     "CREDITOR" means any holder of a Claim, whether or
not such Claim is an Allowed Claim, encompassed within the statutory definition
set forth in Section 101(10) of the Bankruptcy Code.

                  1.51     "CREDITORS' COMMITTEE" means the Official Committee
of Unsecured Creditors appointed pursuant to Section 1102(a) of the Bankruptcy
Code in the Chapter 11 Cases, as the membership thereof may change from time to
time.

                  1.52     "CURE" means: (a) the cure of any non-monetary
defaults to the extent required, if at all, pursuant to Section 365 of the
Bankruptcy Code; and (b) with respect to monetary defaults, the distribution
within a reasonable period of time following the Effective Date of Cash, or such
other property as may be agreed upon by the parties or ordered by the Bankruptcy
Court, with respect to the assumption (or assumption and assignment) of an
executory contract or unexpired lease, pursuant to Section 365(b) of the
Bankruptcy Code, in an amount equal to all unpaid monetary obligations or such
other amount as may be agreed upon by the parties, under such executory contract
or unexpired lease, to the extent such obligations are enforceable under the
Bankruptcy Code and applicable non-bankruptcy law; provided, further, that in
the event that a Debtor assumes an unexpired lease or executory contract, any
guarantee provided by another Debtor related to such unexpired lease or
executory contract shall be deemed Reinstated under the Plan if the failure of
such guarantee to remain in force and effect would constitute a default under
such assumed unexpired lease or executory contract.

                  1.53     "D&O INSURANCE POLICIES" means any directors and
officers liability insurance policy or any applicable errors and omissions
policy applicable to directors and officers of AMERCO and AREC, their
Subsidiaries and Affiliates, or the Reorganized Debtors.

                  1.54     "DEBTORS" means AMERCO and AREC.

                  1.55     "DERIVATIVE ACTIONS" means, collectively, the
following lawsuits: (1) Paul F. Shoen vs. SAC Holding Corporation et. al.,
CV02-05602, in the Second Judicial District Court of the State of Nevada, Washoe
County; (2) Ron Belec vs. William E. Carty, et al, CV 02-06331, in the Second
Judicial District Court of the State of Nevada, Washoe County; (3) M.S.
Management Company, Inc. vs.

                                        6

<PAGE>

William E. Carty, et. al, CV 03-00386, in the Second Judicial District Court of
the State of Nevada, Washoe County, along with two additional derivative suits
against the same parties.

                  1.56     "DERIVATIVE CLAIMS" means any and all claims of the
Debtors against any of their respective officers, directors, representatives,
agents or employees based upon a breach or alleged breach by such Person of any
duties owed to the Debtors.

                  1.57     "DIP AGENT" means the administrative agent for the
DIP Lenders as defined in the DIP Credit Agreement.

                  1.58     "DIP CREDIT AGREEMENT" means that certain Senior
Secured, Super-Priority Debtor-in Possession Loan and Security Agreement, dated
as of August 15, 2003, as amended, supplemented or otherwise modified from time
to time, and all documents executed in connection therewith, by and among the
Debtors, the DIP Agent, and the DIP Lenders, which was executed by the Debtors
in connection with the DIP Facility.

                  1.59     "DIP FACILITY" means the debtor-in-possession secured
financing facility in the original principal amount of $300,000,000 provided to
the Debtors by the DIP Lenders pursuant to the DIP Credit Agreement as
authorized by the Bankruptcy Court pursuant to the DIP Facility Order.

                  1.60     "DIP FACILITY CLAIM" means all Administrative Claims
of the DIP Agent and the DIP Lenders arising under or pursuant to the DIP
Facility, including, without limitation, principal and interest on the DIP
Facility, plus all reasonable fees and expenses (including professional fees and
expenses) arising under the DIP Facility.

                  1.61     "DIP FACILITY ORDER" means, collectively, (i) the
interim order that was entered by the Bankruptcy Court on August 14, 2003, (ii)
the final order that was entered by the Bankruptcy Court on September 23, 2003,
authorizing and approving the DIP Facility and the agreements related thereto,
and (iii) any and all orders entered by the Bankruptcy Court authorizing and
approving amendments to the DIP Credit Agreement.

                  1.62     "DIP LENDERS" means the lenders from time to time
party to the DIP Credit Agreement.

                  1.63     "DISALLOWED CLAIM" or "DISALLOWED INTEREST" means a
Claim or any portion thereof, or an Interest or any portion thereof, that: (a)
has been disallowed by a Final Order; (b) is Scheduled at zero or as contingent,
disputed or unliquidated and as to which a proof of claim or interest bar date
has been established but no proof of claim or interest has been timely filed or
deemed timely filed with the Bankruptcy Court pursuant to either the Bankruptcy
Code or any Final Order of the Bankruptcy Court or otherwise deemed timely filed
under applicable law; or (c) is not Scheduled and as to which a proof of claim
or interest bar date has been set but no proof of claim or interest has been
timely filed or deemed timely filed with the Bankruptcy Court pursuant to either
the Bankruptcy Code or any Final Order of the Bankruptcy Court or otherwise
deemed timely filed under applicable law.

                  1.64     "DISCLOSURE STATEMENT" means the written disclosure
statement that relates to this Plan, as approved by the Bankruptcy Court
pursuant to Section 1125 of the Bankruptcy Code and Bankruptcy Rule 3017, as
such disclosure statement may be amended, modified or supplemented from time to
time.

                  1.65     "DISPUTED CLAIM" or "DISPUTED INTEREST" means a Claim
or any portion thereof, or an Interest or any portion thereof, that is neither
an Allowed Claim nor a Disallowed Claim, or an

                                        7

<PAGE>

Allowed Interest or a Disallowed Interest, as the case may be, and includes,
without limitation, Claims or Interests that: (a) have not been Scheduled by the
Debtors or have been Scheduled at zero, or have been Scheduled as unknown,
contingent, unliquidated or disputed, whether or not such Claims or Interests
are the subject of a proof of claim or proof of interest in the Bankruptcy
Court; (b) are the subject of a proof of claim or interest that differs in
nature, amount or priority from the Schedules; or (c) are the subject of an
objection filed with the Bankruptcy Court, which has not been withdrawn or
overruled by a Final Order of the Bankruptcy Court.

                  1.66     "DISTRIBUTION DATE" means the date, selected by the
Debtors or Reorganized Debtors, occurring as soon as practicable after the
Effective Date as determined by the Reorganized Debtors, upon which
distributions to holders of Allowed Claims and Allowed Interests entitled to
receive distributions under this Plan shall commence.

                  1.67     "EFFECTIVE DATE" means the Business Day determined by
the Debtors on which all conditions to the consummation of this Plan set forth
in Article 12.2 of this Plan have been either satisfied or waived as provided in
Article 12.3 of this Plan and is the day upon which this Plan is substantially
consummated.

                  1.68     "EFFECTIVE DATE INTEREST" means, to the extent
actually permitted under the respective underlying agreements evidencing Allowed
AMERCO Unsecured Claims, the sum of (a) all accrued and unpaid interest at the
default rate, if applicable, or otherwise at the non-default contract rate, as
of the Petition Date, and (b) all accrued and unpaid interest, at the
non-default contract rate, after the Petition date through and including the
Effective Date.

                  1.69     "EQUITY COMMITTEE" means the Official Committee of
Equity Security Holders appointed pursuant to Section 1102(a) of the Bankruptcy
Code in the Chapter 11 Cases, as the membership thereof may change from time to
time.

                  1.70     "ESTATES" means the bankruptcy estates of the Debtors
created pursuant to Section 541 of the Bankruptcy Code.

                  1.71     "EXCHANGE ACT" means the Securities Exchange Act of
1934, as now in effect or hereafter amended.

                  1.72     "EXHIBIT" means an exhibit annexed to either this
Plan, in a supplement to the Plan or as an appendix to the Disclosure Statement.

                  1.73     "EXHIBIT FILING DATE" means the date on which
Exhibits to this Plan or the Disclosure Statement shall be filed with the
Bankruptcy Court, which date shall be on or before November 26, 2003, except
with respect to Exhibit A-2, Exhibit E, Exhibit L, Exhibit M, and Exhibit N,
which shall be filed with the Bankruptcy Court at least seven (7) days prior to
the commencement of the Confirmation Hearing.

                  1.74     "EXISTING COMMON STOCK" means shares of common stock,
par value $0.25 per share, of AMERCO that are authorized, issued and outstanding
prior to the Effective Date.

                  1.75     "EXISTING DEBT SECURITIES" means: (a) the AMERCO
Notes; (b) the BBATS; and (c) the AREC Notes.

                                        8

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                  1.76     "EXISTING SAC HOLDING NOTES" means any and all
promissory notes issued by SAC Holding or any Subsidiary thereof, to the
Debtors, or any Subsidiary thereof, at any time on or before the Effective Date.

                  1.77     "EXIT FINANCING FACILITY" means a post-Effective Date
working capital revolving credit financing and term facility, in substantially
the form attached hereto as Exhibit A-2, pursuant to the terms of: (a) that
certain Commitment Letter, dated November 5, 2003, between the Debtors, as
borrowers, and Wells Fargo Foothill, Inc., as the same may be amended, modified,
or supplemented from time to time, in substantially the form attached hereto as
Exhibit A-1; and (b) any and all additional documents related thereto filed in
accordance with Article 7.6 of this Plan.

                  1.78     "FACE AMOUNT" means: (a) when used in reference to a
Disputed or Disallowed Claim, the full stated liquidated amount claimed by the
Claimholder in any proof of claim timely filed with the Bankruptcy Court or
otherwise deemed timely filed by any Final Order of the Bankruptcy Court or
other applicable bankruptcy law; and (b) when used in reference to an Allowed
Claim, the allowed amount of such Claim.

                  1.79     "FINAL ORDER" means an order or judgment, the
operation or effect of which has not been stayed, reversed or amended and as to
which order or judgment (or any revision, modification or amendment thereof) the
time to appeal or seek review or rehearing has expired and as to which no appeal
or petition for review or rehearing was filed or, if filed, remains pending.

                  1.80     "HOLDBACK AMOUNT" means the amount equal to twenty
percent (20%) of fees billed to the Debtors in a given month to the extent
retained by the Debtors after the Petition Date as a holdback on payment of
Professional Claims pursuant to the Professional Fee Order. The Holdback Amount
shall not be considered property of the Debtors, the Reorganized Debtors, or the
Estates.

                  1.81     "IMPAIRED" refers to any Claim or Interest that is
impaired within the meaning of Section 1124 of the Bankruptcy Code.

                  1.82     "INDEMNIFICATION OBLIGATION" means any obligations of
the Debtors or Subsidiaries to indemnify, reimburse, advance, or provide
contribution to any present or former officer, director or employee, or any
present or former professionals or advisors of the Debtors, pursuant to articles
of incorporation, bylaws, policies of providing employee indemnification,
applicable law, or otherwise as may be in existence immediately prior to the
Petition Date, including, without limitation, Indenture Trustees, accountants,
auditors, financial advisors, underwriters or attorneys, whether pursuant to the
Indentures, charter, by law, contract, underwriting agreement, statute or
otherwise, regardless of whether the indemnification is owed in connection with
pre-petition or post-petition matters.

                  1.83     "INDENTURES" means the respective indentures pursuant
to which each of the AMERCO Notes and the BBATs were issued.

                  1.84     "INDENTURE TRUSTEES" means, collectively, the
indenture trustees under the respective Indentures.

                  1.85     "INDENTURE TRUSTEES CHARGING LIEN" means any lien or
other priority in payment arising prior to the Effective Date to which the
Indenture Trustees are entitled, pursuant to the Indentures, against
distributions to be made to holders of AMERCO Unsecured Claims for payment of
Indenture Trustees Fees.

                                        9

<PAGE>

                  1.86     "INDENTURE TRUSTEE FEES" means the reasonable
compensation, fees, expenses, disbursements and indemnity claims, including
without limitation, attorneys' and agents' fees, expenses and disbursements,
incurred by the Indenture Trustees, whether prior to or after the Petition Date
and whether prior to or after the Effective Date of the Plan.

                  1.87     "INSURANCE FIRST DAY ORDER" means the Final Order
entered by the Bankruptcy Court approving payment of certain insurance
obligations of AMERCO and RepWest (Docket No. 227).

                  1.88     "INTERCOMPANY CLAIM" means a Claim by a Debtor, an
Affiliate of a Debtor, or a non-Debtor Affiliate against another Debtor,
Affiliate of a Debtor, or non-Debtor Affiliate.

                  1.89     "INTEREST" means the legal, equitable, contractual
and other rights of any Person with respect to Existing Common Stock, Preferred
Stock Interests, Other Interests, or any other equity securities of or ownership
interests in the Debtors, but excludes any Subordinated Claims (Preferred) and
Subordinated Claims (Common).

                  1.90     "INTERESTHOLDER" means a holder of an Interest.

                  1.91     "JPMORGAN" means JPMorgan Chase Bank.

                  1.92     "JPMORGAN CHASE CREDIT FACILITY" means that certain
3-year Credit Agreement, dated as of June 28, 2002, by and between AMERCO and
JPMorgan Chase Bank, as administrative agent, Bank of America, N.A., as
syndication agent, and Bank One, NA, as documentation agent, in the aggregate
principal amount of $205,000,000, and all documents executed in connection
therewith.

                  1.93     "JPMORGAN CLAIMS" means any Claim, whether or not a
Secured Claim, arising under, from or relating to the JPMorgan Chase Credit
Facility.

                  1.94     "JPMORGAN SUPPORT PARTY OBLIGATION" means the
obligations of AMERCO arising under the PMSR Facility.

                  1.95     "JPMORGAN SWAP" means that certain ISDA Interest Rate
and Current Exchange Agreement, dated March 5, 1992, by and between AMERCO and
JPMorgan Chase Bank, with an aggregate termination amount of $3,453,808.50.

                  1.96     "JPMORGAN SYNDICATION TERMS" means those Syndication
Terms described in an exhibit to the Restructuring Agreement (Revolver Lenders).

                  1.97     "KEY ORDINARY COURSE PROFESSIONAL" means those
certain Persons identified as key ordinary course professionals by the Debtors
pursuant to the Ordinary Course Professional Order.

                  1.98     "KEY ORDINARY COURSE PROFESSIONAL CLAIM" means an
Administrative Claim of a Key Ordinary Course Professional for compensation for
services rendered or reimbursement of costs, expenses or other charges and
disbursements in an amount less than $50,000 for any month relating to services
rendered or expenses incurred after the Petition Date and prior to and including
the Effective Date.

                  1.99     "MISCELLANEOUS SECURED CLAIMS" means all Secured
Claims against any of the Debtors, as the case may be, other than the Citibank
Secured Claim, the BMO Secured Claim and the Claims under the JPMorgan Chase
Credit Facility.

                                       10

<PAGE>

                  1.100    "NEW AMERCO NOTES" means the New AMERCO Notes to be
issued by the Reorganized Debtors pursuant to the New AMERCO Notes Indenture in
an original principal amount equal to the total amount of the Allowed Class 7
Claims, minus the amount of the Cash, SAC Holding Senior Notes and New Term Loan
B Notes distributed to the AMERCO Unsecured Claimholders pursuant to Article
5.7(a), (b) and (c) of the Plan.

                  1.101    "NEW AMERCO NOTES INDENTURE" means the Indenture,
dated as of the Effective Date, pursuant to which the Reorganized Debtors will
issue the New AMERCO Notes, in substantially the form attached hereto as Exhibit
L, as such Indenture is amended or modified from time to time.

                  1.102    "NEW BMO GUARANTY" means the new BMO Guaranty to be
executed and delivered by Reorganized AMERCO on the Effective Date of the Plan
pursuant to Article 5.4(b) of the Plan, in substantially the form attached
hereto as Exhibit J.

                  1.103    "NEW CITIBANK GUARANTY" means the new Citibank
Guaranty to be executed and delivered by Reorganized AMERCO on the Effective
Date of the Plan pursuant to Article 5.3(b)(ii) of the Plan, in substantially
the form attached hereto as Exhibit K.

                  1.104    "NEW DEBT SECURITIES" means: (a) the New Term Loan B
Notes; (b) the New AMERCO Notes; and (c) the SAC Holding Senior Notes.

                  1.105    "NEW TERM LOAN A NOTES" means the Term Loan A Notes
to be issued pursuant to the Exit Financing Facility in the original principal
amount of $350,000,000.

                  1.106    "NEW TERM LOAN B NOTES" means the Term Loan B Notes
to be issued by the Reorganized Debtors pursuant to New Term Loan B Notes
Indenture in the original principal amount of $200,000,000.

                  1.107    "NEW TERM LOAN B NOTES INDENTURE" means the
Indenture, dated as of the Effective Date, pursuant to which the Reorganized
Debtors will issue the New Term Loan B Notes, in substantially the form attached
hereto as Exhibit L, as such Indenture is amended or modified from time to time.

                  1.108    "NON-DEBTOR SUBSIDIARIES" means the Subsidiaries of
the Debtors that have not commenced cases under Chapter 11 of the Bankruptcy
Code.

                  1.109    "ORDINARY COURSE PROFESSIONAL ORDER" means the
Bankruptcy Court's Order Pursuant to 11 U.S.C. Sections 105(a), 327(e) and 331
Authorizing Retention of Professionals Utilized by the Debtors in the Ordinary
Course of Business.

                  1.110    "OTHER INTERESTS" means the preferred share purchase
rights issued by AMERCO pursuant to that certain stock-holder rights plan
adopted by the board of directors of AMERCO in July 1998, with each such right
entitling its holder to purchase from AMERCO one one-hundredth of a share of
Series C Junior Participation Preferred Stock (Series C), no par value per share
of AMERCO, at a price of $132.00 per one one-hundredth of a share of Series C,
subject to adjustment.

                  1.111    "OTHER PRIORITY CLAIMS" means all Claims entitled to
priority pursuant to Section 507(a) of the Bankruptcy Code other than a Priority
Tax Claim or an Administrative Claim.

                                       11

<PAGE>

                  1.112    "OTHER UNSECURED CLAIMS" means any and all Claims
against the Debtors as of the Petition Date not secured by a charge against an
interest in or lien on property in which a Debtors' Estate has an interest or
that is subject to setoff under Section 553 of the Bankruptcy Code, including
the Claims of RepWest not included in the Insurance First Day Order as of the
Effective Date, but excluding therefrom: (a) Priority Claims; (b) AMERCO
Unsecured Claims; (c) BMO Guaranty Claim; (d) Citibank Guaranty Claim; (e)
Subordinated Claims (Preferred); (f) Subordinated Claims (Common); and (g)
Claims with respect to AMERCO/AREC Guaranty Obligations.

                  1.113    "OXFORD" means Oxford Life Insurance Company, an
Arizona corporation, and a wholly-owned subsidiary of AMERCO. Oxford is not a
debtor in the Chapter 11 Cases.

                  1.114    "OXFORD NOTE CLAIMS" means, collectively, all Claims
arising under, from or relating to the financial accommodations made available
to AMERCO by Oxford as evidenced by: (a) that certain $15,000,000 Promissory
Note, dated June 27, 2002, issued by AMERCO to Oxford; (b) that certain
$1,700,000 Promissory Note, dated June 27, 2002, issued by AMERCO to Oxford,
Christian Fidelity Life Insurance Company and North American Insurance Company;
and (c) that certain $800,000 Promissory Note, dated June 27, 2002, issued by
AMERCO to North America Insurance Agency.

                  1.115    "PERSON" means an individual, corporation,
partnership, joint venture, association, joint stock company, limited liability
company, limited liability partnership, trust, estate, unincorporated
organization, governmental unit (as defined in Section 101(27) of the Bankruptcy
Code) or other entity.

                  1.116    "PETITION DATE" means: (a) with respect to AMERCO,
June 20, 2003, the date on which it filed its petition for relief in the
Bankruptcy Court; and (b) with respect to AREC, August 13, 2003, the date on
which it filed its petition for relief in the Bankruptcy Court.

                  1.117    "PLAN" means this joint plan of reorganization for
the resolution of outstanding Claims and Interests in the Chapter 11 Cases, as
herein proposed by the Debtors and SAC Holding, including all Exhibits,
supplements, appendices and schedules hereto, either in their present form or as
the same may be further altered, amended or modified from time to time in
accordance with the Bankruptcy Code and Bankruptcy Rules.

                  1.118    "PLAN SUPPORT AGREEMENT" means that certain Plan
Support Agreement, dated as of November 12, 2003, and all exhibits and
amendments thereto, by and among the Debtors, the Creditors' Committee and the
other parties that are or may become signatories thereto.

                  1.119    "PMSR" means Private Mini Storage Realty, L.P., a
Texas-based limited partnership that operates self-storage rental facilities.

                  1.120    "PMSR AGREEMENT" means that certain PMSR Agreement,
dated as of the Effective Date, among PMSR, Reorganized AMERCO, and JPMorgan
Chase Bank, as Administrative Agent under the PMSR Facility, in substantially
the form attached hereto as Exhibit F.

                  1.121    "PMSR FACILITY" means that certain Amended and
Restated Credit Agreement, dated as of March 3, 2003, among PMSR, as Borrower,
Storage Realty L.L.C., as General Partner, the Lenders party thereto, and
JPMorgan Chase Bank, as Administrative Agent, relating to financing in the
original amount of $125,000,000 for investment in self-storage operations.

                                       12

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                  1.122    "PMSR SUPPORT AGREEMENT" means that certain Support
Party Agreement, dated as of December 30, 1997, entered into by AMERCO in favor
of JPMorgan Chase Bank, as further evidenced by that certain Non-Exoneration
Agreement, dated as of March 3, 2003, by AMERCO in favor of JPMorgan, as
Administrative Agent, pursuant to which AMERCO assumed responsibility for
fulfilling certain obligations of PMSR under the PMSR Facility, subject to the
limitations set forth therein.

                  1.123    "PMSR SUPPORT OBLIGATIONS" means AMERCO's obligations
arising under the PMSR Support Agreement.

                  1.124    "PREFERRED STOCK INTERESTS" means the outstanding
shares of the Series A 8-1/2% Preferred Stock, no par value, of AMERCO as set
forth in the Restated Articles of Incorporation, as amended, together with all
rights arising thereunder, including, without limitation, unpaid dividends.

                  1.125    "PREPETITION AGENT" means JPMorgan Chase Bank as
administrative agent under the JPMorgan Chase Credit Facility.

                  1.126    "PREPETITION LENDERS" means the lenders from time to
time party to the JPMorgan Chase Credit Facility.

                  1.127    "PREPETITION LENDER CLAIMS" means all Claims arising
under, from or pursuant to the JPMorgan Chase Credit Facility.

                  1.128    "PREPETITION NOTE CLAIMS" means all Claims arising
under, from or pursuant to any of the AMERCO Notes or the Indentures governing
the AMERCO Notes.

                  1.129    "PRIORITY CLAIMS" means Administrative Claims,
Priority Tax Claims and Other Priority Claims.

                  1.130    "PRIORITY TAX CLAIM" means a Claim entitled to
priority pursuant to Section 507(a)(8) of the Bankruptcy Code.

                  1.131    "PROFESSIONAL" means those Persons retained in the
Chapter 11 Cases by orders of the Bankruptcy Court pursuant to Sections 327 and
1103 of the Bankruptcy Code or otherwise; provided, however, that Professional
does not include those Persons retained pursuant to the Ordinary Course
Professional Order.

                  1.132    "PROFESSIONAL CLAIM" means an Administrative Claim of
a Professional for compensation for services rendered or reimbursement of costs,
expenses or other charges and disbursements incurred relating to services
rendered or expenses incurred after the Petition Date and prior to and including
the Effective Date.

                  1.133    "PROFESSIONAL FEE BAR DATE" means the deadline by
which all applications for compensation or expense reimbursement, including
Professional Claims, must be filed, which deadline shall be forty-five (45) days
after the Effective Date, unless otherwise ordered by the Bankruptcy Court.

                  1.134    "PROFESSIONAL FEE ORDER" means the order entered by
the Bankruptcy Court on June 20, 2003, authorizing the interim payment of
Professional Claims subject to the Holdback Amount.

                  1.135    "PRO RATA" means, at any time, the proportion that
the Face Amount of a Claim in a particular Class or Classes bears to the
aggregate Face Amount of all Claims (including Disputed Claims, but excluding
Disallowed Claims) in such Class or Classes, unless the Plan provides otherwise.

                                       13

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                  1.136    "PWC" means PricewaterhouseCoopers LLP.

                  1.137    "PWC LITIGATION" means the pending action filed by
AMERCO against PwC in the Maricopa County Superior Court for the State of
Arizona, Case No. CV-2003-011032.

                  1.138    "RECORD DATE" means the date or dates established by
the Bankruptcy Court by which holders of Claims are determined for purposes of
such holders' right to vote to accept or reject the Plan and to receive
Distributions under the Plan.

                  1.139    "REINSTATED" or "REINSTATEMENT" means: (a) leaving
unaltered the legal, equitable and contractual rights to which a Claim entitles
the Claimholder so as to leave such Claim Unimpaired in accordance with Section
1124 of the Bankruptcy Code; or (b) notwithstanding any contractual provision or
applicable law that entitles the Claimholder to demand or receive accelerated
payment of such Claim after the occurrence of a default: (i) curing any such
default that occurred before or after the Petition Date, other than a default of
a kind specified in Section 365(b)(2) of the Bankruptcy Code; (ii) reinstating
the maturity of such Claim as such maturity existed before such default; (iii)
compensating the Claimholder for any damages incurred as a result of any
reasonable reliance by such Claimholder on such contractual provision or such
applicable law; and (iv) not otherwise altering the legal, equitable or
contractual rights to which such Claim entitles the Claimholder; provided,
however, that any contractual right that does not pertain to the payment when
due of principal and interest on the obligation on which such Claim is based,
including, but not limited to, financial covenant ratios, negative pledge
covenants, covenants and restrictions on merger or consolidation, and
affirmative covenants regarding corporate existence prohibiting certain
transactions or actions contemplated by this Plan, or conditioning such
transactions or actions on certain factors, shall not be required to be cured or
reinstated in order to accomplish Reinstatement.

                  1.140    "RELEASED PARTIES" means, collectively: (i) all
officers of each of the Debtors, all members of the boards of directors of each
of the Debtors, and all employees of each of the Debtors, in each case, as of
the date of the commencement of the hearing on the Disclosure Statement; (ii)
the Statutory Committees and all members of the Statutory Committees in their
respective capacities as such; (iii) the DIP Agent in its capacity as such; (iv)
the DIP Lenders in their capacities as such; (v) the Prepetition Lenders in
their capacities as such; (vi) the Prepetition Agent in its capacity as such;
(vii) the holders of AREC Note Claims; (viii) the Indenture Trustees; and (ix)
with respect to each of the above-named Persons, such Person's affiliates,
principals, employees, agents, officers, directors, financial advisors,
attorneys and other professionals, in their capacities as such. Notwithstanding
the foregoing, nothing in this Article 1.140, the Plan or the Confirmation Order
shall affect, release, enjoin or impact the prosecution of the Claims asserted
or to be asserted against the non-Debtor defendants in the Derivative Actions,
the Class Actions or the Securities Actions.

                  1.141    "REORGANIZED AMERCO" means AMERCO from and after the
Effective Date.

                  1.142    "REORGANIZED AREC" means AREC from and after the
Effective Date.

                  1.143    "REORGANIZED DEBTOR" or "REORGANIZED DEBTORS" means,
collectively, Reorganized AMERCO and Reorganized AREC, in each case from and
after the Effective Date.

                  1.144    "RESTATED BMO MASTER LEASE" means the restated BMO
Master Lease to be executed and delivered by Reorganized AREC and U-Haul on the
Effective Date of the Plan pursuant to Article H of the Plan, in substantially
the form attached hereto as Exhibit I.

                                       14

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                  1.145    "RESTATED CITIBANK MASTER LEASE" means the restated
Citibank Master Lease to be executed and delivered by Reorganized AREC on the
Effective Date of the Plan pursuant to Article 5.3(b)(i) of the Plan, in
substantially the form attached hereto as Exhibit H.

                  1.146    "RESTRUCTURING AGREEMENT (REVOLVER LENDERS)" means
that certain AMERCO Revolver Lenders Restructuring Agreement, dated as of
September 8, 2003, and any amendments thereto, by and among AMERCO, the
Prepetition Agent, and the Prepetition Lenders, attached hereto as Exhibit c.

                  1.147    "RESTRUCTURING AGREEMENT (AREC NOTEHOLDERS)" means
that certain Restructuring Agreement, dated as of August 12, 2003, and any
amendments thereto, by and between AREC and the holders of the AREC Notes,
attached hereto as Exhibit B.

                  1.148    "REPWEST" means Republic Western Insurance Company,
an Arizona corporation, and a wholly-owned subsidiary of AMERCO. RepWest is not
a debtor in the Chapter 11 Cases.

                  1.149    "RETAINED ACTIONS" means all claims, Causes of
Action, rights of action, suits and proceedings, whether in law or in equity,
whether known or unknown, which any Debtor or any Debtors' Estate may hold
against any Person, including, without limitation: (a) claims and Causes of
Action brought prior to the Effective Date; (b) the PwC Litigation; (c) claims
and Causes of Action against any Persons for failure to pay for products or
services provided or rendered by any of the Debtors; (d) Claims and Causes of
Action relating to strict enforcement of any of the Debtors' intellectual
property rights, including patents, copyrights and trademarks; (e) Claims and
Causes of Action seeking the recovery of any of the Debtors' or the Reorganized
Debtors' accounts receivable other receivables or rights to payment created or
arising in the ordinary course of any of the Debtors or the Reorganized Debtors'
businesses, including, without limitation, claim overpayments and tax refunds;
(f) Avoidance Claims; and (g) Derivative Claims, if any.

                  1.150    "RETIREE BENEFITS" means any retiree benefits
provided or to be provided by the Debtors or the Reorganized Debtors, as the
case may be, encompassed within the statutory definition set forth in Section
1114(a) of the Bankruptcy Code.

                  1.151    "SAC HOLDING" means, collectively, SAC Holding
Corporation and SAC Holding II Corporation, each a Nevada corporation. SAC
Holding is not a debtor in the Bankruptcy Cases.

                  1.152    "SAC HOLDING NOTE DOCUMENTS" means, collectively, the
SAC Holding Notes Indenture, the SAC Holding Senior Notes, the SAC Holding
Participation and Subordination Agreement.

                  1.153    "SAC HOLDING SENIOR NOTES" means the Senior Notes to
be issued by SAC Holding pursuant to the SAC Holding Senior Notes Indenture in
the original principal amount of $200,000,000.

                  1.154    "SAC HOLDING SENIOR NOTES INDENTURE" means the
Indenture, dated as of the Effective Date, pursuant to which SAC Holding will
issue the SAC Holding Senior Notes, as such Indenture is amended or modified
from time to time.

                  1.155    "SAC HOLDING PARTICIPATION AND SUBORDINATION
AGREEMENT" means the SAC Holding Participation and Subordination Agreement,
dated as of the Effective Date, by and among SAC Holding, the Reorganized
Debtors and the Trustee under the SAC Holding Senior Notes Indenture,

                                       15

<PAGE>

providing for the subordination of the Existing SAC Holding Notes to payment in
full of the SAC Holding Senior Notes, in substantially the form attached hereto
as Exhibit D.

                  1.156    "SCHEDULED" means, with respect to any Claim or
Interest, the status, priority, and amount, if any, of such Claim or Interest as
set forth in the Schedules.

                  1.157    "SCHEDULES" means the schedules of assets and
liabilities and the statements of financial affairs filed in the Chapter 11
Cases by the Debtors, as such schedules or statements have been or may be
further modified, amended or supplemented from time to time in accordance with
Bankruptcy Rule 1009 or orders of the Bankruptcy Court.

                  1.158    "SECURED CLAIMS" means all Claims secured by a
security interest in or a lien on property in which a Debtor's Estate has an
interest or that is subject to setoff under Section 553 of the Bankruptcy Code,
to the extent of the value, as of the Effective Date or such other date as is
established by the Bankruptcy Court, of such Claimholder's interest in the
applicable Estate's interest in such property or to the extent of the amount
subject to setoff, as applicable, as determined by a Final Order of the
Bankruptcy Court pursuant to Section 506(a) of the Bankruptcy Code or in the
case of setoff, pursuant to Section 553 of the Bankruptcy Code, or as otherwise
agreed upon in writing by the Debtors and the Claimholder.

                  1.159    "SECURITIES ACT" means the Securities Act of 1933, as
now in effect or hereafter amended.

                  1.160    "SECURITIES ACTION" means any Cause of Action by a
Person, other than by or on behalf of a Debtor, against any Person other than a
Debtor arising out of or related to a Person's ownership interests of Preferred
Stock Interests and Existing Common Stock Interests, including those alleged in
the Class Actions.

                  1.161    "STATUTORY COMMITTEES" means, collectively, the
Creditors' Committee and the Equity Committee.

                  1.162    "SUBORDINATED CLAIMS (COMMON)" means any Claim with
respect to an Existing Common Stock Interest subordinated pursuant to Section
510 of the Bankruptcy Code.

                  1.163    "SUBORDINATED CLAIMS (PREFERRED)" means any Claim
with respect to a Preferred Stock Interest subordinated pursuant to Section 510
of the Bankruptcy Code.

                  1.164    "SUBSIDIARY" means an entity of which more than 50%
of the outstanding capital stock entitled to vote for the election of directors
is owned or controlled, directly or indirectly, by the Debtors, by one or more
Subsidiaries of the Debtors, or by a Debtor and one or more of its other
Subsidiaries.

                  1.165    "SUBSIDIARY INTERESTS" means, collectively, the
issued and outstanding shares of stock of AMERCO's Subsidiaries, including AREC,
directly or indirectly owned by AMERCO as of the Petition Date.

                  1.166    "TERMINATED SWAPS" means, collectively, the (a) BBAT
Swaps; (b) JPMorgan Swap; and (c) Bank of America Swap.

                  1.167    "U-HAUL" means U-Haul International, Inc., a Nevada
corporation. U-Haul is not a Debtor in the Chapter 11 Cases.

                                       16

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                  1.168    "UH STORAGE" means UH STORAGE (DE) LIMITED
PARTNERSHIP, a Delaware limited partnership, and the purchaser of the Citicorp
Properties and BMO Properties under the Carey Sale Agreement. UH Storage is not
a Debtor in the Chapter 11 Cases.

                  1.169    "UNIMPAIRED" refers to any Claim or Interest that is
not Impaired.

                  1.170    "UNSECURED DEFICIENCY CLAIM" means any Claim by a
Person holding a Secured Claim to the extent the value of such Creditor's
collateral, as determined in accordance with Section 506(a) of the Bankruptcy
Code, is less than the Allowed amount of such Creditor's Claims as of the
Petition Date, after taking into account any elections made pursuant to Section
1111(b) of the Bankruptcy Code.

                  1.171    "VOTING DEADLINE" means the date established by the
Bankruptcy Court by which holders of Allowed Claims and Interests are determined
for purposes of such Holders' right to submit Ballots.

                  1.172    "WORKERS' COMPENSATION PROGRAM" means, collectively,
the Debtors' workers' compensation programs in all states in which they operate
pursuant to which the Debtors provide their employees with workers' compensation
coverage for claims arising from or related to their employment with the
Debtors.

C.       RULES OF INTERPRETATION

                  For purposes of this Plan, unless otherwise provided herein:
(a) whenever from the context it is appropriate, each term, whether stated in
the singular or the plural, will include both the singular and the plural; (b)
each pronoun stated in the masculine, feminine or neuter includes the masculine,
feminine and neuter; (c) unless otherwise provided in this Plan, any reference
in this Plan to a contract, instrument, release or other agreement or document
being in a particular form or on particular terms and conditions means that such
document will be substantially in such form or substantially on such terms and
conditions; (d) any reference in this Plan to an existing document or schedule
filed or to be filed means such document or schedule, as it may have been or may
be amended, modified or supplemented pursuant to this Plan; (e) any reference to
an entity as a holder of a Claim or Interest includes that entity's successors
and assigns; (f) all references in this Plan to Sections, Articles and Exhibits
are references to Sections, Articles and Exhibits of or to this Plan; (g) the
words "herein," "hereunder" and "hereto" refer to this Plan in its entirety
rather than to a particular portion of this Plan; (h) captions and headings to
Articles and Sections are inserted for convenience of reference only and are not
intended to be a part of or to affect the interpretation of this Plan; (i)
subject to the provisions of any contract, certificates of incorporation,
by-laws, instrument, release or other agreement or document entered into in
connection with this Plan, the rights and obligations arising under this Plan
shall be governed by, and construed and enforced in accordance with, federal
law, including the Bankruptcy Code and Bankruptcy Rules; and (j) the rules of
construction set forth in Section 102 of the Bankruptcy Code will apply.

                  This Plan is the product of extensive discussions and
negotiations between and among, inter alia, the Debtors, the Creditors'
Committee, the Prepetition Agent on behalf of the Prepetition Lenders, the
holders of AREC Note Claims, and certain other creditors and constituencies.
Each of the foregoing was represented by counsel who either: (a) participated in
the formulation and documentation of, or (b) was afforded the opportunity to
review and provide comments on, the Plan, Disclosure Statement, and the
documents ancillary thereto. Accordingly, the general rule of contract
construction known as "contra preferentem" shall not apply to the construction
or interpretation of any provision of

                                       17

<PAGE>

this Plan, Disclosure Statement, or any contract, instrument, release,
indenture, exhibit, or other agreement or document generated in connection
herewith.

D.       COMPUTATION OF TIME

                  In computing any period of time prescribed or allowed by this
Plan, unless otherwise expressly provided, the provisions of Bankruptcy Rule
9006(a) shall apply.

E.       REFERENCES TO MONETARY FIGURES

                  All references in this Plan to monetary figures shall refer to
United States of America currency, unless otherwise expressly provided.

F.       EXHIBITS

                  All Exhibits are incorporated into and are a part of this Plan
as if set forth in full herein and, to the extent not annexed hereto, such
Exhibits shall be filed with the Bankruptcy Court on or before the Exhibit
Filing Date. After the Exhibit Filing Date, copies of Exhibits can be obtained
upon written request to Squire, Sanders & Dempsey L.L.P., Two Renaissance
Square, 40 North Central Avenue, Suite 2700, Phoenix, Arizona 85004-4498 (Attn:
Craig D. Hansen, Esq., chansen@ssd.com), counsel to the Debtors, or by
downloading such exhibits from the Debtors' website at HTTP:\\WWW.AMERCO.COM. To
the extent any Exhibit is inconsistent with the terms of this Plan, unless
otherwise ordered by the Bankruptcy Court, the non-Exhibit portion of this Plan
shall control.

                                   ARTICLE II

                   ADMINISTRATIVE CLAIMS, PRIORITY TAX CLAIMS,
                         AND OTHER UNCLASSIFIED CLAIMS

                  2.1      ADMINISTRATIVE CLAIMS.

                  On the Distribution Date occurring after the later of: (a) the
date an Administrative Claim becomes an Allowed Administrative Claim; or (b) the
date an Administrative Claim becomes payable pursuant to any agreement between a
Debtor (or a Reorganized Debtor) and the holder of such Administrative Claim, an
Allowed Administrative Claimholder in the Chapter 11 Cases shall receive, in
full satisfaction, settlement, release, and discharge of, and in exchange for,
such Administrative Claim: (i) Cash equal to the unpaid portion of such Allowed
Administrative Claim; or (ii) such other treatment as to which the Debtors (or
the Reorganized Debtors) and such Claimholder shall have agreed upon in writing;
provided, however, that: (y) Claimholders of Claims arising under the DIP
Facility shall be deemed to have Allowed Claims as of the Effective Date in such
amount as to which the Debtors and such Claimholders shall have agreed upon in
writing or as determined by the Bankruptcy Court, which DIP Facility Claims
shall be paid in accordance with Article 10.1 of this Plan; and (z) Allowed
Administrative Claims with respect to liabilities incurred by the Debtors in the
ordinary course of business during the Chapter 11 Cases, including the Allowed
Administrative Claims of RepWest against the Debtors, shall be paid in the
ordinary course of business in accordance with the terms and conditions of any
agreement or Final Orders of the Bankruptcy Court relating thereto.

                                       18

<PAGE>

                  2.2      PRIORITY TAX CLAIMS.

                  Commencing on the later of: (a) the Effective Date; (b) the
date a Priority Tax Claim becomes an Allowed Priority Tax Claim; or (c) the date
a Priority Tax Claim first becomes payable pursuant to any agreement between a
Debtor (or a Reorganized Debtor) and the holder of such Priority Tax Claim, at
the sole option of the Debtors (or the Reorganized Debtors after the Effective
Date), such Allowed Priority Tax Claimholder shall be entitled to receive on
account of such Priority Tax Claim, in full satisfaction, settlement, release
and discharge of, and in exchange for, such Priority Tax Claim: (i) equal Cash
payments on the last Business Day of each three-month period following the
Effective Date, during a period not to exceed six years after the assessment of
the tax on which such Claim is based, totaling the aggregate amount of such
Claim plus simple interest on any outstanding balance from the Effective Date
calculated at the interest rate available on ninety (90) day United States
Treasuries on the Effective Date; (ii) such other treatment agreed to by the
Allowed Priority Tax Claimholder and the Debtors (or the Reorganized Debtors),
provided such treatment is on more favorable terms to the Debtors (or the
Reorganized Debtors after the Effective Date) than the treatment set forth in
clause (i) hereof; or (iii) payment in full in Cash.

                  2.3      WORKERS' COMPENSATION PROGRAMS CLAIMS.

                  Following the Effective Date of the Plan, the Reorganized
Debtors shall continue the Workers' Compensation Programs in accordance with
applicable state laws. Nothing set forth in this Plan shall be deemed to
discharge, release, or relieve the Debtors or Reorganized Debtors from any
current or future liability with respect to any of the Workers' Compensation
Programs. The Reorganized Debtors shall be responsible for all valid claims for
benefits and liabilities under the Workers' Compensation Programs regardless of
when the applicable injuries were incurred. Any and all obligations under the
Workers' Compensation Programs shall be paid in accordance with the terms and
conditions of Workers' Compensation Programs and in accordance with all
applicable laws.

                  2.4      RETIREE BENEFITS.

                  Nothing set forth in this Plan shall be deemed to alter,
modify, terminate or discharge the Debtors or Reorganized Debtors from any
current or future liability with respect to any Retiree Benefits that the
Debtors or Reorganized Debtors are obligated to provide under any plan, fund, or
program (through the purchase of insurance or otherwise) maintained or
established in whole or in part by the Debtors prior to the Petition Date.

                  2.5      CLAIMS FOR PROFESSIONAL FEES.

                  All Professional Claims shall be governed by Article 10.2 of
this Plan.

                  2.6      CLAIMS OF DIP LENDER.

                  Simultaneously with the closing of the Exit Financing
Facility, all the Debtors' outstanding obligations to any DIP Lender pursuant to
a DIP Financing Order shall be fully and finally satisfied in accordance with
their terms using proceeds derived from, among other things, the Exit Financing
Facility and/or Cash held by the Reorganized Debtors.

                                       19

<PAGE>

                                   ARTICLE III

                     CLASSIFICATION OF CLAIMS AND INTERESTS

                  Pursuant to Section 1122 of the Bankruptcy Code, set forth
below is a designation of classes of Claims against and Interests in the
Debtors. A Claim or Interest is placed in a particular Class for the purposes of
voting on this Plan and of receiving distributions pursuant to this Plan only to
the extent that such Claim or Interest is an Allowed Claim or an Allowed
Interest in that Class and such Claim or Interest has not been paid, released,
or otherwise settled prior to the Effective Date. In accordance with Section
1123(a)(1) of the Bankruptcy Code, Administrative Claims and Priority Tax Claims
of the kinds specified in Sections 507(a)(1) and 507(a)(8) of the Bankruptcy
Code have not been classified and their treatment is set forth in Article II
above.

                  3.1      CLASS 1. Class 1 consists of the JPMorgan Claims.

                  3.2      CLASS 2. Class 2 consists of the Other Priority
Claims.

                  3.3      CLASS 3. Class 3 consists of the following
subclasses: Class 3(A) Citibank Secured Claim and Class 3(B) Citibank Guaranty
Claim.

                  3.4      CLASS 4. Class 4 consists of the following
subclasses: Class 4(A) BMO Secured Claim and Class 4(B) BMO Guaranty Claim.

                  3.5      CLASS 5. Class 5 consists of the Other Unsecured
Claims.

                  3.6      CLASS 6. Class 6 consists of the AREC Note Claims.

                  3.7      CLASS 7. Class 7 consists of all AMERCO Unsecured
Claims.

                  3.8      CLASS 8. Class 8 consists of the Oxford Note Claims.

                  3.9      CLASS 9. Class 9 consists of separate subclasses of
Miscellaneous Secured Claims.

                  3.10     CLASS 10. Class 10 consists of the Intercompany
Claims.

                  3.11     CLASS 11. Class 11 consists of the AMERCO/AREC
Guaranty Obligations.

                  3.12     CLASS 12. Class 12 consists of the following
subclasses: Class 12(A) Preferred Stock Interests and Class 12(B) Subordinated
Claims (Preferred).

                  3.13     CLASS 13. Class 13 consists of the following
subclasses: Class 13(A) Existing Common Stock Interests and Class 13(B)
Subordinated Claims (Common).

                  3.14     CLASS 14. Class 14 consists of Subsidiary Interests.

                                       20

<PAGE>

                                   ARTICLE IV

                     IDENTIFICATION OF CLASSES OF CLAIMS AND
                  INTERESTS IMPAIRED AND UNIMPAIRED BY THE PLAN

                  4.1      CLASSES OF CLAIMS AND INTERESTS THAT ARE UNIMPAIRED.

                  The following Classes are Unimpaired by the Plan:

                        Class 2:     (Other Priority Claims)

                        Class 5:     (Other Unsecured Claims)

                        Class 8:     (Oxford Note Claims)

                        Class 9:     (Miscellaneous Secured Claims)

                        Class 10:    (Intercompany Claims)

                        Class 11:    (AMERCO/AREC Guaranty Obligations)

                        Class 12:    (Preferred Stock Interest and Subordinated
                                     Claims (Preferred)

                        Class 13:    (Existing Common Stock and Other Interests
                                     and Subordinated Claims (Common))

                        Class 14:    (Subsidiary Interests)

                  4.2      IMPAIRED CLASSES OF CLAIMS.

                  The following Classes are Impaired by the Plan:

                        Class 1:     (JPMorgan Claims)

                        Class 3:     (Citibank Secured Claim and Citibank
                                     Guaranty Claim)

                        Class 4:     (BMO Secured Claim and BMO Guaranty Claim)

                        Class 6:     (AREC Note Claims)

                        Class 7:     (AMERCO Unsecured Claims)

                                    ARTICLE V

                            PROVISIONS FOR TREATMENT
                             OF CLAIMS AND INTERESTS

                  The treatment of Claims and Interests as provided in this
Article V represents a compromise and full and final settlement, pursuant to
Section 1123(b)(3) of the Bankruptcy Code and Bankruptcy Rule 9019, of the
various Claims and Interests of parties in interest in the Chapter 11 Cases.

                  5.1      CLASS 1 (JPMORGAN CLAIMS) (IMPAIRED).

                  Upon the occurrence of the Effective Date, the JPMorgan Claims
are hereby allowed, and shall be treated as Allowed Claims, in the amount set
forth in the Restructuring Agreement (Revolver Lenders), less the Cash payment
in an amount equal to $51,250,000 paid Pro Rata to the holders of the JPMorgan
Claims on or about September 10, 2003. On the Effective Date, the Prepetition
Lenders shall

                                       21

<PAGE>

receive, in full satisfaction, settlement, release and discharge of, and in
exchange for, their JPMorgan Claims (including any prepetition setoff claims) a
Pro Rata portion of:

                           (a)      Cash in an amount equal to $71,750,000;

                           (b)      Cash in an amount equal to any and all
                  accrued but unpaid interest on the principal amount
                  outstanding payable at the non-default rate of interest under
                  the JPMorgan Chase Credit Facility;

                           (c)      $48,400,000 in aggregate principal amount of
                  the New Term Loan A Notes issued pursuant to the Exit
                  Financing Facility; and

                           (d)      $33,600,000 in aggregate principal amount of
                  the New Term Loan B Notes issued pursuant to the New Term Loan
                  B Notes Indenture. In the event of any inconsistency between
                  the terms of the Plan and the terms of the Restructuring
                  Agreement (Revolver Lenders), the terms of the Restructuring
                  Agreement (Revolver Lenders) shall control.

         Additionally, on the Effective Date, the Prepetition Agent under the
JPMorgan Chase Credit Facility shall receive all reasonable fees and expenses
provided for under the JPMorgan Chase Credit Facility.

         Notwithstanding the foregoing, in the event the Debtors fail to comply
with the JPMorgan Syndication Terms, then the Prepetition Lenders shall receive
an additional $33,600,000 in aggregate principal amount of Term Loan A Notes
issued pursuant to the Exit Financing Facility in lieu of the consideration
described in Article 5.1(d) of this Plan.

                  5.2      CLASS 2 (OTHER PRIORITY CLAIMS) (UNIMPAIRED).

                  Upon the occurrence of the Effective Date, each holder of an
Allowed Other Priority Claim shall receive, in full satisfaction, settlement,
release, and discharge of, and in exchange for, such Other Priority Claim: (a)
Cash in an amount equal to the amount of such Allowed Other Priority Claim; or
(b) such other treatment as to which the Debtors (or the Reorganized Debtors)
and such Claimholder shall have agreed upon in writing, provided that such
treatment is not more favorable than the treatment in clause (a) above. The
Debtors' failure to object to an Other Priority Claim in their Chapter 11 Cases
shall be without prejudice to the Reorganized Debtors' right to contest or
otherwise defend against such Claim in the Bankruptcy Court or other appropriate
non-bankruptcy forum (at the option of the Debtors or the Reorganized Debtors)
when and if such Claim is sought to be enforced by the Other Priority
Claimholder.

                  5.3      CLASS 3 (CITIBANK SECURED CLAIM AND CITIBANK GUARANTY
CLAIM) (IMPAIRED).

                  Class 3 shall consist of a separate subclass for the Citibank
Secured Claim and the Citibank Guaranty Claim. The alternative treatments set
forth in this Article 5.3 of the Plan shall be in full satisfaction, settlement,
release and discharge of the Citibank Secured Claim and the Citibank Guaranty
Claim.

                           (a)      Class 3(a): Citibank Secured Claim
                  (Impaired):

                                    (i)      CASH - CAREY SALE PROCEEDS. On or
                           before the Effective Date of the Plan, the holders of
                           Citibank Secured Claim shall receive an amount of
                           Cash from the Carey Sale Proceeds equivalent to the
                           amount of the Allowed

                                       22

<PAGE>

                           Citibank Secured Claim, excluding therefrom, if
                           applicable, any fine, penalty, interest or cost
                           arising from or related to a default under the
                           Citibank Master Lease and the Citibank Guaranty,
                           provided that: (A) the Carey Sale Agreement shall
                           have been approved by a Final Order of the Bankruptcy
                           Court on or before the Effective Date; (B) the Carey
                           Sale Transaction closes in accordance with the Carey
                           Sale Agreement, including the payment of the Carey
                           Sale Proceeds, on or before the Effective Date; and
                           (C) the holders of Citibank Secured Claim in Class
                           3(a) and Citibank Guaranty Claim in Class 3(b) shall
                           have voted to accept the Plan by the statutory
                           prerequisites for such acceptance set forth in
                           Section 1126 of the Bankruptcy Code.

                                    (ii)     RESTATED CITIBANK MASTER LEASE. In
                           the event the Carey Sale Transaction does not close
                           in accordance with the Carey Sale Agreement on or
                           before the Effective Date of the Plan, and provided
                           that the holders of Citibank Secured Claim in Class
                           3(a) and Citibank Guaranty Claim in Class 3(b) shall
                           have voted to accept the Plan by the statutory
                           prerequisites for such acceptance set forth in
                           Section 1126 of the Bankruptcy Code, Reorganized AREC
                           shall, on the Effective Date of the Plan, execute and
                           deliver the Restated Citibank Master Lease.

                                    (iii)    CONVEYANCE OF CITIBANK PROPERTIES.
                           In the event the holders of the Citibank Secured
                           Claim in Class 3(a) and the Citibank Guaranty Claim
                           in Class 3(b) vote to reject the Plan by the
                           statutory prerequisites for such rejection set forth
                           in Section 1126 of the Bankruptcy Code, the Debtors
                           reserve the right, in their sole discretion, either
                           to: (A) surrender to the holders of the Citibank
                           Secured Claim all of their right, title and interest
                           in and to the Citibank Properties in full and final
                           satisfaction of all Claims arising under or related
                           to the Citibank Master Lease, together with Cash in
                           an amount equivalent to the Unsecured Deficiency
                           Claim, if any such Claim exists, of the holders of
                           the Citibank Secured Claim as determined by a Final
                           Order of the Bankruptcy Court pursuant to the
                           Citibank Valuation Hearing; (B) provide for the
                           treatment of the Citibank Secured Claim in accordance
                           with the alternative treatment set forth in Article
                           5.3(a)(i) and (a)(ii) of this Plan; or (C) provide
                           such other treatment of the Citibank Secured Claim
                           that complies with Section 1129 (b) of the Bankruptcy
                           Code. If the Bankruptcy Court determines, as part of
                           the Citibank Valuation Hearing, that the value of the
                           Citibank Properties exceeds the amount of the Allowed
                           Citibank Secured Claim, and the Debtors have selected
                           the alternative treatment set forth in Article
                           5.3(a)(iii) of this Plan, the holders of the Citibank
                           Secured Claim shall pay in Cash to the Debtors the
                           amount of the excess value. Notwithstanding anything
                           set forth in this Plan, if the holders of the
                           Citibank Secured Claim vote to reject the Plan and
                           the Debtors elect to close the Carey Sale
                           Transaction, the holders of the Citibank Secured
                           Claim shall receive Cash in an amount equivalent to
                           the amount of the Allowed Citibank Secured Claim. The
                           holders of the Citibank Secured Claim shall have the
                           right to submit a conditional Ballot to accept or
                           reject the Plan.

                           (b)      Class 3(b): Citibank Guaranty Claim
                  (Impaired). In the event the Citibank Secured Claim in Class
                  3(a) receives the alternative treatment in Articles 5.3(a)(i)
                  and 5.3(a)(iii) of this Plan, the Citibank Guaranty Claim, to
                  the extent such Claim is an Allowed Claim, shall be deemed
                  satisfied in full. In the event the Citibank Secured Claim in
                  Class 3(a) receives the alternative treatment in Article
                  5.3(a)(ii) of this

                                       23

<PAGE>

                  Plan, the holder of the Citibank Guaranty Claim shall receive
                  in full satisfaction, settlement, release and discharge of the
                  Citibank Guaranty Claim, to the extent such Claim is an
                  Allowed Claim, the New Citibank Guaranty, which shall be
                  executed and delivered by Reorganized AMERCO on the Effective
                  Date.

                  5.4      CLASS 4 (BMO SECURED CLAIM AND BMO GUARANTY CLAIM)
(IMPAIRED).

                  Class 4 shall consist of a separate subclass for the BMO
Secured Claim and the BMO Guaranty Claim. The alternative treatments set froth
in this Article 5.4 of this Plan, shall be in full satisfaction, settlement,
release, and discharge of the BMO Secured Claim and the BMO Guaranty Claim.

                           (a)      Class 4(a): BMO Secured Claim (Impaired).

                                    (i)      CASH - CAREY SALE PROCEEDS. On or
                           before the Effective Date of the Plan, the holders of
                           BMO Secured Claim shall receive an amount of Cash
                           from the Carey Sale Proceeds equivalent to the amount
                           of the Allowed BMO Secured Claim, excluding
                           therefrom, if applicable, any fine, penalty, interest
                           or cost arising from or related to a default under
                           the BMO Master Lease or the BMO Guaranty, provided
                           that: (A) the Carey Sale Agreement shall have been
                           approved by a Final Order of the Bankruptcy Court on
                           or before the Effective Date; (B) the Carey Sale
                           Transaction closes in accordance with the Carey Sale
                           Agreement, including the payment of the Carey Sale
                           Proceeds, on or before of the Effective Date; and (C)
                           the BMO Secured Claim in Class 4(a) and the BMO
                           Guaranty Claim in Class 4(b) shall have voted to
                           accept the Plan by the statutory prerequisites for
                           such rejection pursuant to Section 1126 of the
                           Bankruptcy Code.

                                    (ii)     RESTATED BMO MASTER LEASE. In the
                           event the Carey Sale Transaction does not close in
                           accordance with the Carey Sale Agreement on or before
                           the Effective Date of the Plan, and provided that the
                           holders of the BMO Secured Claim in Class 4(a) and
                           the BMO Guaranty Claim in Class 4(b) shall have voted
                           to accept the Plan by the statutory prerequisites for
                           such acceptance pursuant to Section 1126 of the
                           Bankruptcy Code, Reorganized AREC and U-Haul shall,
                           on the Effective Date, execute and deliver to the
                           holders of the BMO Secured Claim the Restated BMO
                           Master Lease.

                                    (iii)    CONVEYANCE OF BMO PROPERTIES. In
                           the event the holders of BMO Secured Claim in Class
                           4(a) and the BMO Guaranty Claim in Class 4(b) vote to
                           reject the Plan by the statutory prerequisites for
                           such rejection set forth in Section 1126 of the
                           Bankruptcy Code, the Debtors reserve the right, in
                           their sole discretion, either to: (A) surrender and
                           cause U-Haul to surrender to the holders of the BMO
                           Secured Claim all of their right, title and interest
                           in and to the BMO Properties in full and final
                           satisfaction of all Claims arising under or related
                           to the Master Lease, together with Cash in an amount
                           equivalent to the Unsecured Deficiency Claim, if any
                           such Claim exists, of the holders of BMO Secured
                           Claim as determined by a Final Order of the
                           Bankruptcy Court pursuant to the BMO Valuation
                           Hearing; (B) to treat the BMO Secured Claim in
                           accordance with the alternative treatment set forth
                           in Article 5.4 (a)(i) and (a)(ii) of this Plan; or
                           (C) provide such other treatment that complies with
                           the provisions of Section 1129(b) of the Bankruptcy
                           Code. If the Bankruptcy Court determines, as part of
                           the BMO Valuation Hearing, that the value of the BMO
                           Properties exceeds the amount of the Allowed BMO
                           Secured Claim, and the Debtors have selected the

                                       24

<PAGE>

                           alternative treatment set forth in Article
                           5.4(a)(iii) of this Plan, the holders of the BMO
                           Secured Claim shall pay in Cash to the Debtors the
                           amount of the excess value. Notwithstanding anything
                           set forth in this Plan, if the holders of the BMO
                           Secured Claim vote to reject the Plan and the Debtors
                           elect to close the Carey Sale Transaction, the
                           holders of the BMO Secured Claim shall receive Cash
                           in an amount equivalent to the amount of the Allowed
                           BMO Secured Claim. The holders of the BMO Secured
                           Claim shall have the right to submit a conditional
                           Ballot to accept or reject the Plan.

                           (b)      Class 4(b): BMO Guaranty Claim (Impaired).
                  In the event the BMO Secured Claim in Class 4(a) receives the
                  alternative treatments in Article 5.4(a)(i) and (a)(iii) of
                  this Plan, the BMO Guaranty Claim, to the extent such Claim is
                  an Allowed Claim, shall be deemed satisfied in full. In the
                  event the BMO Secured Claim in Class 4(a) receives the
                  alternative treatment in Article 5.4(a)(ii) of this Plan, the
                  holders of BMO Guaranty Claim shall receive in full
                  satisfaction, settlement, release and discharge of the BMO
                  Guaranty Claim, to the extent such Claim is an Allowed Claim,
                  the New BMO Guaranty, which shall be executed and delivered by
                  Reorganized AMERCO on the Effective Date.

                  5.5      CLASS 5 (OTHER UNSECURED CLAIMS) (UNIMPAIRED).

                  Each holder of an Allowed Other Unsecured Claim shall receive
the payment of Cash equal to the amount of such holders' Allowed Class 5 Other
Unsecured Claim upon the later to occur of: (i) the Distribution Date; (ii) the
date upon which such Allowed Other Unsecured Claim would be paid in the ordinary
course of the Debtors' or Reorganized Debtors' business; or (iii) such other
date as the holder of the Allowed Class 5 Other Unsecured Claim shall have
agreed.

                  5.6      CLASS 6 (AREC NOTE CLAIMS) (IMPAIRED).

                  Upon the occurrence of the Effective Date, the AREC Note
Claims are hereby Allowed in the amount set forth in the Restructuring Agreement
(AREC Noteholders). On the Effective Date, the AREC Note Claimholders shall
receive, in full satisfaction, settlement, release, and discharge of, and in
exchange for, their AREC Note Claims, a Pro Rata portion of:

                           (a)      Cash in the amount of $65,000,000;

                           (b)      Cash in an amount equal to the sum of: (i)
                  any and all accrued but unpaid interest on the AREC Notes from
                  October 15, 2002 up to but not including the AREC Petition
                  Date, payable at the default rate of interest under the AREC
                  Notes; (ii) any and all accrued and unpaid interest under the
                  AREC Notes from the AREC Petition Date up to but not including
                  the Effective Date, payable at the non-default rate of
                  interest under the AREC Notes; and (iii) any reasonable unpaid
                  fees and expenses provided for under the AREC Notes, including
                  reasonable professional fees;

                           (c)      $18,600,000 in aggregate principal amount of
                  the New Term Loan A Notes issued pursuant to the Exit
                  Financing Facility; and

                           (d)      $16,400,000 in aggregate principal amount of
                  the New Term Loan B Notes issued pursuant to the New Term Loan
                  B Notes Indenture.

                                       25

<PAGE>

         Notwithstanding the foregoing, in the event the Debtors fail to comply
with the AREC Syndication Terms, then the holders of the AREC Note Claims shall
receive a Pro Rata portion of $16,400,000 in aggregate principal amount of the
New Term Loan A Notes in lieu of the consideration described in Article 5.6(d)
above. In the event of any inconsistency between the terms of the Plan and the
terms of the Restructuring Agreement (AREC Noteholders), the Restructuring
Agreement (AREC Noteholders) shall govern and control.

                  5.7      CLASS 7 (AMERCO UNSECURED CLAIMS) (IMPAIRED).

                  Upon the occurrence of the Effective Date, each holder of an
Allowed AMERCO Unsecured Claim shall receive, in full satisfaction, settlement,
release, and discharge of, and in exchange for, such AMERCO Unsecured Claims
such holder's Pro Rata portion of the following:

                           (a)      Cash in the amount of $ 191,000,000,
                  provided, however, that the amount of Cash shall be increased
                  by the same amount, if any, by which the principal amount of
                  New Term Loan B Notes distributed to the AMERCO Unsecured
                  Claimholders is less than $200,000,000, but in no event shall
                  the amount of Cash exceed an amount equivalent to thirty-five
                  percent (35%) of the aggregate amount of Allowed Class 7
                  AMERCO Unsecured Claims. Notwithstanding anything set forth in
                  this Plan to the contrary, the Cash distributed to the holders
                  of Allowed Class 7 AMERCO Unsecured Claims pursuant to Article
                  5.7(a) of this Plan shall be decreased, only to the extent
                  required, to enable the Reorganized Debtors to have as of the
                  Effective Date, minimum availability under the Exit Financing
                  Facility of $80,000,000.

                           (b)      The SAC Holding Senior Notes in the original
                  principal amount of $200,000,000.

                           (c)      New Term Loan B Notes in the principal
                  amount of $200,000,000, provided, however, that the amount of
                  the New Term Loan B Notes distributed to the AMERCO Unsecured
                  Claimholders shall be decreased by the sum of: (i) the New
                  Term Loan B Notes distributed to the AREC Note Claimholders
                  and the Pre-Petition Lenders as a result of the satisfaction
                  by the Debtors of the JPMorgan Syndication Terms and the AREC
                  Syndication Terms as provided in Articles 5.1 and 5.6 of this
                  Plan; and (ii) the amount of New Term Loan B Notes syndicated
                  by the Debtors to unrelated third-party market participants.

                           (d)      The New AMERCO Notes.

                  The treatment of allowed Class 7 AMERCO Unsecured Claims,
including the documentation evidencing the New Debt Securities, shall be
consistent with the terms of the Plan Support Agreement.

                  5.8      CLASS 8 (OXFORD NOTE CLAIMS) (UNIMPAIRED).

                  On the Effective Date, the Allowed Oxford Note Claims shall be
paid in Cash in full.

                  5.9      CLASS 9 (MISCELLANEOUS SECURED CLAIMS) (UNIMPAIRED).

                  On the Effective Date, the legal, equitable and contractual
rights of holders of an Allowed Class 9 Claim shall be Reinstated. The Debtors'
failure to object to any such Class 9 Claims in the Chapter 11 Cases shall be
without prejudice to the Reorganized Debtors' right to contest or otherwise
defend against such Claims in the appropriate forum when and if such Claim is
sought to be enforced by

                                       26

<PAGE>

the Miscellaneous Secured Claimholder. Notwithstanding Section 1141(c) or any
other provision of the Bankruptcy Code, all pre-petition liens on property of
any Debtor held by or on behalf of the Miscellaneous Secured Claimholder with
respect to such Claims shall survive the Effective Date and continue in
accordance with the contractual terms of the underlying agreements with such
Claimholders until, as to each Claimholder, the Allowed Claims of such
Miscellaneous Secured Claimholder are paid in full.

                  5.10     CLASS 10 (INTERCOMPANY CLAIMS) (UNIMPAIRED).

                  This Plan shall not alter, impair or discharge any of the
Allowed Intercompany Claims.

                  5.11     CLASS 11 (AMERCO/AREC GUARANTY OBLIGATIONS
(UNIMPAIRED).

                  On the Effective Date, and unless otherwise specifically
provided for in this Plan, the AMERCO/AREC Guaranty Obligations shall be deemed
Reinstated, and any non-monetary default in the primary obligations underlying
the AMERCO/AREC Guaranty Obligations arising out of or related to the
commencement by the Debtors of the Chapter 11 Cases, shall be deemed Cured.
Article 11.6 of the Plan shall not apply to the holders of AMERCO/AREC Guaranty
Obligations.

                  5.12     CLASS 12 (PREFERRED STOCK INTERESTS AND SUBORDINATED
CLAIMS) (UNIMPAIRED).

                  The subclasses of Class 12 shall receive the following
treatment under the Plan.

                           (a)      Class 12(a): Preferred Stock Interests
                  (Unimpaired). The Plan shall not alter or otherwise impair any
                  of the Allowed Preferred Stock Interests.

                           (b)      Class 12(b): Subordinated Claims (Preferred)
                  (Unimpaired). Pursuant to Section 510 of the Bankruptcy Code
                  and this Plan, Subordinated Claims (Preferred) shall be
                  subordinated to the Allowed Claims of Creditors in Classes 1
                  through 11 under this Plan, but shall be pari passu with
                  Allowed Preferred Stock Interests in Class 12(a) under this
                  Plan. To the extent a Subordinated Claim (Preferred) becomes
                  an Allowed Claim, either by agreement between the Reorganized
                  Debtors and the holder of such Subordinated Claim (Preferred),
                  or by Final Order of the Bankruptcy Court or other court of
                  competent jurisdiction, such Allowed Subordinated Claim
                  (Preferred) shall be satisfied in Cash in full by the
                  Reorganized Debtors or on such other terms as to which the
                  Reorganized Debtors and the holder of an Allowed Subordinated
                  Claim (Preferred) shall have agreed to in writing.

                  5.13     CLASS 13 (EXISTING COMMON STOCK, OTHER INTERESTS AND
SUBORDINATED CLAIMS) (UNIMPAIRED).

                  The subclasses of Class 13 shall receive the following
treatment under the Plan:

                           (a)      Class 13(a): Common stock and Other
                  Interests (Unimpaired). The Plan shall not alter or otherwise
                  impair Allowed Existing Common Stock and Other Interests.

                           (b)      Class 13(b): Subordinated Claims (Common)
                  (Unimpaired). Pursuant to Section 510 of the Bankruptcy Code
                  and this Plan, Subordinated Claims (Common) shall be
                  subordinated to the Allowed Claims in Classes 1 through 11 and
                  Allowed Preferred Stock Interests and Allowed Subordinated
                  Claims (Preferred) in Class 12 of this Plan, but

                                       27

<PAGE>

                  shall be pari passu with Allowed Common Stock Interests in
                  Class 13(a) under this Plan. To the extent a Subordinated
                  Claim (Common) becomes an Allowed Claim, either by agreement
                  between the Reorganized Debtors and the holder of such
                  Subordinated Claims (Common), or by Final Order of the
                  Bankruptcy Court or other court of competent jurisdiction,
                  such Allowed Subordinated Claim (Common) shall be satisfied in
                  Cash in full by the Reorganized Debtors or on such other terms
                  as to which the Reorganized Debtors and the holder of an
                  Allowed Subordinated Claim (Common) shall have agreed to in
                  writing.

                  5.14     CLASS 14 (SUBSIDIARY INTERESTS).

                  This Plan shall not alter or otherwise impair any of the
Subsidiary Interests

                                   ARTICLE VI

                      ACCEPTANCE OR REJECTION OF THE PLAN;
                       EFFECT OF REJECTION BY ONE OR MORE
                     IMPAIRED CLASSES OF CLAIMS OR INTERESTS

                  6.1      IMPAIRED CLASSES OF CLAIMS ENTITLED TO VOTE.

                  Except as otherwise provided in order(s) of the Bankruptcy
Court pertaining to solicitation of votes on this Plan and Article 6.2 and
Article 6.4 of this Plan, Claimholders in each Impaired Class are entitled to
vote in their respective classes as a class to accept or reject this Plan.

                  6.2      CLASSES DEEMED TO ACCEPT THE PLAN.

                  Classes 2, 5, 8, 9, 10, 11, 12, 13 and 14 are Unimpaired by
this Plan. Pursuant to Section 1126(f) of the Bankruptcy Code, such Classes are
conclusively presumed to have accepted this Plan, and the votes of Claimholders
and Interestholders in such Classes therefore will not be solicited.

                  6.3      ACCEPTANCE BY IMPAIRED CLASSES.

                  Classes 1, 3,4, 6, and 7 are Impaired under this Plan.
Pursuant to Section 1126(c) of the Bankruptcy Code, and except as provided in
Section 1126(e) of the Bankruptcy Code, an Impaired Class of Claims has accepted
the Plan if the Plan is accepted by the holders of at least two-thirds (2/3) in
dollar amount and more than one-half (1/2) in number of the Allowed Claims of
such Class that have timely and properly voted to accept or reject the Plan.

                  6.4      CLASSES DEEMED TO REJECT THE PLAN.

                  Pursuant to Section 1126(g) of the Bankruptcy Code, no Classes
of Claims or Interests are conclusively presumed to have rejected the Plan.

                  6.5      CONFIRMATION PURSUANT TO SECTION 1129(b) OF THE
BANKRUPTCY CODE.

                  If any impaired Class of Claims entitled to vote should not
accept this Plan by the requisite statutory majorities provided in Section
1126(c) of the Bankruptcy Code, the Debtors reserve the right to request that
the Bankruptcy Court confirm this Plan under Section 1129(b) of the Bankruptcy
Code.

                                       28

<PAGE>

                                   ARTICLE VII

                      MEANS FOR IMPLEMENTATION OF THE PLAN

                  7.1      CONTINUED CORPORATE EXISTENCE

                           (a)      The Debtors

         From and after the Effective Date of the Plan, each of the Debtors will
continue to exist as a separate corporate entity, with all the powers of a
corporation under applicable law in the jurisdiction in which each applicable
Debtor is incorporated or otherwise formed and pursuant to its articles of
incorporation and bylaws or other organizational documents in effect prior to
the Effective Date, except to the extent such certificate of incorporation and
bylaws or other organizational documents are amended by this Plan, without
prejudice to any right to terminate such existence (whether by merger or
otherwise) under applicable law after the Effective Date.

                           (b)      Amended and Restated Articles of
                  Incorporation

         The certificates or articles of incorporation of each Debtor shall be
amended as necessary to satisfy the provisions of the Plan and the Bankruptcy
Code, including a provision prohibiting the issuance of non-voting equity
securities, but only to the extent required by Section 1123(a)(b) of the
Bankruptcy Code. The Amended and Restated Articles of Incorporation for each
Debtor shall be in substantially the form of Exhibit O and Exhibit P attached to
this Plan.

                           (c)      Non-Debtors

         There are certain Subsidiaries of the Debtors that are not Debtors in
the Chapter 11 Cases. The continued existence, operation and ownership of such
Non-Debtor Subsidiaries is a material component of the Debtors' businesses, and,
as set forth in Article 11.1 of this Plan, all of the Debtors' equity interests
and other property interests in such Non-Debtor Subsidiaries shall revest in the
applicable Reorganized Debtor or its successor on the Effective Date.

                  7.2      DIRECTORS AND OFFICERS OF AMERCO

                           (a)      Officers

         The existing senior officers of the Debtors in office on the Effective
Date shall serve in their current capacities after the Effective Date, subject
to the authority of the board of directors of the Reorganized Debtors.

                           (b)      Directors of AMERCO

         The current members of the board of directors of AMERCO on the
Effective Date shall continue to serve out their current term after the
Effective Date, subject to the authority of the shareholders of AMERCO; provided
that the board of directors, collectively, including any required committee
thereof, shall comply with any other qualification, experience, and independence
requirements under applicable law, including the Sarbanes-Oxley Act of 2002 and
the rules then in effect of the stock exchange or quotation system (including
the benefit of any transition periods available under applicable law) on which
the Existing Common Stock or Series A 8-1/2% Preferred Stock of AMERCO is listed
or is anticipated to be listed, when such Existing Common Stock or Series A
8-1/2% Preferred Stock is listed.

                                       29

<PAGE>

                           (c)      Directors and Officers of AREC and
                  Non-Debtor Subsidiaries

         The existing directors and officers of AREC and Non-Debtor Subsidiaries
shall continue to serve in their current capacities after the Effective Date,
provided, however that AMERCO reserves the right to identify new officers and
members of the board of directors of each of AREC and the Non-Debtor
Subsidiaries at any time thereafter.

                  7.3      LISTING ON SECURITIES EXCHANGE OR QUOTATION SYSTEM

                  AMERCO will use its commercially reasonable best efforts to
seek the continued listing, as promptly as practicable after the Effective Date,
of the shares of Existing Common Stock and the Series A 8-1/2% Preferred Stock
of AMERCO on a national securities exchange or for quotation on a national
automated interdealer quotation system but will have no liability if it is
unable to do so.

                  7.4      SAC HOLDING PARTICIPATION

                  On the Effective Date, SAC Holding will execute and deliver
the SAC Holding Note Documents. The SAC Holding Note Documents shall be duly and
validly authorized, executed and delivered, and shall constitute valid and
binding obligations of SAC Holding, enforceable in accordance with their terms.

                  7.5      CANCELLATION OF EXISTING DEBT SECURITIES AND ISSUANCE
OF NEW DEBT SECURITIES

                           (a)      CANCELLATION OF EXISTING DEBT SECURITIES. On
                  the Effective Date, except as otherwise specifically provided
                  for herein, (a) the Existing Debt Securities and any other
                  note, bond, indenture, or other instrument or document
                  evidencing or creating any indebtedness or obligation of the
                  Debtors, except such notes or other instruments evidencing
                  indebtedness or obligations of the Debtors that are Reinstated
                  under this Plan, will be cancelled, and (b) the obligations
                  of, and Claims against the Debtors under, relating, or
                  pertaining to any agreements, indentures, or similar documents
                  governing the Existing Debt Securities and any other note,
                  bond, indenture, or other instrument or document evidencing or
                  creating any indebtedness or obligation of the Debtors, except
                  such notes or other instruments evidencing indebtedness or
                  obligations of the Debtors that are Reinstated under this
                  Plan, as the case may be, will be released and discharged;
                  provided, however, that any agreement that governs the rights
                  of the Claimholder and that is administered by an Indenture
                  Trustee, an agent, or a servicer (each hereinafter referred to
                  as a "Servicer") will continue in effect solely for purposes
                  of (i) allowing such Servicer to make the distributions to be
                  made on account of such Claims under this Plan as provided in
                  Article V of this Plan and to perform such other necessary
                  administrative functions with respect thereto, and (ii)
                  allowing the Servicer, including Indenture Trustees, to assert
                  their Indenture Trustees Charging Liens against such
                  distributions for payment of the Indenture Trustee Fees, to
                  the extent that all or a portion of such fees are not paid
                  pursuant to Article 9.6 of this Plan, which will effectively
                  reduce the distributions made to the Noteholders pursuant to
                  the Plan, and allowing the Indenture Trustees to assert their
                  indemnification rights under the Indentures against the
                  Reorganized Debtors for all liabilities, losses, damages,
                  claims, costs and expenses arising our of or due to their
                  actions or omissions, including but not limited to attorneys'
                  fees, except for their gross negligence or willful misconduct.

                           (b)      ISSUANCE OF NEW DEBT SECURITIES. For
                  purposes of this Plan and Section 1145 of the Bankruptcy Code,
                  SAC Holding shall be an Affiliate of the Debtors. On the

                                       30

<PAGE>

                  Effective Date, SAC Holding will be deemed to have issued the
                  SAC Holding Senior Notes, the Reorganized Debtors will be
                  deemed to have issued the remainder of the New Debt Securities
                  and the Reorganized Debtors will be deemed to have issued the
                  New Term Loan A Notes, each as set forth in Article V of this
                  Plan. The issuance of the New Debt Securities and the
                  distribution thereof as described above will be in compliance
                  with applicable registration requirements or exempt from
                  registration under applicable securities laws pursuant to
                  Section 1145(a) of the Bankruptcy Code or Section 4(2) of the
                  Securities Act.

                  7.6      EMERGENCE DATE FINANCING

                  On the Effective Date, the Reorganized Debtors shall enter
into the Exit Financing Facility in order to obtain the funds necessary to repay
the DIP Facility Claims, make other payments required to be made on the
Effective Date, and conduct their post reorganization operations. The
Reorganized Debtors may enter into all documents necessary and appropriate in
connection with the Exit Financing Facility. The commitment letter with respect
to such Facility, and principal documents with respect thereto, shall be filed
by the Debtors with the Bankruptcy Court no later than the Exhibit Filing Date
and will be deemed attached hereto as Exhibit A-1 and Exhibit A-2. In the
Confirmation Order, the Bankruptcy Court shall approve the terms of the Exit
Financing Facility in substantially the form filed with the Bankruptcy Court
(and with such changes as to which the applicable Debtors and respective agents
and lenders parties thereto may agree) and authorize the applicable Reorganized
Debtors to execute the same together with such other documents as the applicable
Reorganized Debtors and the applicable lenders may reasonably require in order
to effectuate the treatment afforded to such parties under the Exit Financing
Facility.

                  7.7      PRESERVATION OF CAUSES OF ACTION

                  In accordance with Section 1123(b)(3) of the Bankruptcy Code,
the Reorganized Debtors will retain and may (but are not required to) enforce
all Retained Actions. The Debtors or the Reorganized Debtors, in their sole and
absolute discretion, will determine whether to bring, settle, release,
compromise, or enforce such Retained Actions (or decline to do any of the
foregoing), and will not be required to seek further approval of the Bankruptcy
Court for such action. The Reorganized Debtors may pursue such litigation claims
in accordance with the best interests of the Reorganized Debtors or any
successors holding such rights of action.

                  7.8      EXCLUSIVITY PERIOD

                  The Debtors will retain the exclusive right to amend or modify
this Plan, and to solicit acceptances of any amendments to or modifications of
this Plan, through and until the Effective Date.

                  7.9      CORPORATE ACTION

                  Each of the matters provided for under this Plan involving the
corporate structure of any Debtor or Reorganized Debtor or corporate action to
be taken by or required of any Debtor or Reorganized Debtor, including, without
limitation, the execution by the Reorganized Debtors of the Amended and Restated
Articles of Incorporation, shall, as of the Effective Date, be deemed to have
occurred and be effective as provided herein, and shall be authorized, approved
and, to the extent taken prior to the Effective Date, ratified in all respects
without any requirement of further action by stockholders, creditors, or
directors of any of the Debtors or the Reorganized Debtors.

                                       31

<PAGE>

                  7.10     EFFECTUATING DOCUMENTS; FURTHER TRANSACTIONS

                  Each of the Chief Executive Officer and President, Chief
Financial Officer, and Senior Vice President and General Counsel of the Debtors,
or their respective designees, will be authorized to execute, deliver, file, or
record such contracts, instruments, releases, indentures, and other agreements
or documents, and take such actions as may be necessary or appropriate to
effectuate and further evidence the terms and conditions of this Plan or to
otherwise comply with applicable law. The secretary or assistant secretary of
the Debtors will be authorized to certify or attest to any of the foregoing
actions.

                  7.11     EXEMPTION FROM CERTAIN TRANSFER TAXES AND RECORDING
FEES

                           (a)      EXEMPTION. Pursuant to Section 1146(c) of
                  the Bankruptcy Code, any transfers from a Debtor to a
                  Reorganized Debtor or to any other Person or entity pursuant
                  to this Plan, any agreement regarding the transfer of title to
                  or ownership of any of the Debtors' real or personal property,
                  and any recordation of mortgage liens, deeds of trust or
                  grants of security interest necessary and appropriate to
                  implement the Exit Financing Facility, the New Term Loan B
                  Notes and the New AMERCO Notes, will not be subject to any
                  document recording tax, stamp tax, conveyance fee, intangibles
                  or similar tax, mortgage tax, real estate transfer tax,
                  mortgage recording tax, Uniform Commercial Code filing or
                  recording fee, or other similar tax or governmental
                  assessment, and the Confirmation Order will direct the
                  appropriate state or local governmental officials or agents to
                  forego the collection of any such tax or governmental
                  assessment and to accept for filing and recordation any of the
                  foregoing instruments or other documents without the payment
                  of any such tax or governmental assessment.

                           (b)      SUBSEQUENT ISSUANCES. All subsequent
                  issuances, transfers or exchanges of securities, or the making
                  or delivery of any instrument of transfer by Debtors on the
                  Reorganized Debtors, as applicable, in the Chapter 11 Cases,
                  whether in connection with a sale, transfer, or the making,
                  delivery or recording of any deed or other instrument or
                  transfer shall be deemed in furtherance of this Plan.

                                  ARTICLE VIII

                    EXECUTORY CONTRACTS AND UNEXPIRED LEASES

                  8.1      EXECUTORY CONTRACTS.

                  All executory contracts and unexpired leases of the Debtors
shall be deemed assumed by the applicable Reorganized Debtor, as of the
Effective Date, except for any executory contract or unexpired lease: (i) that
has been rejected pursuant to an order of the Bankruptcy Court entered prior to
the Effective Date; or (ii) as to which a motion for approval of the rejection
of such executory contract or unexpired lease, if applicable, has been filed
with the Bankruptcy Court prior to the Confirmation Date.

                  8.2      APPROVAL OF ASSUMPTION OR REJECTION.

                  Entry of the Confirmation Order shall constitute: (i) the
approval, pursuant to Section 365(a) of the Bankruptcy Code, of the assumption
of the executory contracts and unexpired leases assumed pursuant to the Plan or
otherwise during the Chapter 11 Cases; and (ii) the approval, pursuant to
Section 365(a) of the Bankruptcy Code, of the rejection of the executory
contracts and unexpired leases rejected pursuant to the Plan or otherwise during
the Chapter 11 Cases.

                                       32

<PAGE>

                  8.3      CURE OF DEFAULTS.

                  On the Effective Date or as soon thereafter as is practicable,
the Reorganized Debtors shall Cure any defaults under any executory contract or
unexpired lease assumed pursuant to this Plan in accordance with Section
365(b)(1) of the Bankruptcy Code.

                  8.4      BAR DATE.

                  All proofs of Claim with respect to Claims arising from the
rejection of any executory contract or unexpired lease shall be filed with the
Bankruptcy Court no later than forty-five (45) days after the Effective Date.
Any such Claim not so filed by that date shall be forever barred.

                                   ARTICLE IX

                       PROVISIONS GOVERNING DISTRIBUTIONS

                  9.1      RECORD DATE.

                  On the Record Date, the various transfer registers for each
class of Claims shall be deemed closed, and there shall be no further changes in
the record holders of any Claims. The Debtors, the Reorganized Debtors and
Servicers shall have no obligation to recognize any transfer of Claims accruing
on or after the Record Date.

                  9.2      TIME OF DISTRIBUTIONS.

                  Except as otherwise provided for herein or ordered by the
 Bankruptcy Court, distributions under this Plan shall commence on the Effective
 Date or as soon thereafter as practicable.

                  9.3      NO INTEREST ON CLAIMS OR INTERESTS.

                  Unless otherwise specifically provided for in this Plan, the
Confirmation Order, the DIP Credit Agreement, a post-petition agreement in
writing between the Debtors and a Claimholder, or as otherwise ordered by the
Bankruptcy Court, post-petition interest shall not accrue or be paid on Claims,
and no Claimholder shall be entitled to interest accruing on or after the
Petition Date on any Claim. Additionally, and without limiting the foregoing,
interest shall not accrue or be paid on any Disputed Claim in respect of the
period from the Effective Date to the date a final distribution is made when and
if such Disputed Claim or Disputed Interest becomes an Allowed Claim or Allowed
Interest.

                  9.4      REORGANIZED DEBTORS AS DISBURSING AGENT.

                  The Reorganized Debtors shall make all distributions required
under this Plan, except with respect to a holder of a Claim whose distribution
is governed by an agreement and is administered by a Servicer, which
distributions shall be deposited with the appropriate Servicer, who shall
deliver such distributions to the holders of Claims in accordance with the
provisions of this Plan and the terms of the governing agreement, so long as
such holders have surrendered their securities in accordance with Article 9.5 of
this Plan; provided, however, that if any such Servicer is unable to make such
distributions, the Reorganized Debtor with the cooperation of such Servicer,
shall make such distributions. Neither the Reorganized Debtors nor the Servicers
shall be required to give any bond or surety or other security for the
performance of their duties unless otherwise ordered by the Bankruptcy Court
and, to the extent the Bankruptcy Court so orders, all costs and expenses of
procuring such bond or surety shall be borne by the Reorganized Debtors.

                                       33

<PAGE>

                  9.5      SURRENDER OF SECURITIES OR INSTRUMENTS.

                  Except to the extent evidenced by electronic entry, on or
before the Distribution Date, or as soon as practicable thereafter, each holder
of an instrument evidencing a Claim arising under, from or with respect to an
Existing Debt Security (a "Certificate"), shall surrender such Certificate to
the Reorganized Debtor, or, with respect to indebtedness that is governed by an
agreement and administered by a Servicer, the respective Servicer, and such
Certificate shall be cancelled solely with respect to the Debtors and such
cancellation shall not alter the obligations or rights of any non-Debtor third
parties vis-a-vis one another to such instruments; provided, however, that this
Article 9.5 shall not apply to (i) any Claims Reinstated pursuant to the terms
of this Plan, or (ii) the parties to the PMSR Agreement, in such capacity. No
distribution of property hereunder shall be made to or on behalf of any such
holder unless and until such Certificate is received by the Reorganized Debtors
or the respective Servicer or the unavailability of such Certificate is
reasonably established to the satisfaction of the Reorganized Debtors or the
respective Servicer. Any holder who fails to surrender or cause to be
surrendered such Certificate, or fails to execute and deliver an affidavit of
loss and indemnity reasonably satisfactory to the Reorganized Debtors or the
respective Servicer prior to the third anniversary of the Effective Date, shall
be deemed to have forfeited all rights and Claims in respect of such Certificate
and shall not participate in any distribution hereunder, and all property in
respect of such forfeited distribution, including any dividends or interest
attributable thereto, shall revert to the Reorganized Debtors notwithstanding
any federal or state escheat laws to the contrary. Notwithstanding the
foregoing, holders of Interests shall not be required to surrender Certificates
evidencing an equity ownership in the Debtors.

                  9.6      SERVICES OF INDENTURE TRUSTEES, AGENTS AND SERVICERS.

                  The services, with respect to implementation of the
distributions contemplated by this Plan, of Servicers, including Indenture
Trustees under the relevant agreements that govern the rights of Claimholders
shall be as set forth elsewhere in this Plan. Notwithstanding the foregoing, the
Reorganized Debtors shall reimburse (i) any Servicers for reasonable and
necessary services performed by it (including reasonable attorneys' fees) as
contemplated by, and in accordance with this Plan, and (ii) the Indenture
Trustees for all reasonable fees and expenses and indemnification amounts owed
to such Indenture Trustees pursuant to the respective Indentures and arising in
connection with the performance of services by the Indenture Trustees under the
respective Indentures or this Plan.

                  9.7      CLAIMS ADMINISTRATION RESPONSIBILITY.

                           (a)      REORGANIZED DEBTORS. The Reorganized Debtors
                  will retain responsibility for administering, disputing,
                  objecting to, compromising, or otherwise resolving and making
                  distributions (if any) with respect to all Claims against and
                  Interests in the Debtors.

                           (b)      FILING OF OBJECTIONS. Unless otherwise
                  extended by the Bankruptcy Court, any objections to Claims or
                  Interests shall be served and filed on or before forty-five
                  (45) days following the Effective Date. Notwithstanding any
                  authority to the contrary, an objection to a Claim or Interest
                  shall be deemed properly served on the Claimholder or
                  Interestholder if the Debtors or the Reorganized Debtors
                  effect service in any of the following manners: (i) in
                  accordance with Federal Rule of Civil Procedure 4, as modified
                  and made applicable by Bankruptcy Rule 7004; (ii) to the
                  extent counsel for a Claimholder or Interestholder is unknown,
                  by first class mail, postage prepaid, on the signatory on the
                  proof of claim or interest or other representative identified
                  on the proof of claim or interest or any attachment thereto;
                  or (iii) by first class mail, postage prepaid,

                                       34

<PAGE>

                  on any counsel that has appeared on the Claimholder's or
                  Interestholder's behalf in the Chapter 11 Cases.

                  9.8      DELIVERY OF DISTRIBUTIONS.

                  Distributions to Allowed Claimholders shall be made by the
Reorganized Debtor or the appropriate Servicer (a) at the addresses set forth on
the proofs of claim filed by such Claimholders (or at the last known addresses
of such Claimholders if no proof of claim is filed or if the Debtors have been
notified in writing of a change of address), (b) at the addresses set forth in
any written notices of address changes delivered to the Debtors or the
Reorganized Debtors, as applicable, after the date of any related proof of
claim, (c) at the addresses reflected in the Schedules if no proof of claim has
been filed and the Reorganized Debtors have not received a written notice of a
change of address, or (d) in the case of a Claimholder whose Claim is governed
by an agreement and administered by a Servicer, including an Indenture Trustee,
at the addresses contained in the official records of such Servicer or Indenture
Trustee. Distributions made to holders of Allowed AMERCO Unsecured Claims by the
Indenture Trustees shall be subject to the rights of the Indenture Trustees
under the Indentures and/or the Indenture Trustees Charging Liens. If any
Claimholder's distribution is returned as undeliverable, no further
distributions to such Claimholder shall be made unless and until the Reorganized
Debtors or the appropriate Servicer or Indenture Trustee is notified of such
Claimholder's then-current address, at which time all missed distributions shall
be made to such Claimholder or Interestholder without interest. Amounts in
respect of undeliverable distributions shall be returned to the Reorganized
Debtors until such distributions are claimed. All funds or other undeliverable
distributions returned to the Reorganized Debtors and not claimed within six
months of return shall revert to the Reorganized Debtors.

                  9.9      PROCEDURES FOR TREATING AND RESOLVING DISPUTED AND
CONTINGENT CLAIMS.

                           (a)      No DISTRIBUTIONS PENDING ALLOWANCE. No
                  payments or distributions will be made with respect to all or
                  any portion of a Disputed Claim or Disputed Interest unless
                  and until all objections to such Disputed Claim or Disputed
                  Interest have been settled or withdrawn or have been
                  determined by a Final Order, and the Disputed Claim or
                  Disputed Interest has become an Allowed Claim or Allowed
                  interest. All objections to Claims or Interests must be filed
                  on or before forty-five (45) days following the Effective
                  Date.

                           (b)      LIABILITY FOR DISPUTED CLAIMS AND INTERESTS.
                  If a Disputed Claim or Disputed Interest becomes, in whole or
                  in part, an Allowed Claim or Allowed Interest, the Reorganized
                  Debtors shall distribute to the holder thereof the
                  distributions, if any, to which such holder is entitled. No
                  interest shall be paid on Disputed Claims or Disputed
                  Interests that later become Allowed Claims or Allowed
                  Interests or with respect to any distribution in satisfaction
                  thereof. The Reorganized Debtors shall be responsible for all
                  distributions to holders of Disputed Claims or Disputed
                  Interests that become, in whole or in part, Allowed Claims or
                  Allowed Interests. The Reorganized Debtors shall not required
                  to create or maintain a separate distribution reserve to make
                  payments pursuant to Article 9.8(b) of this Plan.

                           (c)      DE MINIMIS DISTRIBUTIONS. The Reorganized
                  Debtors or the Servicers, as applicable, shall not be required
                  to make distributions of less than one hundred dollars ($100)
                  with respect to any Allowed Claim, unless a request therefor
                  is made in writing to the Reorganized Debtors on or before
                  forty-five (45) days following the Effective Date.

                                       35

<PAGE>

                  9.10     FRACTIONAL SECURITIES; FRACTIONAL DOLLARS.

                  Neither the Reorganized Debtors nor the Servicer will be
required to make distributions or payments of fractions of dollars. Whenever any
payment of a fraction of a dollar under this Plan would otherwise be called for,
the actual payment shall reflect a rounding of such fraction to the nearest
whole dollar (up or down), with half dollars or less being rounded down.

                                    ARTICLE X

             ALLOWANCE AND PAYMENT OF CERTAIN ADMINISTRATIVE CLAIMS

                  10.1     DIP FACILITY CLAIM.

                  On the Effective Date, the DIP Facility Claim shall be allowed
in an amount to be agreed upon by the Debtors and, as applicable, the DIP
Lenders, or as ordered by the Bankruptcy Court with notice to the Statutory
Committees, not less than five (5) Business Days prior to the Effective Date,
and all obligations of the Debtors under the DIP Facility shall be paid in full
in Cash on the Effective Date; provided, however, that with respect to letters
of credit issued under the DIP Facility, such claims may be satisfied in full by
the cash collateralization of such letters of credit or by procuring back-up
letters of credit. Upon compliance with the foregoing sentence, all liens and
security interests granted to secure such obligations shall be deemed cancelled
and shall be of no further force and effect. To the extent that the DIP Lenders
or the DIP Agent have filed or recorded publicly any liens and/or security
interest to secure the Debtors' obligations under the DIP Facility, the DIP
Lenders or the DIP Agent, as the case may be, shall take any commercially
reasonable steps requested by the Debtors that are necessary to cancel and/or
extinguish such publicly filed liens and/or security interests.

                  10.2     PROFESSIONAL CLAIMS.

                           (a)      FINAL FEE APPLICATIONS. All final requests
                  for payment of Professional Claims, Key Ordinary Course
                  Professional Claims, and requests for reimbursement of
                  expenses of members of the Statutory Committees must be filed
                  no later than the Professional Fee Bar Date.

                           (b)      PAYMENT OF INTERIM AMOUNTS. Subject to the
                  Holdback Amount, on the Effective Date, the Debtors or
                  Reorganized Debtors shall pay all amounts owing to
                  Professionals, Key Ordinary Course Professionals, and members
                  of the Statutory Committees for all outstanding amounts
                  payable relating to prior periods through the Effective Date.
                  In order to receive payment on the Effective Date for unbilled
                  fees and expenses incurred through such date, the
                  Professionals and Key Ordinary Course Professionals shall
                  estimate fees and expenses due for periods that have not been
                  billed as of the Effective Date and shall deliver such
                  estimate to the Debtors, counsel for the Statutory Committees,
                  and the United States Trustee. Within forty-five (45) days
                  after the Effective Date, a Professional receiving payment for
                  the estimated period shall submit a detailed invoice covering
                  such period in the manner and providing the detail as set
                  forth in the Professional Fee Order or the Ordinary Course
                  Professional Order, as applicable. Should the estimated
                  payment received by any Professional exceed the actual fees
                  and expenses for such period, this excess amount will be
                  credited against the Holdback Amount for such Professional or,
                  if the award of the Holdback Amount for such matter is
                  insufficient, disgorged by such Professional.

                                       36

<PAGE>

                           (c)      HOLDBACK AMOUNT. The Holdback Amount shall
                  not be considered property of the Debtors, the Reorganized
                  Debtors or the Estates. The Reorganized Debtors shall pay to
                  Professionals the Holdback Amount within ten (10) days
                  following allowance thereof by the Bankruptcy Court.

                           (d)      POST-EFFECTIVE DATE RETENTION. Upon the
                  Effective Date, any requirement that Professionals or Key
                  Ordinary Course Professionals comply with Sections 327 through
                  331 of the Bankruptcy Code in seeking retention or
                  compensation for services rendered after such date will
                  terminate, and the Reorganized Debtors will employ and pay
                  Professionals and Key Ordinary Course Professionals in the
                  ordinary course of business.

                  10.3     SUBSTANTIAL CONTRIBUTION COMPENSATION AND EXPENSES
BAR DATE.

                  Any Person who requests compensation or expense reimbursement
for making a substantial contribution in the Chapter 11 Cases pursuant to
Sections 503(b)(3), (4), and (5) of the Bankruptcy Code must file an application
with the clerk of the Bankruptcy Court on or before the 503 Deadline, and serve
such application on counsel for the Debtors and the Reorganized Debtors and as
otherwise required by the Bankruptcy Court and the Bankruptcy Code on or before
the 503 Deadline, or be forever barred from seeking such compensation or expense
reimbursement.

                  10.4     OTHER ADMINISTRATIVE CLAIMS.

                  All other requests for payment of an Administrative Claim
(other than as set forth in Article 10.1. Article 10.2 or Article 10.3 of this
Plan) must be filed and served on counsel for the Debtors and the Reorganized
Debtors no later than the Administrative Claims Bar Date. Any request for
payment of an Administrative Claim pursuant to this Article 10.4 that is not
timely filed and served by the Administrative Claims Bar Date shall be
disallowed automatically without the need for any objection from the Debtors or
the Reorganized Debtors. The Debtors or the Reorganized Debtors may settle an
Administrative Claim without further Bankruptcy Court approval. Unless the
Debtors or the Reorganized Debtors object to an Administrative Claim, such
Administrative Claim shall be deemed allowed in the amount requested. In the
event that the Debtors or the Reorganized Debtors object to an Administrative
Claim, the Bankruptcy Court shall determine the allowed amount of such
Administrative Claim. Notwithstanding the foregoing, (a) no request for payment
of an Administrative Claim need be filed with respect to an Administrative Claim
which is paid or payable by the Debtors in the ordinary course of business, and
(b) no request for payment of an Administrative Claim need be filed with respect
to the fees, expenses, disbursements and indemnity claims incurred by Servicers
and Indenture Trustees (including their counsel fees and expenses), in
connection with their services as Servicers and Indenture Trustees under the
respective Indentures (whether prepetition or postpetition), which fees shall be
paid in Cash promptly by the Reorganized Debtors without the need for
application to, or approval of, any court, and (c) no request for payment of an
Administrative Claim need be filed with respect to fees and expenses that the
Bankruptcy Court has previously ordered paid.

                                   ARTICLE XI

                   EFFECT OF THE PLAN ON CLAIMS AND INTERESTS

                  11.1     REVESTING OF ASSETS.

                  Except as otherwise explicitly provided in this Plan, on the
Effective Date, all property comprising the Estates (including Retained Actions,
but excluding property that has been abandoned

                                       37

<PAGE>

pursuant to an order of the Bankruptcy Court) shall revest in each of the
Debtors that owned such property or interest in property as of the Effective
Date, free and clear of all Claims, liens, charges, encumbrances, rights and
Interests of creditors and equity security holders. As of the Effective Date,
the Reorganized Debtors may operate their businesses and use, acquire, and
dispose of property and settle and compromise Claims or Interests without
supervision of the Bankruptcy Court, free of any restrictions of the Bankruptcy
Code or Bankruptcy Rules, other than those restrictions expressly imposed by
this Plan and the Confirmation Order.

                  11.2     DISCHARGE OF THE DEBTORS.

                  Pursuant to Section 1141(d) of the Bankruptcy Code, except as
otherwise specifically provided in this Plan or in the Confirmation Order, the
distributions and rights that are provided in this Plan shall be in complete
satisfaction, discharge, and release, effective as of the Confirmation Date (but
subject to the occurrence of the Effective Date), of Claims and Causes of
Action, whether known or unknown, against, liabilities of liens on, obligations
of rights against the Debtors or any of their assets or properties, regardless
of whether any property shall have been distributed or retained pursuant to this
Plan on account of such Claims and rights including, but not limited to, Claims
that arose before the Confirmation Date, any liability (including withdrawal
liability) to the extent such Claims relate to services performed by employees
of the Debtors prior to the Petition Date and that arise from a termination of
employment or a termination of any employee or retiree benefit program,
regardless of whether such termination occurred prior to or after the
Confirmation Date, and all debts of the kind specified in Sections 502(g),
502(h) or 502(i) of the Bankruptcy Code, in each case whether or not (a) a proof
of claim based upon such Claim, debt or right is filed or deemed filed under
Section 501 of the Bankruptcy Code, (b) a Claim based upon such Claim, debt or
right is allowed under Section 502 of the Bankruptcy Code, or (c) the holder of
such a Claim or right accepted this Plan. The Confirmation Order shall be a
judicial determination of the discharge of all Claims against the Debtors,
subject to the Effective Date occurring.

                  11.3     COMPROMISES AND SETTLEMENTS.

                  In accordance with Article 9.6 of this Plan, pursuant to
Bankruptcy Rule 9019(a), the Debtors may compromise and settle various (a)
Claims against them and (b) Causes of Action that they have against other
Persons up to and including the Effective Date. After the Effective Date, such
right shall pass to the Reorganized Debtors as contemplated in Article 11.1 of
this Plan, without the need for further approval of the Bankruptcy Court, except
as otherwise set forth in this Plan.

                  11.4     RELEASES, EXCULPATION AND RELATED MATTERS.

                           (a)      Releases by the Debtors. Pursuant to Section
                  1123(b)(3) of the Bankruptcy Code, effective as of the
                  Effective Date, the Debtors, in their individual capacity and
                  as debtors-in-possession for and on behalf of their Estates,
                  shall be deemed to forever release, waive, and discharge all
                  Released Parties from all claims, obligations, suits,
                  judgments, damages, demands, debts, rights, Causes of Action
                  and liabilities whatsoever, whether liquidated or
                  unliquidated, fixed or contingent, matured or unmatured, known
                  or unknown, foreseen or unforeseen, then existing or
                  thereafter arising, in law, equity or otherwise that are based
                  in whole or part on any act, omission, transaction, event or
                  other occurrence taking place on or prior to the Effective
                  Date in any way relating to (i) the Debtors, (ii) the
                  Reorganized Debtors, (iii) the Subsidiaries, (iv) the Chapter
                  11 Cases and the conduct thereof, and (v) the Plan. The
                  Reorganized Debtors shall be bound, to the same extent the
                  Debtors are bound, by all of the releases set forth in this
                  Article 11.4(a) of this Plan.

                                       38

<PAGE>

                           (b)      Release by Holders of Certain Impaired
                  Claims. As of the Effective Date, each holder of an Impaired
                  Claim entitled to vote to accept or reject the Plan is also
                  entitled to vote to accept or reject the provisions of this
                  Article 11.4(b) of the Plan. Any holder of such Impaired Claim
                  that affirmatively elects on the ballot for voting on this
                  Plan to agree to the provisions of this Article 11.4(b) of the
                  Plan, shall in consideration for the obligations of the
                  Debtors and the Reorganized Debtors under this Plan and the
                  securities, contracts, instruments, releases and other
                  agreements or documents to be delivered in connection with
                  this Plan, forever release, waive and discharge all claims,
                  obligations, suits, judgments, damages, demands, debts,
                  rights, causes of action and liabilities (other than the
                  rights to enforce the Debtors' or the Reorganized Debtors'
                  obligations under this Plan and the securities, contracts,
                  instruments, releases and other agreements and documents
                  delivered thereunder), whether liquidated or unliquidated,
                  fixed or contingent, matured or unmatured, known or unknown,
                  foreseen or unforeseen, then existing or thereafter arising,
                  in law, equity or otherwise that are based in whole or in part
                  on any act, omission, transaction, event or other occurrence
                  taking place on or prior to the Effective Date in any way
                  relating to the Debtors, the Reorganized Debtors, the Chapter
                  11 Cases or the conduct thereof, or this Plan against: (i) the
                  Debtors; (ii) the Reorganized Debtors; and (iii) the Released
                  Parties.

                           (c)      Exculpation and Limitation of Liability
                  Regarding Conduct of Chapter 11 Cases. The Debtors, the
                  Reorganized Debtors, the Statutory Committees, the members of
                  the Statutory Committees in their capacities as such, the DIP
                  Lenders, the DIP Agent, the Prepetition Agent, the Prepetition
                  Lenders, the Indenture Trustees, each holder of the AREC
                  Notes, and each such parties' respective professionals,
                  agents, present or former members, officers and directors and
                  any of such parties' successors and assigns, shall not have or
                  incur, and are hereby forever released, waived, and discharged
                  from any claims, obligations, suits, judgments, damages
                  demands, debts, rights, Causes of Action, or liabilities to
                  one another or to any Claimholder or Interestholder, or any
                  other party-in-interest, or any of their respective agents,
                  employees, professionals, or any of their successors and
                  assigns, for any act or omission, unless such act or omission
                  is caused by such parties' gross negligence or willful
                  misconduct, in connection with, relating to, or arising out of
                  (i) the Debtors' Chapter 11 Cases, (ii) the negotiation and
                  filing of this Plan, (iii) the filing of the Chapter 11 Cases,
                  (iv) the pursuit of confirmation of the Plan, including
                  distributions made under the Plan, and the consummation of
                  this Plan, including distributions made under the Plan, or (v)
                  the administration of this Plan or the property to be
                  distributed under this Plan.

                           (d)      Exclusions and Limitations on Exculpation
                  and Releases. Notwithstanding anything in this Plan to the
                  contrary, the Confirmation of this Plan shall not (i) enjoin,
                  impact or affect the prosecution of the Derivative Actions,
                  the Class Actions or the Securities Actions, except that the
                  Debtors and the Reorganized Debtors shall retain the right to
                  object to the allowance of any Claim filed in the Chapter 11
                  Cases arising out of or related to the Derivative Actions, the
                  Class Actions or the Securities Actions, or (ii) release or
                  otherwise effect a release of PwC or any other party to the
                  PwC Litigation. In addition, nothing set forth in this Article
                  11.4 shall preclude or otherwise impair the rights of the SEC
                  to administer and enforce the United States federal securities
                  laws, except that the Debtors and the Reorganized Debtors
                  shall retain the right to object to the allowance of any Claim
                  filed by the SEC in the Chapter 11 Cases.

                                       39

<PAGE>

                  11.5     SETOFFS.

                  The Debtors may, but shall not be required to, set off against
any Claim, and the payments or other distributions to be made pursuant to this
Plan in respect of such Claim, claims of any nature whatsoever that the Debtors
may have against such Claimholder but neither the failure to do so nor the
allowance of any Claim hereunder shall constitute a waiver or release by the
Debtors or the Reorganized Debtors of any such claim that the Debtors or the
Reorganized Debtors may have against such Claimholder.

                  11.6     SUBORDINATION RIGHTS.

                  Except as otherwise specifically provided for in the Plan, all
Claims against the Debtors and all rights and claims between or among
Claimholders relating in any manner whatsoever to distributions on account of
Claims against or Interests in the Debtors, based upon any claimed subordination
rights, whether asserted or unasserted, legal or equitable, shall be deemed
satisfied by the distributions under the Plan to Claimholders or Interestholders
having such subordination right, and such subordination rights shall be deemed
waived, released, discharged, and terminated as of the Effective Date.

                  11.7     INDEMNIFICATION OBLIGATIONS.

                  Indemnification Obligations shall be deemed to be, and shall
be treated as, executory contracts that the Reorganized Debtors shall assume
pursuant hereto and Section 365 of the Bankruptcy Code as of the Effective Date.
Accordingly, such Indemnification Obligations shall survive unimpaired and
unaffected by entry of the Confirmation Order, irrespective of whether any such
Indemnification Right is owed for an act or event occurring before or after the
Petition Date.

                  11.8     D&O INSURANCE POLICIES.

                  D&O Insurance Policies maintained by the Debtors are hereby
assumed. Entry of the Confirmation Order shall constitute approval of such
assumptions pursuant to Section 365(a) of the Bankruptcy Code. Each Reorganized
Debtor shall have the authority, in its sole discretion to maintain from the
Effective Date D&O Insurance Policy coverage for the categories of individuals
covered, as of the Petition Date, by such policies at levels and on terms no
less favorable to such individuals than the terms and levels provided for under
the policies assumed pursuant to this Plan.

                  11.9     INJUNCTION.

                  The satisfaction, release, and discharge pursuant to this
Article XI shall act as an injunction against any Person commencing or
continuing any action, employment of process, or act to collect, offset, or
recover any Claim or Cause of Action satisfied, released, or discharged under
this Plan to the fullest extent authorized or provided by the Bankruptcy Code,
including, without limitation, to the extent provided for or authorized by
Sections 524 and 1141 thereof. Notwithstanding the foregoing, nothing in this
Article 11.9, the Plan or the Confirmation Order shall affect, release, enjoin
or impact the prosecution of the claims asserted or to be asserted against the
non-Debtor defendants in the Derivative Actions, the Class Actions or the
Securities Actions.

                  11.10    PMSR AGREEMENT.

                  Pursuant to this Plan and Section 1141(b), on the Effective
Date, Reorganized AMERCO and the other signatories to the PMSR Agreement shall
execute and deliver the PMSR Agreement. As of

                                       40
<PAGE>

the Effective Date, the holders of PMSR Support Obligations shall have an
Allowed AMERCO Unsecured Claim in the amount of $55,550,000.

                                   ARTICLE XII

                              CONDITIONS PRECEDENT

                  12.1 CONDITIONS TO CONFIRMATION.

                  The following are conditions precedent to confirmation of this
Plan that may be satisfied or waived in accordance with Article 12.3 of this
Plan:

                           (a)      The Bankruptcy Court shall have approved by
                  Final Order a Disclosure Statement with respect to this Plan
                  in form and substance acceptable to the Debtors in their sole
                  and absolute discretion.

                           (b)      The Confirmation Order shall be in form and
                  substance acceptable to the Debtors in their sole and absolute
                  discretion.

                  12.2 CONDITIONS TO THE EFFECTIVE DATE.

                  The following are conditions precedent to the occurrence of
the Effective Date, each of which may be satisfied or waived in accordance with
Article 12.3 of this Plan:

                           (a)      The Reorganized Debtors shall have entered
                  into the Exit Financing Facility and all conditions precedent
                  to the consummation thereof shall have been waived or
                  satisfied in accordance with the terms thereof.

                           (b)      The Reorganized Debtors and SAC Holding
                  shall have entered into the SAC Holding Participation and
                  Subordination Agreement and all conditions precedent to the
                  consummation thereof shall have been waived or satisfied in
                  accordance with the terms thereof.

                           (c) The Bankruptcy Court shall have entered one or
                  more orders (which may include the Confirmation Order)
                  authorizing the assumption and rejection of unexpired leases
                  and executory contracts by the Debtors as contemplated by
                  Article 8 of this Plan.

                           (d) The Confirmation Order shall have been entered by
                  the Bankruptcy Court and shall be a Final Order, the
                  Confirmation Date shall have occurred, and no request for
                  revocation of the Confirmation Order under Section 1144 of the
                  Bankruptcy Code shall have been made, or, if made, shall
                  remain pending.

                           (e) Each Exhibit, document or agreement to be
                  executed in connection with this Plan shall be in form and
                  substance reasonably acceptable to the Debtors.

                  12.3 WAIVER OF CONDITIONS TO CONFIRMATION OR EFFECTIVE DATE.

                  The conditions set forth in Article 12.1 and Article 12.2 of
this Plan may be waived, in whole or in part, by the Debtors, after
consultation with the Statutory Committees, without any notice to any other
parties in interest or the Bankruptcy Court and without a hearing.
Notwithstanding the foregoing, the condition set forth in Article 12.2(a) may be
waived by the Debtors only with the prior

                                       41
<PAGE>

written consent of JPMorgan, in its capacity as agent under the JPMorgan Chase
Credit Facility. The failure to satisfy or waive any condition to the
Confirmation Date or the Effective Date may be asserted by the Debtors in their
sole discretion regardless of the circumstances giving rise to the failure of
such condition to be satisfied (including any action or inaction by the Debtors
in their sole discretion). The failure of the Debtors to exercise any of the
foregoing rights shall not be deemed a waiver of any other rights, and each such
right shall be deemed an ongoing right, which may be asserted at any time.

                                  ARTICLE XIII

                            RETENTION OF JURISDICTION

                  Pursuant to Sections 105(a) and 1142 of the Bankruptcy Code,
the Bankruptcy Court shall have exclusive jurisdiction of all matters arising
out of, and related to, the Chapter 11 Cases and this Plan, including, among
others, the following matters:

                           (a)      to hear and determine motions for (i)the
                  assumption or rejection or (ii) the assumption and assignment
                  of executory contracts or unexpired leases to which any of the
                  Debtors are a party or with respect to which any of the
                  Debtors may be liable, and to hear and determine the allowance
                  of Claims resulting therefrom including the amount of Cure, if
                  any, required to be paid;

                           (b)      to adjudicate any and all adversary
                  proceedings, applications and contested matters that may be
                  commenced or maintained pursuant to the Chapter 11 Cases or
                  this Plan, proceedings to adjudicate the allowance of Disputed
                  Claims and Disputed Interests and all controversies and issues
                  arising from or relating to any of the foregoing;

                           (c)      to ensure that distributions to Allowed
                  Claimholders are accomplished as provided herein;

                           (d)      to hear and determine any and all objections
                  to the allowance or estimation of Claims and Interests filed,
                  both before and after the Confirmation Date, including any
                  objections to the classification of any Claim or Interest, and
                  to allow or disallow any Claim or Interest, in whole or in
                  part;

                           (e)      to enter and implement such orders as may be
                  appropriate if the Confirmation Order is for any reason
                  stayed, revoked, modified and/or vacated;

                           (f)      to issue orders in aid of execution,
                  implementation, or consummation of this Plan;

                           (g)      to consider any modifications of this Plan,
                  to cure any defect or omission, or to reconcile any
                  inconsistency in any order of the Bankruptcy Court, including,
                  without limitation, the Confirmation Order;

                           (h)      to hear and determine all applications for
                  allowance of compensation and reimbursement of Professional
                  Claims under this Plan or under Sections 330, 331, 503(b),
                  1103 and 1129(a)(4) of the Bankruptcy Code;

                                       42

<PAGE>

                           (i)      to determine requests for the payment of
                  Claims entitled to priority under Section 507(a)(l) of the
                  Bankruptcy Code, including compensation of and reimbursement
                  of expenses of parties entitled thereto;

                           (j)      to hear and determine disputes arising in
                  connection with the interpretation, implementation or
                  enforcement of this Plan or the Confirmation Order including
                  disputes arising under agreements, documents or instruments
                  executed in connection with this Plan;

                           (k)      to hear and determine all suits or adversary
                  proceedings to recover assets of any of the Debtors and
                  property of their Estates, wherever located;

                           (l)      to hear and determine matters concerning
                  state, local and federal taxes in accordance with Sections
                  346, 505 and 1146 of the Bankruptcy Code;

                           (m)      to hear any other matter not inconsistent
                  with the Bankruptcy Code;

                           (n)      to hear and determine all disputes involving
                  the existence, nature or scope of the Debtors' discharge,
                  including any dispute relating to any liability arising out of
                  the termination of employment or the termination of any
                  employee or retiree benefit program, regardless of whether
                  such termination occurred prior to or after the Effective
                  Date;

                           (o)      to hear and determine disputes arising in
                  connection with the interpretation, implementation or
                  enforcement of the Plan;

                           (p)      to enter a final decree closing the Chapter
                  11 Cases; and

                           (q)      to enforce all orders previously entered by
                  the Bankruptcy Court.

                                   ARTICLE XIV

                            MISCELLANEOUS PROVISIONS

                  14.1     BINDING EFFECT.

                  Upon the Effective Date, this Plan shall he binding upon and
inure to the benefit of the Debtors, the Reorganized Debtors, all present and
former Claimholders, all present and former Interestholders, other
parties-in-interest and their respective heirs, successors, and assigns.

                  14.2     MODIFICATION AND AMENDMENTS.

                  The Debtors may alter, amend or modify this Plan and any
Exhibits thereto under Section 1127(a) of the Bankruptcy Code at any time prior
to the Confirmation Hearing. After the Confirmation Date and prior to
substantial consummation of this Plan with respect to the Debtors as defined in
Section 1101(2) of the Bankruptcy Code, the Debtors may under Section 1127(b) of
the Bankruptcy Code, institute proceedings in the Bankruptcy Court to remedy any
defect or omission or reconcile any inconsistencies in this Plan, the Disclosure
Statement, or the Confirmation Order, and such matters as may be necessary to
carry out the purposes and effects of this Plan.

                                       43

<PAGE>

                  14.3     WITHHOLDING AND REPORTING REQUIREMENTS.

                  In connection with this Plan and all instruments issued in
connection therewith and distributions thereunder, the Debtors shall comply with
all withholding and reporting requirements imposed by any federal, stale, local
or foreign taxing authority, and all distributions hereunder shall be subject to
any such withholding and reporting requirements.

                  14.4     REVOCATION, WITHDRAWAL OR NON-CONSUMMATION.

                           (a)      RIGHT TO REVOKE OR WITHDRAW. The Debtors
                  reserve the right to revoke or withdraw this Plan at any time
                  prior to the Effective Date.

                           (b)      EFFECT OF WITHDRAWAL, REVOCATION OR
                  NON-CONSUMMATION. If the Debtors revoke or withdraw this Plan
                  prior to the Effective Date, or if the Confirmation Date or
                  the Effective Date does not occur, then this Plan, any
                  settlement or compromise embodied in this Plan with respect to
                  the Debtors (including the fixing or limiting to an amount
                  certain any Claim or Class of Claims with respect to the
                  Debtors, or the allocation of the distributions to be made
                  hereunder), the assumption or rejection of executory contracts
                  or leases effected by this Plan with respect to the Debtors,
                  and any document or agreement executed pursuant to this Plan
                  with respect to the Debtors shall be null and void as to the
                  Debtors. In such event, nothing contained herein or in the
                  Disclosure Statement, and no acts taken in preparation for
                  consummation of this Plan, shall be deemed to constitute a
                  waiver or release of any Claims by or against the Debtors or
                  any other Person, to prejudice in any manner the rights of the
                  Debtors, the holder of a Claim or Interest, or any Person in
                  any further proceedings involving the Debtors or to constitute
                  an admission of any sort by the Debtors or any other Person.

                  14.5     NOTICES.

                  Any notice required or permitted to be provided to the
Debtors, Statutory Committees, Prepetition Lenders, or the holders of the AREC
Notes, shall be in writing and served by (a) certified mail, return receipt
requested, (b) hand delivery, or (c) overnight delivery service, to be addressed
as follows:

IF TO THE DEBTORS:                       IF TO THE CREDITORS' COMMITTEE:

AMERCO                                   c/o Milbank, Tweed, Hadley & McCloy LLP
1325 Airmotive Way, Suite 100            601 South Figueroa Street
Reno, Nevada 89502                       Los Angeles, California 90017
Attention: Gary V. Klinefelter, Esq.     Attention: Paul S. Aronzon, Esq.

WITH A COPY TO:                          IF TO THE AREC NOTEHOLDERS:

Squire, Sanders & Dempsey L.L.P.         McDermott, Will & Emery
Two Renaissance Square                   227 West Monroe Street
40 North Central Avenue, Suite 2700      Chicago, Illinois 60606
Phoenix, Arizona 85004                   Attention: Nathan F. Coco, Esq.
Attention: Craig D. Hansen, Esq.

                                       44

<PAGE>

IF TO THE PREPETITION AGENT:             IF TO THE EQUITY COMMITTEE:

JPMorgan Chase Bank                      Stutman, Treister & Glatt PC
270 Park Avenue                          1901 Avenue of the Stars, 12th Floor
New York, New York 10017                 Los Angeles, California 90067
Attention: John McDonagh                 Attention: Charles D. Axelrod, Esq.

WITH A COPY TO:

Skadden, Arps, Slate, Meagher & Flom LLP
300 South Grand Avenue
Los Angeles, California 90071-3144
Attention: Richard B. Levin, Esq.

                  14.6     TERM OF INJUNCTIONS OR STAYS.

                  Unless otherwise provided herein or in the Confirmation Order,
all injunctions or stays provided for in the Chapter 11 Cases under Sections 105
or 362 of the Bankruptcy Code or otherwise, and extant on the Confirmation Date,
shall remain in full force and effect until the Effective Date.

                  14.7     GOVERNING LAW.

                  Unless a rule of law or procedure is supplied by federal law
(including the Bankruptcy Code and Bankruptcy Rules) or unless otherwise
specifically stated, the laws of the State of Nevada shall govern the
construction and implementation of this Plan, any agreements, documents and
instruments executed in connection with this Plan (except as otherwise set forth
in those agreements, in which case the governing law of such agreements shall
control). Corporate governance matters relating to Debtors shall also be
governed by the laws of the State of Nevada.

                  14.8     NO WAIVER OR ESTOPPEL.

                  Upon the Effective Date, each Claimholder or Interestholder
shall be deemed to have waived any right to assert that its Claim or Interest
should be Allowed in a certain amount, in a certain priority, secured, or not
subordinated by virtue of an agreement made with the Debtors and/or their
counsel, the Statutory Committees and/or their counsel, or any other party, if
such agreement was not disclosed in this Plan, the Disclosure Statement or
papers filed with the Bankruptcy Court.

                  14.9     SEVERABILITY.

                  In the event any provision of this Plan is held unenforceable
by the Bankruptcy Court, then such provision shall be severable and shall not
affect the remaining provisions of the Plan, unless the ineffectiveness of such
provision would result in a material adverse change in the treatment of any
Allowed Claim or Allowed Interest as provided in this Plan.

                  14.10    CONFLICTS.

                  In the event that the provisions of the Disclosure Statement
and the provisions of the Plan conflict, the terms of the Plan shall govern.

                  [Remainder of Page Intentionally Left Blank]

                                       45

<PAGE>

Dated: November 26, 2003
       Reno, Nevada

                                Respectfully submitted.

                                AMERCO, a Nevada corporation

                                By:  /s/ Edward J. Shoen
                                     -----------------------------------------
                                     Its Chief Executive Officer

                                AMERCO REAL ESTATE COMPANY, a Nevada
                                corporation

                                By:  /s/ Carl Vizcarra
                                     -----------------------------------------
                                     Its President

                                SAC HOLDING CORPORATION, a Nevada corporation

                                By:  /s/ Mark V. Shoen
                                     -----------------------------------------
                                     Its President

                                SAC HOLDING II CORPORATION, a Nevada
                                corporation

                                By:  /s/ Mark V. Shoen
                                     -----------------------------------------
                                     Its President

                                       46
<PAGE>

                                   EXHIBIT A-1

                    EXIT FINANCING FACILITY COMMITMENT LETTER

                                 [SEE ATTACHED]

<PAGE>

                           Wells Fargo Foothill, Inc.
                              2450 Colorado Avenue
                                   Suite 3000W
                         Santa Monica, California 90404

November 5, 2003

VIA TELEFAX AND OVERNIGHT DELIVERY

Mr. E. J. Shoen
Chairman of the Board
U-Haul International, Inc.
2727 North Central Avenue
Phoenix, Arizona 85004

         Re:      $ 550,000,000 emergence financing for AMERCO, a Nevada
                  corporation ("AMERCO"), Amerco Real Estate Company, a Nevada
                  corporation ("AREC"), U-Haul International, Inc., a Nevada
                  corporation, and certain of their wholly-owned subsidiaries
                  (collectively, the "Borrowers" and each, individually, a
                  "Borrower"), plus such additional related entities as may be
                  guarantors under such financings

Dear Mr. Shoen:

         In accordance with our recent discussions, Wells Fargo Foothill, Inc.
(formerly known as Foothill Capital Corporation, "Foothill") is pleased to issue
this financing commitment (the "Commitment Letter") to the Borrowers. Foothill
commits to underwrite a credit facility of up to $550,000,000 to be provided
concurrent with a confirmed reorganization plan acceptable to Foothill of the
respective Chapter 11 cases filed by AMERCO and AREC (the "Emergence Facility").
The commitments of Foothill under the Emergence Facility will be irrevocably
reduced by the amount of the commitments of any other prospective lenders that
execute commitments relating to the Emergence Facility to the extent expressly
stated in such commitment of such other prospective leaders.

         This Commitment Letter supersedes all prior written proposals or
letters of interest with regard to the Emergence Facility that previously may
have been issued by Foothill, including, without limitation, that certain
Commitment Letter dated June 19, 2003, as supplemented by the term sheet
referred to therein to the extent such prior Commitment Letter relates to the
Emergence Facility, and that certain Fee Letter with respect to the Emergence
Facility dated June 19, 2003.

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 2

         Foothill would act as lead arranger and administrative agent for the
proposed Emergence Facility. The terms of the proposed Emergence Facility are
set forth in the "Summary of Terms" dated the date hereof, attached hereto as
Annex A (the "Term Sheet").

         The Emergence Facility outlined in this Commitment Letter is fully
underwritten with no underwriting contingency, but is subject to the
satisfaction of each of the conditions contained in this Commitment Letter and
the Term Sheet, including, without limitation, syndication of the Emergence
Facility to the satisfaction of Foothill in its sole discretion. Foothill
reserves the right to revise or modify any provision contained in the Term Sheet
(provided that such changes shall not result in a reduction in the Maximum
Credit Amount or the Excluded Assets, as defined in the attached Annex A) if it
reasonably determines in its sole discretion that such changes are necessary
during the course of preparing and negotiating the loan documentation.

         If the Emergence Facility contemplated by this Commitment Letter is not
consummated on or before July 31, 2004, then, without any requirement of notice
or other formality, Foothill's commitment to underwrite the Emergence Facility
shall terminate and no party hereto would have any obligation to pursue the
financing arrangement outlined in this Commitment Letter; provided, however,
that prior thereto the Borrowers and Foothill agree to use their respective
reasonable efforts to cause the Emergence Facility to be consummated on or
before such date.

         As set forth herein, while Foothill has committed to underwrite the
entire amount of the Emergence Facility subject to the terms and conditions of
this Commitment Letter and the Term Sheet, it is the intent of Foothill to
syndicate the Emergence Facility and, as a material inducement to Foothill to
issue the commitments set forth herein, the Borrowers have agreed to cooperate
in such syndication process. Foothill will manage all aspects of such
syndication, including the timing of all offers to potential lenders, the
allocation of commitments and the determination of compensation provided and
titles (such as co-agent, managing agent, etc.), if any. The Borrowers also
agree that no lender will receive any compensation for its participation in the
Emergence Facility except as expressly set forth in the Term Sheet or as
otherwise agreed to and offered by Foothill.

         The Borrowers agree to use commercially reasonable efforts to assist
Foothill in forming a syndicate acceptable to Foothill. The Borrowers'
assistance shall include but not be limited to: (i) using commercially
reasonable efforts to make senior management and representatives of the
Borrowers available to participate in meetings and to provide information to
potential lenders and participants at such times and places as Foothill may
reasonably request; (ii) using commercially reasonable efforts to provide to
Foothill all information reasonably deemed necessary by Foothill to complete the
syndication, subject to confidentiality agreements in form and substance
reasonably satisfactory to the Borrowers and Foothill; (iii) using best efforts
to ensure that the syndication efforts benefit from the Borrowers' existing
lending relationships; and (iv) assisting (including using best efforts to cause
affiliates and advisors of the Borrowers to assist) in the

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 3

preparation of a confidential information memorandum for the Emergence Facility
and other marketing materials to be used in connection with the syndications.

         To ensure an orderly and effective syndication of the Emergence
Facility, the Borrowers agree that, from the date hereof until the termination
of the syndication of the Emergence Facility (as determined by Foothill in its
sole discretion), the Borrowers will not, and will not permit any of their
affiliates to, syndicate or issue, attempt to syndicate or issue, announce or
authorize the announcement of the syndication or issuance of, any senior secured
debt security or commercial bank or other debt facility (including any renewals
thereof), without the prior written consent of Foothill, which consent shall not
be unreasonably withheld, conditioned or delayed; provided, that the foregoing
shall not limit the Borrowers' ability to negotiate with creditors, other than
creditors that are likely participants in an emergence facility such as the
Emergence Facility contemplated by this Commitment Letter, as part of the
Borrowers' restructuring. Notwithstanding anything in this letter to the
contrary, nothing contained herein shall prohibit or restrict the Borrowers from
entering into discussions or negotiations with an alternative lending source or
sources with respect to an emergence facility if the Borrowers determine, in
their reasonable discretion, that they can obtain substantially more favorable
terms from an alternative lender or lenders.

         This Commitment Letter, the Term Sheet and the letter agreement of even
date with respect to certain fees payable with respect to the Emergence Facility
(the "Fee Letter") embody the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior proposals,
negotiations, or agreements whether written or oral, relating to the subject
matter hereof including any letter of intent. This Commitment Letter may not be
modified, amended, supplemented, or otherwise changed, except by a document in
writing signed by the parties hereto.

         This Commitment Letter shall be governed by and construed in accordance
with the laws of the State of New York as applied to contracts entered into and
to be performed wholly within the State of New York. Each party hereto waives
any right it may have to a trial by jury, in the event of any dispute pertaining
to this Commitment Letter, the Term Sheet, the Fee Letter or the transactions
contemplated hereby and thereby.

         In connection with the requested Emergence Facility, the Borrowers
understand that it will be necessary for Foothill to make certain financial,
legal, and collateral investigations and determinations and acknowledge the
undertaking by Foothill and its counsel of such investigations and
determinations currently. The Borrowers hereby agree to pay to Foothill an
expense deposit (the "Initial Expense Deposit") of $500,000 against the expenses
that have been or may be incurred by Foothill, whether under this Commitment
Letter or otherwise in connection with the Emergence Facility. From time to time
until the closing date of the Emergence Facility, the Borrowers shall pay
Foothill an additional expense deposit as requested by Foothill against the
expenses that have been or may be incurred by Foothill, whether under this
Commitment Letter or otherwise (the "Additional Expense Deposit"; and together
with the Initial Expense Deposit,

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 4

hereinafter referred to as the "Expense Deposit"). The Expense Deposit will be
applied to Foothill's expenses as and when they are incurred. If Foothill
concludes, for any reason, that it will not make the Emergence Facility
available to the Borrowers, Foothill will return the unused balance of the
Expense Deposit. If, on the other hand, Foothill continues to be prepared to
extend the Emergence Facility to the Borrowers and the Borrowers decline, for
any reason, to accept the Emergence Facility, Foothill shall be entitled to
retain the full amount of the Expense Deposit for the benefit of Foothill,
irrespective of the amount of expenses incurred Foothill (except, to the extent
that the Expense Deposit exceeds the amount of the expenses incurred by
Foothill, such excess will be credited towards the Alternative Financing Fee
defined in the Fee Letter). Foothill's retention of the balance of the Expense
Deposit results from its reasonable endeavor to estimate the added
administrative costs incurred and the amount of damage sustained by Foothill as
a result of Borrowers' decision to decline to accept the Emergence Facility. If
the Emergence Facility is funded, the Expense Deposit will be returned to the
Borrowers after deducting all of Foothill's expenses actually incurred. Foothill
shall not be obligated to segregate the Expense Deposit from its other funds
and the Borrowers are not entitled to receive interest on any portion of the
Expense Deposit. The Borrowers hereby agree to pay the fall amount of Foothill's
expenses incurred in connection with the Emergence Facility and the preparation,
negotiation, execution and delivery of this Commitment Letter, the Term Sheet
and the loan documents and any security arrangements in connection therewith,
including the reasonable fees and disbursements of counsel (whether incurred
before or after the date hereof), irrespective of the amount of the Expense
Deposit and whether the transaction is actually consummated. The Borrowers
further agree to pay all costs and expenses of Foothill (including, without
limitation, reasonable fees and disbursements of counsel) incurred in connection
with the enforcement of any of its rights and remedies hereunder. Borrower
acknowledges its continuing obligation to provide, from time to time, as
Foothill shall request, additional supplements to the Expense Deposit to the
extent that actual or anticipated expenses exceed, or may reasonably be expected
to exceed, the Expense Deposit.

         The Borrowers represent and warrant that (i) all information (other
than financial projections) that has been or will hereafter be made available to
Foothill, any lender or any potential lender by or on behalf of the Borrowers or
any of their respective representatives in connection with the transactions
contemplated hereby is and will be complete and correct in all material respects
and does not and will not contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements
contained therein not misleading in light of the circumstances under which such
statements were or are made and (ii) all financial projections, if any, that
have been or will be prepared by or on behalf of the Borrowers or any of their
respective representatives and made available to Foothill, any lender or any
potential lender have been or will be prepared in good faith based upon
assumptions that are reasonable at the time made and at the time the related
financial projections are made available to Foothill, If, at any time from the
date hereof until the date of the initial borrowings under the Emergence
Facility, any of the representations and warranties in the preceding sentence
would be incorrect if the information or financial projections were being
furnished, and such representations and

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 5

warranties were being made, at such time, then the Borrowers will promptly
supplement the information and the financial projections so that such
representations and warranties will be correct under those circumstances. The
Borrowers acknowledge that information and documents relating to the
transactions contemplated hereby may be transmitted through Intralinks, the
internet or similar electronic information transmission systems.

         In issuing this Commitment Letter and in arranging the Emergence
Facility, including the syndication thereof, Foothill will be entitled to use,
and to rely on the accuracy of, the information furnished to them by or on
behalf of the Borrowers or any of their respective representatives without
responsibility for independent verification thereof.

         Regardless of whether the commitment herein is terminated or the
proposed Emergence Facility closes, the Borrowers shall indemnify and hold
harmless Foothill and its affiliates, directors, officers, employees, attorneys
and representatives (each, an "Indemnified Person"), from and against all suits,
actions, proceedings, claims, damages, losses, liabilities and expenses
(including, but not limited to, attorneys' fees and disbursements and other
costs of investigation or defense, including those incurred upon any appeal),
that may be instituted or asserted against or incurred by any such Indemnified
Person in connection with, or arising out of, this Commitment Letter or the
proposed Emergence Facility under consideration, the documentation related
thereto, any other financing related thereto, any actions or failure to act in
connection therewith, and any and all environmental liabilities and legal costs
and expenses arising out of or incurred in connection with any disputes between
or among any parties to any of the foregoing, and any investigation, litigation,
or proceeding related to any such matters, whether or not such suit, action,
proceeding, investigation or litigation is brought by a Borrower, any of its
equity holders or creditors, an Indemnified Person or any other person or
entity, and whether or not an Indemnified Person is otherwise a party thereto.
Notwithstanding the preceding sentence, indemnitors shall not be liable for any
indemnification to an Indemnified Person to the extent that any such suit,
action proceeding, claim, damage, loss, liability or expense results solely from
that Indemnified Persons gross negligence or willful misconduct, as finally
determined by a court of competent Jurisdiction. Under no circumstances shall
Foothill or any of its affiliates be liable to you or any other person for any
punitive, exemplary, consequential or indirect damages in connection with this
Commitment Letter, the proposed Emergence Facility, the documentation related
thereto or any other financing, regardless of whether the commitment herein is
terminated or the transaction or the Emergence Facility closes.

         You may not assign this Commitment Letter without the prior written
consent of Foothill, and any attempted assignment without such consent shall be
void:

         You acknowledge that Foothill may provide debt financing, equity
capital or other services (including financial advisory services) to parties
whose interests may conflict with the Borrowers' interests. Foothill will not
furnish confidential information obtained from the Borrowers or their respective
affiliates to any of its customers. Furthermore, Foothill has no

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 6

obligation to use in connection with the transactions contemplated hereby, or to
furnish to the Borrowers, confidential information obtained by Foothill from any
Other person.

         If you wish to proceed on the basis outlined above, please execute this
Commitment Letter in the space provided below and return it to the undersigned
no later than 5:00 p.m., Los Angeles, California time, on or before November 5,
2003, accompanied by payment of the Initial Expense Deposit. If you fail to make
any required fee payment by the applicable deadline, this Commitment Letter
shall expire automatically and Foothill's commitments shall terminate and be of
no further force and effect. This Commitment Letter is being provided to the
Borrowers on a confidential basis and is not for the benefit of, nor should it
be relied upon by, any third party.

         This Commitment Letter may be executed in any number of counterparts,
each of which, when so executed, shall be deemed to be an original and all of
which, taken together, shall constitute one and the same Commitment Letter.
Delivery of an executed counterpart of a signature page to this Commitment
Letter and the Fee Letter by telecopier shall be as effective as delivery of an
original executed counterpart thereof. The Borrowers' obligations with respect
to payment of costs and expenses, indemnities and confidentiality shall survive
the expiration or termination of this Commitment Letter whether or not the loan
documents shall be executed and delivered.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 7

                                        Very truly yours,

                                        WELLS FARGO FOOTHILL, INC.,
                                        formerly known as Foothill Capital
                                        Corporation

                                        By: /s/ [ILLEGIBLE]
                                            -----------------------------------
                                        Title: Senior Vice President

                    [SIGNATURES CONTINUED ON FOLLOWING PAGE]

<PAGE>

AMERCO -- Emergence Facility Commitment Letter
November 5, 2003
Page 8

         The foregoing terms and conditions are hereby accepted and agreed to as
of November 5, 2003.

                                        AMERCO, a Nevada corporation, on behalf
                                        of itself and its affiliates and
                                        subsidiaries that will be Borrowers or
                                        Guarantors as contemplated by the Term
                                        Sheet

                                        By: /s/ [ILLEGIBLE]
                                            ------------------------------------
                                        Title: Chairman

cc: Chris D. Molen, Esq.
    Jesse H. Austin, III, Esq.

EMERGENCE FACILITY COMMITMENT LETTER
<PAGE>

                                    ANNEX A

                  AMERCO AND AMERCO REAL ESTATE COMPANY, ET AL.

                                SUMMARY OF TERMS

                         $550,000,000 EMERGENCE FACILITY

                                NOVEMBER 5, 2003

The terms and conditions summarized herein represent the terms and
conditions pursuant to which Wells Fargo Foothill, Inc., formerly known as
Foothill Capital Corporation ("Foothill" or "Agent") will provide a $550,000,000
credit facility (the "Emergence Facility") to be provided concurrent with a
confirmed reorganization plan acceptable to Foothill of the respective Chapter
11 cases.

The proposed terms and conditions summarized herein with respect to the
Emergence Facility are provided to evidence the terms and conditions by which
Foothill hereby commits, in accordance with the terms of the accompanying
Commitment Letter, to provide financing to Borrowers and Guarantors under the
Emergence Facility.

BORROWERS:                 AMERCO, a Nevada corporation, Amerco Real Estate
                           Company, U-Haul International, Inc. and and certain
                           wholly-owned subsidiaries and affiliates
                           (collectively, the "Companies" or "Borrowers").
                           Excluded subsidiaries not to be considered Borrowers
                           would be Republic Western Insurance Company
                           ("RepWest"), and its subsidiaries, and Oxford Life
                           Insurance Company ("Oxford"), and its subsidiaries
                           (collectively, the "Excluded Subsidiaries").

GUARANTORS:                All U.S. affiliates (excluding SAC entities) and
                           subsidiaries of the Companies (that are not direct
                           Borrowers) as required by Foothill, but excluding all
                           Excluded Subsidiaries and SAC entities, (together
                           with Borrowers, each a "Loan Party" and collectively,
                           the "Loan Parties").

LEAD ARRANGER AND           Wells Fargo Foothill, Inc.
ADMINISTRATIVE
AGENT:

FINANCING FACILITY:        EMERGENCE FACILITY: A senior secured credit facility
                           with a Maximum Credit Amount of $550,000,000
                           consisting of (i) a revolving credit facility of up
                           to $200,000,000 ("Revolver"), with a $50,000,000
                           subfacility for the issuance of letters of credit,
                           plus (ii) a $350,000,000 amortizing term loan
                           facility

                                        A-1

<PAGE>

                           ("Term Loan A"). Monthly principal amortization of
                           Term Loan A would be equal to $291,667.00 with the
                           remaining balance due in full upon maturity of the
                           Emergence Financing.

                           The Borrowing Base for the Emergence Facility shall
                           be equal to 60% of the fair market value of owned
                           real property. All such amounts would also be net of
                           all reserves for anticipated environmental
                           remediation costs for certain properties and other
                           customary and normal reserves, which may be
                           established by Agent. To the extent that the
                           Borrowing Base did not equal $550,000,000, Foothill
                           would consider an appropriate advance against
                           Borrower's rolling stock to accomplish such a level
                           on the Borrowing Base.

LETTERS OF CREDIT:         Each letter of credit will be issued for the account
                           of a Borrower by Wells Fargo Bank or another bank
                           selected by Foothill, which shall be reasonably
                           satisfactory to the Borrower, and shall have an
                           expiry date that is not later than thirty (30) days
                           prior to the Maturity Date (as hereinafter defined)
                           unless on or prior to the Maturity Date such letter
                           of credit shall be cash collateralized in an amount
                           equal to 105% of the face amount of such letter of
                           credit. Borrowers and Guarantors will be bound by the
                           usual and customary terms contained in the letter of
                           credit issuance documentation of the issuing bank and
                           Foothill.

MATURITY DATE:             Five (5) years from closing date (the "Maturity
                           Date").

EARLY TERMINATION:         Termination of the Emergence Facility prior to the
                           Maturity Date shall be subject to a prepayment
                           premium payable to Foothill equal to the percentage
                           set forth in the following schedule of then
                           applicable Maximum Credit Amount for each full and
                           partial month remaining to the Emergence Facility
                           Maturity Date:

<TABLE>
<CAPTION>
YEAR 1     YEAR 2     YEAR 3     YEAR 4     YEAR 5
- ------     ------     ------     ------     ------
<S>        <C>        <C>        <C>        <C>
2.00%      1.50%      1.00%      0.00%      0.00%
</TABLE>

                           Other customary prepayments to be included in
                           definitive loan documentation (including sale of
                           assets, casualty events, etc.), subject to levels to
                           be negotiated.

COLLATERAL:                Subject to a confirmed Plan acceptable to Foothill,
                           all obligations of the Loan Parties to Foothill shall
                           be secured by a first priority perfected security
                           interest in substantially all the assets of
                           Borrowers, but excluding (i) the existing promissory

                                      A-2

<PAGE>

                           notes issued to the Loan Parties by SAC Holdings and
                           its subsidiaries (and proceeds associated with the
                           monetization of such asset, as they may be amended or
                           restated from time to time), (ii) the Borrowers' real
                           estate subject to any currently existing synthetic
                           lease arrangements (and the proceeds associated with
                           the monetization of such assets), (iii) the stock of
                           RepWest and Oxford (and the proceeds associated with
                           the monetization of such assets), (iv) real property
                           subject to a lien by Oxford, (v) real property under
                           contract for sale at the time of the Closing, (vi)
                           real property defined as surplus property at the time
                           of Closing, (vii) proceeds in excess of $50,000,000
                           associated with the settlement, judgment or recovery
                           related to Borrower's lawsuit against PwC, and (viii)
                           vehicles (including any motor vehicle, trailer or
                           other asset) that become and remain subject to a TRAC
                           or Operating Lease transaction. The Emergence
                           Facility shall include provisions authorizing the
                           granting of a junior lien in substantially all of the
                           assets of the Borrowers in favor of those parties
                           receiving new notes in connection with the confirmed
                           Plan, subject to an intercreditor agreement, the
                           terms and conditions of which shall be reasonably
                           satisfactory to the Lenders.

                           All borrowings by Borrowers, all reimbursement
                           obligations with respect to letters of credit, all
                           costs, fees and expenses of the Lenders, and all
                           other obligations owed to the Lenders shall be
                           secured as described above and charged to the loan
                           account to be established under the Emergence
                           Facility.

INTEREST RATES:            Advances outstanding under the Revolver would bear
                           interest, at Borrower's option, at (a) the Base Rate
                           plus the applicable margin set forth in the pricing
                           matrix below, or (b) at the LIBOR Rate plus the
                           applicable margin set forth in the pricing matrix
                           below:

                 Pricing Matrix
<TABLE>
<CAPTION>
Senior Debt/    Base Rate     LIBOR        L/C
  EBITDA         Margin       Margin       Fee
- ------------    ---------     ------       ---
<S>             <C>           <C>         <C>
   1. TBD         1.50%        4.00%      4.00%

   2. TBD         1.25%        3.75%      3.75%

   3. TBD         1.00%        3.50%      3.50%
</TABLE>

                           The effective interest rate would start at the level
                           1 pricing shown in the above grid and would remain at
                           level 1 for the first six months following the
                           closing. Thereafter, the interest rate will be
                           adjusted quarterly at each fiscal quarter-end based
                           on

                                       A-3

<PAGE>

                           Borrower's consolidated EBITDA for the trailing
                           twelve months.

                           Advances outstanding under Term Loan A would bear
                           interest at Borrower the LIBOR Rate plus 4.00%
                           percentage points.

                           Borrower would be charged a letter of credit fee
                           (plus bank issuance charges) at a rate as determined
                           under the Pricing Matrix times the undrawn amount of
                           all outstanding Letters of Credit.

                           As used herein (x) "Base Rate" means the rate of
                           interest publicly announced from time to time by
                           Wells Fargo Bank, N.A. at its principal office in San
                           Francisco, California, as its reference rate, base
                           rate or prime rate. The LIBOR Rate means the rate per
                           annum, determined by Foothill in accordance with its
                           customary procedures, at which dollar deposits are
                           offered to major banks in the London interbank
                           market, adjusted by the reserve percentage prescribed
                           by governmental authorities as determined by
                           Foothill. At no time shall the LIBOR Rate utilized
                           prior to application of the appropriate margin be
                           less than 1.00%. All interest and fees for the
                           Emergence Facility shall be computed on the basis of
                           a year of 360 days for the actual days elapsed. If
                           any Event of Default shall occur, interest shall
                           accrue under the Facility at a rate per annum equal
                           to 2.00% in excess of the rate of interest otherwise
                           in effect.

FEES:                      Unused Line Fee       One half of one percent (0.50%)
                           (for the Financing    on the unused portion of the
                           Facilities):          respective Revolver Facility,
                                                 payable quarterly in arrears.

                           Letter of Credit      As determined above in the
                           Fees (for the         Pricing Matrix, plus the
                           Financing             customary charges imposed by
                           Facilities):          the letter of credit issuing
                                                 bank

                                       A-4
<PAGE>

                           Field Examination     Without limiting the foregoing,
                           Fee (for the          Borrowers would be required to
                           Financing             pay (a) a fee of $850 per day,
                           Facilities):          per analyst, plus out-of-pocket
                                                 expenses, for each financial
                                                 audit of Borrowers performed by
                                                 personnel employed by Agent,
                                                 and (b) the actual charges paid
                                                 or incurred by Agent if it
                                                 elects to employ the services
                                                 of one or more unrelated third
                                                 parties to perform financial
                                                 audits of Borrowers, to
                                                 appraise Borrowers' collateral,
                                                 or to assess Borrowers'
                                                 business valuation.

                           Borrowers shall also pay all applicable fees set
                           forth in the fee letter of even date herewith (the
                           "Fee Letter").

USE OF PROCEEDS:           To refinance the DIP Facility, fund Borrowers'
                           confirmed Plan and for general corporate purposes
                           including the financing of working capital and
                           capital expenditures.

                                       A-5
<PAGE>

CONDITIONS                 The obligation of Foothill to make any loans or
PRECEDENT:                 assist in the issuance of any letters of credit in
                           connection with the Emergence Facility will be
                           subject to customary conditions precedent including,
                           without limitation, the following:

                              (a)  Receipt of evidence of the entry of a final
                                   Order confirming Borrower's Plan and
                                   accompanying disclosure statement, and
                                   satisfaction of all other conditions to the
                                   confirmation of such Plan, which Plan,
                                   disclosure statement, and confirmation Order
                                   shall be in form and substance reasonably
                                   acceptable to Foothill and which Plan will
                                   include, among things, a level of assets both
                                   in number and value, acceptable to Foothill.
                                   Such acceptance shall not be unreasonably
                                   withheld to the extent that Borrower's
                                   post-emergence capital structure takes the
                                   form similar to that outlined in a the Plan
                                   filed with the Bankruptcy Court on October 6,
                                   2003.

                              (b)  Receipt of management's projections and
                                   business plan for the succeeding twelve (12)
                                   month period on a month-by-month basis and
                                   the succeeding three year period on an annual
                                   basis in form and substance reasonably
                                   acceptable to Foothill.

                              (c)  Payment of all reasonable fees and expenses
                                   owing to Agent in connection with the
                                   Emergence Facility.

                              (d)  Execution and delivery of appropriate legal
                                   documentation in form and substance
                                   reasonably satisfactory to Foothill and the
                                   satisfaction of the conditions precedent
                                   contained therein and delivery of all
                                   appropriate opinions of counsel relating
                                   thereto, reasonably satisfactory in all
                                   respects to Foothill.

                              (e)  Payment in full of obligations owing and
                                   amounts outstanding under the DIP Facility.

                              (f)  Foothill shall have been granted a perfected,
                                   first priority lien on all Collateral
                                   including without limitation mortgages on all
                                   owned real property in form and substance
                                   satisfactory to Foothill. Foothill shall have
                                   received real estate, UCC, tax and judgment
                                   lien searches and other appropriate evidence,
                                   confirming the absence of any liens on the
                                   Collateral, except existing liens acceptable
                                   to the Lenders.

                                       A-6
<PAGE>

                              (g)  No default or event of default shall exist
                                   under the loan documents for the DIP Facility
                                   or the Emergence Facility, and no pending
                                   claim, investigation or litigation by any
                                   governmental entity shall exist with respect
                                   to the Loan Parties or the transactions
                                   contemplated hereby, except as previously
                                   publicly disclosed through October 1, 2003.

                              (h)  Insurance satisfactory to Foothill, such
                                   insurance to include liability insurance for
                                   which Foothill, will be named as an
                                   additional insured and property insurance
                                   with respect to the Collateral for which the
                                   Agent, for the benefit of Foothill, will be
                                   named as loss payee.

                              (i)  Borrowers shall, at loan closing, have a
                                   minimum of $25,000,000 in the aggregate of
                                   unrestricted cash and available but unused
                                   credit availability.

                              (j)  The absence of (i) a Material Adverse Change
                                   in the business operations, assets, condition
                                   (financial or otherwise) or prospects of
                                   Borrowers and Guarantors since March 31,
                                   2003, as determined by Foothill in its sole
                                   discretion, other than (x) the filing of the
                                   Chapter 11 Cases and the events resulting
                                   from the filing of the Chapter 11 Cases, (y)
                                   the withdrawal by PriceWaterhouseCoopers of
                                   its audit letter with respect to the
                                   Borrowers' financial statements for the
                                   fiscal year ended as of March 31, 2002, and
                                   (z) such other matters as have been disclosed
                                   in writing by Borrowers to Foothill or
                                   disclosed to Borrower's public filings on or
                                   before October 1, 2003, or (ii) an adverse
                                   change or disruption in the loan syndication,
                                   financial, banking or capital markets
                                   generally that, in Foothill's judgment, could
                                   materially impair the syndication of the
                                   Emergence Facility.

                              (k)  Foothill's completion of and satisfaction in
                                   all respects with the results of its ongoing
                                   due diligence investigation of the business,
                                   assets, operations, properties (including
                                   compliance with FIRREA), condition (financial
                                   or otherwise), contingent liabilities,
                                   prospects and material agreements of
                                   Borrowers and their respective Subsidiaries.

                              (l)  Execution of intercreditor agreements with
                                   the holders of Term B Notes and secured bonds
                                   ("Subordinated Debt") resulting from any
                                   confirmed Plan of Reorganization, in form and
                                   substance satisfactory to Foothill.

                              (m)  Satisfactory credit rating for the Facility
                                   from Standard & Poors.

                                       A-7
<PAGE>

REPRESENTATIONS               Usual representations and warranties, including,
AND WARRANTIES:               but not limited to, corporate existence and good
                              standing, permits and licenses, authority to enter
                              into the respective loan documents, occurrence of
                              the closing date for the Facility, validity of the
                              Final Order, governmental approvals, non-violation
                              of other agreements, financial statements,
                              litigation, compliance with environmental, pension
                              and other laws, taxes, insurance, absence of
                              Material Adverse Change, absence of default or
                              unmatured default and priority of Foothill's
                              liens.

COVENANTS:                    Borrowers will be required to maintain an agreed
                              upon minimum fixed charge coverage ratio.
                              Borrowers will also have a limitation on capital
                              expenditures (to be determined based upon
                              Borrower's Plan). All such financial covenants
                              shall be tested quarterly. Financial reporting
                              shall include, without limitation, the delivery to
                              the Agent of monthly financial statements, audited
                              annual financial statements and annual updated
                              projections.

                              Other customary covenants (both positive and
                              negative), including, but not limited to, notices
                              of litigation, defaults and unmatured defaults and
                              other information, compliance with laws, permits
                              and licenses, inspection of properties, books and
                              records, maintenance of insurance, limitations
                              with respect to liens and encumbrances, dividends
                              and retirement of capital stock, guarantees, sale
                              and lease back transactions, consolidations and
                              mergers, investments, capital expenditures, loans
                              and advances, indebtedness, compliance with
                              pension, environmental and other laws, operating
                              leases, transactions with affiliates and
                              prepayment of other indebtedness.

                              With respect to certain affirmative covenants:

                              - Borrower will be required to continue a captive
                                self-insurance program for its fleet, as
                                currently provided by RepWest, provided however
                                that the Borrower may alter or replace its
                                captive self-insurance with the approval of
                                Foothill provided that the terms are reasonably
                                consistent with the program currently provided
                                by RepWest, and such approval will not be
                                unreasonably withheld by Foothill.

                              With respect to certain negative covenants:

                              - Borrower would be permitted to repay
                                Subordinated Debt using the proceeds of Excluded
                                Assets provided that no Event

                                       A-8

<PAGE>

                                of Default is then in existence or will be in
                                existence as a result after giving effect to the
                                said event.

                              - Borrower would be permitted to prepay
                                Subordinated Debt, in other circumstances,
                                provided that (i) no Event of Default is then in
                                existence or will be in existence as a result
                                after giving effect to the said event, (ii)
                                payments shall not exceed 50% of Borrower's free
                                cash flow for the prior 12 months, and (iii)
                                Borrower shall have not less than $35,000,000 in
                                availability under the Facility plus
                                unrestricted cash after giving effect to the
                                said event and, Borrower's projected
                                availability for the next 12 months, after
                                giving effect to the said event, would not be
                                below $35,000,000.

                              - Borrower would be permitted to make cash
                                payments on Preferred Stock in existence as of
                                the Emergence Date, provided that (i) no Event
                                of Default is then in existence or will be in
                                existence as a result after giving effect to the
                                said event, (ii) cash payments shall not exceed
                                $13,000,000 annually, and (iii) Borrower shall
                                have not less than $35,000,000 in availability
                                under the Facility plus unrestricted cash after
                                giving effect to the said event and, Borrower's
                                projected availability for the next 12 months,
                                after giving effect to the said event, would not
                                be below $35,000,000.

CASH MANAGEMENT:              Borrowers shall institute a cash management system
                              reasonably satisfactory to Agent, including
                              without limitation, establishing one or more
                              concentration accounts at financial institutions
                              acceptable to the Agent

REQUIRED LENDERS:             Lenders holding 51% of the outstanding
                              commitments and/or exposure under the Facility,
                              except for provisions customarily requiring
                              unanimous approval by the Lenders.

EVENTS Of DEFAULT:            Usual events of default, including, but not
                              limited to, payment, cross-default, violation of
                              covenants, breach of representations or
                              warranties, judgments, ERISA, material
                              environmental, change of control and other events
                              of default which are customary in facilities of
                              this nature.

GOVERNING LAW:                All documentation in connection with the Financing
                              Facility shall be governed by the laws of the
                              State of New York applicable to agreements made
                              and performed in such State except as governed by
                              the Bankruptcy Code.

ASSIGNMENTS AND               Foothill shall be permitted to assign its rights
PARTICIPATIONS:               and obligations hereunder, or any part thereof, to
                              any person or entity without the consent of the
                              Loan Parties. Foothill shall be permitted to grant
                              participations in such rights and obligations, or
                              any part

                                       A-9

<PAGE>

                              thereof, to any person or entity without the
                              consent of the Loan Parties.

EXPENSES:                     The Loan Parties shall pay on demand all
                              reasonable fees and expenses of Foothill
                              (including legal fees, financial consultant fees
                              (if any), audit fees, search fees, filing fees,
                              and documentation fees, and expenses in excess of
                              the Deposit), incurred in connection with the
                              transactions contemplated by this Term Sheet,
                              whether or not such transactions close. Borrower
                              permits Foothill to charges such Expense to
                              Borrower's existing DIP Facility agented by
                              Foothill.

SYNDICATION:                  Agent to underwrite the Financing Facility and
                              syndicate to other qualified financial
                              institutions. Agent may change the terms,
                              structure (including, without limitation, the
                              maximum amount of the Revolver and Term Loan A),
                              tenor or pricing (including, without limitation,
                              the offering of an original issue discount) as
                              Agent, in its sole discretion, determines is
                              necessary to ensure a successful syndication of
                              the Emergence Facility; provided, however, such
                              changes shall not result in a reduction of the
                              Maximum Credit Amount of the Emergence Facility
                              nor a change in the Excluded Assets, as herein
                              defined.

                                      A-10
<PAGE>

                                   EXHIBIT A-2

                       EXIT FINANCING FACILITY AGREEMENT

               [TO BE FILED ON OR BEFORE THE EXHIBIT FILING DATE]

<PAGE>

                                    EXHIBIT B

                  PLAN SUPPORT AGREEMENT (CREDITORS' COMMITTEE)

                                 [SEE ATTACHED]
<PAGE>
                                                                  EXECUTION COPY

                             PLAN SUPPORT AGREEMENT

         This Plan Support Agreement (the "AGREEMENT") is made and entered into
as of November 12, 2003, by and among AMERCO, Amerco Real Estate Company,
("AREC", and together with AMERCO, collectively, the "DEBTORS"), each Nevada
corporations and debtors and debtors in possession, SAC Holding Corporation
("SAC") and SAC Holding II Corporation (together with SAC, collectively, "SAC
HOLDING"), each a Nevada corporation and non-debtors, the Official Committee of
Unsecured Creditors ("COMMITTEE") in the AMERCO Chapter 11 case, and the
individual Committee Member that are signatories hereto ("COMMITTEE MEMBER").
The Debtors, SAC Holding, the Committee, the Committee Members and any
subsequent person or entity that becomes a party hereto in accordance with the
terms hereof are referred to herein as the "PARTIES" and individually as a
"PARTY".

                                    RECITALS

         WHEREAS, on June 20, 2003, AMERCO filed a voluntary petition for relief
("AMERCO CASE") under Chapter 11 of Title 11 of the United States Code
("BANKRUPTCY CODE") and on August 13, 2003, AREC similarly filed a voluntary
petition for relief under Chapter 11 of the Bankruptcy Code (together with the
AMERCO Case, the "CASES").

         WHEREAS, on June 27, 2003, the Office of the United States Trustee for
the District of Nevada (the "UNITED STATES TRUSTEE") appointed pursuant to
section 1102 of the Bankruptcy Code, the Committee in the Case, which
appointment has been amended by the United States Trustee from time to time.

         WHEREAS, on October 6, 2003, the Debtors and SAC Holding (together,
"PROPONENTS") jointly filed a Joint Plan of Reorganization of AMERCO and AREC,
Debtors and Debtors-In-Possession under section 1121(a) of the Bankruptcy Code
(the "PLAN"), and a related disclosure statement (the "DISCLOSURE STATEMENT")
pursuant to section 1125 of the Bankruptcy Code (capitalized terms not otherwise
described herein shall have the meanings given them in the Plan).

         WHEREAS, the Parties have engaged in good faith negotiations in
connection with the Plan with the objective of reaching an agreement concerning
the restructuring of the Debtors (the "RESTRUCTURING") and, in particular, the
treatment of holders of AMERCO Unsecured Claims (presently identified as Class 7
Claims under the Plan).

         WHEREAS, the Parties now desire to implement the Restructuring pursuant
to this Agreement and amend the Disclosure Statement (hereafter the "AMENDED
DISCLOSURE STATEMENT") and the Plan (hereafter, the "AMENDED PLAN") in a manner
consistent with the terms set forth in this Agreement and the AMERCO Term Sheet
attached hereto as Exhibit "A," and incorporated herein by this reference (the
"TERM SHEET").

                                       1

<PAGE>
                                                                  EXECUTION COPY

         WHEREAS, the Proponents intend to use their commercially reasonable
efforts to obtain approval of the Amended Disclosure Statement and obtain
confirmation of the Amended Plan by the United States Bankruptcy Court for the
District of Nevada ("BANKRUPTCY COURT"), in accordance with the Bankruptcy Code
and the Federal Rules of Bankruptcy Procedure ("BANKRUPTCY RULES") on terms
consistent with this Agreement and the Term Sheet.

         WHEREAS, the Committee intends to use their commercially reasonable
efforts to cooperate and actively support confirmation and consummation of the
Plan, subject to the terms and conditions of this Agreement and the Term Sheet.

         WHEREAS, the Committee Members that actually hold AMERCO Unsecured
Claims and become a signatory hereto are prepared, subject to the terms and
conditions of this Agreement and the Term Sheet, to vote their respective Claims
to accept the Amended Plan.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the promises and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree as follows:

         1.       Amended Plan to Be Consistent With Term Sheet. The Amended
Plan and Amended Disclosure Statement shall provide for the treatment of AMERCO
Unsecured Claims and other features of the Amended Plan in a manner consistent
with the Term Sheet.

         2.       Approval of the Amended Disclosure Statement and Confirmation
of the Plan. Proponents shall use their commercially reasonable efforts to
obtain prompt approval of the Amended Disclosure in accordance with the
Bankruptcy Code and on terms consistent with this Agreement, and the Committee
and Committee Members shall cooperate fully in that regard. The Proponents and
the Committee shall take all reasonable, necessary and appropriate actions to
achieve confirmation and consummation of the Amended Plan as contemplated
herein.

         3.       Amendments and Modifications. Should any modification or
amendment to the Amended Plan be necessary to obtain confirmation of the Amended
Plan or for the Restructuring to be consummated, each of the Parties agrees to
negotiate in good faith any such amendments and modifications to the Amended
Plan.

         4.       Committee Support of the Restructuring and the Amended Plan.
So long as no Support Termination Event, as defined herein, has occurred, the
Committee shall: (i) support confirmation and consummation of the Amended Plan,
including supporting the Debtors' contention that they have, as part of
Confirmation of the Plan, satisfied each of the confirmation requirements set
forth in Section 1129(a) of the Bankruptcy Code, and (iii) recommend that all
parties-in-interest entitled to vote do so in favor of the Amended Plan.

                                       2

<PAGE>
                                                                  EXECUTION COPY

         5.       Voting in Favor of Amended Plan. So long as no Support
Termination Event has occurred, each Committee Member that is a signatory hereto
and that is entitled to vote an AMERCO Unsecured Claim agrees to timely vote
such Claim to accept the Plan.

         6.       Restrictions on Transfer. Without the prior written consent of
the Debtors and provided that no Support Termination Event shall have occurred,
each Committee Member that is a signatory hereto and that holds an AMERCO
Unsecured Claim hereby agrees not to (a) sell, transfer, assign, pledge, or
otherwise dispose of any of its AMERCO Unsecured Claims, in whole or in part, or
any interest therein, unless the transferee accepts such Claims subject to the
terms of this Agreement, or (b) grant any proxies, deposit any of its AMERCO
Unsecured Claims into a voting trust, or enter into a voting agreement with
respect to any such Claims unless such arrangement provides for compliance
herewith. Unless the Debtors have otherwise consented in writing or a Support
Termination Event shall have occurred, in the event that a Committee Member that
is a signatory hereto transfers such AMERCO Unsecured Claim prior to the last
date for voting on the Amended Plan, such transferee shall comply with and be
subject to all the terms of this Agreement so long as such Agreement remains in
effect, including but not limited to, such Committee Member's obligations to
vote in favor of the Amended Plan and shall, as a condition precedent to such
transfer, execute an agreement on terms substantially identical to the terms of
this Agreement and, upon commencement of the solicitation of votes to accept or
reject the Amended Plan, a ballot indicating its acceptance of the Conforming
Plan.

         7.       Reservation of Rights, Claims, Remedies and Defenses. Except
as expressly provided herein, each Party expressly acknowledges and agrees that:
(i) nothing herein is intended to, or does, in any manner waive, limit, impair
or restrict the ability of the Committee, or each Committee Member, whether or
not such Committee Member is a signatory hereto, to protect and to preserve all
of their rights, claims, remedies, defenses and interests; and (ii) by entering
into this Agreement, the Committee and each Committee Member, whether or not
such Committee Member is a signatory hereto, does not waive any of their legal
rights, claims or causes of action against the Proponents, if any, and any of
their affiliates or any defenses that the Committee or each Committee Member may
have in connection with any claim objection, avoidance action, adversary
proceeding or other action or legal proceeding that the Proponents or their
affiliates may bring against the Committee or any one or more of the Committee
Members. By execution of this Agreement, the Committee and the Committee Members
do not make any admissions of any law or fact.

         8.       Solicitation Acknowledgement. This Agreement is not and shall
not be deemed to be a solicitation for consents to the Amended Plan. The
solicitation of votes concerning the Amended Plan will not occur until parties
entitled to vote on the Amended Plan receive the Amended Disclosure Statement
and related ballots, as approved by the Bankruptcy Court.

         9.       Exclusivity. So long as no Support Termination Event has
occurred, the Committee shall support the Debtors' request to continue their
exclusive right to solicit

                                       3

<PAGE>
                                                                  EXECUTION COPY

votes to accept or reject the Plan under section 1121 of the Bankruptcy Code
through and including February 28, 2004.

         10.      Conditions. The Committee's and, to the extent applicable, the
Committee Member's obligations hereunder, are conditioned upon the satisfaction
or waiver of the following conditions:

                  a.       By no later than June 1, 2004, the Bankruptcy Court
shall have entered an order confirming the Amended Plan and the Amended Plan's
Effective Date shall have occurred.

                  b.       All materials, documents, instruments, notes,
agreements, pleadings, the Amended Disclosure Statement, the Amended Plan and
orders relating to the Amended Plan, debt securities issued or sold under the
Amended Plan or the Restructuring, including the SAC Holding Note Documents,
shall be substantially consistent with the Amended Plan and in form and
substance reasonably satisfactory to the Committee, Debtors and SAC Holding.

         11.      Support Termination Events. The obligations of a Party
hereunder, including the obligations of the Committee Members to vote to accept
the Plan under Section 5 and Section 6 hereof, shall terminate and be of no
further force and effect if one of the following events occurs (each a "Support
Termination Event"), and such Party does not waive such Support Termination
Event.

         a.       A breach of this Agreement by one or more of the other Parties
to this Agreement, including but not limited to the failure to either satisfy or
obtain the waiver of any condition set forth in paragraph 10, above;

         b.       A material adverse change, based on events occurring
subsequent to the effective date of this Agreement in the prospects, business,
assets, operations, liabilities or financial performance or condition of the
Debtors, U-Haul International, Inc., and its subsidiaries;

         c.       The Cases are converted to a case under Chapter 7 of the
Bankruptcy Code or the appointment of a trustee or examiner with expanded power
to actually operate the business of the Debtors in any of the Cases;

         d.       The Bankruptcy Court denies confirmation of the Amended Plan;

         e.       The Committee, in good faith, as a fiduciary for unsecured
creditors and based upon the written opinion of its counsel, determines that
termination of this Agreement is necessary or appropriate to comply with their
fiduciary duties and delivers notice thereof to the Proponents; or

         f.       The termination of the Debtors' right to file and solicit a
plan of reorganization under section 1121(d) of the Bankruptcy Code.

                                       4

<PAGE>
                                                                  EXECUTION COPY

         Upon the occurrence of a Support Termination Event which has not been
waived in writing by the Parties within seven (7) business days of notice
hereof, the obligations of the Parties hereto shall immediately and
automatically terminate. In that event, no Party shall have any continuing
liability or liability for damages or any continuing obligation to any other
Party hereunder. It is understood and agreed by each of the Parties hereto that
money damages are waived and that such damages would not be a sufficient remedy
for any material breach of any provision of this Agreement by any Party and each
non-breaching Party shall be entitled to the sole and exclusive remedy of
specific performance and injunctive or other equitable relief as a remedy for
any such breach, without the necessity of securing or posting a bond or other
security in connection with such remedy.

         12.      Representations and Warranties. Each of the Parties represents
and warrants to each of the other Parties that the following statements are
true, correct and complete as of the date hereof:

         a.       It has all requisite power and authority to enter into this
Agreement and to carry out the transactions contemplated by, and perform its
respective obligations under, this Agreement.

         b.       The execution and delivery of this Agreement and the
performance of its obligations hereunder have been duly authorized by all
necessary action on its part.

         c.       The execution, delivery and performance by it of this
Agreement do not and shall not (i) violate any provision of law, rule or
regulation applicable to it or any of its subsidiaries or its certificate of
incorporation or by-laws or those of any of its subsidiaries or (ii) conflict
with, result in a breach of or constitute (with due notice or lapse of time or
both) a default under any material contractual obligation to which it or any of
its subsidiaries is a party or under its certificate of incorporation or by-laws
or other organizational documents.

         d.       The execution, delivery and performance by it of this
Agreement do not and shall not require any registration or filing with, consent
or approval of, or notice to, or other action to, with or by, any Federal, state
or other governmental authority or regulatory body.

         13.      Effectiveness; Amendments. This Agreement shall be effective
and binding upon the Proponents and the Committee once it has been executed by
such Parties. This Agreement shall not become effective and binding upon an
individual Committee Member unless and until a counterpart signature page to
this Agreement has been executed and delivered by such individual Committee
Member.

         14.      Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York,
without regard to any conflicts of law provision that would require the
application of the law of any other jurisdiction. By its execution and delivery
of this Agreement, each of the Parties hereto hereby irrevocably and
unconditionally agrees for itself that the Bankruptcy Court

                                       5

<PAGE>
                                                                  EXECUTION COPY

shall have exclusive jurisdiction of all matters arising out of or in connection
with this Agreement.

         15.      Notices. All notices and consents hereunder shall be in
writing and shall be deemed to have been duly given upon receipt if personally
delivered by courier service, messenger, telecopy, or by certified or registered
mail, postage prepaid return receipt requested, to the following addresses, or
such other addresses as may be furnished hereafter by notice in writing, to the
following parties:

         If to the Committee or a Committee Member, to:

         Milbank, Tweed, Hadley & McCloy LLP
         601 S. Figueroa Street, 30th Floor
         Los Angeles, CA 90017
         Facsimile No.: (213)629-5063
         Attn: Paul S. Aronzon

         If to the Debtors or SAC Holding:

         AMERCO
         2727 North Central Avenue
         Phoenix, AZ 85004
         Facsimile No.: (602)263-6173
         Attn: Gary V. Klinefelter

         with a copy to:

         Squire, Sanders & Dempsey L.L.P.
         Two Renaissance Square
         40 North Central Avenue, Suite 2700
         Facsimile No.: (602) 253-8129
         Attn: Craig D. Hansen

         16.      Representation by Counsel. Each Party acknowledges that it has
been represented by counsel in connection with this Agreement and the
transactions contemplated by this Agreement. Accordingly, any rule of law or any
legal decision that would provide any Party with a defense to the enforcement of
the terms of this Agreement against such Party based upon lack of legal counsel
shall have no application and is expressly waived.

         17.      Headings. The headings of the paragraphs and subparagraphs of
this Agreement are inserted for convenience only and shall not affect the
interpretation hereof.

                                       6

<PAGE>
                                                                  EXECUTION COPY

         18.      Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of the Parties and their respective permitted successors,
assigns, heirs, executors, administrators and representatives.

         19.      Several, Not Joint, Obligations. The agreements,
representations and obligations of the Parties under this Agreement are, in all
respects, several and not joint.

         20.      Prior Negotiations. This Agreement supersedes all prior
negotiations with respect to the subject matter hereof but shall not supersede
the Amended Plan.

         21.      Counterparts. This Agreement (and any modifications,
amendments, supplements or waivers in respect hereof) may be executed in one or
more counterparts by manual or facsimile signature, each of which shall be
deemed an original and all of which shall constitute one and the same Agreement.

         22.      No Third-Party Beneficiaries. Except for the Committee Members
who are intended beneficiaries of paragraph 5 and 6 of the Agreement, this
Agreement shall be solely for the benefit of the Parties, and no other person or
entity shall be a third party beneficiary hereof.

         23.      Disclosure. Until there has been public disclosure of this
Agreement, (i) no disclosure of this Agreement shall be made by any Party hereto
without the prior approval of the other Parties, and (ii) no Party shall make
any public statement regarding the obligations hereunder without the prior
approval of the other Parties; provided, however, Proponents may disclose the
Committee support for the Amended Plan generally, as set forth in this
Agreement, without prior approval. Further, in any event, no written statement
concerning the position of another Party to this Agreement, beyond the language
of the Agreement, shall be made without the prior approval of the Party.

         IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be
executed and delivered by its duly authorized officer as of the date first above
written.

AMERCO

By: /s/ [ILLEGIBLE]
    ---------------------
Its: President

AMERCO REAL ESTATE COMPANY

By: /s/ [ILLEGIBLE]
    ---------------------
Its: President

                                       7

<PAGE>

                                                                  EXECUTION COPY

SAC HOLDING CORPORATION

By: /s/ [ILLEGIBLE]
    ---------------------
Its: President

SAC HOLDING II CORPORATION

By: /s/ [ILLEGIBLE]
    ---------------------
Its: President

THE OFFICIAL COMMITTEE OF
UNSECURED CREDITORS OF AMERCO

By: /s/ [ILLEGIBLE]
    ---------------------
Its: Counsel, Milbank, Tweed, Hadley & McCloy LLP

                                       8
<PAGE>

                                                                  EXECUTION COPY

                                    EXHIBIT A

                                   TERM SHEET
                         (DATED AS OF NOVEMBER 5, 2003)

                                       9
<PAGE>

SETTLEMENT COMMUNICATION --                               DATE: NOVEMBER 5, 2003
INADMISSIBLE FOR ALL PURPOSES

                                     AMERCO

                                   TERM SHEET

         SUMMARY OF INDICATIVE TERMS AND CONDITIONS OF THE RESTRUCTURING
          AND TREATMENT OF THE CLASS 7 ALLOWED AMERCO UNSECURED CLAIMS

1. DEFINITIONS:            Except as expressly provided herein, all capitalized
                           terms not otherwise defined will have the meanings
                           ascribed to such terms in the Joint Plan of
                           Reorganization dated as of October 6, 2003, as
                           amended to reflect the terms and conditions set forth
                           in this Term Sheet (the "PLAN").

2. CLASS MEMBERS AND       Class 7 will consist of the holders of all Allowed
ESTIMATED ALLOWED CLAIM:   AMERCO Unsecured Claims. As of the Effective Date
                           (estimated to be January 31, 2004), the amount of
                           Allowed Claims in Class 7, including interest
                           following the Petition Date through the anticipated
                           Effective Date, at the non-default contract rate, is
                           approximately $714,600,000.

3. TREATMENT SUMMARY:

Cash on Effective Date:    Cash in the amount of $191,000,000, provided,
                           however, that the amount of Cash will be increased by
                           the same amount, if any, by which the principal
                           amount of the New Term Loan B Notes distributed to
                           the AMERCO Unsecured Claimholders is less than
                           $200,000,000, but not to exceed thirty-five percent
                           (35%) of the Allowed Class 7 Claims. The total Cash
                           distributed to AMERCO Unsecured Claimholders holding
                           Allowed Claims will be decreased, to the extent
                           required, in order for the Reorganized Debtors to
                           have minimum availability under the Exit Financing
                           Facility (defined as Cash plus undrawn revolver) at
                           the Effective Date of $80,000,000.

New Term Loan B Notes:     $200,000,000 less the sum of: (i) the principal
                           amount of the New Term Loan B Notes externally
                           syndicated; and, (ii) the amount of the New Term Loan
                           B Notes distributed to the JPMorgan Claimholders and
                           AREC Note Claimholders pursuant to the Plan.

SAC Holding Senior Notes:  $200,000,000.

New AMERCO Notes:          $714,600,000, less distributions of Cash, New Term
                           Loan B Notes and SAC Holding Senior Notes to the
                           holders of Allowed AMERCO Unsecured Claims.

4. GLOBAL TERMS:

Transferability of New     The New Debt Securities will be (i) fully
Securities:                transferable, and (ii) either exempt from
                           registration under the Securities Act of 1933, or, if
                           an exemption is not available, registered at the sole
                           expense of AMERCO, or SAC Holding, as appropriate.
                           AMERCO and SAC Holding will use their reasonable best
                           efforts to support the establishment of a market in
                           the New Debt Securities. Additionally, SAC Holding
                           will continue to report its financial performance as
                           part of the consolidating financials of Reorganized
                           AMERCO, so long as Reorganized AMERCO is required to
                           consolidate SAC Holdings under GAAP. To the extent
                           Reorganized AMERCO is no longer required to
                           consolidate SAC Holdings under GAAP, SAC Holdings
                           will provide stand-alone audited financial
                           statements.

                                       10
<PAGE>


Governance and             As of the Effective Date, AMERCO will be compliant in
Management:                all material respects with all applicable laws and
                           regulations regarding governance and Board of
                           Director independence, including the then effective
                           requirements of (i) Sarbanes-Oxley; (ii) NYSE;
                           (iii) NASDAQ; and (iv) SEC.

Support of Carey Sale      The Creditors' Committee agrees to support the
Transaction:               Debtors in their efforts to execute the Carey Sale
                           Transaction, as it may be modified or supplemented,
                           subject to documentation reasonably satisfactory to
                           the Creditors' Committee.

                                       11
<PAGE>


5. SECURITIES SUMMARY

A. KEY TERMS OF NEW TERM
LOAN B NOTES

Issuer/Borrower:           AMERCO ("BORROWER").

Guarantor:                 All Subsidiaries of AMERCO, including AREC, U-Haul,
                           and all their respective Subsidiaries, but excluding
                           RepWest, Oxford and all of their respective
                           Subsidiaries (collectively "GUARANTORS"). SAC
                           Holdings will not be a Borrower or Guarantor.

Principal Balance:         Aggregate principal balance of $200,000,000.

Maturity/Term:             5 years following the Effective Date of the Plan.

Rating/Coupon:             The Debtors agree to have the New Term Loan B Notes
                           rated by Standard & Poor's and price the New Term
                           Loan B Notes at a mutually acceptable price based
                           upon the rating obtained except that, to the extent
                           the New Term Loan B Notes are externally syndicated
                           in accordance with the JPMorgan Syndication Terms and
                           the AREC Syndication Terms, the market pricing
                           established by such syndication will govern the
                           pricing of the New Term Loan B Notes. Interest will
                           be paid in cash, quarterly in arrears.

Security/Collateral:       A second priority (behind the Exit Financing
                           Facility), perfected security interest in
                           substantially all of the assets of the Borrowers and
                           Guarantors. The assets set forth on Schedule 1
                           attached hereto will not be part of the collateral
                           (the "EXCLUDED ASSETS"). The Indenture Trustee with
                           respect to the New Term Loan B Notes will enter into
                           an inter-creditor agreement in form and substance
                           reasonably acceptable to the Creditors' Committee,
                           the Debtors and Foothill.

Amortization:              Non-amortizing.

Covenants and Other        Customary for debt securities of this type. Such
Terms:                     covenants and terms will be set to take into account
                           the impact upon the syndication of the Exit Financing
                           Facility.

B. KEY TERMS OF THE NEW
AMERCO NOTES.

Issuer/Borrower:           AMERCO ("BORROWER").

Guarantor:                 All Subsidiaries of AMERCO, including AREC, U-Haul,
                           and all their respective Subsidiaries, but excluding
                           RepWest, Oxford and all of their respective
                           Subsidiaries (collectively, "GUARANTORS"). SAC
                           Holding will not be a Borrower or Guarantor.

Principal Balance:         The original principal amount of the New AMERCO Notes
                           will be equal to the Allowed Class 7 Claims, minus
                           the amount of Cash, New Term Loan B Notes and SAC
                           Holding Senior Notes distributed to the Class 7
                           Claimholders as set forth in this Term Sheet and the
                           Plan.

Maturity/Term:             7 years following the Effective Date.

Coupon/Rate:               12% cash, payable quarterly in arrears.

Security/Collateral:       A first priority perfected security interest in: (i)
                           stock of Oxford; and first priority lien in the (ii)
                           real property under contract for sale as of the
                           closing of the Exit Financing Facility (the "SALE
                           PROPERTY"): (iii) property defined as surplus
                           property at the closing of the Exit Financing
                           Facility, as defined in such Exit Financing Facility
                           (the "SURPLUS PROPERTY"), and (iv) residual, restated
                           Existing SAC Holding Notes, including existing SAC
                           Holding Notes relating to 4 SAC, 5 SAC and 19 SAC,
                           but excluding any Existing SAC Holding Note that is
                           prohibited by an existing contractual relationship
                           from being pledged.

Ranking:                   The New AMERCO Notes will rank senior in right of
                           payment to any existing

                                       12

<PAGE>


                           and future obligations with respect to the collateral
                           securing the New AMERCO Notes. The New AMERCO Notes
                           will rank junior with respect to the Exit Financing
                           Facility, New Term Loan B Notes, and any refinancing
                           thereof. The New AMERCO Notes will rank senior to all
                           existing and future subordinated debt to the extent
                           any claim exists above the value of the collateral
                           securing the New AMERCO Notes.

Optional Redemption:       Following the Effective Date, Borrower may redeem
                           some or all of the New AMERCO Notes at a redemption
                           price of 100% of the principal amount of such Notes,
                           plus accrued and unpaid interest, if any, as of the
                           date of the redemption.

Mandatory Redemption:      In the event Reorganized AMERCO: (i) executes a
                           sale, merger, dividend, transfer or other form of
                           monetization of the stock or assets of all or
                           substantially all of Oxford; (ii) monetizes the Sale
                           Property; or (iii) monetizes Surplus Property, 100%
                           of the net cash proceeds derived from such a
                           transaction will be used to redeem the New AMERCO
                           Notes at a redemption price of 100% of the principal
                           amount of the Notes, plus accrued and unpaid
                           interest, if any, as of the date of redemption. In
                           addition, 75% of net recoveries realized above
                           $50,000,000 (i.e. the first $50,000,000 is pledged as
                           collateral for the Exit Financing Facility) from the
                           PwC Litigation will used to redeem the New AMERCO
                           Notes at a redemption price of 100% of the principal
                           amount of such New AMERCO Notes, plus accrued and
                           unpaid interest, if any, as of the date of the
                           redemption.

Covenants:                 Limitation on the incurrence by Reorganized AMERCO
                           and the Guarantors of additional indebtedness,
                           including a defined basket of indebtedness senior to
                           the New AMERCO Notes.

                           Limitation on restricted payments by Reorganized
                           AMERCO and the Guarantors, provided however that
                           Reorganized AMERCO will be able to make certain
                           restricted payments, including dividends on existing
                           preferred stock and other restricted payments of a
                           type and amount customary under the terms of similar
                           indebtedness and, in all events, reasonably
                           acceptable to the Debtors and Creditors' Committee.

                           Limitation on merger, sale or consolidation by
                           Reorganized AMERCO and the Guarantors, provided that,
                           notwithstanding such limitations, Reorganized AMERCO
                           will not be restricted in the sale of the collateral
                           securing the payment of New AMERCO Notes for purposes
                           of redeeming such Notes.

                           Limitation on liens.

                           Other covenants customary under the terms of similar
                           indebtedness and, in all events, reasonably
                           acceptable to the Debtors and the Creditors'
                           Committee.

C. KEY TERMS OF SAC
HOLDING SENIOR NOTES

Issuer/Borrower:           SAC Holding and SAC Holdings II (collectively, "SAC
                           HOLDING"). It is anticipated that prior to the
                           Effective Date, 4 SAC, 5 SAC and 19 SAC will be
                           transferred into a newly formed holding company ("NEW
                           SAC HOLDING"). New SAC Holding will not be an issuer,
                           borrower or guarantor with respect to the SAC Holding
                           Senior Notes, and 4 SAC, 5 SAC and 19 SAC will not be
                           SAC Holding Subsidiaries. If 4 SAC, 5 SAC and 19 SAC
                           are not transferred to New SAC Holding, such entities
                           will nevertheless not be issuers, borrowers or
                           guarantors with respect to or otherwise subject to
                           the SAC Holding Senior Notes. AMERCO, U-Haul, AREC
                           and all of their respective Subsidiaries will not be
                           an issuer, borrower or guarantor of the SAC Holding
                           Senior Notes.

Principal Balance:         Aggregate principal balance of $200,000,000.

Maturity/Term:             10 years following the Effective Date.

                                       13

<PAGE>


Coupon/Rate:               8.5% cash, payable quarterly in arrears.

Security/Collateral:       None.

Ranking:                   The SAC Holding Senior Notes will be senior
                           indebtedness of SAC Holding and will be senior in
                           priority to all existing and future indebtedness of
                           SAC Holding, but will rank junior to the claims of
                           third-party senior secured mortgage debt at the SAC
                           Holding Subsidiary level.

Optional Redemption:       3 year no call, subject to carveout provision.
                           Thereafter, redeemable at the option of SAC Holding
                           at the following percentage of principal amount,
                           together with accrued but unpaid interest to the
                           redemption dates:

                           Year 4 - 104.0%

                           Year 5 - 103.0%

                           Year 6 - 101.5%

                           Year 7 through 10 - 100%

Mandatory Redemption       In the event SAC Holding executes a sale, refinancing
                           or other form of monetization transaction involving
                           the real estate of any SAC Holding Subsidiary, 100%
                           of the net cash proceeds, after payment of
                           third-party senior secured mortgage indebtedness and
                           any fees and taxes, derived from such a transaction
                           will be used to redeem the SAC Holding Senior Notes
                           at a redemption price in accordance with the call
                           features outlined above, plus accrued and unpaid
                           interest, if any, to the date of redemption;
                           provided, however, that the redemption price in the
                           case of a sale, refinancing or other monetization of
                           3 SAC will be 101% of principal, plus accrued and
                           unpaid interest to the redemption date.

Covenants:                 Cross defaults with all current and future
                           indebtedness of SAC Holding and its Subsidiaries,
                           provided that any such cross default will be
                           restricted to a default that results in the
                           acceleration of such other indebtedness, which
                           acceleration is not rescinded or cured within 30 days
                           of notice of such cross-default

                           The Existing SAC Holding Notes will be restated to
                           provide for (i) the subordination of claims
                           thereunder against SAC Holding to those of the SAC
                           Holding Senior Notes, other than where such
                           subordination is prohibited by an existing
                           contractual relationship; and (ii) the subordination
                           of all amounts payable to SAC Holding under the
                           Existing SAC Holding Notes in the event of default in
                           the payment of the SAC Holding Senior Notes.

                           Limitations of liens against SAC Holding and its
                           Subsidiaries.

                           Limitations on the sale of equity interests in
                           existing SAC Holding Subsidiaries such that SAC
                           Holding may sell its interest in SAC Holding
                           Subsidiaries, provided that it obtains a third party
                           appraisal verifying the sales price received and,
                           provided further that net cash proceeds from a sale
                           are used as outlined under the Mandatory Redemption.

                           Limitation on the incurrence of indebtedness by SAC
                           Holding and its Subsidiaries, but for any extension,
                           renewal or replacement of any of the current
                           indebtedness of SAC Holding Subsidiaries, provided
                           that if any extension, renewal or replacement is in
                           an amount greater than the indebtedness so extended,
                           renewed or replaced (plus the amount of expenses,
                           fees and any premium or penalty paid in connection
                           with such extension, renewal or replacement), such
                           excess amount will be distributed in accordance with
                           the Mandatory Redemption provisions set forth above.

                           All inter-company claims of SAC Holding and its
                           subsidiaries will be subordinated to the SAC Holding
                           Senior Notes.

                                       14
<PAGE>


                           Other covenants customary under the terms of similar
                           indebtedness and, in all events, reasonably
                           acceptable to the Debtors, SAC Holding and the
                           Creditors' Committee. Notwithstanding the above, no
                           covenants will be included that would interfere with
                           the "ring fencing" of SAC Holding and its
                           Subsidiaries from Reorganized AMERCO.

SAC Holding Participation  SAC Holding will be a co-proponent of the Plan with
and Subordination          AMERCO and AREC. To facilitate the transactions
Agreement:                 contemplated by the Plan, SAC Holding and its
                           shareholders will execute and deliver the SAC Holding
                           Participation and Subordination Agreement, which will
                           be in form and substance reasonably acceptable to the
                           Debtors and the Creditors' Committee. The SAC Holding
                           Participation and Subordination Agreement will, among
                           other things, have provisions that ensure that SAC
                           Holding and its Subsidiaries are "ring fenced" and
                           separate and remote from AMERCO and its Subsidiaries
                           by containing terms, conditions and covenants that
                           are designed to facilitate such "ring fencing." The
                           SAC Holding and Participation and Subordination
                           Agreement will also contain provisions that provide
                           assurances that all of the transactions and
                           agreements contemplated by the Plan are valid,
                           enforceable in accordance with their terms, lawful,
                           not violative of other agreements and not subject to
                           avoidance, rescission or other collateral attack
                           under any applicable law. The SAC Holding
                           Participation and Subordination Agreement will be
                           approved the Bankruptcy Court as part of the
                           Confirmation of the Plan, supported by findings of
                           fact and conclusions of law, which will be contained
                           in a Confirmation Order, all of which will be in form
                           and substance reasonably acceptable to the Debtors
                           and the Creditors' Committee. The SAC Holding
                           Participation and Subordination Agreement will be in
                           existence for so long as the SAC Holding Senior Notes
                           and the New AMERCO Notes are outstanding, provided,
                           however, that if the SAC Holding Senior Notes are no
                           longer outstanding, the SAC Holding Participation and
                           Subordination Agreement will expire at such time as
                           all restated Existing SAC Holding Notes securing the
                           New AMERCO Notes have been retired.

                                       15
<PAGE>


                            SCHEDULE 1 TO TERM SHEET

                                 EXCLUDED ASSETS

         All capitalized terms set forth below will have the meaning ascribed to
such terms in the Exit Financing Facility commitment letter dated as of November
5, 2003, by and between Wells Fargo Foothill, Inc., and the Debtors, a true and
correct copy of which is Exhibit A-1 to the Plan.

         1.       The existing promissory notes issued to the Loan Parties by
                  SAC Holdings and its subsidiaries (and proceeds associated
                  with the monetization of such asset, as they may be amended or
                  restated from time to time;

         2.       The Borrowers' real estate subject to any currently existing
                  synthetic lease arrangements (and the proceeds associated with
                  the monetization of such assets);

         3.       The stock of RepWest and Oxford (and the proceeds associated
                  with the monetization of such assets);

         4.       Real property subject to a lien by Oxford;

         5.       Real property under contract for sale at the time of the
                  Closing;

         6.       Real property defined as surplus property at the time of
                  Closing;

         7.       Proceeds in excess of $50,000,000 associated with the
                  settlement judgment or recovery related to Borrowers' lawsuit
                  against PwC; and

         8.       vehicles (including any motor vehicle, trailer or other asset)
                  that become and remain subject to a TRAC or Operating Lease
                  transaction.

                                       16
<PAGE>


                                    EXHIBIT C

                   RESTRUCTURING AGREEMENT (AREC NOTEHOLDERS)

                                 [SEE ATTACHED]


<PAGE>

                             RESTRUCTURING AGREEMENT

         This Restructuring Agreement (this "Agreement") is made and entered
into as of August 12, 2003, by AMERCO Real Estate Company, a Nevada corporation
("AREC") and the signatories hereto that are holders of the Notes described
below (collectively, the "Noteholders"). AREC and the Noteholders are
collectively referred to herein as the "Parties" and individually as a "Party."

                                    RECITALS

         WHEREAS, AREC and the Noteholders have engaged in good faith
negotiations with the objective of reaching an agreement with regard to (i) the
restructuring of the $95,000,000 Senior Notes, Series A, due April 30, 2012 and
the $5,000,000 Senior Notes, Series B, due April 30, 2007, issued by AREC
(collectively, the "Notes") under that certain Note Purchase Agreement dated
March 15, 2002 (the "Purchase Agreement"), between AREC and the Noteholders, and
guaranteed by AREC's parent, AMERCO, a Nevada corporation ("AMERCO"), under and
pursuant to the Purchase Agreement, and (ii) the recapitalization of AREC and
AMERCO.

         WHEREAS, on June 20, 2003, AMERCO filed for relief under Chapter 11 of
Title 11 of the United States Code, 11 U.S.C. Sections 101, et. seq. (the
"Bankruptcy Code"), which case is pending before the United States Bankruptcy
Court for the District of Nevada (the "Bankruptcy Court").

         WHEREAS, AREC and the Noteholders desire to implement the financial
restructuring consistent with this Agreement and the term sheet attached hereto
and incorporated herein by reference as Exhibit A (the "Term Sheet," and the
restructuring and recapitalization contemplated therein, the "Financial
Restructuring"), by AREC filing for relief under Chapter 11 of the Bankruptcy
Code on or before August 14, 2003 (the "AREC Petition Date"). AREC intends to
file a motion with the Bankruptcy Court requesting that its Chapter 11 Case be
consolidated, for administrative purposes only, with the Chapter 11 Case of
AMERCO (collectively, with any other bankruptcy cases filed by any affiliates or
subsidiaries of AMERCO or AREC under the Bankruptcy Code, the "Chapter 11
Cases").

         WHEREAS, in order to implement the Financial Restructuring, AREC
intends, subject to the terms and conditions of this Agreement and the Term
Sheet, to prepare a disclosure statement and a plan of reorganization consistent
with the terms set forth in this Agreement and the Term Sheet, to solicit
acceptances of such plan, and to file and seek approval of such Disclosure
Statement and confirmation of such plan in its administratively consolidated
Chapter 11 Cases, as expeditiously as possible under the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure (the "Bankruptcy Rules").

         WHEREAS, each Noteholder executing this Agreement (each a "Consenting
Noteholder" and collectively, the "Consenting Noteholders") owns or controls the
aggregate principal amount of indebtedness under the Notes ("Existing Noteholder
Obligations"), in each case as identified on the signature pages hereto.

         WHEREAS, in order to facilitate and expedite the implementation of the
Financial Restructuring, the Noteholders are prepared, subject to the terms and
conditions of this


<PAGE>

Agreement, to vote their respective Claims (as that term is defined in the
Bankruptcy Code) against AREC and AMERCO arising under the Notes and the
Purchase Agreement (the "Noteholder Claims") to accept the "Conforming Plan" (as
defined in Section 3 hereof).

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby as agree as follows:

         1.       Recitals. Each of the foregoing Recitals is incorporated
hereby as if fully set forth herein.

         2.       Filing of Reorganization Case. AREC will commence its
voluntary Chapter 11 case by August 14, 2003, or such other date as may be
agreed to in writing by AREC and the Consenting Noteholders.

         3.       Conforming Plan, Conforming Disclosure Statement, Voting in
Favor of the Conforming Plan.

                  (a)      For purposes of this Agreement, a "Conforming Plan"
         and a "Conforming Disclosure Statement" shall mean, respectively, a
         plan and disclosure statement, proposed by AREC and AMERCO pursuant to
         the Bankruptcy Code and reasonably acceptable to the Consenting
         Noteholders, that shall:

                           (i)      effectuate the Financial Restructuring, in
                  accordance with the terms and conditions of this Agreement and
                  the Term Sheet;

                           (ii)     grant the Noteholders allowed claims in the
                  Chapter 11 Cases on account of the Noteholder Claims in the
                  amount of (w) all outstanding principal on the Notes, (x)
                  interest accrued and unpaid on the Notes from October 15, 2002
                  up to the AREC Petition Date, payable at the default rate, (y)
                  interest accrued on the Notes from the AREC Petition Date up
                  to the actual date of payment of amounts due to the Consenting
                  Noteholders on the Effective Date pursuant to this Agreement
                  and the Term Sheet, payable at the non-default rate, and (z)
                  any applicable reasonable fees and expenses provided under the
                  Notes and the Purchase Agreement, including, without
                  limitation, all reasonable attorneys fees and other reasonable
                  professional advisor fees (collectively, the "Allowed
                  Noteholder Claims");

                           (iii)    comply with all material terms of this
                  Agreement and the Term Sheet;

                           (iv)     not otherwise prejudice rights, remedies,
                  claims, interests of the Noteholders, including the Allowed
                  Noteholder Claims, or the distributions to be made to the
                  Noteholders under this Agreement and the Term Sheet. The
                  Parties understand that the Conforming Plan and all related
                  documents will contain

                                        2


<PAGE>

                  customary provisions for transactions of the nature set forth
                  herein and in the Term Sheet;

                           (v)      provide that AREC and AMERCO shall not
                  syndicate the "Term Loan B Notes" to "Market Participants"
                  (as outlined and defined in the Term Sheet) in excess of
                  $30,000,000 aggregate face par amount, unless such syndication
                  is completed in an amount not less than $80,000,000 aggregate
                  face par amount; and

                           (vi)     provide that AREC and AMERCO shall pay to
                  the bondholders of AMERCO an amount no greater than
                  thirty-five percent (35%) of their claims against AMERCO in
                  cash from the proceeds of the Emergence Facility.

                  (b)      Each Consenting Noteholder agrees to timely vote its
         Noteholder Claim in favor of the Conforming Plan and not to revoke or
         withdraw such vote unless the Conforming Plan shall be (i) modified to
         provide for treatment of the Noteholders that is different in any
         material respect from the treatment described in this Agreement and in
         the Term Sheet or (ii) withdrawn by AREC or AMERCO. Each Consenting
         Noteholder to this Agreement agrees not to elect on any ballot
         concerning a Conforming Plan to preserve any rights, if any, that such
         Party may have that may be affected by the releases provided for under
         the Conforming Plan.

         4.       Restrictions on Transfer. Without the prior written consent of
AREC and provided that no "Event of Termination" (as defined in Section 9
hereof) has theretofore occurred, each Consenting Noteholder hereby agrees not
to (a) sell, transfer, assign, pledge, or otherwise dispose of any of its
Noteholder Claims, in whole or in part, or any interest therein, unless the
transferee accepts such claims subject to the terms of this Agreement, or (b)
grant any proxies, deposit any of its Noteholder Claims into a voting trust, or
enter into a voting agreement with respect to any of its Noteholder Claims
unless such arrangement provides for compliance herewith. Unless AREC has
otherwise consented in writing or an Event of Termination has theretofore
occurred, in the event that a Consenting Noteholder transfers such Noteholder
Claims prior to the last date for voting on the Conforming Plan, such transferee
shall comply with and be subject to all the terms of this Agreement so long as
such Agreement remains in effect, including, but not limited to, such Consenting
Noteholder's obligations to vote in favor of the Conforming Plan and shall, as a
condition precedent to such transfer, execute an agreement on terms
substantially identical to the terms of this Agreement and, upon commencement of
the solicitation of votes to accept or reject the Conforming Plan, a ballot
indicating its acceptance of the Conforming Plan.

         5.       AREC Agreements. During the term of this Agreement, AREC
hereby agrees to the following:

                  (a)      AREC shall use all reasonable efforts to have the
         Conforming Disclosure Statement approved by the Bankruptcy Court, and
         to use all reasonable efforts to obtain an order of the Bankruptcy
         Court confirming the Conforming Plan, in each case as expeditiously as
         possible under the Bankruptcy Code and the Bankruptcy Rules and

                                       3
<PAGE>

         consistent with the terms and conditions set forth in this Agreement
         and in the Term Sheet.

                  (b)      AREC shall (i) prior to the AREC Petition Date, make
         a payment of all accrued and unpaid interest on the Notes from April
         30, 2003 to the AREC Petition Date, payable at the default rate under
         the Notes, (ii) prior to the AREC Petition Date, make a cash deposit of
         (x) $400,000 for counsel to the Noteholders, McDermott Will & Emery,
         and (y) $100,000 for the financial advisors to the Noteholders,
         Houlihan, Lokey, Howard, & Zukin ("HLHZ"), to the Consenting
         Noteholders for reasonable professional fees, including reasonable
         attorneys fees and other reasonable professional advisor fees, incurred
         after the Petition Date in connection with this Agreement, the Term
         Sheet, the Financial Restructuring, and the Chapter 11 Cases, (iii)
         subject to the approval of the Bankruptcy Court, make additional
         prepayments for reasonable professional fees as reasonably requested by
         the Consenting Noteholders from time-to-time, and (iv) separately pay,
         prior to the AREC Petition Date, any accrued and unpaid reasonable fees
         of such professionals, including attorneys and other professional
         advisors, including, without limitation, fees due to HLHZ under that
         certain Engagement Agreement between AREC and HLHZ.

                  (c)      AREC shall use all reasonable efforts to obtain
         approval by the Bankruptcy Court of (i) the $300,000,000
         debtor-in-possession financing facility (the "DIP Facility") provided
         to AREC and AMERCO by Wells Fargo Foothill, Inc., as lead arranger,
         collateral agent, syndication agent and administrative agent
         ("Foothill"), and (ii) an emergence facility of approximately
         $650,000,000 (the "Emergence Facility") also to be provided by Foothill
         on the confirmation and consummation of the Conforming Plan, based on
         the Term Sheet, attached hereto as Exhibit B (the "Foothill Term
         Sheet"). Notwithstanding the references in this Agreement or the Term
         Sheet to Foothill and the Foothill Term Sheet, AREC and AMERCO may
         select an alternative senior lender or lenders to provide the DIP
         Facility or the Emergence Facility under terms (i) similar in all
         material respects to the Foothill Term Sheet and (ii) effectuating the
         Financial Restructuring in accordance with the Term Sheet and this
         Agreement.

                  (d)      Except as provided pursuant to this Agreement and the
         Term Sheet, AREC shall not request, shall not acquiesce in any request,
         and shall use all reasonable efforts to oppose any request or action of
         any other party that (i) impairs or changes the rights, remedies,
         claims, powers, benefits, privileges, liens, security interests or
         protections of the Noteholders, including, without limitation, any
         objection to the Allowed Noteholder Claims, (ii) obtains any additional
         credit outside of the ordinary course (other than the DIP Facility and
         the Emergence Facility) without the prior written consent of the
         Consenting Noteholders, (iii) other than through a Conforming Plan,
         substantively consolidates the estates of AREC and any other entity,
         including, without limitation, AMERCO, or (iv) rejects this Agreement
         pursuant to Section 365 of the Bankruptcy Code or other applicable law.
         Furthermore, AREC shall use all best efforts to obtain an order
         approving the assumption of this Agreement pursuant to Section 365 of
         the Bankruptcy Code on or before October 15, 2003.

                                       4

<PAGE>

                  (e)      Reference is hereby made to the $205 million credit
         facility (the "Credit Facility") under the Credit Agreement dated as of
         June 28, 2002, among AMERCO, the lenders identified therein (the
         "Revolver Lenders") and JPMorgan Chase Bank, acting as administrative
         agent on behalf of the Revolver Lenders ("JPMorgan"). If the Revolver
         Lenders and JPMorgan fail to execute a restructuring agreement
         providing for the financial restructuring of the Credit Facility
         consistent with the treatment of the Credit Facility, the Revolver
         Lenders and JPMorgan as provided in the Term Sheet on or before
         September 15, 2003, AREC hereby agrees that the Revolver Lenders and
         JPMorgan shall not receive payment of any amounts from or under the DIP
         Facility.

         6.       Support of the Conforming Plan.

                  (a)      Provided that an Event of Termination has not
         theretofore occurred, each Party shall use all reasonable efforts to
         obtain confirmation of the Conforming Plan in accordance with the
         Bankruptcy Code as expeditiously as possible, including, without
         limitation, communicating its support of the Conforming Plan to the
         holders of allowed impaired claims.

                  (b)      Provided that an Event of Termination has not
         theretofore occurred, no Party shall:

                           (i)      object to confirmation of the Conforming
                  Plan or otherwise commence any proceeding to oppose or alter
                  the Conforming Plan or any other reorganization related
                  documents or agreements that implement and are consistent with
                  the Conforming Plan (the "Conforming Plan Documents"), which
                  shall include, but not be limited to any documents or
                  agreements related to the DIP Facility and the Emergence
                  Facility to the extent such documents substantially conform
                  to the terms of the Foothill Term Sheet, the Term Sheet, and
                  this Agreement,

                           (ii)     vote for, consent to, support or participate
                  in the formulation of any other plan of reorganization or
                  liquidation proposed or filed or to be proposed or filed in
                  any of the Chapter 11 Cases,

                           (iii)    directly or indirectly seek, solicit,
                  support or encourage any other plan, sale, proposal or offer
                  of dissolution, winding up, liquidation, reorganization,
                  merger or restructuring of AREC, AMERCO or any of their
                  subsidiaries that could reasonably be expected to materially
                  prevent, delay or impede the successful restructuring of AREC
                  and AMERCO as contemplated by the Conforming Plan or the
                  Conforming Plan Documents,

                           (iv)     object to the Conforming Disclosure
                  Statement or the solicitation of consents to the Conforming
                  Plan, or

                           (v)      take any other action that is inconsistent
                  with, or that would materially delay confirmation of, the
                  Conforming Plan.

                                       5
<PAGE>

         7.       Acknowledgment.

                  (a)      This Agreement is not, and shall not be deemed to be,
         a solicitation for consents to the Conforming Plan. The acceptances of
         the Consenting Noteholders will not be solicited until such Parties
         have received the Disclosure Statement approved by order of the
         Bankruptcy Court as containing "adequate information," as such term is
         defined in Section 1125(a)(l) and (2) of the Bankruptcy Code, the
         Conforming Plan and related ballot.

                  (b)      The Consenting Noteholders are creditors only. None
         of the Consenting Noteholders, or any of their respective present or
         former employees, officers, directors, or agents at any time has agreed
         or consented to being an agent, principal, participant, joint venturer,
         partner, or alter ego of AREC. None of the Consenting Noteholders or
         any of their respective present or former employees, officers,
         directors, or agents at any time has directed or participated in any of
         the business dealings of AREC in any capacity other than as a creditor.

                  (c)      Except as expressly set forth herein and subject to
         the automatic stay provisions of Section 362 of the Bankruptcy Code:
         (i) the Notes and the Purchase Agreement shall remain in full force and
         effect in accordance with their respective terms; and (ii) nothing
         contained in this Agreement shall: (A) modify or alter any of the terms
         or provisions in the Notes or the Purchase Agreement in any manner
         whatsoever, (B) cure, waive, release or postpone any defaults now or
         hereafter existing under the Notes or the Purchase Agreement; (C)
         establish a custom between any of the parties hereto; (D) in any way
         waive, limit, or condition the rights of remedies of the Consenting
         Noteholders under the Notes or the Purchase Agreement; or (E) cause the
         Consenting Noteholders to be or be deemed in control of AREC and
         AMERCO, their operations or properties, or to be acting as a
         "responsible person" with respect to the operation and management of
         AREC, AMERCO or their properties. Subject to the automatic stay
         provisions of Section 362 of the Bankruptcy Code, the Consenting
         Noteholders may exercise their respective rights and remedies with
         respect to the events of default upon termination of this Agreement as
         provided in Section 9 hereof.

         8.       Disclaimer. On or promptly following the AREC Petition Date,
the Parties agree that a copy of this Agreement shall be filed with the
Bankruptcy Court.

         9.       Termination of Agreement.

                  (a)      Upon the effectiveness of this Agreement in
         accordance with Section 26 hereof, the obligations of the Consenting
         Noteholders and AREC hereunder shall remain effective and binding until
         the "Effective Date" (as defined in the Term Sheet) of the Conforming
         Plan unless terminated as provided herein.

                  (b)      Upon the occurrence of an Event of Termination, which
         has not been waived in writing by all Consenting Noteholders within
         seven (7) business days of notice thereof, the obligations of the
         Parties hereto shall immediately and automatically

                                       6
<PAGE>


         terminate without further demand or notice of any kind. The occurrence
         of any one or more of the following shall constitute an "Event of
         Termination" hereunder:

                           (i)      the Conforming Plan or any Conforming Plan
                  Document is modified to provide for treatment of the
                  Consenting Noteholders that is different in any material
                  respect from the treatment described in the Term Sheet;

                           (ii)     the Conforming Plan or any Conforming Plan
                  Document is modified to provide for the treatment of the
                  Credit Facility that is different in any material respect from
                  the treatment described in the Term Sheet;

                           (iii)    AMERCO or AREC pays to JPMorgan, on behalf
                  of the Revolver Lenders, more than $51,250,000 in cash in the
                  aggregate from the DIP Facility;

                           (iv)     AREC fails to file the Conforming Plan and
                  Conforming Disclosure Statement on or before October 15, 2003;

                           (v)      the Conforming Disclosure Statement is not
                  approved on or before December 15,2003;

                           (vi)     the Conforming Plan is not confirmed on or
                  before February 27, 2004;

                           (vii)    the Conforming Plan is not consummated on or
                  before March 15, 2004;

                           (viii)   the Bankruptcy Court does not approve the
                  Emergence Facility as part of the confirmation of the
                  Conforming Plan;

                           (ix)     the revolving credit facility and the 'Term
                  Loan A Notes" (as such term is defined in the attached Term
                  Sheet) exceeds $550,000,000 in face amount;

                           (x)      the "Term Loan B Notes" (as such term is
                  defined in the attached Term Sheet), exceeds $200,000,000 in
                  face amount;

                           (xi)     the Bankruptcy Court denies confirmation of
                  the Conforming Plan;

                           (xii)    any of the Chapter 11 Cases are converted to
                  a case under Chapter 7 of the Bankruptcy Code or a trustee or
                  examiner with expanded powers is appointed in any of the
                  Chapter 11 Cases under any chapter of the Bankruptcy Code;

                           (xiii)   any written representation or warranty made
                  by AREC to the Consenting Noteholders in this Agreement or the
                  Term Sheet (including without limitation, representations
                  relating to AREC or AMERCO's financial performance) is false
                  or misleading in any material respect;

                                       7
<PAGE>

                           (xiv)    a material default occurs under the DIP
                  Facility and is not waived by the lenders under the DIP
                  Facility within ten (10) business days thereof;

                           (xv)     the material breach of any provision of this
                  Agreement;

                           (xvi)    the Bankruptcy Court finds or holds
                  unenforceable this Agreement, the Term Sheet, or any material
                  provision thereof;

                           (xvii)   the estates of AREC and any other entity,
                  including, without limitation, AMERCO, are substantively
                  consolidated, other than through the Conforming Plan; or

                           (xviii)  the voluntary or involuntary commencement of
                  any bankruptcy, receivership, or assignment for the benefit of
                  creditors proceeding by or against U-Haul International, Inc.
                  or any other material subsidiary of AMERCO or AREC, other than
                  as part of the implementation of the Conforming Plan.

                  (c)      Except as set forth in Section 9(d) hereof, no Party
         shall have any liability to the other or any other person as a result
         of the termination of such Party's obligations hereunder in accordance
         with this Section 9. In addition, each of the Parties hereunder
         acknowledges and agrees that any assumption of this Agreement pursuant
         to Section 5(d) hereof and Section 365 of the Bankruptcy Code shall not
         result in the Noteholder Claims being granted any administrative
         expense priority under the Bankruptcy Code in the Chapter 11 Cases
         without further order of the Bankruptcy Court.

                  (d)      Upon termination of this Agreement pursuant to
         Section 9(a),

                           (i)      except as set forth in Section 9(d)(iii)
                  hereof, all obligations contained herein of the Parties shall
                  immediately terminate and no provision contained herein shall
                  be binding upon any Party;

                           (ii)     the Noteholders shall be immediately
                  entitled to exercise their rights and remedies under the Notes
                  and the Purchase Agreement; and

                           (iii)    subject to the automatic stay provisions of
                  Section 362 of the Bankruptcy Code, the forbearance provided
                  in Section 11 hereof shall terminate and all amounts due and
                  owing under the Notes and the Purchase Agreement shall become
                  immediately due and payable, including, without limitation,
                  (x) all principal, (y) any and all accrued and unpaid interest
                  on the Notes, including default interest as provided in the
                  Notes, and (z) fees and expenses provided under the Notes and
                  the Purchase Agreement. Provided that the Noteholders have not
                  theretofore materially breached this Agreement, all such
                  amounts due under the Notes shall be deemed allowed claims by
                  AREC, and AREC shall not object to such claim being allowed in
                  the Chapter 11 Cases. In addition, the Noteholders retain all
                  rights to assert any "make-whole" provisions contained in the
                  Purchase Agreement as part of their allowed claim in the
                  Chapter 11 Cases, and AREC reserves all rights to dispute any
                  such "make-whole" provisions.

                                       8
<PAGE>

         10.      Good Faith Negotiation of Documents. Each Party hereby further
covenants and agrees to negotiate the definitive documents relating to the
Conforming Plan Documents, in good faith, and in any event, in all material
respects consistent with the Term Sheet.

         11.      Forbearance. Each Consenting Noteholder, for so long as no
Event of Termination has occurred, hereby severally agrees to forbear from
exercising any rights or remedies it may have under the Notes, the Purchase
Agreement and all related documents, applicable law, or otherwise (including
without limitation, the filing of an involuntary petition against AREC) with
respect to any default with respect to the Notes or the Purchase Agreement,
whether presently existing or hereafter arising. Notwithstanding the foregoing,
the forbearance provided herein shall terminate upon the termination of this
Agreement pursuant to Section 9 hereof, and the Consenting Noteholders shall
immediately be entitled to exercise their rights and remedies as provided in
Section 9(d) hereof, subject to the automatic stay provisions of Section 362 of
the Bankruptcy Code.

         12.      Representations and Warranties. Each Consenting Noteholder
represents and warrants that the statements set forth in clauses (a), (b), (e),
(f), and (g) below are true, correct and complete as of the date hereof, and
AREC represents and warrants that the statements set forth in clauses (a)
through (e) below are true, correct and complete as of the date hereof:

                  (a)      Corporate Power and Authority. It is duly organized,
         validly existing, and in good standing under the laws of the place of
         its organization, and has all requisite corporate, partnership, limited
         liability company or other similar power and authority to enter into
         this Agreement and to carry out the transactions contemplated by, and
         perform its respective obligations under, this Agreement.

                  (b)      Authorization. The execution and delivery of this
         Agreement and the performance of its obligations hereunder have been
         duly authorized by all necessary corporate, partnership, limited
         liability company, or other similar action on its part.

                  (c)      No Conflicts. The execution, delivery and performance
         by it of this Agreement do not and shall not (i) violate any provision
         of law, rule or regulation applicable to it or any of its subsidiaries
         or its certificate of incorporation or bylaws or other organizational
         documents or those of any of its subsidiaries or (ii) conflict with,
         result in a breach of or constitute (with due notice or lapse of time
         or both) a default under any material contractual obligation to which
         it or any of its subsidiaries is a party.

                  (d)      Governmental Consents. The execution, delivery and
         performance by it of this Agreement do not and shall not require any
         registration or filing with consent or approval of, or notice to, or
         other action to, with or by, any federal, state or other governmental
         authority or regulatory body, other than the approval of the Bankruptcy
         Court, in the case of AREC.

                  (e)      Binding Obligation. Subject to the provisions of
         Sections 1125 and 1126 of the Bankruptcy Code, this Agreement is the
         legally valid and binding obligation of each Party, enforceable against
         each Party in accordance with the terms of this Agreement.

                                       9

<PAGE>


                  (f)      Owner of Claims. As of the date hereof, each
         Consenting Noteholders is the beneficial owner of, or holder of
         investment authority over, its Noteholder Claim against AREC that it
         has agreed to vote in favor of the Conforming Plan.

                  (g)      Acknowledgment of Risks. Each Consenting Noteholder
         has received and reviewed this Agreement and all schedules and exhibits
         hereto and has received all such information as it deems necessary and
         appropriate to enable it to evaluate the financial risk inherent in the
         Conforming Plan.

         13.      Further Acquisition of_Claims. This Agreement shall in no way
be construed to preclude any of the Consenting Noteholders from acquiring
additional Noteholder Claims in the Chapter 11 Cases. However, any such
additional Noteholder Claims so acquired shall automatically be deemed to be
subject to the terms of this Agreement.

         14.      Amendments. This Agreement may not be modified, amended or
supplemented without the prior written consent of AREC and all of the Consenting
Noteholders.

         15.      Disclosure of Individual Consenting Noteholders. Unless
required by applicable law or regulation, AREC shall not disclose any Consenting
Noteholder's holdings of Existing Noteholder Obligations without the prior
written consent of such Consenting Noteholder; and if such announcement or
disclosure is so required by law or regulation, AREC shall afford the Consenting
Noteholder a reasonable opportunity to review and comment upon any such
announcement or disclosure prior to AREC's making such announcement or
disclosure. The foregoing shall not prohibit AREC from disclosing the
approximate aggregate holdings of Existing Noteholder Obligations by the
Noteholders as a group.

         16.      Consent to DIP Facility. Unless an Event of Termination has
occurred and subject to compliance with Section 5(e) hereof, the Consenting
Noteholders (a) consent to the approval of the DIP Facility, including the
partial payment to the Revolver Lenders from the proceeds of the DIP Facility as
set forth in the attached Term Sheet, and, (b) if requested by AREC, will
provide consents in form and substance reasonably acceptable to AREC and the
Consenting Noteholders relating to the implementation of the DIP Facility.

         17.      Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York,
without regard to any conflicts of law provision which would require the
application of the law of any other jurisdiction. By its execution and delivery
of this Agreement, each of the Parties hereto hereby irrevocably and
unconditionally agrees for itself that any legal action, suit or proceeding
against it with respect to any matter under or arising out of or in connection
with this Agreement or for recognition or enforcement of any judgment rendered
in any such action, suit or proceeding, may be brought in the United States
District Court for the District of Nevada. By execution and delivery of this
Agreement, each of the Parties hereto irrevocably accepts and submits itself to
the nonexclusive jurisdiction of such court, generally and unconditionally, with
respect to any such action, suit or proceeding. Notwithstanding the foregoing
consent to Nevada jurisdiction, upon the commencement of the Chapter 11 Case by
AREC, each of the Parties hereto hereby agrees that the Bankruptcy Court shall
have exclusive jurisdiction of all matters arising out of or in connection with
this Agreement.

                                       10

<PAGE>


         18.      Specific Performance. It is understood and agreed by each of
the Parties hereto that money damages would not be a sufficient remedy for any
breach of this Agreement by any Party and each non-breaching Party shall be
entitled to specific performance and injunctive or other equitable relief as a
remedy of any such breach.

         19.      Headings. The headings of the sections, paragraphs and
subsections of this Agreement are inserted for convenience only and shall not
affect the interpretation hereof.

         20.      Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of the Parties and their respective successors, assigns,
heirs, executors, administrators and representatives.

         21.      Prior Negotiations. This Agreement and the Term Sheet
supersede all prior negotiations with respect to the subject matter hereof.

         22.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement. Delivery of an executed counterpart of
this Agreement by facsimile shall be equally as effective as delivery of the
original executed counterpart of this Agreement.

         23.      No Third-Party Beneficiaries. Unless expressly stated herein,
this Agreement shall be solely for the benefit of the Parties hereto and no
other person or entity shall be a third-party beneficiary hereof, other than
successors and assigns of any Party.

         24.      Consideration. It is hereby acknowledged by the Parties hereto
that no additional consideration shall be due or paid to the Noteholders for its
agreement to vote to accept the Conforming Plan in accordance with the terms and
conditions of this Agreement.

         25.      Notices.

                  (a)      All notices hereunder to be served to AREC shall be
         deemed given if in writing and delivered or sent by telecopy, courier
         or by registered or certified mail (return receipt requested) to the
         following addresses or telecopier numbers (or at such other addresses
         or telecopier numbers as shall be specified by like notice):

                           AMERCO Real Estate Company
                           2727 North Central Avenue
                           Suite 500
                           Phoenix, Arizona 85004
                           Attn: Robert Peterson
                           Fax: 602-277-4879

                           with copy to:

                           SQUIRE, SANDERS & DEMPSEY L.L.P.
                           40 N. Central Avenue, Suite 2700
                           Phoenix, AZ 85004
                           Attn: Craig D. Hansen, Esq.

                                       11

<PAGE>

                           Fax: 602-253-8129

                  (b)      All notices hereunder to be served to a Consenting
         Noteholder shall be deemed given if in writing and delivered or sent by
         telecopy, courier or by registered or certified mail (return receipt
         requested) to the address or telecopier number for such Consenting
         Noteholder set forth above its signature hereto (or at such other
         addresses or telecopier numbers as shall be specified by like notice),
         with copies to:

                           McDERMOTT, WILL & EMERY
                           227 W. Monroe Street, Suite 4400
                           Chicago, IL 60606
                           Attn: Elizabeth Majers, Esq.
                           Fax: 312-984-7700

         26.      Effectiveness. This Agreement shall become effective when AREC
has received counterparts of this Agreement duly executed and delivered by AREC
and all of the Noteholders.

                           [SIGNATURE PAGE TO FOLLOW]

                                       12
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                         AREC:

                                         AMERCO Real Estate Company

                                         By: /s/ROBERT T. PETERSON
                                             ------------------------
                                             Name: ROBERT T. PETERSON
                                             Title: CONTROLLER

                       [Additional signature pages follow]

<PAGE>

                               NOTEHOLDERS:

                               MONUMENTAL LIFE INSURANCE COMPANY

                               By: /s/ Martin J. Rosacker
                                   -----------------------------
                               Name: Martin J. Rosacker
                               Title: Vice President

                                             Principal Amount of Notes Owned or
                                             Controlled: $21,000,000 Series A

                               Address: c/o AEGON USA INVESTMENT MANAGEMENT, LLC
                                        4333 EDGEWOOD ROAD NE
                                        CEDAR RAPIDS, IA 52499-5335
                                        Attention: MARTIN J. ROSACKER

<PAGE>

                                TRANSAMERICA LIFE INSURANCE
                                COMPANY

                               By: /s/ Martin J. Rosacker
                                   -----------------------------
                               Name: Martin J. Rosacker
                               Title: Vice President

                                             Principal Amount of Notes Owned or
                                             Controlled: $10,500,000 Series A

                               Address: c/o AEGON USA INVESTMENT MANAGEMENT, LLC
                                        4333 EDGEWOOD ROAD NE
                                        CEDAR RAPIDS, IA 52499-5335
                                        Attention: MARTIN J. ROSACKER

<PAGE>

                               AUSA LIFE INSURANCE COMPANY

                               By: /s/ Martin J. Rosacker
                                   -----------------------------
                               Name: Martin J. Rosacker
                               Title: Vice President

                                        Principal Amount of Notes Owned or
                                        Controlled: $3,500,000 Series A

                               Address: c/o AEGON USA INVESTMENT MANAGEMENT, LLC
                                        4333 EDGEWOOD ROAD NE
                                        CEDAR RAPIDS, IA 52499-5335
                                        Attention: MARTIN J. ROSACKER

<PAGE>

                                THE NORTHWESTERN MUTUAL LIFE
                                INSURANCE COMPANY

                                BY: /s/ Jeffery J. Lueken
                                    -----------------------------------
                                Name: Jeffery J. Lueken
                                Title: Its Authorized Representative

                                         Principal Amount of Notes Owned or
                                         Controlled: $35,000,000 Series A

                                Address: The Northwestern Mutual Life Insurance
                                         Company
                                         720 E. Wisconsin Ave
                                         Milwaukee, WI 53202
                                         Attention: Colleen Gunther

<PAGE>

                                NATIONWIDE LIFE INSURANCE COMPANY

                                By: /s/ MARK W. POEPPELMAN
                                    -------------------------------------
                                Name: MARK W. POEPPELMAN
                                Title: AUTHORIZED SIGNATORY

                                          Principal Amount of Notes Owned or
                                          Controlled: $19,000,000 Series A

                                Address: One Nationwide Plaza
                                         Columbus, Ohio 43215-2220
                                         Attention: -------------------------
<PAGE>

                                     NATIONWIDE LIFE AND ANNUITY
                                     INSURANCE COMPANY

                                     By : /s/ MARK W. POEPPELMAN
                                         ---------------------------------------
                                     Name: MARK W. POEPPELMAN
                                     Title: AUTHORIZED SIGNATORY

                                            Principal Amount of Notes Owned or
                                            Controlled: $3,000,000 Series A

                                     Address: One Nationwide Plaza
                                              Columbus, Ohio 43215-2220
                                              Attention: ----------------------

<PAGE>

                                     NATIONWIDE INDEMNITY COMPANY

                                     By : /s/ MARK W. POEPPELMAN
                                         ---------------------------------------
                                     Name: MARK W. POEPPELMAN
                                     Title: AUTHORIZED SIGNATORY

                                            Principal Amount of Notes Owned or
                                            Controlled: $3,000,000 Series A

                                     Address: One Nationwide Plaza
                                              Columbus, Ohio 43215-2220
                                              Attention: -----------------------

<PAGE>

                                     THE CANADA LIFE ASSURANCE COMPANY

                                     By: /s/ J. G. Lowery
                                        ------------------------------
                                     Name: J. G. Lowery
                                     Title: Assistant Vice President,
                                            Investments, U.S. Operations

                                     By: /s/ Tad Anderson
                                        ------------------------------
                                     Name: Tad Anderson
                                     Title: Manager, Investments,
                                            U.S. Operations

                                            Principal Amount of Notes Owned or
                                            Controlled: $5,000,000 Series B

                                     Address: 8515 East Orchard Road, 3T2
                                              Greenwood Village, CO 80111-5037
                                              Attention: Ray Miller

<PAGE>

                                   EXHIBIT A

                                  AREC/AMERCO

                                   TERM SHEET

         This Term Sheet describes the principal terms of the proposed
restructuring and recapitalization of certain of the outstanding indebtedness
AMERCO Real Estate Company, a Nevada corporation ("AREC") and its parent,
("AMERCO"), pursuant to a plan of reorganization (the "Conforming Plan") in
accordance with (a) Chapter 11 of Title 11 of the United States Code (the
"Bankruptcy Code") and (b) the terms and conditions contained herein. This Term
Sheet has been produced for discussion and settlement purposes only and is not
an offer with respect to any securities or a solicitation of acceptances of the
Conforming Plan.

                               CERTAIN DEFINITIONS

                  "AREC" means AMERCO Real Estate Company.

                  "Effective Date" means the date the Conforming Plan becomes
effective in accordance with its terms and conditions.

                  "Term Loan A Notes" means the notes to be issued by the
Debtors, as reorganized, jointly and severally, on the Effective Date of the
Conforming Plan, in the aggregate face amount not to exceed $350,000,000.

                  "Term Loan B Notes" means the notes to be issued by the
Debtors, as reorganized, jointly and severally, on the Effective Date of the
Conforming Plan, in the aggregate face amount not to exceed $200,000,000.

                  "Debtor or Debtors" means, collectively, AMERCO, AREC, and any
other, affiliates or subsidiaries of AMERCO or AREC who file voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code, other than PAC Fourteen,
Inc. and PAC Fifteen, Inc.

                  "New Notes" means, collectively, the Term Loan A Notes and the
Term Loan B Notes.

         CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE
RESPECTIVE MEANINGS ASCRIBED TO THEM IN THAT CERTAIN RESTRUCTURING AGREEMENT, BY
AND AMONG, AREC AND THE NOTEHOLDERS SIGNATORY THERETO (THE "NOTEHOLDERS
RESTRUCTURING AGREEMENT").

                               TREATMENT OF NOTES

CLASSIFICATION:   The Conforming Plan will place the claims of the Noteholders
                  in a single class, and such class will be impaired and
                  entitled to vote on the Conforming Plan.

<PAGE>

CASH              On the Effective Date of the Conforming Plan, the Consenting
DISTRIBUTIONS:    Noteholders will receive the following cash distributions:

                  -- $65,000,00 in cash;

                  -- Additional cash in an amount equal to the sum of (a)
                  interest accrued and unpaid from October 15, 2002 up to the
                  AREC Petition Date, payable at the default rate; and (b)
                  interest accrued from the AREC Petition Date up to the
                  Effective Date, payable at the non-default rate.

DISTRIBUTION OF   $18,600,000 (18.6% of remaining principal amount of the Notes)
NEW NOTES:        exchanged for and satisfied with Term Loan A Notes under the
                  Emergence Facility in the par amount (net after any discount)
                  of $18,600,000, subject to the Syndication Terms set forth
                  in this Term Sheet.

                  $16,400,000 (16.4% of the remaining principal amount of the
                  Notes) exchanged for and satisfied with Term Loan B Notes
                  under the Emergence Facility in having an aggregate Market
                  Value (as defined below) of $16,400,000, subject to the
                  Syndication Terms set forth in this Term Sheet.

TERMS OF NEW      As the New Notes are issued under the Emergence Facility, the
NOTES:            New Notes (under both Term Loan A and Term Loan B) will be
                  identical to the notes issued under the Emergence Facility and
                  will be issued under the same credit agreement, note purchase
                  agreement, or comparable governing document, and will be
                  governed by and entitled to all of the same benefits and terms
                  as the Term Loan A Notes and Term Loan B Notes, including
                  borrowers, guarantors, maturity date, early termination
                  provisions, lien priority on collateral, interest rate, fees,
                  and all other terms of the Foothill Term Sheet, subject to the
                  qualification that the maturity of the New Notes will not
                  exceed 5 years from date of issuance.

FEES:             On the Effective Date, the Noteholders will be entitled to
                  receive 2% of the par amount of Term Loan B Notes actually
                  issued to the Noteholders.

SYNDICATION       AMERCO will obtain ratings for the Term Loan B Notes from
RIGHTS:           either Fitch, S&P or Moody's prior to the Effective Date.

                  1. If the Term Loan B Notes are syndicated as described below,
                  then the "Market Value" of the Term Loan B Notes shall be the
                  price (net after any discounts) at which Term Loan B Notes are
                  purchased in such syndication.

                                      -ii-

<PAGE>

                  2.AMERCO will use its best efforts to arrange for placement of
                  a portion of the Term Loan B Notes to "Market Participants"
                  (as defined below). The proceeds of any commitments from new
                  Market Participants (as described below) above $30,000,000
                  aggregate face par amount of Term Loan B Notes will be paid
                  initially to the Revolver Lenders until the total cash
                  received by the Revolver Lenders equals 65% of the face amount
                  of the credit facility, and all proceeds thereafter will be
                  paid, on a pro rata basis, to the Revolver Lenders and
                  Noteholders, in lieu of an equal amount of Term Loan B Notes
                  to reduce, on a pro rata basis, the principal amounts required
                  to be purchased by the Revolver Lenders and the Noteholders.

                  3. In addition to any fees payable to the Noteholders as set
                  forth in this Term Sheet, to the extent the Term Loan B Notes
                  are offered or issued in a syndication with additional fees,
                  discounts, increased spreads, or other additional
                  compensations not already taken into account in the
                  determination of Market Value (whether paid pre- or
                  post-closing of the Term Loan B Notes, and including
                  anticipated flex fees), the Noteholders will fully participate
                  therein, on the same terms offered or issued to each other
                  holder of Term Loan B Notes.

                  4. If less than $20,000,000 of Term Loan B Notes are sold to
                  Market Participants on the same terms as issued to the
                  Noteholders, then the Noteholders will receive Term Loan A
                  Notes in the amount (net after any discount) of $16,400,000,
                  instead of any Term Loan B Notes, and the Noteholders will not
                  participate in the Term Loan B Notes. For purposes of this
                  Term Sheet, "Market Participants" shall be defined as
                  recognized institutional investors not affiliated with the
                  Debtors or with any "insider" (as that term is defined in the
                  Bankruptcy Code) of the Debtors.

NOTEHOLDER        The reasonable fees and expenses of the financial and legal
FEES:             professionals retained by the Noteholders shall be paid on the
                  Effective Date of the Conforming Plan, including, without
                  limitation, fees, including success fees, due to Houlihan,
                  Lokey, Howard, & Zukin ("HLHZ") under that certain Engagement
                  Agreement between AREC and HLHZ.

                          TREATMENT OF REVOLVER LENDERS

CLASSIFICATION:   The Conforming Plan will place the claims of the Revolver
                  Lenders under the Credit Agreement in a single class or
                  subclass, and such class or subclass will be impaired and
                  entitled to vote on the Conforming Plan.

                                      -iii-

<PAGE>

TREATMENT:        The treatment of the Revolver Lenders under the Conforming
                  Plan will not be different in any material adverse respect
                  from the treatment of the Noteholders described in this Term
                  Sheet, except that:

                  1. The Revolver Lenders will be paid cash in the amount of
                  $51,250,000 (25% of the existing Credit Facility) from the
                  proceeds of the DIP Facility if the Debtors and the Revolver
                  Lenders execute a restructuring agreement evidencing the terms
                  of this Term Sheet on or before September 15, 2003;

                  2. The Revolver Lenders will be entitled to be paid, on the
                  Effective Date of the Conforming Plan, additional cash in the
                  amount of $71,750,000 (35% of the existing Credit Facility) if
                  the Debtors and the Revolver Lenders execute a restructuring
                  agreement evidencing the terms of this Term Sheet on or before
                  September 15, 2003;

                  3. $48,400,000 (23.6% of the remaining principal amount of the
                  Credit Facility) satisfied with Term Loan A Notes under the
                  Emergence Facility in the par amount (net after any discount)
                  of $48,400,000, subject to the Syndication Terms set forth in
                  this Term Sheet; and

                  4. $33,600,000 (16.4% of the remaining principal amount of the
                  Credit Facility) satisfied with Term Loan B Notes under the
                  Emergence Facility having an aggregate Market Value of
                  $33,600,000, subject to the Syndication Terms set forth in
                  this Term Sheet.

                                   OTHER TERMS

RELEASE AND       The Conforming Plan will contain release and exculpation
EXCULPATION       provisions in substantially the following form:
PROVISIONS:

                  1. As of the Effective Date, the Debtors and reorganized
                  Debtors will be deemed to forever release, waive and discharge
                  all claims, obligations, suits, judgments, damages, demands,
                  debts, rights, causes of action and liabilities whatsoever in
                  connection with or related to the Debtors, the Chapter 11
                  Cases or the Conforming Plan (other than the rights of the
                  Debtors or reorganized Debtors to enforce the Conforming Plan
                  and the contracts, instruments, releases, indentures, and
                  other agreements or documents delivered thereunder) whether
                  liquidated or unliquidated, fixed or contingent, matured or
                  unmatured, known or unknown, foreseen on unforeseen, then
                  existing or thereafter arising, in law, equity or otherwise
                  that are based in whole or part on any act, omission,
                  transaction, event or other occurrence taking place on or
                  prior to the Effective Date in any way relating to the
                  Debtors, the

                                      -iv-

<PAGE>

                  reorganized Debtors, the Chapter 11 Cases or the Conforming
                  Plan, and that may be asserted by or on behalf of the Debtors
                  or their estates or the reorganized Debtors against: (a) the
                  directors, officers, employees, agents and professionals of
                  the Debtors as of the AREC Petition Date and thereafter, (b)
                  the holders of prepetition lender claims, (c) the DIP Facility
                  agent and the holders of DIP Facility claims, (d) each
                  Consenting Noteholder and each Revolver Lender, and (e) the
                  directors, officers, employees, agents, and professionals (as
                  of the AREC Petition Date and thereafter) of the entities
                  released in subclauses (b) - (d).

                  2. As of the Effective Date, each prepetition lender, each
                  Consenting Noteholder and each Revolver Lender and each holder
                  of an impaired claim that affirmatively elects on the ballot
                  for voting on the Conforming Plan to do so, shall in
                  consideration for the obligations of the Debtors and the
                  reorganized Debtors under the Conforming Plan and the
                  securities, contracts, instruments, releases and other
                  agreements or documents to be delivered in connection with the
                  Conforming Plan, forever release, waive and discharge all
                  claims, obligations, suits, judgments, damages, demands,
                  debts, rights, causes of action and liabilities (other than
                  the rights to enforce the Debtors' or the reorganized Debtors'
                  obligations under the Conforming Plan and the securities,
                  contracts, instruments, releases and other agreements and
                  documents delivered thereunder), whether liquidated or
                  unliquidated, fixed or contingent, matured or unmatured, known
                  or unknown, foreseen or unforseen, then existing or thereafter
                  arising, in law, equity or otherwise that are based in whole
                  or in part on any act, omission, transaction, event or other
                  occurrence taking place on or prior to the Effective Date in
                  any way relating to the Debtors, the reorganized Debtors, the
                  Chapter 11 Cases, or the Conforming Plan against: (a) the
                  Debtors and the reorganized Debtors, (b) the directors,
                  officers, employees, agents and professionals of the Debtors
                  as of the AREC Petition Date and thereafter, (c) the holders
                  of prepetition lender claims and the agents thereto, (d) the
                  DIP Facility agent and the holders of DIP Facility claims, (e)
                  each Consenting Noteholder and each Revolver Lender, and (f)
                  the directors, officers, employees, agents, and professionals
                  (as of the AREC Petition Date and thereafter) of the entities
                  released in subclauses (a) - (e) acting in such capacity.

                  3. None of the Debtors, the reorganized Debtors, the
                  Consenting Noteholders, the Revolver Lenders, the holders of
                  DIP Facility claims, the DIP Facility agent, the holders of
                  prepetition lender claims, the agents thereto, nor any of
                  their respective present or former members, officers,
                  directors, employees, advisors, or attorneys shall have or
                  incur any liability to any holder of a claim or an interest,
                  or any other party in interest, or any of their respective
                  agents, employees,

                                       -v-

<PAGE>

                  representatives, financial advisors, attorneys, or affiliates,
                  or any of their successors or assigns, for any act or omission
                  in connection with, relating to, or arising out of, the
                  Chapter 11 Cases, formulating negotiating or implementing the
                  Conforming Plan, the solicitation of acceptances of the
                  Conforming Plan, the pursuit of confirmation of the Conforming
                  Plan, the confirmation of the Conforming Plan, the
                  consummation of the Conforming Plan, or the administration of
                  the Conforming Plan or the property to be distributed under
                  the Conforming Plan, except for their gross negligence or
                  willful misconduct, and in all respects shall be entitled to
                  reasonably rely upon the advice of counsel with respect to
                  their duties and responsibilities under the Conforming Plan.

EMERGENCE         On the Effective Date, the Debtors shall close the Emergence
FACILITY:         Facility with substantially the terms and conditions set
                  forth in the Foothill Term Sheet.

                  All funded obligations outstanding under the DIP Facility on
                  the Effective Date shall be repaid from borrowings under the
                  Emergence Facility.

AGREEMENT OF      On or before September 15, 2003, the Revolver Lenders shall
REVOLVER          execute a restructuring agreement (a) containing terms and
LENDERS IN        conditions substantially the same, in all material respects,
SUPPORT OF THIS   with the terms of this Term Sheet, including the financial
TERM SHEET:       restructuring of the Credit Facility as outlined herein, and
                  (b) including an agreement by the Revolver Lenders to support
                  the terms and conditions contained herein and in the
                  Noteholders Restructuring Agreement, including the financial
                  restructuring of the Notes as outlined herein and in the
                  Noteholders Restructuring Agreement.

                                      -vi-

<PAGE>

                                    EXHIBIT B

                                   AREC/AMERCO

                               FOOTHILL TERM SHEET

<PAGE>

                                     ANNEX A

              AMERCO AND AMERCO  REAL ESTATE COMPANY, ET AL.

                                FINANCING COMMITMENT

                            $300,000,000 DIP FACILITY
                         $650,000,000 EMERGENCE FACILITY

                                 JUNE 19, 2003

The proposed terms and conditions summarized herein represent the terms and
conditions pursuant to which Wells Fargo Foothill, Inc., formerly known as
Foothill Capital Corporation ("Foothill"), will underwrite (i) a $300,000,000
debtor-in-possession credit facility (the "DIP Facility") for purposes of
financing Borrowers' operations during the contemplated Chapter II
reorganization cases to be filed by Borrowers and Guarantors, and(ii) a
$650,000,000 credit facility (the "Emergence Facility") to be provided
concurrent with a confirmed reorganization plan acceptable to Foothill of the
respective Chapter II cases.

The proposed terms and conditions summarized herein with respect to the DIP
Facility and the Emergence Facility are provided to evidence the terms and
conditions by which Foothill hereby commits, in accordance with the terms of the
accompanying Commitment Letter, to provide financing to Borrowers and Guarantors
under the DIP Facility and the Emergence Facility.

BORROWERS:        DIP FACILITY: AMERCO, a Nevada corporation, Amerco Real Estate
                  Company and certain of their wholly-owned subsidiaries as
                  required by Foothill (collectively, "Companies" or
                  "Borrowers"), each as a debtor-in-possession under cases to be
                  filed under chapter 11 of the United States Bankruptcy Code
                  (the "Chapter 11 Cases").

                  EMERGENCE FACILITY: AMERCO, a Nevada corporation, Amerco Real
                  Estate Company, U-Haul International, Inc. and such other of
                  their wholly-owned subsidiaries and affiliates as required by
                  Foothill (collectively, "Companies" or "Borrowers").

GUARANTORS:       DIP FACILITY: All U.S. affiliates and subsidiaries of the
                  Companies (that are not direct Borrowers under the DIP
                  Facility) as required by Foothill, including, without
                  limitation, U-Haul International, Inc. and its subsidiaries
                  (together with Borrowers, each a "Loan Party" and
                  collectively, the "Loan Parties").

                  EMERGENCE FACILITY: All U.S. affiliates and subsidiaries of
                  the Companies (that are not direct Borrowers under the
                  Emergence Facility) as required by Foothill.

                                       A-1

<PAGE>

LEAD ARRANGER     DIP FACILITY: Wells Fargo Foothill, Inc., f/k/a Foothill
AND               Capital Corporation ("Agent" or "Foothill"), as lead arranger,
ADMINISTRATIVE    collateral agent, syndication agent and administrative agent.
AGENT:

                  EMERGENCE FACILITY: Foothill, as lead arranger, administrative
                  agent, collateral agent and syndication agent.

FINANCING         TRANCHED FACILITIES: Two separate senior secured credit
FACILITIES:       facilities with Maximum Credit Amounts as follows:

                  (1) A $300,000,000 debtor-in-possession credit facility (the
                  "DIP Facility"), with the Maximum Credit Amount of
                  $300,000,000 available upon the entry of a final Order (the
                  "Final Order") approving such facility; and

                  (2) A $650,000,000 credit facility to be provided concurrent
                  with a confirmed reorganization plan of Borrowers' and
                  Guarantors' Chapter 11 cases acceptable to Agent (the
                  "Emergence Facility"). The DIP Facility and the Emergence
                  Facility shall collectively be referred to as the "Financing
                  Facilities."

                  APPROVAL OF DIP FACILITY: A senior secured credit facility
                  with a Maximum Credit Amount of $300,000,000 consisting of a
                  revolving credit facility of up to $200,000,000 ("DIP
                  Revolver"), with a $25,000,000 subfacility for the issuance of
                  letters of credit, plus an interest only term loan facility of
                  $100,000,000 ("DIP Term Loan"). Aggregate loans and letters of
                  credit under the DIP Facility upon entry of the Final Order
                  will be limited to the lesser of (a) $300,000,000, and (b) the
                  Borrowing Base (as hereinafter defined).

                  NOTE: The DIP Facility is being presented on the basis that
                  Borrowers will not seek approval on an interim basis but will
                  seek approval for the DIP Facility at a final hearing.

                  EMERGENCE FACILITY: A senior secured credit facility with a
                  Maximum Credit Amount of $650,000,000 consisting of (i) a
                  revolving credit facility of up to $200,000,000 ("Revolver"),
                  with a $25,000,000 subfacility for the issuance of letters of
                  credit, plus (ii) a $350,000,000 amortizing term loan facility
                  ("Term Loan A") with amortization thereon to be determined,
                  plus (iii) a $100,000,000 term loan facility with no scheduled
                  amortization payments ("Term Loan B"). Aggregate loans and
                  letters of credit under the Revolver and Term Loan A of the
                  Emergence Facility will be limited to the lesser of (a)
                  $550,000,000, and (b) the Borrowing Base.

                                       A-2

<PAGE>

                  The Borrowing Base for the DIP Facility shall be 40% of the
                  fair market value of the Real Property Collateral with respect
                  to the DIP Revolver and the DIP Term Loan thereof. The
                  Borrowing Base for the Emergence Facility shall be 55% of the
                  fair market value of owned Real Property Collateral and shall
                  apply to the Revolver and Term Loan A thereof. All such
                  amounts would also be net of a reserve for anticipated
                  environmental remediation costs for certain properties, a
                  reserve for any title defects affecting the Real Property
                  Collateral (as defined below) deemed unacceptable to Agent,
                  and other customary and normal reserves (including, without
                  limitation, reserves for Carve-Out Expenses) which may be
                  established by Agent.

LETTERS OF        Each letter of credit will be issued for the account of a
CREDIT:           Borrower by Wells Fargo Bank or another bank selected by
                  Agent, which shall be reasonably satisfactory to Borrowers,
                  and shall have an expiry date that is not later than thirty
                  (30) days prior to the Maturity Date (as hereinafter defined)
                  unless on or prior to the Maturity Date such letter of credit
                  shall be cash collateralized in an amount equal to 105% of the
                  face amount of such letter of credit. Borrowers and Guarantors
                  will be bound by the usual and customary terms contained in
                  the letter of credit issuance documentation of the issuing
                  bank and Foothill.

MATURITY DATE:    FINANCING UNDER THE DIP FACILITY: The earlier of (i) the date
                  which is twelve (12) months following the date of entry of the
                  Final Order, (ii) ten (10) days following the date of entry of
                  an Order confirming Borrowers' plan of reorganization (a
                  "Plan") in the Chapter 11 Cases acceptable to Foothill, and
                  (iii) the conversion of the Chapter 11 Cases to cases under
                  Chapter 7 of the Bankruptcy Code (such earliest date, the
                  "Maturity Date"). No confirmation order with respect to a Plan
                  entered in the Chapter 11 Cases will discharge or otherwise
                  affect in any way any of the joint and several obligations of
                  the Loan Parties to Foothill under the DIP Facility, other
                  than after the payment in full and in cash to Foothill of all
                  obligations under the DIP Facility on or before the effective
                  date of the Plan.

                  EMERGENCE FACILITY: Five (5) years from closing date of the
                  Emergence Facility (the "Emergence Facility Maturity Date").

                                       A-3

<PAGE>

EARLY             Termination of the Emergence Facility prior to the Emergence
TERMINATION:      Facility Maturity Date shall be subject to a prepayment
                  premium payable to Foothill equal to the percentage set forth
                  in the following schedule of then applicable Maximum Credit
                  Amount for each full and partial month remaining to the
                  Emergence Facility Maturity Date:

                  YEAR 1
                  YEAR 2
                  YEAR 3
                  YEAR 4
                  YEAR 5

                  2.00%
                  1.50%
                  1.00%
                  0.00%
                  0.00%

                  Other customary prepayments to be included in definitive loan
                  documentation (including sale of assets, casualty events,
                  etc.), subject to levels to be negotiated.

CLOSING DATE:     With respect to the DIP Facility on the earlier of (i) July
                  31, 2003, or (ii) thirty (30) business days following
                  execution of the accompanying Commitment Letter and satisfying
                  the terms thereof (specifically including payment of any
                  required fees), subject only to the Bankruptcy Court having
                  entered the Final Order in form and substance reasonably
                  satisfactory to Foothill. Borrowings under the DIP Facility
                  are subject to entry of the Final Order, in form and substance
                  reasonably satisfactory to Foothill.

COLLATERAL:       DIP Facility: All obligations of the Loan Parties to Foothill
                  shall be: (a) entitled to super-priority administrative
                  expense claim status pursuant to Section 364(c)(1) of the
                  Bankruptcy Code in each Chapter 11 Case, subject only to (i)
                  the payment of allowed professional fees and disbursements
                  incurred by the Loan Parties and any official committees
                  appointed in the Chapter 11 Cases, in an aggregate amount not
                  in excess of $5,000,000 (plus all unpaid professional fees and
                  disbursements incurred, accrued or invoiced prior to the
                  occurrence of an Event of Default, to the extent allowed by
                  the Bankruptcy Court) (ii) the payment of fees pursuant to
                  28 U.S.C.Section 1930 (collectively, the "Carve-Out Expenses")
                  and (b) secured pursuant to Sections 364(c)(2), (c)(3) and (d)
                  of the Bankruptcy Code by a security interest in

                                       A-4

<PAGE>

                  and lien on all now owned or hereafter acquired property and
                  assets of the Loan Parties, both tangible and intangible, and
                  real property (the "Real Property Collateral") and personal
                  property (including, without limitation, capital stock or
                  other equity interests of their subsidiaries), and the
                  proceeds thereof, excluding (i) Borrowers' real estate subject
                  to any currently existing synthetic lease arrangements and to
                  the existing promissory notes issued to Amerco Real Estate
                  Company by SAC Holdings and its subsidiaries, and (ii) causes
                  of action arising under Sections 502(d), 544, 545, 547, 548,
                  549, 550 or 551 of the Bankruptcy Code. The security interests
                  in and liens on the aforementioned assets of the Loan Parties
                  shall be first priority, senior secured liens not subject to
                  subordination, but subject to the Carve-Out Expenses.

                  Emergence Facility: Subject to a confirmed Plan acceptable to
                  Foothill, all obligations of the Loan Parties to Foothill
                  shall be secured by a first priority perfected security
                  interest in substantially all the assets of Borrowers and
                  Guarantors, but excluding (i) the existing promissory notes
                  issued to Amerco Real Estate Company by SAC Holdings and its
                  subsidiaries and (ii) Borrowers' real estate subject to any
                  currently existing synthetic lease arrangements. The Emergence
                  Facility shall include provisions authorizing the granting of
                  a junior lien in substantially all of the assets of Borrowers
                  in favor of those parties receiving new notes in connection
                  with the confirmed Plan, subject to an intercreditor
                  agreement, the terms and conditions of which shall be
                  satisfactory to Foothill. Such intercreditor agreement shall,
                  at a minimum, provide for both lien subordination and payment
                  subordination and shall, in all respects, be a "deeply
                  subordinated" instrument.

                  All borrowings by Borrowers, all reimbursement obligations
                  with respect to letters of credit, all costs, fees and
                  expenses of Foothill, and all other obligations owed to
                  Foothill shall be secured as described above and charged to
                  the loan account to be established under the Facilities.

INTEREST RATES:   Advances outstanding under the DIP Facility shall bear
                  interest, at Borrowers' option, at (a) the LIBOR Rate plus
                  3.50%, or (b) the Base Rate plus 1.00%.

                  Advances outstanding under (i) the Emergence Facility Revolver
                  would bear interest, at Borrowers' option, at (a) the LIBOR
                  Rate plus 4.00%, or (b) the Base Rate plus 1.00%, and (ii)
                  advances outstanding under the Emergence Facility Term Loan A
                  would bear interest at the LIBOR Rate plus 4.00%. In addition,
                  the interest rate could be periodically reduced subject to
                  Borrowers

                                       A-5

<PAGE>

                  achieving certain financial performance and leverage ratios
                  ("Performance Pricing Grid") to be determined.

                  Advances outstanding under the Emergence Facility Term Loan B
                  would bear interest at (i) the greater of the Base Rat plus
                  4.75% (ii) or 9.00% per annum; provided that 1.75% of such
                  interest will be payment-in-kind (PIK).

                  As used herein (x) "Base Rate" means the rate of interest
                  publicly announced from time to time by Wells Fargo Bank, N.A.
                  at its principal office in San Francisco, California, as its
                  reference rate, base rate or prime rate. The LIBOR Rate means
                  the rate per annum, determined by Foothill in accordance with
                  its customary procedures, at which dollar deposits are offered
                  to major banks in the London interbank market, adjusted by the
                  reserve percentage prescribed by governmental authorities as
                  determined by Foothill. With respect to the Emergence Facility
                  only, at no time shall the LIBOR Rate utilized prior to
                  application of the appropriate margin be less than 2.00%. All
                  interest and fees for the Financing Facilities shall be
                  computed on the basis of a year of 360 days for the actual
                  days elapsed. If any Event of Default shall occur, interest
                  shall accrue under the Facilities at a rate per annum equal to
                  2.00% in excess of the rate of interest otherwise in effect.

FEES:             Unused Line Fee (for    One half of one percent (0.50%) on the
                  the Financing           unused portion of the   respective
                  Facilities):            Revolver Facility, payable monthly in
                                          arrears.

                  Letter of Credit Fees   Three and one-half percent (3.50%) per
                  (for the Financing      annum of the face amount of each
                  Facilities):            letter of credit issued under the DIP
                                          Facility and four percent (4.00%) per
                                          annum of the face amount of each
                                          letter of credit issued under the
                                          Emergence Facility, in each case,
                                          payable monthly in advance, plus the
                                          customary charges imposed by the
                                          letter of credit issuing bank.

                                       A-6

<PAGE>

                  Field Examination       Without limiting the foregoing,
                  Fee (for the            Borrowers would be required to pay (a)
                  Financing Facilities):  a fee of $850 per day, per analyst,
                                          plus out-of-pocket expenses, for each
                                          financial audit of Borrowers performed
                                          by personnel employed by Foothill, and
                                          (b) the actual charges paid or
                                          incurred by Foothill if it elects to
                                          employ the services of one or more
                                          third parties to perform financial
                                          audits of Borrowers, to appraise
                                          Borrowers' collateral, or to assess
                                          Borrowers' business valuation.

                  Borrowers shall also pay all applicable fees set forth in one
                  or more of the fee letters of even date herewith
                  (collectively, the "Fee Letters").

USE OF PROCEEDS:  DIP Facility: To refinance a certain amount of Amerco's
                  existing $205 million revolving credit facility and fund
                  working capital in the ordinary course of business (including
                  for the fees and transaction costs in connection with the DIP
                  Facility and for the payment of such pre-petition claims as
                  may be permitted by the Court pursuant to "first day" orders
                  or other pre-petition claims permitted under the DIP Facility)
                  with agreed limitations on use of proceeds to fund or
                  capitalize non-debtor entities affiliated with Borrowers and
                  Guarantors.

                  Emergence Facility: To refinance the DIP Facility, fund
                  Borrowers' confirmed Plan and for general corporate purposes
                  including the financing of working capital and capital
                  expenditures.

CONDITIONS        Financing under DIP Facility:
PRECEDENT:
                  The obligation of Foothill to make any loans in connection
                  with the DIP Facility will be subject to customary conditions
                  precedent including, without limitation, the following:

                  (a)      Execution and delivery of appropriate legal
                           documentation in form and substance satisfactory to
                           Foothill and the satisfaction of the conditions
                           precedent contained therein.

                  (b)      Amerco Real Estate Company shall have become a
                           debtor-in-possession under the Chapter 11 Cases

                                       A-7

<PAGE>

                  (c)      No material adverse change in the business
                           operations, assets, financial condition or prospects
                           of Borrowers and Guarantors ("Material Adverse
                           Change") other than the filing of the Chapter 11
                           Cases and the events resulting from the filing of the
                           Chapter 11 Cases, as determined by Foothill in its
                           sole discretion.

                  (d)      Entry of the Final Order in the Chapter 11 Cases,
                           reasonably satisfactory in form and substance to
                           Foothill, which Final Order (i) shall approve the
                           transactions contemplated herein, grant the super
                           priority administrative expense claim status and
                           senior liens referred to above, (ii) shall not have
                           been reversed, modified, amended, stayed or vacated,
                           and (iii) shall have been entered no later than July
                           31, 2003.

                  (e)      Foothill shall have been granted a deemed perfected,
                           first priority senior lien on all Collateral, as
                           defined earlier. Foothill shall have received real
                           estate UCC, tax and judgment lien searches and other
                           appropriate evidence, confirming the absence of any
                           liens on the Collateral, except existing liens
                           acceptable to Foothill. Foothill acknowledges that it
                           has already reviewed real estate title reports on
                           over 95% of Borrowers' properties, have negotiated a
                           form of title insurance commitment and have reviewed
                           issued tide insurance commitments on over 350 of
                           Borrowers' properties.

                  (f)      Opinions from the Loan Parties' counsel as to such
                           matters as Foothill and its counsel may reasonably
                           request.

                  (g)      Insurance satisfactory to Foothill, such insurance to
                           include liability insurance for which Foothill, will
                           be named as an additional insured and property
                           insurance with respect to the Collateral for which
                           Foothill will be named as loss payee.

                  (h)      Foothill's completion of and satisfaction in all
                           respects with the results of its ongoing due
                           diligence investigation of the business, assets,
                           operations, properties (including compliance with
                           FIRREA), condition (financial or otherwise),
                           contingent liabilities, prospects and material
                           agreements of Borrowers and their respective
                           Subsidiaries.

                                       A-8

<PAGE>

                  (i)      Borrowers shall have paid to Foothill all fees and
                           expenses, including all appraisal fees and expenses,
                           then owing to Foothill.

                  (j)      Receipt of the Budget as provided to the Bankruptcy
                           Court.

                  (k)      Borrowers shall, at loan closing, have a minimum of
                           $40,000,000 in the aggregate of unrestricted cash and
                           available but unused credit availability (defined as
                           the difference between (i) the lesser of the (X) the
                           Borrowing Base or (Y) $300,000,000 and (ii) the sum
                           of the loans and LC's outstanding) under the DIP
                           Facility.

                  (l)      Satisfying any conditions precedent in the Commitment
                           Letter.

                  Emergence Facility:

                  The obligation of Foothill to make any loans or assist in the
                  issuance of any letters of credit in connection with the
                  $6,50,000,000 Emergence Facility will be subject to customary
                  conditions precedent including, without limitation, the
                  following:

                     (a)   Foothill shall have closed the DIP Facility with
                           Borrowers as provided herein.

                     (b)   Receipt of evidence of the entry of a final Order
                           confirming Borrowers' Plan and accompanying
                           disclosure statement, and satisfaction of all other
                           conditions to the confirmation of such Plan, which
                           Plan, disclosure statement, and confirmation Order
                           shall be in form and substance reasonably acceptable
                           to Foothill and which Plan will include, among
                           things, a level of assets both in number and value,
                           acceptable to Foothill.

                     (c)   Receipt of management's projections and business plan
                           for the succeeding twelve (12) month period on a
                           month-by-month basis and the succeeding four year
                           period on an annual basis in form and substance
                           acceptable to Foothill.

                     (d)   Payment of all reasonable fees and expenses owing to
                           Foothill in connection with the Emergence Facility.

                                       A-9

<PAGE>

                  (e)      Execution and delivery of appropriate legal
                           documentation in form and substance satisfactory to
                           Foothill and the satisfaction of the conditions
                           precedent contained therein and delivery of all
                           appropriate opinions of counsel relating thereto,
                           reasonably satisfactory in all respects to Foothill.

                  {f)      Payment in full of obligations owing and amounts
                           outstanding under the DIP Facility.

                                      A-10

<PAGE>

                  (g)      Foothill shall have been granted a perfected, first
                           priority lien on all Collateral including without
                           limitation mortgages on all owned real property in
                           form and substance satisfactory to Foothill. Foothill
                           shall have received real estate, UCC, tax and
                           judgment lien searches and other appropriate
                           evidence, confirming the absence of any liens on the
                           Collateral, except existing liens acceptable to
                           Foothill.

                  (h)      No default or event of default shall exist under the
                           loan documents for the DIP Facility or the Emergence
                           Facility, and no pending claim, investigation or
                           litigation by any governmental entity shall exist
                           with respect to the Loan Parties or the transactions
                           contemplated hereby.

                  (i)      The absence of (i) a Material Adverse Change in the
                           business operations, assets, condition (financial or
                           otherwise) or prospects of Borrowers and Guarantors
                           since March 31, 2002, as determined by Foothill in
                           its sole discretion, other than (x) the filing of the
                           Chapter 11 Cases and the events resulting from the
                           filing of the Chapter 11 Cases, (y) the withdrawal by
                           PriceWaterhouseCoopers of its audit letter with
                           respect to the Borrowers' financial statements for
                           the fiscal year ended as of March 31, 2002, and (z)
                           such other matters as have been disclosed in writing
                           by Borrowers to Foothill on or before June 20, 2003
                           or (ii) an adverse change or disruption in the loan
                           syndication, financial, banking or capital markets
                           generally that, in Foothill's judgment, could
                           materially impair the syndication of the Emergence
                           Facility.

                  (j)      Foothill's commencement and completion of, and
                           satisfaction in all respects with, the results of its
                           ongoing due diligence investigation of the business,
                           assets, operations, properties, condition (financial
                           or otherwise), contingent liabilities, prospects and
                           material agreements of Borrowers and their respective
                           Subsidiaries.

                                      A-11

<PAGE>

REPRESENTATIONS   Usual representations and warranties, including, but not
AND WARRANTIES:   limited to, corporate existence and good standing, permits and
                  licenses, authority to enter into the respective loan
                  documents, occurrence of the closing date for the respective
                  Financing Facilities, validity of the Final Order,
                  governmental approvals, non-violation of other agreements,
                  financial statements, litigation, compliance with
                  environmental, pension and other laws, taxes, insurance,
                  absence of Material Adverse Change, absence of default or
                  unmatured default and priority of Foothill's liens.

COVENANTS:        With respect to the DIP Facility, Borrowers will be required
                  to maintain agreed upon minimum levels of EBITDA, EBITDAR and
                  fixed charge coverage ratios. With respect to the Emergence
                  Facility, Borrowers will be required to maintain agreed upon
                  minimum levels of EBITDA, EBITDAR, leverage and fixed charge
                  coverage ratios. All such covenants will be not less than 80%
                  of Borrowers' projected operating performance. Borrowers will
                  also have a limitation on capital expenditures (to be
                  determined). All such financial covenants shall be tested
                  quarterly. Financial reporting shall include, without
                  limitation, the delivery to Agent of monthly financial
                  statements, audited annual financial statements and annual
                  updated projections and any financial and other reporting
                  material filed in the Bankruptcy Cases or shared with any
                  Committees appointed in the Bankruptcy Cases.

                  Other customary covenants (both positive and negative),
                  including, but not limited to, notices of litigation, defaults
                  and unmatured defaults and other information (including
                  pleadings, motions, applications and other documents filed
                  with the Bankruptcy Court or distributed to any official
                  committee appointed in the Chapter 11 Cases), compliance with
                  laws, permits and licenses, inspection of properties, books
                  and records, maintenance of insurance, limitations with
                  respect to liens and encumbrances, dividends, retirement of
                  capital stock and repurchases of subordinated debt (except for
                  certain repurchases to be agreed upon based on performance
                  ratios and liquidity at levels to be determined at the time of
                  the proposed repurchase), guarantees, sale and lease back
                  transactions, consolidations and mergers, investments, capital
                  expenditures, loans and advances, indebtedness, compliance
                  with pension, environmental and other laws, operating leases,
                  transactions with affiliates and prepayment of other
                  indebtedness.

CASH MANAGEMENT:  Borrowers shall institute a cash management system
                  satisfactory to Agent, including without limitation,
                  establishing one or more concentration accounts at financial
                  institutions acceptable to

                                      A-12

<PAGE>

                  Agent.

EVENTS OF         Usual events of default, including, but not limited to,
DEFAULT:          payment, cross-default, violation of covenants, breach of
                  representations or warranties, judgments, ERISA,
                  environmental, change of control and other events of default
                  which are customary in facilities of this nature.

                  In addition, an Event of Default shall occur if: (i) (A) any
                  of the Chapter 11 Cases shall be dismissed or converted to a
                  chapter 7 case, a chapter 11 trustee or an examiner with
                  enlarged powers shall be appointed in any of the cases, any
                  other superpriority administrative expense claim which is
                  senior to or pari passu with Foothill's claims shall be
                  granted and the Final Order shall be stayed, amended,
                  modified, reversed or vacated; (B) a Plan shall be confirmed
                  in any of the Chapter 11 Cases which does not provide for
                  termination of the commitment under the DIP Facility and
                  payment in full in cash of the Loan Parties' obligations
                  thereunder on the effective date of the Plan; or an order
                  shall be entered which dismisses any of the Loan Parties'
                  Chapter 11 Cases and which order does not provide for
                  termination of the Financing Facility then outstanding and
                  payment in full in cash of all obligations thereunder; (C) the
                  Loan Parties shall take any action, including the filing of an
                  application, in support of any of the foregoing or any person
                  other than the Loan Parties shall do so and such application
                  is not contested in good faith by the Loan Parties and the
                  relief requested is granted in an order that is not stayed
                  pending appeal; (ii) the Bankruptcy Court shall enter an order
                  granting relief from the automatic stay to the holder of any
                  security interest in any asset of the Loan Parties having a
                  book value in an amount equal to or exceeding an amount to be
                  agreed upon; and (iii) such other similar Events of Default as
                  are usual and customary in DIP credit facilities.

GOVERNING LAW:    All documentation in connection with the Financing
                  Facilities shall be governed by the laws of the State of New
                  York applicable to agreements made and performed in such State
                  except as governed by the Bankruptcy Code.

ASSIGNMENTS AND   Foothill shall be permitted to assign its rights and
PARTICIPATIONS:   obligations hereunder, or any part thereof, to any person or
                  entity without the consent of the Loan Parties. Foothill shall
                  be permitted to grant participations in such rights and
                  obligations, or any part thereof, to any person or entity
                  without the consent of the Loan Parties.

                                      A-13

<PAGE>

EXPENSES:         The Loan Parties shall pay on demand all fees and expenses of
                  Foothill (including legal fees, financial consultant fees (if
                  any), audit fees, search fees, filing fees, and documentation
                  fees, and expenses in excess of the Deposit), incurred in
                  connection with the transactions contemplated by this Term
                  Sheet, whether or not such transactions close.

SYNDICATION:      Foothill shall underwrite the DIP Facility and syndicate to
                  other qualified financial institutions and, to the extent set
                  forth in the Commitment Letter, Foothill shall underwrite the
                  Emergence Facility and syndicate to other qualified financial
                  institutions.

                                      A-14

<PAGE>

                                    EXHIBIT D

                   RESTRUCTURING AGREEMENT (REVOLVER LENDERS)

                                 [SEE ATTACHED]

<PAGE>

                 AMERCO-REVOLVER LENDERS RESTRUCTURING AGREEMENT

         This AMERCO-Revolver Lenders Restructuring Agreement (this "Agreement")
is made and entered into as of September 8, 2003, by AMERCO, a Nevada
corporation ("AMERCO"), JPMorgan Chase Bank, as Administrative Agent under the
Credit Agreement described below (the "Administrative Agent"), and the lenders
under the Credit Agreement described below (the "Revolver Lenders"). AMERCO, the
Administrative Agent and the Revolver Lenders are collectively referred to
herein as the "Parties" and individually as a "Party."

                                    RECITALS

         WHEREAS, AMERCO, the Administrative Agent and the Revolver Lenders have
engaged in good faith negotiations with the objective of reaching an agreement
with regard to the restructuring of the indebtedness of AMERCO under that
certain 3-Year Credit Agreement dated as of June 28, 2002 (as amended to date,
the "Credit Agreement"), among AMERCO, the Revolver Lenders and JPMorgan Chase
Bank, as Administrative Agent for the Revolver Lenders, and the recapitalization
of AMERCO and its subsidiaries.

         WHEREAS, on June 20, 2003, AMERCO filed for relief under Chapter 11 of
Title 11 of the United States Code, 11 U.S.C. Sections 101, et. seq. (the
"Bankruptcy Code"), which case is pending before the United States Bankruptcy
Court for the District of Nevada (the "Bankruptcy Court") and on August 13,
2003, AMERCO Real Estate Company ("AREC") filed for relief under Chapter 11 of
the Bankruptcy Code, which case is also pending before the Bankruptcy Court.

         WHEREAS, AMERCO, the Administrative Agent and the Revolver Lenders
desire to implement the financial restructuring consistent with this Agreement
and the term sheet attached hereto as Exhibit A (the "Term Sheet," and the
restructuring and recapitalization contemplated therein, the "Financial
Restructuring").

         WHEREAS, in order to implement the Financial Restructuring, AMERCO
intends, subject to the terms and conditions of this Agreement and the Term
Sheet, to prepare a plan of reorganization (the "Plan") and a disclosure
statement (the "Disclosure Statement")(1) consistent with the terms set forth in
this Agreement and the Term Sheet, to file and seek approval of such Disclosure
Statement, to solicit acceptances of such Plan, and to seek confirmation of such
Plan in its administratively consolidated Chapter 11 cases, as expeditiously as
possible under the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure
(the "Bankruptcy Rules").

         WHEREAS, the Administrative Agent and each consenting Lender
(collectively, the "Consenting Parties") owns or controls the aggregate
principal amount of revolving loans under the Credit Agreement ("Existing
Loans"), in each case as identified on the signature pages hereto.

         WHEREAS, in order to facilitate and expedite the implementation of the
Financial Restructuring, the Administrative Agent and the Consenting Parties are
prepared, subject to the terms and conditions of this Agreement, to vote their
Claims (as that term is defined in the Bankruptcy Code) to accept the Plan.

- -----------------------
(1) For purposes of this Agreement, the terms "Plan" and "Disclosure Statement"
shall mean a Plan and Disclosure Statement consistent with the terms set forth
in this Agreement and the Term Sheet.

<PAGE>

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby agree as follows:

         1.       Recitals. Each of the foregoing Recitals is incorporated
hereby as if fully set forth herein.

         2.       Voting in Favor of the Plan. Each Consenting Party agrees to
timely vote its claim under the Credit Agreement to accept the Plan and not to
revoke or withdraw such vote. The Parties understand that the Plan and all
related documents will contain customary provisions for transactions of the
nature set forth herein and in the Term Sheet. Each Consenting Party to this
Agreement agrees not to elect on its ballot for its Credit Agreement Claim to
preserve any rights, if any, that such Party may have that may be affected by
the releases provided for under the Plan.

         3.       Restrictions on Transfer. Each Consenting Party hereby agrees,
so long as this Agreement remains in effect, not to (i) sell, transfer, assign,
pledge, or otherwise dispose of any of its Existing Loans, in whole or in part,
or any interest therein, unless the transferee accepts such claims subject to
the terms of this Agreement, or (ii) grant any proxies, deposit any of its
Existing Loans into a voting trust, or enter into a voting agreement with
respect to any of the Existing Loans unless such arrangement provides for
compliance herewith. In the event that a Consenting Party transfers such
Existing Loans prior to the last date for voting on the Plan, such transferee
shall comply with and be subject to all the terms of this Agreement as long as
such Agreement remains in effect, including, but not limited to, such Consenting
Party's obligations to vote its Existing Loans in favor of the Plan and shall,
as a condition precedent to such transfer, execute an agreement on terms
substantially identical to the terms of this Agreement and, upon commencement of
the solicitation of votes to accept or reject the Plan, a ballot for the
Existing Loan indicating its acceptance of the Plan.

         4.       AMERCO Agreements. During the term of this Agreement, AMERCO
hereby agrees to the following:

                  (a)      AMERCO shall use its commercially reasonable efforts
         to have the Disclosure Statement approved by the Bankruptcy Court, and
         to use its commercially reasonable efforts to obtain an order of the
         Bankruptcy Court confirming the Plan, in each case as expeditiously as
         possible under the Bankruptcy Code and the Bankruptcy Rules and
         consistent with the terms and conditions set forth in this Agreement
         and in the Term Sheet.

                  (b)      AMERCO shall use its commercially reasonable efforts
         to obtain approval by the Bankruptcy Court of the $300,000,000
         debtor-in-possession financing facility (the "DIP Facility") based on
         the Term Sheet (the "Foothill Term Sheet") provided to AMERCO by Wells
         Fargo-Foothill, Inc., as lead arranger, collateral agent, syndication
         agent and administrative agent ("Foothill"), and an emergence facility
         of approximately $650,000,000 also to be provided by Foothill on the
         confirmation and consummation of the Plan (the "Emergence Facility").
         Notwithstanding the references in this Agreement or the Term Sheet to
         Foothill and the Foothill Term Sheet, AMERCO may select an alternative

                                        2

<PAGE>

         senior lender or lenders to provide the DIP Facility or the Emergence
         Facility under terms substantially similar to the Foothill Term Sheet.

         5.       Support of the Plan. As long as this Agreement remains in
effect, AMERCO and each Consenting Party (acting only in its capacity as the
holder of an Existing Loan) will: (i) use its commercially reasonable efforts to
obtain confirmation of the Plan in accordance with the Bankruptcy Code as
expeditiously as possible; and (ii) take all commercially reasonable, necessary
and appropriate actions to achieve confirmation including communicating the
Consenting Holders' support of the Plan to the holders of allowed impaired
claims. As long as this Agreement remains in effect, no Consenting Party, acting
in its capacity as a holder of an Existing Loan, shall (a) object to
confirmation of the Plan or otherwise commence any proceeding to oppose or alter
the Plan or any other reorganization related documents or agreements (the "Plan
Documents"), which shall include, but not be limited to, any documents or
agreements related to the DIP Facility and the Emergence Facility, to the extent
such documents, in the reasonable judgment of the Consenting Parties,
substantially conform to the terms of the Foothill Term Sheet, (b) vote for,
consent to, support or participate in the formulation of any other plan of
reorganization or liquidation proposed or filed or to be proposed or filed in
any Chapter 11 or Chapter 7 case commenced in respect of AMERCO, (c) directly or
indirectly seek, solicit, support or encourage any other plan, sale, proposal or
offer of dissolution, winding up, liquidation, reorganization, merger or
restructuring of AMERCO or any of its subsidiaries that could reasonably be
expected to materially prevent, delay or impede the successful restructuring of
AMERCO as contemplated by the Plan or the Plan Documents, (d) object to the
Disclosure Statement or the solicitation of consents to the Plan, or (e) take
any other action that is inconsistent with, or that would materially delay
confirmation of, the Plan.

         6.       Acknowledgment. This Agreement is not, and shall not be deemed
to be, a solicitation for consents to the Plan. The acceptances of the
Consenting Parties will not be solicited until such Parties have received the
Disclosure Statement approved by order of the Bankruptcy Court as continuing
"adequate information," as such term is defined in Section 1125(a)(l) and (2)
the Bankruptcy Code, the Plan and related ballot.

         7.       Disclaimer. The Parties agree that a copy of this Agreement
shall be filed with the Bankruptcy Court.

         8.       Termination of Agreement.

                  (a)      Upon the effectiveness of this Agreement in
         accordance with Section 23, the obligations of AMERCO, the Consenting
         Parties and the Administrative Agent hereunder shall remain effective
         and binding until the "Effective Date" (as defined in the Term Sheet)
         of the Plan unless terminated earlier pursuant to this Section 8.

                  (b)      If any of the following occurs, one or more Revolver
         Lenders whose claims in respect of the Existing Loans equal or exceed
         two-thirds in amount of the total of the Existing Loans, may provide
         written notice to AMERCO of the termination of this Agreement, and upon
         the receipt of such notice by AMERCO, the obligations of the Parties
         hereunder shall immediately and automatically terminate and shall be of
         no further force or effect, which notice may be given by any such
         Revolver Lenders:

                                        3

<PAGE>

                                    (1)      the Plan or any Plan Document
         provides for or is modified to provide for treatment of the Existing
         Loans that is different in any material adverse respect from the
         treatment described in the Term Sheet;

                                    (2)      the Plan or any Plan Document
         provides or is modified to provide for the treatment of the Senior
         Notes, Series A, due April 30, 2012 and Senior Notes, Series B, due
         April 30, 2007 (collectively, the "Notes"), issued by AREC, under that
         certain Note Purchase Agreement dated March 15, 2002, that is different
         in any material adverse respect from the treatment described in that
         certain Restructuring Agreement dated as of August 12, 2003, among the
         holders of the Notes and AREC, a copy of which has been filed with the
         Bankruptcy Court.

                                    (3)      AMERCO or AREC pays to the
         Indenture Trustee on behalf of the holders of the Notes any cash from
         the DIP Facility.

                                    (4)      AMERCO fails to file the Plan and
         Disclosure Statement on or before October 15, 2003;

                                    (5)      the Disclosure Statement is not
         approved on or before December 15, 2003;

                                    (6)      the Plan is not confirmed on or
         before February 27, 2004;

                                    (7)      the Plan is not consummated on or
         before March 15, 2004;

                                    (8)      the Bankruptcy Court does not
         approve the Emergence Facility as part of the confirmation and
         consummation of the Plan;

                                    (9)      the revolving credit facility
         exceeds $200,000,000 in face amount, and the "Term Loan A Notes" (as
         such term is defined in the attached Term Sheet) exceeds $350,000,000
         in face amount;

                                    (10)     the 'Term Loan B Notes" (as such
         term is defined in the attached Term Sheet), exceeds $200,000,000 in
         face amount;

                                    (11)     the Bankruptcy Court denies
         confirmation of the Plan;

                                    (12)     the Chapter 11 case of AMERCO or
         AREC is converted to a case under Chapter 7 of the Bankruptcy Code or a
         trustee is appointed under any chapter of the Bankruptcy Code or an
         examiner with expanded powers to operate the business is appointed for
         AMERCO or AREC;

                                    (13)     any written representation or
         warranty made by AMERCO or AREC to the Administrative Agent or the
         Revolver Lenders in this Agreement or the Term Sheet (including without
         limitation, representations relating to AMERCO's or AREC's current or
         future financial performance or AMERCO's FY2003 Form 10-K) is false or
         intentionally misleading in any material respect when made;

                                        4

<PAGE>

                                    (14)     a default occurs under the DIP
         Facility and is not waived by the lenders under the DIP Facility within
         fifteen business days after such lenders become aware of such default;

                                    (15)     there is a material breach of any
         provision of this Agreement;

                                    (16)     the Bankruptcy Court finds or holds
         unenforceable this Agreement, the Term Sheet, or any material provision
         hereof or thereof;

                                    (17)     the estates of AMERCO and any other
         entity, including, without limitation, AREC, are substantively
         consolidated, other than through the Plan;

                                    (18)     a voluntary or involuntary
         bankruptcy, receivership, or assignment for the benefit of creditors
         proceeding is commenced by or against U-Haul International, Inc. or any
         other material subsidiary of AMERCO or AREC, other than as part of the
         implementation of the Plan; or

                                    (19)     a "Termination Event" occurs under
         the "Final Order Authorizing Consensual Use Of Cash Collateral And
         Granting Adequate Protection," entered August 14, 2003, in the AMERCO
         Chapter 11 case (the "Cash Collateral Order") (other than the
         Termination Event set forth in paragraph 11(b) of such Order).

                  (c)      Except as set forth in Section 8(d), no Party shall
         have any liability to the other or any other person as a result of the
         termination of such Party's obligations hereunder in accordance with
         this Section 8.

                  (d)      If this Agreement is found to be unenforceable by the
         Bankruptcy Court or if AMERCO materially breaches its obligations under
         this Agreement or the Term Sheet, each of the Administrative Agent, the
         Revolver Lenders and AMERCO hereby agrees that the Revolver Lenders
         shall be entitled to receive accrued and unpaid default interest on the
         principal amount owed to the Revolver Lenders as set forth in the
         Credit Agreement and related documents, from the effectiveness of this
         Agreement up to the confirmation and consummation of a plan of
         reorganization in the Chapter 11 Case and AMERCO shall not object to
         such claim being an allowed claim in the Chapter 11 Case.

         9.       Good Faith Negotiation of Documents. Each Party hereby further
covenants and agrees to negotiate the definitive documents relating to the Plan
Documents, in good faith, and in any event, in all material respects consistent
with the Term Sheet.

         10.      Forbearance. As long as this Agreement shall remain in effect,
each Consenting Party hereby severally agrees to forbear (and where necessary
cause the forbearance, including by giving all necessary instructions to the
Administrative Agent in accordance with the Credit Agreement) from exercising
any rights or remedies it may have under the Credit Agreement and all related
documents, applicable law, or otherwise with respect to any default with respect
to the Existing Loans or the Credit Agreement, whether presently existing or
hereafter arising.

                                        5

<PAGE>

         11.      Representations and Warranties. Each Consenting Party (and
with respect to sections (a)-(e), AMERCO) represents and warrants that the
following statements are true, correct and complete as of the date hereof:

                  (a)      Corporate Power and Authority. It is duly organized,
         validly existing, and in good standing under the laws of the state of
         its organization, and has all requisite corporate, partnership or
         limited liability company power and authority to enter into this
         Agreement and to carry out the transactions contemplated by, and
         perform its respective obligations under, this Agreement.

                  (b)      Authorization. The execution and delivery of this
         Agreement and the performance of its obligations hereunder have been
         duly authorized by all necessary corporate, partnership or limited
         liability company action on its part.

                  (c)      No Conflicts. The execution, delivery and performance
         by it of this Agreement do not and shall not (i) violate any provision
         of law, rule or regulation applicable to it or any of its subsidiaries
         or its certificate of incorporation or bylaws or other organizational
         documents or those of any of its subsidiaries or (ii) conflict with,
         result in a breach of or constitute (with due notice or lapse of
         time or both) a default under any material contractual obligation to
         which it or any of its subsidiaries is a party.

                  (d)      Governmental Consents. The execution, delivery and
         performance by it of this Agreement do not and shall not require any
         registration or filing with consent or approval of, or notice to, or
         other action to, with or by, any federal, state or other governmental
         authority or regulatory body, other than the approval of the Bankruptcy
         Court, in the case of AMERCO.

                  (e)      Binding Obligation. Subject to the provisions of
         Sections 1125 and 1126 of the Bankruptcy Code, this Agreement is the
         legally valid and binding obligation of AMERCO, enforceable against it
         in accordance with its terms.

                  (f)      Owner of Claims. As of the date hereof, the
         Consenting Parties are the beneficial owners of, or holders of
         investment authority over, the Existing Loans that each Consenting
         Party has agreed to vote in favor of the Plan.

                  (g)      Acknowledgment of Risks. Each Consenting Party has
         received and reviewed this Agreement and all schedules and exhibits
         hereto and has received all such information as it deems necessary and
         appropriate to enable it to evaluate whether to become a Consenting
         Party.

         12.      Further Acquisition of Claims. This Agreement shall in no way
be construed to preclude any of the Revolver Lenders or the Administrative Agent
from acquiring additional Existing Loans. However, any such additional Existing
Loans so acquired shall automatically be deemed to be subject to the terms of
this Agreement.

         13.      Amendments. This Agreement may not be modified, amended or
supplemented without the prior written consent of AMERCO, the Administrative
Agent and the Revolver

                                        6

<PAGE>

Lenders whose claims in respect of the Existing Loans equal or exceed two-thirds
in amount of the total of the Existing Loans.

         14.      Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York,
without regard to any conflicts of law provision which would require the
application of the law of any other jurisdiction. By its execution and delivery
of this Agreement, each of the Parties hereto hereby irrevocably and
unconditionally agrees for itself that any legal action, suit or proceeding
against it with respect to any matter under or arising out of or in connection
with this Agreement or for recognition or enforcement of any judgment rendered
in any such action, suit or proceeding, may be brought in the United States
District Court for the District of Nevada. By execution and delivery of this
Agreement, each of the Parties hereto irrevocably accepts and submits itself to
the nonexclusive jurisdiction of such court, generally and unconditionally, with
respect to any such action, suit or proceeding. Notwithstanding the foregoing
consent to Nevada jurisdiction, each of the Parties hereto hereby agrees that
the Bankruptcy Court shall have exclusive jurisdiction of all matters arising
out of or in connection with this Agreement.

         15.      Specific Performance. It is understood and agreed by each of
the Parties hereto that money damages would not be a sufficient remedy for any
breach of this Agreement by any Party and each non-breaching Party shall be
entitled to specific performance and injunctive or other equitable relief as a
remedy of any such breach.

         16.      Headings. The headings of the sections, paragraphs and
subsections of this Agreement are inserted for convenience only and shall not
affect the interpretation hereof.

         17.      Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of the Parties and their respective successors, assigns,
heirs, executors, administrators and representatives.

         18.      Prior Negotiations. This Agreement and the Term Sheet
supersede all prior negotiations with respect to the subject matter hereof.

         19.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement. Delivery of an executed counterpart of
this Agreement by facsimile shall be equally as effective as delivery of the
original executed counterpart of this Agreement.

         20.      No Third-Party Beneficiaries. Unless expressly stated herein,
this Agreement shall be solely for the benefit of the Parties hereto and no
other person or entity shall be a third-party beneficiary hereof, other than
successors and assigns of any Party.

         21.      Consideration. It is hereby acknowledged by the Parties hereto
that no consideration shall be due or paid to the Administrative Agent or any
Lender for its agreement to vote to accept the Plan in accordance with the terms
and conditions of this Agreement.

         22.      Notices. (a) All notices hereunder to be served to AMERCO
shall be deemed given if in writing and delivered or sent by telecopy, courier
or by registered or certified mail

                                        7

<PAGE>

(return receipt requested) to the following addresses or telecopier numbers (or
at such other addresses or telecopier numbers as shall be specified by like
notice):

                            AMERCO
                            2727 North Central Avenue
                            Suite 500
                            Phoenix, Arizona  85004
                            Attn: Robert Peterson
                            Fax: 602-277-4879

                            with copy to:

                            SQUIRE, SANDERS & DEMPSEY L.L.P.
                            40 N. Central Avenue, Suite 2700
                            Phoenix, AZ 85004
                            Attn: Craig D. Hansen, Esq.
                            Fax: 602-253-8129

                           (b)      All notices hereunder to be served to a
         Consenting Party shall be deemed given if in writing and delivered or
         sent by telecopy, courier or by registered or certified mail (return
         receipt requested) to the address or telecopier number for such
         Consenting Party set forth above its signature hereto (or at such other
         addresses or telecopier numbers as shall be specified by like notice),
         with a copy to:

                           SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
                           300 South Grand Avenue, 34th Floor
                           Los Angeles, CA 90071
                           Attn: Richard Levin, Esq.
                           Fax: 213-687-5600

         23.      Effectiveness. This Agreement shall become effective when
AMERCO has received counterparts of this Agreement duly executed and delivered
by AMERCO, the Administrative Agent and Revolver Lenders holding at least
two-thirds in principal in amount of the Existing Loans; provided that such
condition of effectiveness may be waived by the written consent of each of
AMERCO and the Consenting Parties.

         24.      Cash Collateral Order Unaffected. Nothing in this Agreement
supercedes any provision in the Cash Collateral Order or is intended to
constitute a consent by any Consenting Party beyond the consents under the Cash
Collateral Order.

                            [Signature page follows]

                                        8

<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                    AMERCO

                                    By : /s/ Robert T. Peterson
                                        -----------------------------
                                    Name: Robert T. Peterson
                                    Title: Assistant Treasurer

                       [Additional signature pages follow]

                                        9
<PAGE>

                                    JPMORGAN CHASE BANK,
                                    AS ADMINISTRATIVE AGENT

                                    BY: /s/ John P. McDonagh
                                        --------------------
                                        Name: John P. McDonagh
                                        Title: Managing Director

                                       10

<PAGE>

                                    REVOLVER LENDERS: JPMORGAN CHASE BANK

                                    By: /s/ John P. McDonagh
                                        ------------------------
                                        Name: John P. McDonagh
                                        Title: Managing Director

                                    Principal Amount of Loans Owned or
                                    Controlled: $ 25,000,000,00

                                       11

<PAGE>

                                    REVOLVER LENDERS: SPS HIGH YIELD LOAN
                                    TRADING

                                    By: /s/ John P. McDonagh
                                        ---------------------------
                                        Name: John P. McDonagh
                                        Title: Managing Director

                                    Principal Amount of Loans Owned or
                                    Controlled: $ 15,000,000,00

                                       11

<PAGE>
                                    REVOLVER LENDERS: Bank of America NA

                                    By: /s/ [ILLEGIBLE]
                                        ---------------------------
                                        Name: [ILLEGIBLE]
                                        Title: [ILLEGIBLE]

                                    Principal Amount of Loans Owned or
                                    Controlled: [ILLEGIBLE]

                                       11

<PAGE>

                                 KBC BANK N.V.

                                 By: /s/ [ILLEGIBLE]        /s/ ROBERT SNAUFFER
                                     -------------------------------------------
                                     Name [ILLEGIBLE]       ROBERT SNAUFFER
                                     Title: VICE PRESIDENT  FIRST VICE PRESIDENT

                                 Principal Amount of Loans Owned or
                                 Controlled: $ 10,000,000

                                       11
<PAGE>

                                         REVOLVER LENDERS:
                                         LaSalle Bank N.A.

                                         By: /s/ John M. Schuessler
                                             --------------------------
                                             Name: John M. Schuessler
                                             Title: First Vice President

                                         Principal Amount of Loans Owned or
                                         Controlled: $20,000,000.00

                                       11

<PAGE>

                                         REVOLVER LENDERS:

                                         U.S. Bank National Association

                                         By: /s/ Daniel E. Falstad
                                             -------------------------
                                             Name: Daniel E. Falstad
                                             Title: Vice President

                                         Principal Amount of Loans Owned or
                                         Controlled: $20,000,000.00

                                       11

<PAGE>

                                        REVOLVER LENDERS: WASHINGTON MUTUAL BANK

                                        By: /s/ Bruce Kendrex
                                            -------------------------
                                            Name: BRUCE KENDREX
                                            Title: VICE PRESIDENT

                                        Principal Amount of Loans Owned or
                                        Controlled: $20,000,000.00

                                       11

<PAGE>

                                         REVOLVER LENDERS:
                                         [ILLEGIBLE]

                                         By: /s/ [ILLEGIBLE]
                                             -------------------------
                                             Name: [ILLEGIBLE]
                                             Title: SENIOR VICE PRESIDENT

                                         Principal Amount of Loans Owned or
                                         Controlled: $20,000,000

                                       11
<PAGE>

                                    EXHIBIT A

                             AMERCO REVOLVER LENDERS

                                   TERM SHEET

         This Term Sheet describes the principal terms of the proposed
restructuring and recapitalization of certain of the outstanding indebtedness of
AMERCO, a Nevada corporation ("AMERCO"), pursuant to a plan of reorganization
(the "Plan") in accordance with (a) Chapter 11 of Title 11 of the United States
Code (the "Bankruptcy Code") and (b) the terms and conditions contained herein.
This Term Sheet has been produced for discussion and settlement purposes only
and is not an offer with respect to any securities or a solicitation of
acceptances of the Plan.

                               CERTAIN DEFINITIONS

                  "AREC" means Amerco Real Estate Company.

                  "Effective Date" means the date the Plan becomes effective in
accordance with its terms and conditions.

                  "Term Loan A Notes" means the notes to be issued by the
Debtors, as reorganized, jointly and severally, on the Effective Date of the
Plan, in the aggregate face amount not to exceed $350,000,000.

                  "Term Loan B Notes" means the notes to be issued by the
Debtors, as reorganized, jointly and severally, on the Effective Date of the
Plan, in the aggregate face amount not to exceed $200,000,000.

                  "Debtor or Debtors" means, collectively, AMERCO, AREC and any
other affiliates or subsidiaries of AMERCO or AREC that file voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code, other than PAC Fourteen,
Inc. and PAC Fifteen, Inc.

                  "New Notes" means, collectively, the Term Loan A Notes and the
Term Loan B Notes.

                  "Noteholders" means the holders of the Notes.

         CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE
RESPECTIVE MEANINGS ASCRIBED TO THEM IN THE AMERCO-REVOLVER LENDERS
RESTRUCTURING AGREEMENT BY AND AMONG AMERCO, THE ADMINISTRATIVE AGENT AND THE
REVOLVER LENDERS SIGNATORY THERETO (THE "RESTRUCTURING AGREEMENT").

                                       A-1

<PAGE>

                          TREATMENT OF REVOLVER LENDERS

CLASSIFICATION:                     The Plan will place the claims of the
                                    Revolver Lenders under the Credit Agreement
                                    in a single class or subclass, and such
                                    class or subclass will be impaired and
                                    entitled to vote on the Plan.

CASH DISTRIBUTIONS FROM DIP         Upon execution of the Restructuring
FACILITY:                           Agreement, the Revolver Lenders will receive
                                    a cash distribution of $51,250,000 (25% of
                                    the principal amount of the Existing Loans).

CASH DISTRIBUTIONS ON               On the Effective Date of the Plan, the
EFFECTIVE DATE:                     Revolver Lenders will receive an additional
                                    cash distribution of $71,750,000 (35% of the
                                    principal amount of the Existing Loans),
                                    plus additional cash in the amount of any
                                    and all accrued but unpaid interest on the
                                    Existing Loans up to the Effective Date,
                                    payable at the non-default rate.

NEW NOTES:                          $48,400,000 (23.6% of the principal amount
                                    of the Existing Loans) exchanged for and
                                    satisfied with Term Loan A Notes under the
                                    Emergence Facility in the amount (net after
                                    any discount) of $48,400,000, subject to the
                                    Syndication Terms set forth in this Term
                                    Sheet.

                                    $33,600,000 (16.4% of the principal amount
                                    of the Existing Loans) exchanged for and
                                    satisfied with Term Loan B Notes under the
                                    Emergence Facility having an aggregate
                                    Market Value (as defined below) of
                                    $33,600,000, subject to the Syndication
                                    Terms set forth in this Term Sheet.

TERMS OF NEW NOTES:                 As the new notes are to be issued under the
                                    Emergence Facility, the new notes (under
                                    both Term Loan A and Term Loan B) will be
                                    identical to the notes issued under the
                                    Emergence Facility and will be issued under
                                    the same credit agreement, note purchase
                                    agreement, or comparable governing document,
                                    and will be governed by and entitled to all
                                    of the same benefits and terms as the Term
                                    Loan A Notes and Term Loan B Notes,
                                    including borrowers, guarantors, maturity
                                    date, early termination provisions,
                                    collateral, lien priority, interest rate,
                                    fees, and all other terms of the Foothill
                                    Term Sheet, subject to the qualification
                                    that the maturity of the New Notes may not
                                    exceed 5 years from date of issuance;

                                       A-2

<PAGE>

FEES:                               On the Effective Date, the Revolver Lenders
                                    will receive 2% of the par amount of Term
                                    Loan B Notes actually issued to the Revolver
                                    Lenders, in addition to any fees provided
                                    under the Foothill Term Sheet generally to
                                    buyers of any of the Term Loan A or Term
                                    Loan B Notes

CLOSING CONDITIONS                  - Term Loan A and Term Loan B shall be
                                    subject to conditions precedent
                                    substantially similar to those set forth in
                                    the Foothill Term Sheet.

                                    - Treatment in the Chapter 11 case of the
                                    Noteholders will be substantially as set
                                    forth in that certain Restructuring
                                    Agreement dated as of August 12, 2003, among
                                    the Noteholders and AREC (the "Noteholders
                                    Restructuring Agreement").

                                    - Treatment in the Chapter 11 case of
                                    AMERCO's general unsecured claims will
                                    provide for cash not in excess of 35% of
                                    their allowed general unsecured claims, with
                                    the balance thereof to be satisfied through
                                    a combination of Term Loan B Notes and other
                                    securities with a priority position junior
                                    to the Term Loan B Notes in the collateral
                                    securing the Term Loan B Notes.

RELEASE AND EXCULPATION             The Plan will contain release and
PROVISIONS:                         exculpation provisions in substantially the
                                    following form:

                                    1. As of the Effective Date, the Debtors and
                                    reorganized Debtors will be deemed to
                                    forever release, waive and discharge all
                                    claims, obligations, suits, judgments,
                                    damages, demands, debts, rights, causes of
                                    action and liabilities whatsoever in
                                    connection with or related to the Debtors,
                                    the Chapter 11 cases or the Plan (other than
                                    the rights of the Debtors or reorganized
                                    Debtors to enforce the Plan and the
                                    contracts, instruments, releases,
                                    indentures, and other agreements or
                                    documents delivered thereunder) whether
                                    liquidated or unliquidated, fixed or
                                    contingent, matured or unmatured, known or
                                    unknown, foreseen on unforeseen, then
                                    existing or thereafter arising, in law,
                                    equity or otherwise that are based in whole
                                    or part on any act, omission, transaction,
                                    event or other occurrence taking - place on
                                    or prior to the Effective Date in any way
                                    relating to the Debtors, the reorganized
                                    Debtors, the

                                       A-3

<PAGE>

                                    Chapter 11 cases or the Plan, and that may
                                    be asserted by or on behalf of the Debtors
                                    or their estates or the reorganized Debtors
                                    against (a) the directors, officers,
                                    employees, agents and professionals of the
                                    Debtors, (b) the holders of prepetition
                                    lender claims and the agents thereof, (c)
                                    the DIP Facility agent and the holders of
                                    DIP Facility claims, (d) each Noteholder and
                                    Revolver Lender, and (e) the respective
                                    directors, officers, employees, agents and
                                    professionals of the entities released in
                                    subclauses (b) - (d) acting in such
                                    capacity.

                                    2. As of the Effective Date, each
                                    prepetition lender, each Noteholder and
                                    Consenting Party (solely in its capacity as
                                    the holder of an Existing Loan) and each
                                    holder of an impaired claim that
                                    affirmatively elects on the ballot for
                                    voting on the Plan to do so, shall in
                                    consideration for the obligations of the
                                    Debtors and the reorganized Debtors under
                                    the Plan and the securities, contracts,
                                    instruments, releases and other agreements
                                    or documents to be delivered in connection
                                    with the Plan, forever release, waive and
                                    discharge all claims, obligations, suits,
                                    judgments, damages, demands, debts, rights,
                                    causes of action and liabilities (other than
                                    the rights to enforce the Debtors' or the
                                    reorganized Debtors' obligations under the
                                    Plan and the securities, contracts,
                                    instruments, releases and other agreements
                                    and documents delivered thereunder), whether
                                    liquidated or unliquidated, fixed or
                                    contingent, matured or unmatured, known or
                                    unknown, foreseen or unforeseen, then
                                    existing or thereafter arising, in law,
                                    equity or otherwise that are based in whole
                                    or in part on any act, omission,
                                    transaction, event on other occurrence
                                    taking place on or prior to the Effective
                                    Date in any way relating to the Debtors, the
                                    reorganized Debtors, the Chapter 11 cases,
                                    or the Plan against (a) the Debtors and the
                                    reorganized Debtors, (b) the directors,
                                    officers, employees, agents and
                                    professionals of the Debtors, (c) the
                                    holders of prepetition lender claims and the
                                    a gents thereof, (d) the DIP Facility agent
                                    and the holders of DIP Facility claims, (e)
                                    each Noteholder and Revolver Lender, and (f)
                                    the respective directors, officers,
                                    employees, agents and professionals of the
                                    entities released in subclauses (c)-(e)
                                    acting in such capacity.

                                    3. None of the Debtors, the reorganized
                                    Debtors, the

                                       A-4

<PAGE>

                                    Noteholders, the Revolver Lenders, holders
                                    of DIP Facility claims, the DIP Facility
                                    agent, the holders of prepetition lender
                                    claims, the agents thereto, nor any of their
                                    respective present or former members,
                                    officers, directors, employees, advisors, or
                                    attorneys shall have or incur any liability
                                    to any holder of a claim or an interest, or
                                    any other party in interest, or any of their
                                    respective agents, employees,
                                    representatives, financial advisors,
                                    attorneys, or affiliates, or any of their
                                    successors or assigns, for any act or
                                    omission in connection with, relating to, or
                                    arising out of, the Chapter 11 cases,
                                    formulating negotiating or implementing the
                                    Plan, the solicitation of acceptances of the
                                    Plan, the pursuit of confirmation of the
                                    Plan, the confirmation of the Plan, the
                                    consummation of the Plan, or the
                                    administration of the Plan or the property
                                    to be distributed under the Plan, except for
                                    their gross negligence or willful
                                    misconduct, and in all respects shall be
                                    entitled to reasonably rely upon the advice
                                    of counsel with respect to their duties and
                                    responsibilities under the Plan.

EMERGENCE FACILITY:                 On the Effective Date, the Debtors shall
                                    close the Emergence Facility with
                                    substantially the terms and conditions set
                                    forth in the Foothill Term Sheet.

                                    All funded obligations outstanding under the
                                    DIP Facility on the Effective Date shall be
                                    repaid from borrowings under the Emergence
                                    Facility.

SYNDICATION RIGHTS:                 1. AMERCO will obtain ratings for the Term
                                    Loan B Notes from either S&P or Moody's
                                    prior to closing.

                                    2. If the Term Loan B Notes are syndicated
                                    as described below, then the "Market Value"
                                    of the Term Loan B Notes shall be the price
                                    (net after any discounts) at which Term Loan
                                    B Notes are purchased in such syndication.

                                    3. AMERCO will use its best efforts to
                                    arrange for the placement of a portion of
                                    the Term Loan B Notes to Market Participants
                                    (as defined below). The proceeds of any
                                    commitments from new Market Participants
                                    above $30 million aggregate face amount of
                                    Term Loan B Notes will be paid initially to
                                    the Revolver Lenders until the total cash
                                    received by the Revolver Lenders equals 65%
                                    of the principal amount of the Existing
                                    Loans, and

                                      A-5

<PAGE>

                                    all proceeds thereafter will be paid, on a
                                    pro rata basis, to the Revolver Lenders and
                                    Noteholders, in lieu of an equal amount of
                                    Term Loan B Notes to reduce, on a pro rata
                                    basis, the principal amounts of Term Loan B
                                    Notes to be distributed to the Revolver
                                    Lenders and the Noteholders under the Plan
                                    in accordance with this Restructuring
                                    Agreement and the Noteholders Restructuring
                                    Agreement.

                                    4. In addition to any fees payable to the
                                    Revolver Lenders under "Fees" above, to the
                                    extent the Term Loan B Notes are offered in
                                    a syndication with fees, discounts,
                                    increased spreads or any other additional
                                    compensation not already taken into account
                                    in the determination of Market Value
                                    (whether paid pre-or post-closing of the
                                    Term Loan B Notes, and including any
                                    "pricing flex"), the Revolver Lenders will
                                    fully participate therein, on the same terms
                                    offered or issued to each other holder of
                                    Term Loan B Notes.

                                    5. If less than $20 million of Term Loan B
                                    Notes are sold to Market Participants on the
                                    same terms as are to be issued to the
                                    Revolver Lenders under the Restructuring
                                    Agreement, then the Revolver Lenders will
                                    receive Term Loan A Notes in the amount (net
                                    after any discount) of $33,600,000, instead
                                    of any Term Loan B Notes, and the Revolver
                                    Lenders will not participate in the Term
                                    Loan B Notes.

                                    For purposes of this Term Sheet, "Market
                                    Participants" is defined as recognized
                                    institutional investors not affiliated with
                                    the Debtors or with any "insider" (as that
                                    term is defined in the Bankruptcy Code) of
                                    the Debtors.

REVOLVER LENDER FEES:               The reasonable fees and expenses of the
                                    financial and legal professionals retained
                                    by the Administrative Agent or the Revolver
                                    Lenders shall be paid on the Effective Date
                                    of the Plan.

                                       A-6

<PAGE>

                                    EXHIBIT E

              SAC HOLDING PARTICIPATION AND SUBORDINATION AGREEMENT

               [TO BE FILED ON OR BEFORE THE EXHIBIT FILING DATE]

<PAGE>

                                    EXHIBIT F

                        AMERCO/AREC GUARANTY OBLIGATIONS

                                 [SEE ATTACHED]

<PAGE>

                        AMERCO/AREC GUARANTY OBLIGATIONS

<TABLE>
<CAPTION>
          LESSOR/OWNER                        LESSEE              DATE FUNDED
- ---------------------------------   ---------------------------   -----------
<S>                                 <C>                           <C>
BANC ONE LEASING CORPORATION        U-HAUL LEASING & SALES CO.     26-Jun-96

GENERAL FOODS CREDIT
CORPORATION AS OWNER
PARTICIPANT                         U-HAUL LEASING & SALES CO.     28-Jun-96

FLEET NATIONAL BANK AND NOW
KNOWN AS US BANK AS OWNER
TRUSTEE                             U-HAUL LEASING & SALES CO.     28-Jun-96

FIRST SECURITY BANK, NA
NOW KNOWN AS WELLS FARGO BANK, NA
AS INDENTURE TRUSTEE                U-HAUL LEASING & SALES CO.     28-Jun-96

BANCBOSTON LEASING, INC. NOW
KNOWN AS FIRST UNION LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.     01-Aug-96

WELLS FARGO BANK, NA                U-HAUL LEASING & SALES CO.     15-Aug-96

BANCORP LEASING OF HAWAII , INC.
NOW KNOWN AS PACIFIC CENTURY
LEASING, INC.                       U-HAUL LEASING & SALES CO.     29-Aug-96

USL CAPITAL LEASING NOW KNOWN
AS GENERAL ELECTRIC CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     30-Aug-96

PNC LEASING CORPORATION             U-HAUL LEASING & SALES CO.     12-Sep-96

SAFECO CREDIT COMPANY, INC. NOW
KNOWN AS GENERAL ELECTRIC
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     26-Sep-96

THE CIT GROUP/EQUIPMENT FINANCE     U-HAUL LEASING & SALES CO.     25-Oct-96

BANCBOSTON LEASING, INC. NOW
KNOWN AS NATIONAL CITY LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.     30-Oct-96

THE CIT GROUP/EQUIPMENT FINANCE     U-HAUL LEASING & SALES CO.     28-Apr-97

CARGILL LEASING CORPORATION NOW
KNOWN AS US BANCORP LEASING AND
FINANCIAL                           U-HAUL LEASING & SALES CO.     12-May-97

CARGILL LEASING CORPORATION NOW
KNOWN AS KREDIETBANK, N.V.          U-HAUL LEASING & SALES CO.     12-May-97

CARGILL LEASING CORPORATION NOW
KNOWN AS US BANCORP LEASING AND
FINANCIAL                           U-HAUL LEASING & SALES CO.     12-May-97

BANC ONE LEASING CORPORATION        U-HAUL LEASING & SALES CO.     27-May-97

KEYCORP LEASING LTD.                U-HAUL LEASING & SALES CO.     28-May-97

FLEET CAPITAL CORPORATION NOW
KNOWN AS MIZUHO LEASING INC.        U-HAUL LEASING & SALES CO.     02-Jun-97

FLEET CAPITAL CORPORATION NOW
KNOWN AS OVERLAND CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     02-Jun-97

FLEET CAPITAL CORPORATION NOW
KNOWN AS OVERLAND CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     02-Jun-97

CHASE EQUIPMENT LEASING, INC.
NOW KNOWN AS JP MORGAN LEASING,
INC.                                U-HAUL LEASING & SALES CO.     27-Jun-97

BB&T LEASING CORPORATION            U-HAUL LEASING & SALES CO.     27-Jun-97

BNY CAPITAL RESOURCES
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Jul-97

SIGNET LEASING AND FINANCIAL NOW
KNOWN AS FIRST UNION COMMERCIAL
CORPORATION                         U-HAUL LEASING & SALES CO.     23-Jul-97
</TABLE>

<PAGE>

<TABLE>
<S>                                 <C>                           <C>
BANCBOSTON LEASING, INC. NOW
KNOWN AS FLEET CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     30-Jul-97

BARNETT BUSINESS FINANCE
CORPORATION NOW KNOWN AS BA
LEASING & CAPITAL CORPORATION       U-HAUL LEASING & SALES CO.     22-Aug-97

PITNEY BOWES CREDIT CORPORATION
NOW KNOWN AS EASTERN BANK           U-HAUL LEASING & SALES CO.     05-Sep-97

FLEET CAPITAL CORPORATION           U-HAUL LEASING & SALES CO.     19-Dec-97

BARNETT BUSINESS FINANCE
CORPORATION NOW KNOWN AS BA
LEASING & CAPITAL CORPORATION       U-HAUL LEASING & SALES CO.     26-Dec-97

US BANCORP LEASING AND FINANCIAL    U-HAUL CO. OF OREGON           28-Jan-99

CORESTATES LEASING, INC. NOW
KNOWN AS FIRST UNION COMMERCIAL
CORPORATION                         U-HAUL LEASING & SALES CO.     06-Mar-98

SUMITOMO BANK OF CALIFORNIA
NOW KNOWN AS ZIONS CREDIT
CORPORATION                         U-HAUL LEASING & SALES CO.     13-Mar-98

BANC ONE LEASING CORPORATION        U-HAUL LEASING & SALES CO.     20-Mar-98

COMERICA LEASING CORPORATION        U-HAUL LEASING & SALES CO.     26-Mar-98

BA LEASING & CAPITAL CORPORATION    U-HAUL LEASING & SALES CO.     27-Mar-98

PITNEY BOWES CREDIT CORPORATION     U-HAUL LEASING & SALES CO.     30-Mar-98

FLEET CAPITAL CORPORATION NOW
KNOWN AS THE FIFTH THIRD LEASING
COMPANY                             U-HAUL LEASING & SALES CO.     30-Mar-98

FLEET CAPITAL CORPORATION NOW
KNOWN AS MIZUHO LEASING INC.        U-HAUL LEASING & SALES CO.     30-Mar-98

FLEET CAPITAL CORPORATION NOW
KNOWN AS LASALLE NATIONAL
LEASING CORPORATION                 U-HAUL LEASING & SALES CO.     30-Mar-98

GENERAL ELECTRIC CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     15-May-98

AMERICAN FINANCE GROUP, INC. NOW
KNOWN AS US BANCORP LEASING AND
FINANCIAL                           U-HAUL LEASING & SALES CO.     15-Jun-98

NEWCOURT FINANCIAL USA, INC. NOW
KNOWN AS US BANCORP LEASING AND
FINANCIAL                           U-HAUL LEASING & SALES CO.     30-Jun-98

CHASE EQUIPMENT LEASING, INC.
NOW KNOWN AS JP MORGAN LEASING,
INC.                                U-HAUL LEASING & SALES CO.     15-Jul-98

CONCORD COMMERCIAL, DIVISION OF
HSBC BUSINESS LOANS, INC.           U-HAUL LEASING & SALES CO.     20-Jul-98

FIRSTMERIT LEASING CORPORATION      U-HAUL LEASING & SALES CO.     27-Jul-98

SANWA BUSINESS CREDIT
CORPORATION NOW KNOWN AS FLEET
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     24-Aug-98

SAFECO CREDIT COMPANY, INC. NOW
KNOWN AS GENERAL ELECTRIC
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     26-Aug-98

FLEET CAPITAL CORPORATION           U-HAUL LEASING & SALES CO.     08-Sep-98

FLEET CAPITAL CORPORATION           U-HAUL LEASING & SALES CO.     08-Sep-98

FLEET CAPITAL CORPORATION NOW
KNOWN AS BB&T LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.     08-Sep-98

CITIZENS LEASING CORPORATION        U-HAUL LEASING & SALES CO.     23-Sep-98
</TABLE>

<PAGE>

<TABLE>
<S>                                 <C>                           <C>
BANCBOSTON LEASING, INC. NOW
KNOWN AS FLEET CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Oct-98

BANCBOSTON LEASING, INC. NOW
KNOWN AS FLEET CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Oct-98

CITICORP LEASING, INC.              U-HAUL LEASING & SALES CO.     23-Oct-98

COMERICA LEASING CORPORATION        U-HAUL LEASING & SALES CO.     16-Jun-99

FLEET CAPITAL CORPORATION NOW
KNOWN AS MIZUHO LEASING INC.        U-HAUL LEASING & SALES CO.     16-Jun-99

BANC ONE LEASING CORPORATION        U-HAUL LEASING & SALES CO.     17-Jun-99

SUNTRUST LEASING CORPORATION        U-HAUL LEASING & SALES CO.     28-Jun-99

BNY CAPITAL RESOURCES
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Jul-99

ALLFIRST BANK NOW KNOWN AS M&T
BANK                                U-HAUL LEASING & SALES CO.     15-Jul-99

HSBC BUSINESS LOANS, INC.           U-HAUL LEASING & SALES CO.     23-Jul-99

SAFECO CREDIT COMPANY, INC. NOW
KNOWN AS GENERAL ELECTRIC
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     01-Sep-99

CITIZENS LEASING CORPORATION        U-HAUL LEASING & SALES CO.     10-Sep-99

SOUTHTRUST BANK N.A.                U-HAUL LEASING & SALES CO.     10-Sep-99

BA LEASING & CAPITAL CORPORATION    U-HAUL LEASING & SALES CO.     15-Oct-99

NATIONAL CITY LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Dec-99

NATIONAL CITY LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.     15-Dec-99

HSBC BUSINESS LOANS, INC.           U-HAUL LEASING & SALES CO.     15-Dec-99

SOUTHTRUST BANK N.A.                U-HAUL LEASING & SALES CO.     15-Dec-99

BB&T LEASING CORPORATION            U-HAUL LEASING & SALES CO.     03-Feb-00

MELLON US LEASING, A DIVISION OF
MELLON US LEASING CORPORATION
NOW KNOWN AS GENERAL ELECTRIC
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     10-Feb-00

COMERICA LEASING CORPORATION        U-HAUL LEASING & SALES CO.     01-Mar-00

HSBC BUSINESS LOANS, INC.           U-HAUL LEASING & SALES CO.     06-Mar-00

THE FIFTH THIRD LEASING COMPANY     U-HAUL LEASING & SALES CO.     10-Mar-00

US BANCORP LEASING AND FINANCIAL    U-HAUL LEASING & SALES CO.     30-Mar-00

FIRSTMERIT                          U-HAUL LEASING & SALES CO.     30-Mar-00

BANC ONE LEASING                    U-HAUL LEASING & SALES CO.     07-Apr-00

FIRSTMERIT LEASING CORPORATION      U-HAUL LEASING & SALES CO.     14-Apr-00

SUNTRUST LEASING CORPORATION        U-HAUL LEASING & SALES CO.     17-Apr-00

GENERAL ELECTRIC CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.     28-Apr-00

FIRST SECURITY BANK, N.A. NOW
KNOWN AS GENERAL ELECTRIC
CAPITAL CORPORATION                 U-HAUL LEASING & SALES CO.     05-May-00

ICX CORPORATION                     U-HAUL LEASING & SALES CO.     15-May-00

LEASE PLAN USA, INC. NOW KNOWN
AS CITICORP LEASING, INC.           U-HAUL LEASING & SALES CO.     01-Jun-00

CITICORP LEASING, INC.              U-HAUL LEASING & SALES CO.     02-Jun-00

ZIONS CREDIT CORPORATION            U-HAUL LEASING & SALES CO.     09-Jun-00

WELLS FARGO BANK, N.A.              U-HAUL LEASING & SALES CO.     15-Jun-00

KEYCORP LEASING, A DIVISION OF
KEY CORPORATE CAPITAL INC.          U-HAUL LEASING & SALES CO.     22-Jun-00
</TABLE>

<PAGE>

<TABLE>
<S>                                 <C>                              <C>
GENERAL ELECTRIC CAPITAL
BUSINESS ASSET FUNDING
CORPORATION                         U-HAUL LEASING & SALES CO.        23-Jun-00

GENERAL FOODS CREDIT INVESTORS
NO. 2 CORPORATION AS OWNER
PARTICIPANT                         U-HAUL LEASING & SALES CO.        30-Jun-00

NORWEST BANK MINNESOTA, N.A.
NOW KNOWN AS WELLS FARGO BANK,
N.A, AS OWNER TRUSTEE OR
PURCHASER                           U-HAUL LEASING & SALES CO.        30-Jun-00

COMMERCE BANK, N.A.                 U-HAUL LEASING & SALES CO.        14-Jul-00

AMERICAN FINANCE GROUP, INC.,
D/B/A GUARANTY CAPITAL
CORPORATION NOW KNOWN AS HSBC
BUSINESS LOANS. INC.                U-HAUL LEASING & SALES CO.        21-Jul-00

AMERICAN FINANCE GROUP, INC.,
D/B/A GUARANTY CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.        21-Jul-00

AMERICAN FINANCE GROUP, INC.,
D/B/A GUARANTY CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.        21-Jul-00

KEYCORP LEASING, A  DIVISION OF
KEY CORPORATE CAPITAL INC.          U-HAUL LEASING & SALES CO.        28-Jul-00

GENERAL ELECTRIC CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.        28-Jul-00

FLEET CAPITAL CORPORATION NOW
KNOWN AS OVERLAND CAPITAL
CORPORATION                         U-HAUL LEASING & SALES CO.        02-Aug-00

FLEET CAPITAL CORPORATION NOW
KNOWN AS MIZUHO LEASING INC.        U-HAUL LEASING & SALES CO.        04-Aug-00

FLEET CAPITAL CORPORATION NOW
KNOWN AS PNC LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.        04-Aug-00

NATIONAL CITY LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.        10-Aug-00

COMERICA LEASING CORPORATION        U-HAUL LEASING & SALES CO.        11-Aug-00

CITIZENS LEASING CORPORATION        U-HAUL LEASING & SALES CO.        21-Aug-00

LASALLE NATIONAL LEASING
CORPORATION                         U-HAUL LEASING & SALES CO.        29-Aug-00

ZIONS CREDIT CORPORATION            U-HAUL LEASING & SALES CO.        01-Sep-00

PROVIDENT COMMERCIAL GROUP, INC.    U-HAUL LEASING & SALES CO.        06-Sep-00

BOKF EQUIPMENT FINANCE INC.         U-HAUL LEASING & SALES CO.        08-Sep-00

GENERAL ELECTRIC CAPITAL
BUSINESS ASSET FUNDING
CORPORATION                         U-HAUL LEASING & SALES CO.        15-Sep-00

FIRSTSTAR BANK, N.A. NOW KNOWN
AS US BANCORP LEASING AND
FINANCIAL                           U-HAUL LEASING & SALES CO.        15-Sep-00

ROYAL BANK OF CANADA                U-HAUL CO.(CANADA) LTD.           30-Sep-00

GENERAL ELECTRIC CAPITAL
CORPORATION OF TENNESSEE            U-HAUL LEASING & OREGON           17-Nov-00

FIRST SECURITY BANK, N.A. NOW
KNOWN AS WELLS FARGO BANK, N.A.     U-HAUL LEASING & SALES CO.        01-Dec-00

BOKF EQUIPMENT FINANCE INC.         U-HAUL LEASING & SALES CO.        01-Dec-00

KANSAS CITY INDUSTRIAL CAPITAL,     U-HAUL CO. OF KANSAS, INC, dba
LLC                                 KC ENGINE SHOP                    12-Apr-01

TCF LEASING, INC.                   U-HAUL LEASING & SALES CO.        01-Jun-01

BNY CAPITAL RESOURCES
CORPORATION                         U-HAUL LEASING & SALES CO.        26-Jun-01
</TABLE>

<PAGE>

<TABLE>
<S>                              <C>                                  <C>
ZIONS CREDIT CORPORATION         U-HAUL LEASING & SALES CO.           06-Sep-01

BANC ONE LEASING CORPORATION     U-HAUL LEASING & SALES CO.           30-Oct-01

KEYCORP LEASING, A DIVISION OF
KEY CORPORATE CAPITAL INC.       U-HAUL LEASING & SALES CO.           04-Dec-01

KEYCORP LEASING, A DIVISION OF
KEY CORPORATE CAPITAL INC.       U-HAUL LEASING & SALES CO.           04-Dec-01

KEYCORP LEASING, A DIVISION OF
KEY CORPORATE CAPITAL INC.       U-HAUL LEASING & SALES CO.           04-Dec-01

KEYCORP LEASING, A DIVISION OF
KEY CORPORATE CAPITAL INC.       U-HAUL LEASING & SALES CO.           04-Dec-01

FIRSTMERIT LEASING CORPORATION   U-HAUL LEASING & SALES CO.           07-Mar-02

CITIZENS LEASING CORPORATION     U-HAUL LEASING & SALES CO.           28-Jun-02

BANC ONE LEASING CORPORATION     U-HAUL LEASING & SALES CO.           24-Sep-02

IBM CREDIT CORPORATION           Republic Western Insurance Company   30-Sep-02

BERND FREYTAG                    AREC                                   MTM

STATE OF CALIFORNIA DOT          AREC                                   MTM

MARY MACARIO                     AREC                                  1-Feb-02

COCO'S/CARROWS                   AREC                                  1-Jun-03

COLORADO DOT                     AREC                                  1-Mar-03

COOK COUNTY DEPT OF REVENUE      AREC                                  1-Sep-02

ELLIE SALTZMAN                   AREC                                  1-Jun-99

NORFOLK SOUTHERN CORP            AREC                                  1-Apr-99

AIRPORT GARDEN INVESTORS         AMERCO                                1-Nov-98

BATON ROUGE WATER CO             N/A*                                    N/A*

CITY OF HOUSTON                  N/A*                                    N/A*

COMED                            N/A*                                    N/A*

GMAC COMMERICAL HOLDING CORP.,
AS ADMINISTRATIVE AGENT          AMERCO#                              28-Feb-03
</TABLE>

* These entries identify agreements wherein AMERCO has guaranteed U-Haul's
obligations to certain providers of utility services, so no lessee is identified
in these entries.

# This entry identifies AMERCO's execution of a support party agreement on
behalf of PM Preferred Properties, LP ("PMPP"), in relation to a credit facility
under which PMPP is borrower and GMAC is lender. Accordingly, lessor and lessee
nomenclature is inappropriate for this entry.

<PAGE>

                                    EXHIBIT G

                                 PMSR AGREEMENT

                                 [SEE ATTACHED]

<PAGE>

                                 PMSR AGREEMENT

         This PMSR Agreement (this "Agreement") is made and entered into as of
[the Effective Date], by AMERCO, a Nevada corporation ("AMERCO"), Private Mini
Storage Realty, L.P., a Texas limited partnership ("PMSR"), JPMorgan Chase Bank,
as Administrative Agent under the Credit Agreement described below (the
"Administrative Agent"), and the lenders under the Credit Agreement described
below (the "Lenders"). AMERCO, the Administrative Agent and the Lenders are
collectively referred to herein as the "Parties" and individually as a "Party."

                                    RECITALS

         WHEREAS, AMERCO is the Support Party under that certain Support Party
Agreement dated as of December 30, 1997 (the "Support Party Agreement"), with
respect to the indebtedness of PMSR under that certain Amended and Restated
Credit Agreement dated as of March 3, 2003 (as amended to date, the "Credit
Agreement"), among PMSR, Storage Realty L.L.C., the Lenders and the
Administrative Agent.

         WHEREAS, pursuant to that certain Non-Exoneration Letter dated as of
March 3, 2003, AMERCO acknowledged its obligations under the Support Party
Agreement to purchase all of the outstanding loans made by the Lenders to PMSR
in the aggregate principal amount of $55.55 million (the "PMSR Support
Obligations").

         WHEREAS, on June 20, 2003, AMERCO filed for relief under Chapter 11 of
Title 11 of the United States Code, 11 U.S.C. Sections 101, et. seq. (the
"Bankruptcy Code"), before the United States Bankruptcy Court for the District
of Nevada (the "Bankruptcy Court") and on August 13, 2003, AMERCO Real Estate
Company ("AREC") filed for relief under Chapter 11 of the Bankruptcy Code before
the Bankruptcy Court.

         WHEREAS, on October 6, 2003, AMERCO and AREC filed a Joint Plan of
Reorganization (the "Plan") with the Bankruptcy Court, which was amended and was
subsequently confirmed by the Bankruptcy Court on _____, 2004. Capitalized terms
used herein without definition have the meanings ascribed to them in the Plan.

         WHEREAS, under the Plan, the Lenders have an Allowed Class 7 Claim of
$55.55 million plus any unpaid interest or charges owing under the Credit
Agreement and will receive a Pro Rata share of each of the following on the
Effective Date: (i) Cash in an amount to be determined; (ii) New Term Loan B
Notes in a principal amount to be determined; (iii) SAC Holding Senior Notes in
the Face Amount of $200 million; and (iv) New AMERCO Notes in an amount to be
determined (the SAC Holding Senior Notes, the New Term Loan B Notes and the New
AMERCO Notes received by the Lenders are hereinafter referred to as the "New
Debt Securities"); and the sum of the cash and the Face Amount of the New Debt
Securities that the Lenders are to receive under the Plan will equal their
Allowed Class 7 Claim.

         WHEREAS, pursuant to the Plan, Reorganized AMERCO and the Lenders are
required to enter into this Agreement on the Effective Date of the Plan.

         WHEREAS, the purpose of this Agreement is to prevent the Lenders from
being paid twice (i.e., once on the Loans (as defined in the Credit Agreement)
and again on the New Debt

                                       1
<PAGE>


Securities).

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties hereby agree as follows:

         1.       Recitals. Each of the foregoing Recitals is incorporated
hereby as if fully set forth herein.

         2.       New Debt Securities to be Issued to Administrative Agent. Each
Lender hereby agrees that all of the New Debt Securities to be issued to the
Lenders in partial satisfaction of the Lenders' Allowed Class 7 Claims shall be
issued to the Administrative Agent on behalf of the Lenders, and the
Administrative Agent agrees to hold such New Debt Securities as agent for and on
behalf of the Lenders in accordance with this Agreement. Subject to Section 4
below, the Administrative Agent agrees to distribute all payments of principal
of, and interest and other amounts on, such New Debt Securities that the
Administrative Agent then holds to the Lenders on a Pro Rata basis promptly upon
receipt.

         3.       Assignment on Effective Date; Promissory Notes. Each Lender
hereby assigns to AMERCO a portion of its Loans (as defined in the Credit
Agreement) in an aggregate principal amount equal to the Cash received by such
Lender on the Effective Date in partial satisfaction of the principal portion of
its Allowed Class 7 Claim. PMSR and the Administrative Agent hereby consent to
such assignment.

         4.       Interest Payments, (a) The Administrative Agent shall
distribute all payments of interest on the Loans to the Lenders in accordance
with the Credit Agreement. So long as no default in the payment of interest has
occurred and is continuing under the New Debt Securities, then, except as
otherwise provided in this paragraph, upon the Administrative Agent's receipt of
each payment of interest on any New Debt Securities (the date of such payment,
an "NDS Interest Payment Date"), the Administrative Agent shall within one (1)
Business Day thereafter distribute a portion of such interest to AMERCO in an
amount equal to the product of (i) the interest on the Loans paid to the Lenders
during the Interest Payment Period (as hereafter defined) ending on such NDS
Interest Payment Date and (ii) a fraction, the numerator of which equals the
outstanding aggregate principal amount of the New Debt Securities for which
interest was received by the Administrative Agent on the relevant NDS Interest
Payment Date and the denominator of which equals the outstanding aggregate
principal amount of all New Debt Securities held by the Administrative Agent on
such NDS Interest Payment Date. Any amount of interest on the New Debt
Securities not distributed to AMERCO in accordance with the immediately
preceding sentence shall be distributed to the Lenders on a pro rata basis.

                           (b) For purposes of this Agreement, an "Interest
         Payment Period" is the period commencing on the Effective Date and
         ending on the first NDS Interest Payment Date, and each subsequent
         Interest Payment Period commences on the day after the preceding NDS
         Interest Payment Date and ends on the next succeeding NDS Interest
         Payment Date.

                                       2
<PAGE>


                           (c) If any payment of interest on the New Debt
         Securities is made other than on the date it is due, the Administrative
         Agent shall distribute AMERCO's portion of the payment to AMERCO 95
         days after the payment date. If the payor of the interest becomes a
         debtor in a case under the Bankruptcy Code within the 95-day period,
         then the Administrative Agent shall not distribute any portion until
         such time as there is a final resolution of whether any interest
         payment is avoidable or recoverable in the bankruptcy case. At the time
         of such final resolution, the Administrative Agent shall retain or
         shall transfer to AMERCO the interest payment based on the amount, if
         any, that the Administrative Agent retains (for distribution to the
         Lenders) of the payment.

         5.       Principal Payments on New Debt Securities. If the issuer of a
New Debt Security pays any principal owing on the New Debt Security to the
Administrative Agent, or redeems such New Debt Security, then, except as
otherwise provided in this paragraph, the Administrative Agent shall transfer an
amount of Loans with a face amount equal to the amount of any principal paid or
redeemed on the New Debt Security to AMERCO on the date that is 95 days after
the date of the principal payment or redemption, together with any interest and
principal payments made on such Loans during such 95 day period, if the issuer
of the New Debt Securities redeemed or on which principal payments were made has
not then become a debtor in a case under the Bankruptcy Code. If the issuer has
become a debtor in a case under the Bankruptcy Code within the 95-day period,
then the Administrative Agent may continue to hold the Loans (together with any
interest and principal payments thereon) that otherwise would have been assigned
and transferred until such time as there is a final resolution of whether any
principal or redemption payment to the Administrative Agent is avoidable or
recoverable in the bankruptcy case. At the time of such final resolution, the
Administrative Agent shall retain the Loans (together with any interest and
principal payments thereon) or shall transfer and assign the Loans (together
with any interest and principal payments thereon) to AMERCO based on the amount,
if any, that the Administrative Agent retains (for distribution to the Lenders)
of the principal or redemption payment. PMSR and the Administrative Agent hereby
consent to any assignment pursuant to this Section 5.

         6.       Sale of New Debt Securities. If any Lender (a "Selling
Lender"), acting in its sole discretion, decides to sell all or a portion of the
New Debt Securities held on behalf of such Lender by the Administrative Agent to
a third party, such Selling Lender shall notify the Administrative Agent and
AMERCO of such sale and, upon the closing of such sale, (i) the Administrative
Agent shall release such New Debt Securities to the buyer and (ii) such Selling
Lender shall assign to AMERCO a portion of its Loans in an aggregate principal
amount equal to the Face Amount of the New Debt Securities sold by such Selling
Lender. PMSR and the Administrative Agent hereby consent to any such assignment.

         7.       Sale or Assignment of Loans. If any Lender (an "Assigning
Lender"), acting in its sole discretion, decides to sell or assign all or a
portion of its Loans to a third party, in addition to complying with the
assignment provisions of the Credit Agreement, such Assigning Lender shall (i)
require that such third party agree in writing to become a party to this
Agreement and be treated as a Lender for all purposes with respect to the
assigned Loans; and (ii) notify the Administrative Agent of such sale or
assignment and, upon the closing of such sale or assignment, the Administrative
Agent shall hold all (or if only a portion of the Loans of the Assigning Lender
are being sold or assigned, a corresponding portion) of the New Debt Securities
held by the

                                       3
<PAGE>


Administrative Agent on behalf of the Assigning Lender as agent for and on
behalf of the buyer or assignee of the Loans, subject to all of the terms and
provisions of this Agreement.

         8.       Repayment of Loans.

                           (a) The Administrative Agent shall distribute all
         payments of principal on the Loans to the Lenders in accordance with
         the Credit Agreement and, except as otherwise provided in this
         paragraph 8, shall, 95 days after the date of payment, transfer New
         Debt Securities in an aggregate Face Amount equal to such principal
         payment to AMERCO. New Debt Securities so transferred to AMERCO shall
         be in the following order: (i) first, New AMERCO Notes; (ii) second,
         New Term Loan B Notes; and (iii) third, SAC Holding Senior Notes.

                           (b) If the Loans, together with accrued interest
         thereon and any other amounts due to the Administrative Agent and the
         Lenders under the Credit Agreement, are repaid in full prior to the
         payment in full of the New Debt Securities, then except as otherwise
         provided in this paragraph 8, the Administrative Agent shall transfer
         all New Debt Securities held by it on behalf of the Lenders to AMERCO
         95 days after the date of repayment.

                           (c) If PMSR becomes a debtor in a case under the
         Bankruptcy Code within 95 days after any payment of principal on the
         Loans, then the Administrative Agent may continue to hold the New Debt
         Securities that otherwise would have been transferred under this
         paragraph 8 until such time as there is a final resolution of whether
         any payment is avoidable or recoverable in the bankruptcy case. At the
         time of such final resolution, the Administrative Agent shall retain
         the New Debt Securities (together with any payment of principal or
         interest thereon) or transfer the New Debt Securities (together with
         any payment of principal or interest thereon) to AMERCO based on the
         amount, if any, that the Administrative Agent retains (for distribution
         to the Lenders) of the payment.

         9.       Subordination. AMERCO hereby covenants and agrees that its
rights and the rights of any of its subsidiaries, whether now existing or
hereafter arising, to receive payment on account of any indebtedness owed to it
or any such subsidiary by PMSR, whether under the Loans transferred to it under
this Agreement or otherwise, or to receive any payment from PMSR from any other
source (other than ordinary expenses relating to the operation of the business
of PMSR, paid in PMSR's ordinary course of business) shall at all times be
Subordinate (as defined in the Credit Agreement) in accordance with the
provisions of Schedule S of the Credit Agreement ("Schedule S") to the full and
prior repayment of the amounts outstanding in favor of the Lenders under the
Credit Agreement. Except as expressly provided in Schedule S or in Section 4 of
this Agreement, neither AMERCO nor any of its subsidiaries shall be entitled to
enforce or receive payment of any sums hereby Subordinated until the amounts
outstanding under the Credit Agreement in favor of the Lenders have been paid
and performed in full and all Commitments terminated, and any such sums received
in violation of this Agreement or Schedule S shall be received by AMERCO or its
subsidiaries, as applicable, in trust for the Administrative Agent and the
Lenders. AMERCO shall cause each subsidiary to Subordinate any indebtedness owed
to the subsidiary by PMSR in accordance with the terms of this Section 9.
Notwithstanding anything in Schedule S to the contrary, AMERCO shall not have
the right to vote on any amendment, waiver

                                       4
<PAGE>


or consent with respect to the Credit Agreement or any other Loan Document (as
defined in the Credit Agreement) until the termination of this Agreement. If
AMERCO transfers any of the Loans that it receives under this Agreement to any
other entity, whether or not an AMERCO subsidiary, the subordination provisions
of this paragraph shall continue to apply to the transferred Loans as though
still held by AMERCO.

         10.      Loans Transferred to AMERCO.

                  (a)      Notwithstanding the transfer of Loans to AMERCO under
         any provision of this Agreement, AMERCO shall not be deemed to be a
         "Lender" for any purpose under this Agreement. Notwithstanding any
         other provision of this Agreement, once the Administrative Agent
         transfers a Loan to AMERCO, the Loan shall no longer be treated as a
         "Loan" for purposes of this Agreement.

                  (b)      If any Loan assigned, in whole or in part, to AMERCO
         hereunder is evidenced by a promissory note, the assigning Lender
         shall, promptly upon such assignment, surrender such promissory note to
         PMSR, and PMSR shall promptly prepare and execute new promissory notes
         evidencing the Loans retained by such assigning Lender and the Loans
         assigned to AMERCO and deliver them to the assigning Lender and AMERCO,
         respectively. If any Loan assigned to AMERCO hereunder is not evidenced
         by a promissory note, the assigning Lender shall promptly upon such
         assignment notify PMSR of such assignment, and PMSR shall promptly
         execute and deliver to AMERCO a new promissory note evidencing the Loan
         assigned to AMERCO. PMSR shall make all payments required under the
         promissory notes delivered to AMERCO hereunder directly to AMERCO or as
         otherwise instructed by AMERCO.

         11.      Disclosure. The Parties agree that a copy of this Agreement
shall be filed with the Bankruptcy Court.

         12.      Termination of Agreement. This Agreement shall terminate on
the later to occur of (i) the date that all Loans held by the Lenders on the
Effective Date have been assigned or transferred to AMERCO as provided hereunder
and (ii) the date that all New Debt Securities held by the Administrative Agent
on behalf of the Lenders have been transferred to AMERCO in accordance with
Section 8 hereof.

         13.      Costs and Expenses. AMERCO agrees to pay all reasonable
out-of-pocket expenses incurred by the Administrative Agent in connection with
the preparation, execution, delivery and administration of this Agreement or in
connection with any amendments, modifications or waivers of the provisions
hereof or incurred by the Administrative Agent or any Lender in connection with
the enforcement or protection of their rights in connection with this Agreement,
including the reasonable fees, charges and disbursements of Skadden, Arps,
Slate, Meagher & Flom LLP, counsel for the Administrative Agent, and, in
connection with any such amendment, modification or waiver or any such
enforcement or protection, the fees, charges and disbursements of any other
counsel for the Administrative Agent or any Lender.

         14.      Representations and Warranties. AMERCO represents and warrants
to the Administrative Agent and each Lender that the following statements are
true, correct and complete as of the date hereof:

                                       5
<PAGE>


                  (a)      Power and Authority. It is duly organized, validly
         existing, and in good standing under the laws of the state of its
         organization, and has all requisite corporate, partnership or limited
         liability company power and authority to enter into this Agreement and
         to carry out the transactions contemplated by, and perform its
         respective obligations under, this Agreement.

                  (b)      Authorization. The execution and delivery of this
         Agreement and the performance of its obligations hereunder have been
         duly authorized by all necessary corporate, partnership or limited
         liability company action on its part.

                  (c)      No Conflicts. The execution, delivery and performance
         by it of this Agreement do not and shall not (i) violate any provision
         of law, rule or regulation applicable to it or any of its subsidiaries
         or its certificate of incorporation or bylaws or other organizational
         documents or those of any of its subsidiaries or (ii) conflict with,
         result in a breach of or constitute (with due notice or lapse of time
         or both) a default under any material contractual obligation to which
         it or any of its subsidiaries is a party.

                  (d)      Governmental Consents. The execution, delivery and
         performance by it of this Agreement do not and shall not require any
         registration or filing with consent or approval of, or notice to, or
         other action to, with or by, any federal, state or other governmental
         authority or regulatory body.

                  (e)      Binding Obligation. This Agreement is the legally
         valid and binding obligation of AMERCO, enforceable against it in
         accordance with its terms.

                  (f)      Bankruptcy Court Approval. This Agreement has been
         approved by the Bankruptcy Court in connection with the confirmation of
         a plan of reorganization for AMERCO in its chapter 11 case.

         15.      Amendments. This Agreement may not be modified, amended or
supplemented without the prior written consent of AMERCO, PMSR, the
Administrative Agent and all of the Lenders.

         16.      Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York. By its
execution and delivery of this Agreement, each of the Parties hereto hereby
irrevocably and unconditionally agrees for itself that any legal action, suit or
proceeding against it with respect to any matter under or arising out of or in
connection with this Agreement or for recognition or enforcement of any judgment
rendered in any such action, suit or proceeding, may be brought in the United
States District Court for the Southern District of New York. By execution and
delivery of this Agreement, each of the Parties hereto irrevocably accepts and
submits itself to the nonexclusive jurisdiction of such court, generally and
unconditionally, with respect to any such action, suit or proceeding.

         17.      Headings. The headings of the sections, paragraphs and
subsections of this Agreement are inserted for convenience only and shall not
affect the interpretation hereof.

                                       6
<PAGE>


         18.      Successors and Assigns. This Agreement is intended to bind and
inure to the benefit of the Parties and their respective successors, assigns,
heirs, executors, administrators and representatives.

         19.      Prior Negotiations. This Agreement supersedes all prior
negotiations with respect to the subject matter hereof.

         20.      Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement. Delivery of an executed counterpart of
this Agreement by facsimile shall be equally as effective as delivery of the
original executed counterpart of this Agreement.

         21.      No Third-Party Beneficiaries. Unless expressly stated herein,
this Agreement shall be solely for the benefit of the Parties hereto and no
other person or entity shall be a third-party beneficiary hereof, other than
successors and assigns of any Party.

         22.      Notices. (a) All notices hereunder to be served to AMERCO
shall be deemed given if in writing and delivered or sent by telecopy, courier
or by registered or certified mail (return receipt requested) to the following
addresses or telecopier numbers (or at such other addresses or telecopier
numbers as shall be specified by like notice):

                           AMERCO
                           c/o U-Haul International, Inc.
                           2727 North Central Avenue
                           Suite 500
                           Phoenix, Arizona  85004
                           Attn: Jennifer M. Settles, Esq.
                           Fax: 602-263-6173

                           with copy to:

                           SQUIRE, SANDERS & DEMPSEY L.L.P.
                           40 N. Central Avenue, Suite 2700
                           Phoenix, AZ 85004
                           Attn: Christopher D. Johnson, Esq.
                           Fax: 602-253-8129


                           (b) All notices hereunder to be served to PMSR shall
         be deemed given if in writing and delivered or sent by telecopy,
         courier or by registered or certified mail (return receipt requested)
         to the following addresses or telecopier numbers (or at such other
         addresses or telecopier numbers as shall be specified by like notice):

                           Private Mini Storage Realty, L.P.
                           10575 Westoffice Drive
                           Houston, TX 77042

                                       7
<PAGE>


                           Attn: Doug Mulvaney
                           Fax: 713-827-0710

                           with copy to:

                           NATHAN SOMMERS JACOBS & GORMAN
                           2700 Post Oak Boulevard, Suite 2500
                           Houston, TX 77055
                           Attn: Marvin D. Nathan, Esq.
                           Fax: 713-892-4800

                           (c) All notices hereunder to be served to the
         Administrative Agent or a Lender shall be deemed given if in writing
         and delivered or sent by telecopy, courier or by registered or
         certified mail (return receipt requested) to the address or telecopier
         number for such person set forth above its signature hereto (or at such
         other addresses or telecopier numbers as shall be specified by like
         notice), with a copy to:

                           SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP
                           300 South Grand Avenue, 34th Floor
                           Los Angeles, CA 90071
                           Attn: Richard Levin, Esq.
                           Fax: 213-687-5600

         23.      Effectiveness. This Agreement shall become effective when
AMERCO has received counterparts of this Agreement duly executed and delivered
by AMERCO, PMSR, the Administrative Agent and all of the Lenders.

                            [Signature page follows]

                                       8
<PAGE>


         IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                 AMERCO

                                 By:______________________________________
                                     Name:________________________________
                                     Title:_______________________________

                       [Additional signature pages follow]

                                       9
<PAGE>


                                 PRIVATE MINI STORAGE REALTY, L.P.

                                 By:   STORAGE REALTY L.L.C, its General Partner

                                       By:______________________________________
                                           Name:________________________________
                                           Title:_______________________________

                                       10
<PAGE>

                                 JP MORGAN CHASE BANK,
                                 AS ADMINISTRATIVE AGENT

                                 By:______________________________________
                                     Name:________________________________
                                     Title:_______________________________

                                 Address for notices:

                                       11
<PAGE>


                                 LENDERS:

                                 By:______________________________________
                                     Name:________________________________
                                     Title:_______________________________

                                 Address for notices:

                                       12
<PAGE>


                                    EXHIBIT H

                            RESTATED BMO MASTER LEASE

                                 [SEE ATTACHED]


<PAGE>


              SECOND AMENDED AND RESTATED MASTER LEASE AND OPEN END
                                    MORTGAGE

                      THIS DOCUMENT SECURES FUTURE ADVANCES

         THIS SECOND AMENDED AND RESTATED MASTER LEASE AND OPEN END MORTGAGE,
dated as of____________________, 2004, among each institution executing a
signature page hereto as a lessor an/or receiving an assignment of a lessor's
interest pursuant to Section 12.1 of the Participation Agreement, for so long as
such institution shall hold a lessor's interest hereunder (each, individually, a
"Lessor" and collectively, the "Lessors"), U-HAUL INTERNATIONAL, INC., a Nevada
corporation ("International"), as Lessee of the Existing Properties, AMERCO REAL
ESTATE COMPANY, a Nevada corporation ("AREC"), as Lessee of the Properties
(other than the Existing Properties) (International and AREC, collectively, the
"Lessee"), and BMO GLOBAL CAPITAL SOLUTIONS, INC. (f/k/a Bank of Montreal Global
Capital Solutions, Inc. and f/k/a BMO Leasing (U.S.), Inc.), a Delaware
corporation, as agent for the Lessors (in such capacity, the "Agent Lessor").

                                   WITNESSETH:

         WHEREAS, pursuant to the Master Lease and Open End Mortgage dated as of
December 6, 1996 (the "Original Master Lease"), among International, the lessor
parties thereto and the Agent Lessor, such lessors have agreed to lease to
International, and the Lessee has agreed to lease from such lessors, each
Property;

         WHEREAS, pursuant to the Amended and Restated Master Lease and Open End
Mortgage dated as of July 27,1999, a copy of which is attached hereto as Exhibit
A (the "Amended Master Lease"), among Lessee, the Lessors and the Agent Lessor,
the Original Master Lease was amended and restated in its entirety; and

         WHEREAS, Lessee, the Lessors and the Agent Lessor desire to amend and
restate the Amended Master Lease (the Amended Master Lease, as amended and
restated as set forth herein and as further amended, supplemented, amended and
restated or otherwise modified from time to time after the date hereof, this
"Master Lease") to accomplish the following: (i) the prepayment of $5,100,000 of
the principal balance of the Lender Base Rent and the Lessor Basic Rent
obligations; (ii) extend the Lease Term by seven (7) years; (iii) increase the
effective rate of interest to be paid on the Lender Basic Rent and Lessor Basic
Rent obligations; and (iv) amortize over thirty (30) years the principal of the
Lender Basic Rent and Lessor Basic Rent obligations.

                                    ARTICLE I
              DEFINITIONS; INCORPORATION BY REFERENCE; RATIFICATION

         1.1      Definitions; Interpretation. Capitalized Terms used but not
otherwise defined in this Master Lease have the respective meanings specified in
Appendix A to the Participation Agreement; and the rules of interpretation set
forth in Appendix A to the Participation Agreement shall apply to this Master
Lease.


<PAGE>


         1.2      Incorporation by Reference; Ratification. The Amended Master
Lease is hereby incorporated in this Master Lease by this reference as though
fully stated herein; provided, however, that certain of the terms and conditions
of the Amended Master Lease are hereby modified on the terms and conditions set
forth herein. The parties hereby ratify and confirm the continued force and
effect of this Master Lease, and agree that all terms and provisions of the
Amended Master Lease shall remain in full force and effect as originally set
forth, except as otherwise expressly modified or amended herein. In the event of
any conflict between the provisions of this Master Lease and the provisions of
the Operative Documents, the provisions of this Master Lease shall prevail.

                                   ARTICLE II
                           AMENDED AND RESTATED TERMS

         2.1      Lease Term. Section 2.3 of the Amended Master Lease is hereby
deleted in its entirety and replaced with the following:

                  2.3      Lease Term. The Lease Term for each Property (other
                  than Improved Property) shall consist of an Interim Lease Term
                  (an "Interim Lease Term") and a Basic Lease Term (a "Basic
                  Lease Term"), and the Lease Term for each Improved Property
                  shall consist of a Basic Lease Term only. The Interim Lease
                  Term of this Master Lease with respect to any Property (other
                  than an Improved Property) shall commence on (and include) the
                  Acquisition Date therefore and end on (but exclude) the
                  Completion Date for such Property. The Basic Lease Term of
                  this Master Lease for each Property shall be as follows: (a)
                  with respect to each Property (other than an Improved
                  Property), the Basic Lease Term shall commence on (and
                  include) the last day of the Interim Lease Term for such
                  Property and end on the date that is the day immediately
                  preceding the date that is the seventh (7th) anniversary of
                  the date of the Amended and Restated Lease and (b) with
                  respect to each Improved Property, the Basic Lease Term shall
                  commence on (and include) the Acquisition Date of such
                  Property and end on the date that is the day immediately
                  preceding the date that is the seventh (7th) anniversary of
                  the date of the Amended and Restated Lease.

         2.2      Rent. The following is hereby added to the end of Section
3.1(a) of the Amended Master Lease:

                  Notwithstanding any provision to the contrary in the Master
                  Lease or The Participation Agreement, "Basic Rent" shall be
                  the sum of the payments for (i) the Lender Basic Rent
                  Amortization (as set forth in Exhibit "B" attached hereto and
                  herein incorporated by the reference) and (ii) the Lessor
                  Basic Rent Amortization (as set forth


<PAGE>


                  in Exhibit "C" attached hereto and herein incorporated by the
                  reference).

         IN WITNESS WHEREOF, the parties have caused this Master Lease to be
duly executed and delivered as of the date first above written.

                                       U-HAUL INTERNATIONAL, INC., as a Lessee

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

                                       AMERCO REAL ESTATE COMPANY, as a Lessee

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

                                       BMO GLOBAL CAPITAL SOLUTIONS, INC., as
                                       Agent Lessor and as a Lessor

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

                                       FBTC LEASING CORP., as a Lessor

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________


<PAGE>


                                       DRESDNER BANK AG, NEW YORK AND
                                       GRAND CAYMAN BRANCES, as a Lessor

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

<PAGE>

STATE OF__________________________ )
                                   )   ss.:
COUNTY OF_________________________ )

         The foregoing Master Lease was acknowledged before me, the undersigned
Notary Public, in the County of_________________, ____________________ of
________________, this ______ day of ________________, ________, by
_____________________, as ___________________ of U-HAUL INTERNATIONAL, INC., a
Nevada corporation, on behalf of said corporation.

[Notarial Seal]                        ________________________________________
                                       Notary Public

My commission expires:__________________________________

<PAGE>

STATE OF__________________________ )
                                   )   ss.:
COUNTY OF_________________________ )

         The foregoing Master Lease was acknowledged before me, the undersigned
Notary Public, in the County of _______________, ______________________ of
_______________, this ______ day of_________________, ______, by
______________________, as ________________________ of AMERCO REAL ESTATE
COMPANY, a Nevada corporation, on behalf of said corporation.

 [Notarial Seal]                        ________________________________________
                                        Notary Public

My commission expires:__________________________________

<PAGE>


STATE OF___________________________ )
                                    )    ss.:
COUNTY OF__________________________ )

         The foregoing Master Lease was acknowledged before me, the undersigned
Notary Public, in the County of _____________________, ________________ of
________________, this ______ day of ____________, ________, by
______________________, as ________________________ of BMO GLOBAL CAPITAL
SOLUTIONS, INC., a Delaware corporation, on behalf of said corporation.

[Notarial Seal]                        ________________________________________
                                       Notary Public

My commission expires:__________________________________

<PAGE>

STATE OF___________________________ )
                                    )    ss.:
COUNTY OF__________________________ )

         The foregoing Master Lease was acknowledged before me, the undersigned
Notary Public, in the County of _____________________, ________________ of
___________, this ___________ day of _________________, ________, by
_____________________, as ________________________ of FBTC LEASING CORP., a New
York corporation, on behalf of said corporation.

[Notarial Seal]                          ______________________________________
                                         Notary Public

My commission expires:_________________________________


<PAGE>

STATE OF___________________________ )
                                    )   ss.:
COUNTY OF__________________________ )

         The foregoing Master Lease was acknowledged before me, the undersigned
Notary Public, in the County of _____________________, ________________ of
_______________, this ______ day of _________________, ________, by
______________________, as ________________________ of DRESDNER BANK AG, NEW
YORK AND GRAND CAYMAN BRANCES, a _____________________________________
corporation, on behalf of said corporation.

[Notarial Seal]                         ________________________________________
                                        Notary Public

My commission expires:__________________________________

<PAGE>

THIS COUNTERPART IS THE ORIGINAL EXECUTED COUNTERPART.

Receipt of this original  counterpart  of the  foregoing  Master Lease is hereby
acknowledged as of ________________, ________.

                                       BANK OF MONTREAL, as Administrative Agent
                                       for the Lenders

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

<PAGE>

BMO LENDER BASIC RENT

<TABLE>
<S>                <C>
Yearly Interest            7.44%

Amount Financed    $121,731,320

Quarters Financed           120

Yearly Payments    $ 10,174,641
</TABLE>

<TABLE>
<CAPTION>
                             PAYMENT TO         PAYMENT TO        PRINCIPLE
QUARTER      PAYMENT          INTEREST          PRINCIPLE          BALANCE
- ----------------------------------------------------------------------------
<S>        <C>               <C>               <C>              <C>
                                                                $121,731,320
   1       $ 2,543,660       $ 2,265,344       $   278,316       121,453,003
   2         2,543,660         2,260,164           283,496       121,169,508
   3         2,543,660         2,254,889           288,771       120,880,736
   4         2,543,660         2,249,515           294,145       120,586,591
   5         2,543,660         2,244,041           299,619       120,286,972
   6         2,543,660         2,238,465           305,195       119,981,777
   7         2,543,660         2,232,786           310,874       119,670,903
   8         2,543,660         2,227,001           316,659       119,354,243
   9         2,543,660         2,221,108           322,552       119,031,691
  10         2,543,660         2,215,105           328,555       118,703,136
  11         2,543,660         2,208,991           334,669       118,368,467
  12         2,543,660         2,202,763           340,897       118,027,570
  13         2,543,660         2,196,419           347,241       117,680,329
  14         2,543,660         2,189,957           353,703       117,326,626
  15         2,543,660         2,183,375           360,285       116,966,341
  16         2,543,660         2,176,671           366,990       116,599,352
  17         2,543,660         2,169,841           373,819       116,225,533
  18         2,543,660         2,162,885           380,776       115,844,757
  19         2,543,660         2,155,799           387,862       115,456,895
  20         2,543,660         2,148,581           395,080       115,061,816
  21         2,543,660         2,141,228           402,432       114,659,384
  22         2,543,660         2,133,739           409,921       114,249,463
  23         2,543,660         2,126,111           417,549       113,831,914
  24         2,543,660         2,118,341           425,319       113,406,595
  25         2,543,660         2,110,426           433,234       112,973,360
  26         2,543,660         2,102,364           441,297       112,532,064
  27         2,543,660         2,094,151           449,509       112,082,555
  28         2,543,660         2,085,786           457,874       111,624,681
</TABLE>


<PAGE>


BMO LESSOR BASIC RENT

<TABLE>
<S>                    <C>
Yearly Interest               7.82%

Amount Financed        $21,536,490

Quarters Financed              120

Yearly Payments        $ 1,866,792
</TABLE>

<TABLE>
<CAPTION>
                             PAYMENT TO         PAYMENT TO        PRINCIPLE
QUARTER      PAYMENT          INTEREST          PRINCIPLE          BALANCE
- ----------------------------------------------------------------------------
<S>        <C>               <C>               <C>               <C>
                                                                 $21,536,490
   1       $  466,698        $  420,971        $   45,727         21,490,763
   2          466,698           420,077            46,621         21,444,142
   3          466,698           419,166            47,532         21,396,610
   4          466,698           418,237            48,461         21,348,149
   5          466,698           417,290            49,408         21,298,741
   6          466,698           416,324            50,374         21,248,366
   7          466,698           415,339            51,359         21,197,008
   8          466,698           414,335            52,363         21,144,645
   9          466,698           413,312            53,386         21,091,259
  10          466,698           412,268            54,430         21,036,829
  11          466,698           411,204            55,494         20,981,335
  12          466,698           410,120            56,578         20,924,756
  13          466,698           409,014            57,684         20,867,072
  14          466,698           407,886            58,812         20,808,260
  15          466,698           406,736            59,962         20,748,298
  16          466,698           405,564            61,134         20,687,165
  17          466,698           404,369            62,329         20,624,836
  18          466,698           403,151            63,547         20,561,289
  19          466,698           401,909            64,789         20,496,500
  20          466,698           400,643            66,056         20,430,445
  21          466,698           399,351            67,347         20,363,098
  22          466,698           398,035            68,663         20,294,435
  23          466,698           396,693            70,005         20,224,430
  24          466,698           395,324            71,374         20,153,056
  25          466,698           393,929            72,769         20,080,287
  26          466,698           392,507            74,191         20,006,096
  27          466,698           391,057            75,641         19,930,455
  28          466,698           389,578            77,120         19,853,335
</TABLE>

<PAGE>


                                    EXHIBIT I

                         RESTATED CITIBANK MASTER LEASE

                                 [SEE ATTACHED]

<PAGE>

                        AMENDED AND RESTATED MASTER LEASE

         THIS AMENDED AND RESTATED MASTER LEASE, dated as of
_______________________________, 2004, between BMO GLOBAL CAPITAL SOLUTIONS,
INC., a Delaware corporation (the "Lessor"), having an address at 430 Park
Avenue, 16th Floor, New York, New York 10022, and AMERCO REAL ESTATE COMPANY, a
Nevada corporation (the "Lessee"), having an address at 2727 N. Central Avenue,
Phoenix, Arizona 85004. as Lessee of the Properties (other than the Existing
Properties) (International and AREC, collectively, the "Lessee"), and as agent
for the Lessors (in such capacity, the "Agent Lessor").

                              Preliminary Statement

         Pursuant to the Master Lease dated as of September 24,1999, a copy of
which is attached hereto as Exhibit A (the "Original Master Lease"), between
Lessor and Lessee, Lessee has agreed to lease from Lessor the Properties, and
Lessor has agreed to lease to Lessee the Properties. Lessee and Lessor desire to
amend and restate the Original Master Lease in its entirety (the Original Master
Lease, as amended and restated as set forth herein and as further amended,
supplemented, amended and restated or otherwise modified from time to time after
the date hereof, this "Master Lease") to accomplish the following: (i) the
prepayment of $3,500,000 of the principal balance of the Series A Portion of the
Adjusted Capital Cost of the Property (the "Series A Obligations"), the Series B
Portion of the Adjusted Capital Cost of the Property (the "Series B
Obligations") and the Series C Portion of the Adjusted Capital Cost of the
Property (the "Series C Obligations"); (ii) extend the Lease Term by seven (7)
years; (iii) increase the effective rate of interest to be paid on the Series A
Obligations, the Series B Obligations and the Series C Obligations, and (iv)
amortize over thirty (30) years the principal of the Series A Obligations, the
Series B Obligations and the Series C Obligations.

                                    ARTICLE I
              DEFINITIONS; INCORPORATION BY REFERENCE; RATIFICATION

         1.1      Definitions. Capitalized Terms used but not otherwise defined
in this Master Lease have the respective meanings specified in the Participation
Agreement dated as of September 24,1999, by and among AMERCO, the Lessee, the
Lessor, the Persons named therein as Note Holders and as Certificate Holders,
the Persons named therein as APA Purchasers, and Citicorp USA, Inc., as Agent
(as the same may be amended, modified or supplemented from time to time).

         1.2      Incorporation by Reference; Ratification. The Original Master
Lease is hereby incorporated in this Master Lease by this reference as though
fully stated herein; provided, however, that certain of the terms and conditions
of the Original Master Lease are hereby modified on the terms and conditions set
forth herein. The parties hereby ratify and confirm the continued force and
effect of this Master Lease, and agree that all terms and provisions of the
Original Master Lease shall remain in full force and effect as originally set
forth, except as otherwise expressly modified or amended herein. In the event of
any conflict between the


<PAGE>


provisions of this Master Lease and the provisions of the Operative Documents,
the provisions of this Master Lease shall prevail.

                                   ARTICLE II
                           AMENDED AND RESTATED TERMS

         2.1      Section 3 of the Lease is hereby deleted in its entirety and
replaced with the following:

                  3.       Term. The Lease shall be effective as of the date
                  hereof. Each Property is leased for a Term (the "Term") which
                  shall commence, with respect to any portion of the Property,
                  on the Transaction Date set forth in the Lease Supplement
                  applicable to such Property and shall terminate on the date
                  that is the day immediately preceding the date that is the
                  seventh (7th) anniversary of the date of the Amended and
                  Restated Lease (the "Expiration Date") or such earlier date as
                  the Lease with applicable Lease Supplement for such Property
                  shall be terminated pursuant to any provision hereof.

         2.2      Fixed Rent. Section I.C of Schedule A is hereby deleted in its
entirety and replaced with the following:

                  Notwithstanding any provision to the contrary in the Master
                  Lease or the Participation Agreement, "Fixed Rent" shall be
                  due and payable in arrears on each Payment Date and shall be
                  the sum of the payments for (i) the Series A Obligations (as
                  set forth in Exhibit "A" attached hereto and herein
                  incorporated by the reference), (ii) the Series B Obligations
                  (as set forth in Exhibit "B" attached hereto and herein
                  incorporated by the reference), and (iii) the Series C
                  Obligations (as set forth in Exhibit "C" attached hereto and
                  herein incorporated by the reference.

         IN WITNESS WHEREOF, the parties have caused this Master Lease to be
duly executed and delivered as of the date first above written.

                                       LESSOR:

                                       BMO GLOBAL CAPITAL SOLUTIONS, INC.

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

<PAGE>

                                       LESSEE: .

                                       AMERCO REAL ESTATE COMPANY

                                       By:__________________________________
                                       Name:________________________________
                                       Title:_______________________________

<PAGE>

CITIBANK - SERIES A OBLIGATIONS

<TABLE>
<S>                     <C>
Yearly Interest                7.46%

Amount Financed         $82,992,024

Quarters Financed               120

Yearly Payments         $ 6,949,474
</TABLE>

<TABLE>
<CAPTION>
                            PAYMENT TO        PAYMENT TO       PRINCIPLE
QUARTER      PAYMENT         INTEREST         PRINCIPLE         BALANCE
- ------------------------------------------------------------------------
<S>        <C>              <C>              <C>             <C>
                                                             $82,992,024
   1       $1,737,369       $1,548,320       $  189,049       82,802,975
   2        1,737,369        1,544,793          192,576       82,610,400
   3        1,737,369        1,541,200          196,168       82,414,231
   4        1,737,369        1,537,541          199,828       82,214,403
   5        1,737,369        1,533,812          203,556       82,010,847
   6        1,737,369        1,530,015          207,354       81,803,494
   7        1,737,369        1,526,146          211,222       81,592,272
   8        1,737,369        1,522,206          215,163       81,377,109
   9        1,737,369        1,518,192          219,177       81,157,932
  10        1,737,369        1,514,103          223,266       80,934,666
  11        1,737,369        1,509,937          227,431       80,707,235
  12        1,737,369        1,505,694          231,674       80,475,561
  13        1,737,369        1,501,372          235,996       80,239,564
  14        1,737,369        1,496,969          240,399       79,999,165
  15        1,737,369        1,492,484          244,884       79,754,281
  16        1,737,369        1,487,916          249,453       79,504,828
  17        1,737,369        1,483,262          254,107       79,250,722
  18        1,737,369        1,478,521          258,847       78,991,874
  19        1,737,369        1,473,692          263,676       78,728,198
  20        1,737,369        1,468,773          268,596       78,459,603
  21        1,737,369        1,463,762          273,607       78,185,996
  22        1,737,369        1,458,657          278,711       77,907,285
  23        1,737,369        1,453,458          283,911       77,623,374
  24        1,737,369        1,448,161          289,207       77,334,167
  25        1,737,369        1,442,766          294,603       77,039,564
  26        1,737,369        1,437,269          300,099       76,739,464
  27        1,737,369        1,431,671          305,698       76,433,767
  28        1,737,369        1,425,967          311,401       76,122,366
</TABLE>


<PAGE>


CITIBANK - SERIES B OBLIGATIONS

<TABLE>
<S>                              <C>
Yearly Interest                         7.59%

Amount Financed                  $11,716,521

Quarters Financed                        120

Yearly Payments                     $993,154
</TABLE>

<TABLE>
<CAPTION>
                           PAYMENT TO        PAYMENT TO        PRINCIPLE
QUARTER      PAYMENT        INTEREST         PRINCIPLE          BALANCE
- ------------------------------------------------------------------------
<S>         <C>            <C>               <C>             <C>
                                                             $11,716,521
   1        $248,288        $222,248          $26,041         11,690,480
   2         243,288         221,754           26,535         11,663,946
   3         248,288         221,250           27,038         11,636,908
   4         248,288         220,738           27,551         11,609,357
   5         248,288         220,215           28,073         11,581,283
   6         248,288         219,682           28,606         11,552,677
   7         248,288         219,140           29,149         11,523,529
   8         248,288         218,587           29,702         11,493,827
   9         248,288         218,024           30,265         11,463,562
  10         248,288         217,449           30,839         11,432,723
  11         248,288         216,864           31,424         11,401,299
  12         248,288         216,268           32,020         11,369,279
  13         248,288         215,661           32,627         11,336,652
  14         248,288         215,042           33,246         11,303,405
  15         248,288         214,411           33,877         11,269,528
  16         248,288         213,769           34,520         11,235,009
  17         248,288         213,114           35,174         11,199,834
  18         248,288         212,447           35,842         11,163,993
  19         248,288         211,767           36,521         11,127,471
  20         248,288         211,074           37,214         11,090,257
  21         248,288         210,368           37,920         11,052,337
  22         248,288         209,649           38,639         11,013,697
  23         248,288         208,916           39,372         10,974,325
  24         248,288         208,169           40,119         10,934,206
  25         248,288         207,408           40,880         10,893,326
  26         248,288         206,633           41,656         10,851,670
  27         248,288         205,843           42,446         10,809,224
  28         248,288         205,037           43,251         10,765,973
</TABLE>

<PAGE>


CITIBANK - SERIES C OBLIGATIONS

<TABLE>
<S>                               <C>
Yearly Interest                         8.21%

Amount Financed                   $2,960,736

Quarters Financed                        120

Yearly Payments                   $  266,398
</TABLE>

<TABLE>
<CAPTION>
                            PAYMENT TO      PAYMENT TO      PRINCIPLE
QUARTER      PAYMENT         INTEREST       PRINCIPLE        BALANCE
- ---------------------------------------------------------------------
<S>         <C>             <C>             <C>            <C>
                                                           $2,960,736
    1       $  66,599       $  60,788       $   5,812       2,954,924
    2          66,599          60,668           5,931       2,948,993
    3          66,599          60,547           6,053       2,942,940
    4          66,599          60,422           6,177       2,936,763
    5          66,599          60,295           6,304       2,930,459
    6          66,599          60,166           6,433       2,924,025
    7          66,599          60,034           6,566       2,917,460
    8          66,599          59,899           6,700       2,910,759
    9          66,599          59,762           6,838       2,903,921
   10          66,599          59,621           6,978       2,896,943
   11          66,599          59,478           7,122       2,889,821
   12          66,599          59,332           7,268       2,882,554
   13          66,599          59,182           7,417       2,875,137
   14          66,599          59,030           7,569       2,867,567
   15          66,599          58,875           7,725       2,859,843
   16          66,599          58,716           7,883       2,851,959
   17          66,599          58,554           8,045       2,843,914
   18          66,599          58,389           8,210       2,835,704
   19          66,599          58,221           8,379       2,827,325
   20          66,599          58,049           8,551       2,818,774
   21          66,599          57,873           8,726       2,810,047
   22          66,599          57,694           8,906       2,801,142
   23          66,599          57,511           9,089       2,792,053
   24          66,599          57,324           9,275       2,782,778
   25          66,599          57,134           9,466       2,773,313
   26          66,599          56,940           9,660       2,763,653
   27          66,599          56,741           9,858       2,753,795
   28          66,599          56,539          10,061       2,743,734
</TABLE>

<PAGE>


                                    EXHIBIT J

                                NEW BMO GUARANTY

                                 [SEE ATTACHED]


<PAGE>

                      SECOND AMENDED AND RESTATED GUARANTY

         THIS SECOND AMENDED AND RESTATED GUARANTY, dated as of _______________,
2004, is made by AMERCO, a Nevada corporation (the "Guarantor"), in favor of
BANK OF MONTREAL and each of the other various financial institutions as are or
may from time to time become Lenders under the Loan Agreement pursuant to the
terms thereof and of the Participation Agreement (as hereinafter defined)
(together with their respective successors and assigns, the "Lenders"). BMO
GLOBAL CAPTIAL SOLUTIONS, INC. (f/k/a Bank of Montreal Global Capital Solutions,
Inc. and f/k/a BMO Leasing (U.S.), Inc.), a Delaware corporation, and the other
various lessors identified herein, as Lessors (as "Lessors"), BMO GLOBAL CAPTIAL
SOLUTIONS, INC., as Agent Lessor for the Lessors (in such capacity, the "Agent
Lessor"), and BANK OF MONTREAL, as the Administrative Agent under the Loan
Agreement (in such capacity, the "Administrative Agent") and as the Arranger
(the "Arranger") under the Participation Agreement (the Lenders, the Lessors,
the Agent Lessor, the Administrative Agent, the Arranger and their respective
successors and assigns, being referred to herein collectively as the
"Guaranteed Parties").

                              W I T N E S S E T H:

         WHEREAS, the Guarantor executed and delivered that certain Guaranty
dated as of December 6, 1996 (the "Original Guaranty") in favor of the
Guaranteed Parties;

         WHEREAS, pursuant to the Amended and Restated Guaranty dated as of July
27,1999, a copy of which is attached hereto as Exhibit A (the "Amended
Guaranty"), among the Guarantor and the Guaranteed Parties, the Original
Guaranty was amended and restated in its entirety; and

         WHEREAS, Guarantor and the Guaranteed Parties desire to amend and
restate the Amended Guaranty (the Amended Guaranty, as amended and restated as
set forth herein and as further amended, supplemented, amended and restated or
otherwise modified from time to time after the date hereof, this "Guaranty").

                                    ARTICLE I
              DEFINITIONS; INCORPORATION BY REFERENCE; RATIFICATION

         1.1      Definitions; Interpretation. Capitalized Terms used but not
otherwise defined in this Guaranty have the respective meanings specified in
Appendix A to the Participation Agreement; and the rules of interpretation set
forth in Appendix A to the Participation Agreement shall apply to this Guaranty.

         1.2      Incorporation by Reference; Ratification. The Amended Guaranty
is hereby incorporated in this Master Lease by this reference as though fully
stated herein; provided, however, that certain of the terms and conditions of
the Amended Guaranty are hereby modified on the terms and conditions set forth
herein. The parties hereby ratify and confirm the continued force and effect of
this Guaranty, and agree that all terms and provisions of the Amended


<PAGE>


Guaranty shall remain in full force and effect as originally set forth, except
as otherwise expressly modified or amended herein.

                                   ARTICLE II
                           AMENDED AND RESTATED TERMS

         2.1      Recitals. The five (5) paragraphs of that section of the
Amended Guaranty entitled "Witnesseth," each of which begins with "WHEREAS" are
hereby deleted in their entirety.

         IN WITNESS WHEREOF, the Guaranty has caused this Guaranty to be duly
executed and delivered as of the date first above written.

                                        AMERCO

                                        By:________________________________
                                        Name: _____________________________
                                        Title:_____________________________

ACKNOWLEDGED AND AGREED
AS OF THE DATE FIRST ABOVE WRITTEN:

BANK OF MONTREAL, as Administrative Agent,
on behalf of the Lenders

By:________________________________
Name: _____________________________
Title:_____________________________

BMO GLOBAL CAPITAL SOLUTIONS, INC.,
as Agent Lessor, on behalf of the Lessors

By:________________________________
Name: _____________________________
Title:_____________________________

<PAGE>


                                    EXHIBIT K

                             NEW CITIBANK GUARANTY

                                 [SEE ATTACHED]

<PAGE>

                      AMENDED AND RESTATED PARENT GUARANTY

         THIS AMENDED AND RESTATED PARENT GUARANTY, dated as of _______________,
2004, by AMERCO REAL ESTATE COMPANY, a Nevada corporation (the "Guarantor"), to
CITICORP USA, INC., as Agent for the benefit of the Note Holders and the
Certificate Holders (the "Agent"). BMO GLOBAL CAPITAL SOLUTIONS, INC., (the
"Lessor"), as Lessor under the Lease and CITIBANK, N.A., as APA Agent for the
benefit of the APA Purchasers (the "APA Agent").

                              Preliminary Statement

         Guarantor entered into that certain Parent Guaranty dated as of
September 24,1999, a copy of which is attached hereto as Exhibit A (the
"Original Guaranty"), in favor of the Agent, the Lessor and the APA Agent.
Guarantor desires to amend and restate the Original Guaranty in its entirety
(the Original Guaranty, as amended and restated as set forth herein and as
further amended, supplemented, amended and restated or otherwise modified from
time to time after the date hereof, this "Guaranty").

                                    ARTICLE I
              DEFINITIONS; INCORPORATION BY REFERENCE; RATIFICATION

         1.1      Definitions. Capitalized Terms used but not otherwise defined
in this Guaranty have the respective meanings specified in the Participation
Agreement dated as of September 24, 1999, by and among AMERCO, the Lessee, the
Lessor, the Persons named therein as Note Holders and as Certificate Holders,
the Persons named therein as APA Purchasers, and Citicorp USA, Inc., as Agent
(as the same may be amended, modified or supplemented from time to time).

         1.2      Incorporation by Reference; Ratification. The Original
Guaranty is hereby incorporated in this Guaranty by this reference as though
fully stated herein; provided, however, that certain of the terms and conditions
of the Original Guaranty are hereby modified on the terms and conditions set
forth herein. The parties hereby ratify and confirm the continued force and
effect of this Guaranty, and agree that all terms and provisions of the Original
Guaranty shall remain in full force and effect as originally set forth, except
as otherwise expressly modified or amended herein.

                                   ARTICLE II
                           AMENDED AND RESTATED TERMS

         2.1      Preliminary Statement. The entire three paragraphs (Paragraph
A, B and C) of the section of the Original Guaranty entitled "Preliminary
Statement" is hereby deleted in its entirety.

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Master Lease to be
duly executed and delivered as of the date first above written.

                                        GUARANTOR
                                        AMERCO

                                        By:________________________________
                                        Name: _____________________________
                                        Title:_____________________________

<PAGE>


                                    EXHIBIT L

                           NEW AMERCO NOTES INDENTURE

               [TO BE FILED ON OR BEFORE THE EXHIBIT FILING DATE]


<PAGE>


                                    EXHIBIT M

                        NEW TEAM LOAN B NOTES INDENTURE

               [TO BE FILED ON OR BEFORE THE EXHIBIT FILING DATE]


<PAGE>


                                    EXHIBIT N

                       SAC HOLDING SENIOR NOTES INDENTURE

               [TO BE FILED ON OR BEFORE THE EXHIBIT FILING DATE]

<PAGE>


                                    EXHIBIT O

            RESTATED ARTICLES OF INCORPORATION OF REORGANIZED AMERCO

                                 [SEE ATTACHED]


<PAGE>


                            PROPOSED AMENDMENT OF THE

                       RESTATED ARTICLES OF INCORPORATION

                                       OF

                                     AMERCO

Article 5 of the Restated Articles of Incorporation of AMERCO is amended in its
entirety to read as follows:

5.       The total number of shares of common stock which this corporation is
authorized to issue is (i) One Hundred and Fifty Million (150,000,000) shares of
common stock with a par value of Twenty-five Cents ($0.25) per share ("Common
Stock"), and (ii) One Hundred and Fifty Million (150,000,000) shares of common
stock ("Serial Common Stock"), with the Board of Directors having authority to
issue shares of Serial Common Stock in one or more series (the number of shares
of each series being determined by the Board of Directors), with or without par
value, and with such voting powers, designations, preferences, limitations,
restrictions, and relative rights as shall be stated or expressed in the
resolution regarding such Serial Common Stock adopted by the Board of Directors
pursuant to the authority expressly vested in it by this provision of the
Articles of Incorporation, or any amendment thereto. For purposes of these
Articles of Incorporation, the term "common stock" includes Common Stock and
Serial Common Stock. The voting powers, designations, preferences, limitations,
restrictions, and relative rights of the Series A Common Stock are described on
Exhibit A attached hereto. The voting powers, designations, preferences,
limitations, restrictions, and relative rights of the Series B Common Stock are
described on Exhibit B attached hereto.

         In addition to the common stock authorized to be issued by the
foregoing paragraph, this corporation is authorized to issue Fifty Million
(50,000,000) shares of Preferred Stock with the Board of Directors having
authority to issue such shares in one or more series (the number of shares of
each series being determined by the Board of Directors), with or without par
value, and with such voting powers, designations, preferences limitations,
restrictions, and relative rights as shall be stated or expressed in the
resolution regarding such preferred stock adopted by the Board of Directors
pursuant to the authority expressly vested in it by this provision of the
Articles of Incorporation, or any amendment thereto. The voting powers,
designations, preferences, limitations, restrictions, and relative rights of the
Series A Preferred Stock are described on Exhibit C attached hereto. The voting
powers, designations, preferences, limitations, restrictions, and relative
rights of the Series B Preferred Stock are described on Exhibit D attached
hereto.

         Pursuant to 1123(a)(6) of Title 11 of the United States Code, 11 U.S.C.
Sections 101, et seq., and notwithstanding any provision to the contrary in this
Article 5, the Board shall not authorize the issuance of any non-voting shares
of Common Stock, Serial Common Stock or Preferred Stock.


<PAGE>


                                    EXHIBIT-A

                                     AMERCO

                             SERIES A COMMON STOCK

         (a)      Designation. A series of Serial Common Stock (as defined in
the Articles of Incorporation) is hereby designated "Series A Common Stock." The
number of shares constituting the Series A Common Stock is 10,000,000. Shares of
the Series A Common Stock shall have a par value of $0.25.

         (b)      Dividends and Distributions. Shares of the Series A Common
Stock shall be entitled to receive such dividends and distributions as may be
declared by the Board of Directors from time to time and shall be payable, when
and as declared by the Board of Directors.

         (c)      Conversion. The holders of shares of the Series A Common Stock
shall not have any rights to convert such shares into or exchange such shares
for shares of any other class or classes or of any other series of any class or
classes of stock [ILLEGIBLE] the Corporation.

         (d)      Voting. The shares of the Series A Common Stock shall be
entitled to one vote per share.

         (e)      Liquidation Rights. Upon the dissolution, liquidation, or
winding up of the affairs of the Corporation, whether voluntary or involuntary,
the Series A Common Stock shall be entitled to distribution of the assets of the
Company on a pari passu basis with the Company's common stock, $0.25 par value.


<PAGE>

                                    EXHIBIT B

                                     AMERCO

                              SERIES B COMMON STOCK

         (a)      Designation. A series of Serial Common Stock (as defined in
the Articles of Incorporation) is hereby designated "Series B Common Stock." The
number of shares constituting the Series B Common Stock is 10,000,000. Shares of
the Series B Common Stock shall have a par value of $0.25.

         (b)      Dividends and Distributions. Shares of the Series B Common
Stock shall be entitled to receive such dividends and distributions as may be
declared by the Board of Directors from time to time on a pari passu basis with
the Corporation's Common Stock and Series A Common Stock and shall be payable,
when and as declared by the Board of Directors.

         (c)      Conversion. The holders of shares of the Series B Common Stock
shall not have any rights to convert such shares into or exchange such shares
for shares of any other class or classes or of any other series of any class or
classes of stock of the Corporation.

         (d)      Voting. The shares of the Series B Common Stock shall be
entitled to one-tenth (1/10) of one vote per share.

         (e)      Liquidation Rights. Upon the dissolution, liquidation, or
winding up of the affairs of the Corporation, whether voluntary or involuntary,
the Series B Common Stock shall be entitled to distribution of the assets of the
Corporation on a pari passu basis with the Corporation's Common Stock and Series
A Common Stock.


<PAGE>


                                    EXHIBIT C

                                     AMERCO

                           SERIES A PREFERRED STOCK;

         (a)      Designation. A series of preferred stock is hereby designated,
"Series A 8 1/2% Preferred Stock." The number of shares constituting the Series
A Preferred Stock is 6,100,000. Shares of the Series A Preferred Stock shall
have a liquidation preference of $25.00 per share and shall have no par value.

         (b)      Dividend Rate.

                  (i)      Shares of the Series A Preferred Stock shall be
         entitled to receive dividends at a fixed annual rate of $2.125 per
         share: Such dividends shall be cumulative from the date of original
         issue of such shares and shall be payable, when and as declared by the
         Board of Directors, quarterly for each of the quarters ending February,
         May, August, and November of each year, payable in arrears on the
         first business day that is not a legal holiday of each succeeding
         March, June, September, and December, commencing December 1, 1993.
         Each such dividend shall be paid to the holders of record of Shares of
         the Series A Preferred Stock as they appear on the stock records of the
         Corporation on the applicable record date, not exceeding 15 days
         preceding the payment date thereof, as shall be fixed by the Board of
         Directors. Dividends on account of arrears for any past dividend
         periods may be declared and paid at any time, without reference to any
         regular dividend payment date, to holders of record on such date as may
         be fixed by the Board of Directors, which shall not exceed 15 days
         preceding such dividend payment date thereof.


<PAGE>

                  (ii)     No dividends shall be declared or paid or set apart
         for payment on any shares of any class or classes of stock of the
         Corporation of any series thereof ranking, as to dividends, on a
         parity with or junior to the Series A Preferred Stock for any period
         unless full cumulative dividends have been or contemporaneously are
         declared and paid, or declared and a sum sufficient for the payment
         thereof set apart for such payment, on the Series A Preferred Stock for
         all dividend payment periods terminating on or prior to the date of
         payment of such dividend. When dividends are not paid in full, as
         aforesaid, upon the shares of the Series A Preferred Stock and any
         other shares of any class or classes of stock or series thereof ranking
         on a parity as to dividends with the Series A Preferred Stock, all
         dividends declared upon shares of the Series A Preferred Stock and any
         other shares of such class or classes of series thereof ranking on a
         parity as to dividends with the Series A Preferred Stock shall be
         declared pro rata so that the amount of dividends declared per share of
         the Series A Preferred Stock and such other shares shall in all cases
         bear to each other the same ratio that accrued dividends per share or
         the shares of the Series A Preferred Stock and such other shares bear
         to each other. Holders of shares of the Series A Preferred Stock shall
         not be entitled to any dividend, whether payable in cash, property or
         stock, in excess of full cumulative dividends, as herein provided, on
         the Series A Preferred Stock. No interest, or sum of money in lieu of
         interest, shall be payable in respect of any dividend payment or
         payments on the Series A Preferred Stock that may be in arrears.

                  (iii)    So long as any shares of the Series A Preferred Stock
         are outstanding, no dividend (other than a dividend in common stock or
         in any other shares ranking junior to the Series A Preferred Stock as
         to dividends and upon Liquidation (as defined in subsection (f) (i) and
         other than as provided in paragraph (ii) of this subsection (b)) shall
         be

                                      C-2
<PAGE>

         declared or paid or set aside for payment or other distribution
         declared or made upon the shares of any class or classes of stock of
         the Corporation or any series thereof ranking junior to or on a parity
         with the Series A Preferred Stock as to dividends or upon Liquidation
         nor shall any of the shares of any class or classes of stock of the
         Corporation or any series thereof ranking junior to or on a parity with
         the Series A Preferred Stock as to dividends or upon Liquidation be
         redeemed, purchased, or otherwise acquired or any consideration paid
         (or any moneys be paid to or made available for a sinking fund for the
         redemption of any such shares) by the Corporation, or any subsidiary
         thereof (except by conversion into or exchange for shares of the
         Corporation ranking junior to the Series A Preferred Stock as to
         dividends and upon liquidation), unless, in each case, the full
         cumulative dividends on all outstanding shares of the Series A
         Preferred Stock shall have been or contemporaneously are declared and
         paid, or declared and a sum sufficient for payment thereof is set apart
         for payment, for all past dividend payment periods.

                  (iv)     Dividends payable on the Series A Preferred Stock for
         any period less than a full quarterly dividend period, and for the
         dividend period beginning on the date of issuance of the shares of the
         Series A Preferred Stock, shall be computed on the basis of a 360-day
         year consisting of 12 30-day months. The amount of dividends payable on
         shares of the Series A Preferred Stock for each full quarterly dividend
         period shall be computed by dividing by 4 the annual rate per share set
         forth above in subsection (b) (i).

         (c)      Redemption.

                  (i)      The shares of the Series A Preferred Stock shall not
         be redeemable prior to December 1, 2000. On and after December 1, 2000,
         the Corporation, at its option, may redeem shares of the Series A
         Preferred Stock, as a whole or in part, for cash, at any time or from
         time to time, at a redemption price of $25.00 per share plus, in each
         case, accrued and unpaid dividends thereon to the date fixed for
         redemption.

                  (ii)     In the event that fewer than all the outstanding
         shares of the Series A Preferred Stock are to be redeemed, the number
         of shares to be redeemed shall be determined by the Board of Directors
         and the shares to be redeemed shall be determined by lot or pro rata as
         may be determined by the Board of Directors or by any other method as
         may be determined by the Board of Directors in its sole discretion to
         be equitable.

                                      C-3
<PAGE>

                  (iii)    In the event the Corporation shall redeem shares of
         the Series A Preferred Stock, notice of such redemption shall be given
         by first class mail, postage prepaid, mailed not less than 30 nor more
         than 60 days prior to the redemption date, to each holder of record of
         the shares to be redeemed, at such holder's address as the same appears
         on the stock records of the Corporation, or by publishing notice
         thereof in The Wall Street Journal or The New York Times, or, if,
         neither such newspaper is then being published, any other daily
         newspaper of national circulation (each, an "Authorized Newspaper"). If
         the Corporation elects to provide such notice by publication, it shall
         also promptly mail notice of such redemption to each holder of the
         shares of the Series A Preferred Stock to be redeemed. Each such mailed
         or published notice shall state: (v) the redemption date; (w) the
         number of shares of the Series A Preferred Stock to be redeemed and, if
         fewer than all the shares held by such holder are to be redeemed, the
         number of such shares to be redeemed from such holder; (x) the
         redemption price; (y) the place or places where certificates for such
         shares are to be surrendered for payment of the redemption price; and
         (z) that dividends on the shares to be redeemed will cease to accrue on
         such redemption date. No defect in the notice of redemption or in the
         mailing thereof shall affect the validity of the redemption
         proceedings, and the failure to give notice to any holder of shares of
         the Series A Preferred Stock to be so redeemed shall not effect the
         validity of the notice given to the other holders of shares of the
         Series A Preferred Stock, to be so redeemed.

                  (iv)     Notice having been mailed as aforesaid, then,
         notwithstanding that the certificates evidencing the shares of the
         Series A Preferred Stock shall not have been surrendered, from and
         after the redemption date (unless default shall be made by the
         Corporation in providing money for the payment of the redemption price)
         dividends on the shares of the Series A Preferred Stock so called for
         redemption shall cease to accrue, and said shares shall no longer be
         deemed to be outstanding, and all rights of the holders thereof as
         stockholders (including dividend and voting rights) of the Corporation
         (except the right to receive from the Corporation the redemption price)
         shall cease. Upon surrender in accordance with said notice of the
         certificates for any shares so redeemed (properly endorsed or assigned
         for transfer, if the Board of Directors shall so require and the notice
         shall so state), such shares shall be redeemed by the Corporation at
         the redemption price aforesaid. In case fewer than all the shares
         represented by any such certificate are redeemed, a new certificate
         shall be

                                      C-4
<PAGE>

         issued representing the unredeemed shares without cost to the holder
         thereof.

                  (v)      Any shares of the Series A Preferred Stock that shall
         at any time have been redeemed shall, after such redemption, in the
         discretion of the Board of Directors of the Corporation, be (x) held in
         treasury or (y) resume the status of authorized but unissued shares of
         preferred stock, without designation as to series, until such shares
         are once more designated as part of a particular series by the Board of
         Directors.

                  (vi)     Notwithstanding the foregoing provisions of this
         subsection (c), if any dividends on the Series A Preferred Stock are in
         arrears, no shares of the Series A Preferred Stock shall be redeemed
         unless all outstanding shares of the Series A Preferred Stock are
         simultaneously redeemed, and the Corporation shall not, and shall not
         permit any subsidiary thereof to, purchase or otherwise acquire any
         shares of the Series A Preferred Stock; provided, however, that the
         foregoing shall not prevent the purchase or acquisition of shares of
         the Series A Preferred Stock pursuant to a purchase or exchange offer
         made on the same terms to holders of all outstanding shares of the
         Series A Preferred Stock.

         (d)      Conversion. The holders of shares of the Series A Preferred
Stock shall not have any rights herein to convert such shares into or exchange
such shares for shares of any other class or classes or of any other series of
any class or classes of stock of the Corporation.

         (e)      Voting. The shares of the Series A Preferred Stock shall not
have any voting powers either general or special, except as required by law and
except that:

                  (i)      So long as any of the shares of the Series A
         Preferred Stock are outstanding, the consent of the holders of at least
         two-thirds of all the shares of the Series A Preferred Stock at the
         time outstanding, given in person or by proxy, either in writing or by
         a vote at a meeting called for the purpose at which the holders of
         shares of the Series A Preferred Stock shall vote together as a
         separate class, shall be necessary for authorizing, affecting or
         validating the amendment, alteration, or repeal of any of the
         provisions of the Articles of Incorporation of the Corporation or of
         any certificate amendatory thereof or supplemental thereto (including
         any certificate of amendment or any similar document relating to any
         series of preferred stock) that would adversely affect the powers,
         preferences, or special rights of the Series A Preferred Stock,
         including the creation or authorization of any class of stock that
         ranks senior to the Series A Preferred Stock with respect to dividends
         or upon Liquidation. Any

                                      C-5

<PAGE>

         amendment or any resolution or action of the Board of Directors that
         would create or issue any series of preferred stock out of the
         authorized shares of preferred stock, or that would authorize, create,
         or issue any shares or class of stock (whether or not already
         authorized), ranking junior to or on a parity with the Series A
         Preferred Stock with respect to the payment of dividends and
         distributions and distributions upon any Liquidation, shall not be
         considered to affect adversely the powers, preferences, or special
         rights of the outstanding shares of the Series A Preferred Stock;

                  (ii)     In the event that the Corporation shall have failed
         to declare and pay or set apart for payment in full the dividends
         accumulated on the outstanding shares of the Series A Preferred Stock
         for any six quarterly dividend payment periods, whether or not
         consecutive, and all such preferred dividends remain unpaid (a
         "Preferred Dividend Default"), the holders of outstanding shares of the
         Series A Preferred Stock, voting together as a class with the holders
         of all other series of preferred stock then entitled to vote on the
         election of such directors, shall be entitled to elect two directors to
         the Board of Directors of the Corporation until the full dividends
         accumulated on all outstanding shares of the Series A Preferred Stock
         have been declared and paid in full. Upon the occurrence of a Preferred
         Dividend Default, the Board of Directors shall within 10 business days
         (any day other than a day that is a Saturday, Sunday, or legal holiday
         on which banks are authorized to close in New York, New York) of such
         default call a special meeting of the holders of shares of the Series A
         Preferred Stock and all other holders of a series of preferred stock
         who are then entitled to participate in the election of such two
         directors for the purpose of electing the two directors provided by the
         foregoing provisions; provided that, in lieu of holding such meeting,
         the holders of record of a majority of the outstanding shares of the
         Series A Preferred Stock and all other series of preferred stock who
         are then entitled to participate in the election of such two directors
         may, by action taken by written consents permitted by law and the
         Articles of Incorporation and the Bylaws of the Corporation, elect such
         two directors. If and when all accumulated dividends on the shares of
         the Series A Preferred Stock have been declared and paid or set aside
         for payment in full, the holders of shares of the Series A Preferred
         Stock shall be divested of the special voting rights provided by this
         paragraph, subject to revesting in the event of each and every
         subsequent Preferred Dividend Default. Upon termination of such special
         voting rights attributable to all holders of shares of the Series A
         Preferred Stock and any other series of

                                      C-6

<PAGE>

         preferred stock, each director elected by the holders of shares of the
         Series A Preferred Stock and the holders of any other series of
         preferred stock (hereinafter referred to as a "Preferred Stock
         Director") pursuant to such special voting rights shall, without
         further action, be deemed to have resigned, subject always to the
         election of directors pursuant to the foregoing provisions in case of a
         future Preferred Dividend Default. Any Preferred Stock Director may be
         removed at any time with or without cause by, and shall not be removed
         otherwise than by, the vote of the holders of record of two-thirds of
         the outstanding shares of the Series A Preferred Stock and all other
         series of preferred stock who were entitled to participate in such
         Preferred Stock Director's election, voting as a separate class, at a
         meeting called for such purpose or by written consent as, and to the
         extent, permitted by law and the Articles of Incorporation and the
         Bylaws of the Corporation. So long as a Preferred Dividend Default
         shall continue, any vacancy in the office of a Preferred Stock Director
         shall be filled by written consent of the Preferred Stock Director
         remaining in office or, if none remains in office, by vote of the
         holders of record of a majority of the outstanding shares of the Series
         A Preferred Stock and all other series of preferred stock who are then
         entitled to participate in the election, of such Preferred Stock
         Directors as provided above. As long as a Preferred Dividend Default
         shall continue, holders of shares of the Series A Preferred Stock shall
         not, as such stockholders, be entitled to vote on the election or
         removal of directors other than Preferred Stock Directors, but shall
         not be divested of any other voting rights provided to such
         stockholders by law with respect to any other matter to be acted upon
         by the stockholders of the Corporation. The Preferred Stock Directors
         shall each be entitled to one vote per director on any matter.

         (f)      Liquidation Rights.

                  (i)      Upon the dissolution, liquidation, or winding up of
         the affairs of the Corporation, whether voluntary or involuntary
         (collectively, a "Liquidation" ), after payment or provision for
         payment has been made of the debts and other liabilities of the
         Corporation and payment or provision for payment has been made on all
         amounts required to be paid in respect of all outstanding shares of any
         class or classes of stock of the Corporation or series thereof ranking
         senior to the shares of the Series A Preferred Stock, the holders or
         the shares of the Series A Preferred Stock shall be entitled, subject
         to paragraph (iv) of this subsection (f), to receive out of the assets
         of the Corporation, before any payment or distribution

                                       C-7

<PAGE>

         shall be made on common stock or on any other class of stock ranking
         junior to preferred stock upon Liquidation, the amount of $25.00 per
         share, plus a sum equal to all dividends (whether or not earned or
         declared) on such shares accrued and unpaid thereon to the date of
         final distribution.

                  (ii)     Neither the sale, transfer, or lease of all or any
         part of the property or business of the Corporation, nor the merger or
         consolidation of the Corporation, into or with any other corporation or
         the merger or consolidation of any other corporation into or with the
         Corporation, shall be deemed to be a Liquidation for the purposes of
         this subsection (f).

                  (iii)    After the payment to the holders of the shares of the
         Series A preferred Stock of the full preferential amounts provided for
         in this subsection (f), the holders of the Series A Preferred Stock as
         such shall have no right or claim to any of the remaining assets of the
         Corporation and the shares of the Series A Preferred Stock shall no
         longer be deemed to be outstanding or be entitled to any other powers,
         preferences, rights, or privileges, including voting rights, and such
         shares shall be surrendered for cancellation to the Corporation.

                  (iv)     In the event the assets of the Corporation available
         for distribution to the holders of shares of the Series A Preferred
         Stock upon any Liquidation shall be insufficient to pay in full all
         amounts to which such holders are entitled pursuant to paragraph (i)
         of this subsection (f), no such distribution shall be made on
         account of any shares of any series of preferred stock ranking on a
         parity with the shares of the Series A Preferred Stock upon such
         Liquidation unless proportionate distributive amounts shall be paid on
         account of the shares of the Series A Preferred Stock, ratably, in
         proportion, to the full distributable amounts to which holders of all
         such parity shares are respectively entitled upon such Liquidation.


         (g)      Priority. Any shares of any class or classes of the
Corporation or series thereof shall be deemed to ranks:

                  (i)      Prior to the shares of the Series A Preferred Stock,
         either as to dividends or upon Liquidation, if the holders of such
         class or classes shall be entitled to the receipt of dividends or of
         amounts distributable upon Liquidation of the Corporation, in
         preference or priority to the holders of shares of the Series A
         Preferred Stock:

                  (ii)     On a parity with shares of the Series A Preferred
         Stock, either as to dividends or upon

                                       C-8

<PAGE>

         Liquidation, whether or not the dividend rates, dividend payment dates,
         or redemption or Liquidation prices per share or sinking fund
         provisions, if any, be different from those of the Series A Preferred
         Stock, if the holders of such shares shall be entitled to the receipt
         of dividends or of amounts distributable upon Liquidation of the
         Corporation, in proportion to their respective dividend rates or
         Liquidation prices, without preference or priority, one over the
         other, as between the holders of such shares and the holders of shares
         of the Series A Preferred Stock; and

                  (iii)    Junior to shares of the Series A Preferred Stock,
         either as to dividends or upon Liquidation, if such class is common
         stock or if the holders of shares of the Series A Preferred Stock shall
         be entitled to receipt of dividends or of amounts distributable upon
         Liquidation of the Corporation, in preference or priority to the
         holders of shares of such class or classes.

         (h)      Sinking or Retirement Fund. The shares of the Series A
Preferred Stock shall not be entitled to the benefit of a sinking or retirement
fund to be applied to the purchase or redemption of such shares.

         (i)      Miscellaneous.

                  (i)      Subject to paragraph (iii) of subsection (c) above,
         all notices referred to herein shall be in writing, and all notices
         hereunder shall be deemed to have been given upon the earlier of
         receipt thereof or three business days after the mailing thereof if
         sent by first-class mail with postage prepaid, addressed, if to the
         Corporation, to its offices at 1325 Airmotive Way, Suite 100, Rono,
         Nevada 89502-3239 (Attention: Secretary), if to a holder, to the
         address thereof shown on the security register maintained by the
         registrar for the Series A Preferred Stock, or to such other address as
         the Corporation or holder, as the case may be, shall have designated by
         notice similarly given.

                  (ii)     In the event a holder of shares of the Series A
         Preferred Stock shall not by written notice designate the name to whom
         payment upon redemption of any shares of the Series A Preferred Stock
         should be made or the address to which the certificate or certificates
         representing such shares, or such payment, should be sent, the
         Corporation shall be entitled to register such shares, and make such
         payment, in the name of the holder of such shares as shown on the
         records of the Corporation and to send the certificate or certificates
         representing such shares, or such payment, to the address of such
         holder shown on the records of the Corporation.

                                      C-9

<PAGE>

                                    EXHIBIT D

                                     AMERCO

                            SERIES B PREFERRED STOCK

         The Series Designated as Series B Preferred Stock (the "Series B
Preferred"), will consist of 100,000 shares and will have the designations,
preferences, voting powers, relative, participating, optional or other special
rights and privileges, and the qualifications, limitations and restrictions
described below. Shares of the Series B Preferred shall have liquidation rights
as provided in Section 2 and shall have no par value. Certain capitalized terms
used below have the meanings given in Section 11.

1.       Dividends and Distributions.

         a.       Regular Dividends. Subject to the prior rights of the holders
of Senior Shares, if any, the Holder, in preference to the holders of Junior
Shares, shall be entitled, in conjunction with any provision then being made for
the holders of Parity Shares, to receive, when, as and if declared by the Board
of Directors, out of any funds of the Corporation lawfully available for the
payment of dividends, payable on the last day of each Payment Period, cumulative
cash dividends at, but not exceeding, (i) the product of the Conversion Value
times the Floating Rate, plus (ii) any Additional Amounts, payable on the last
day of each Payment Period following the date of this Certificate. If the stated
dividends are not paid in full, the Series B Preferred and all Parity Shares
shall share [ILLEGIBLE] in the payment of dividends, including accumulations
thereof, if any, on such shares in accordance with the sums that would be
payable on such shares if all dividends were paid in full.

         b.       Notice. The Holder will notify the Corporation of any event
occurring after the date of this Certificate which will entitle the Holder to
receive any Additional Amounts as promptly as practicable after it obtains
knowledge thereof but in any event within thirty (30) days after it obtains
knowledge thereof and determines to request such compensation. Determinations
and allocations by the Holder for purposes hereof of the effect of any
Regulatory Change on its costs of purchasing or holding the Series B Preferred
or on amounts receivable by it in respect of the Series B Preferred and of the
additional amounts required to compensate the Holder in respect of any
Additional Amounts, shall be prima facie valid provided that such determinations
and allocations are made on a reasonable basis.

         c.       Priority. Any and all dividends payable on the Series B
Preferred shall be paid in preference and in priority to the payment of
dividends or distributions on any Junior Shares. So long as any Series B
Preferred shares are outstanding, no dividends whatever shall be paid or
declared, nor shall any distribution be made, on any Junior Shares, other than a
dividend or distribution payable in Junior Shares, nor shall the Corporation or
any subsidiary of the Corporation purchase, redeem or otherwise acquire for a
consideration any Junior Shares, unless full cumulative dividends have been or
contemporaneously are declared and paid, or declared and
<PAGE>

a sum sufficient for the payment thereof set apart for such payment, on the
Series B Preferred for all Payment Periods terminating on or prior to the date
of payment of such purchase, redemption or acquisition.

2.       Liquidation Rights.

         a.       Generally. In the event of any liquidation, dissolution or
winding up of the Corporation, whether voluntary or involuntary, before any
amount shall be paid to the holders of any Junior Shares, the Holder of the
Series B Preferred shall be paid first out of the assets of the Corporation
available for distribution to holders of its capital stock an amount per share
equal to, but not exceeding, (i) the Conversion Value, as appropriately adjusted
to reflect any stock split, stock dividend, combination, recapitalization and
the like of the Series B Preferred, plus (ii) all accrued but unpaid dividends
(including any interest accrued thereon calculated through the date of
liquidation (the "Liquidation Date")). If, upon the occurrence of a liquidation,
dissolution or winding up, the assets and funds thus distributed to the Holder
shall be insufficient to permit the payment to the Holder of its full
liquidation preferences, then the entire assets and funds of the Corporation
legally available for distribution to the holders of capital stock (other than
Senior Shares) shall be distributed ratably to the Holder and the holders of any
Parity Shares.

         b.       Events Deemed a Liquidation. For purposes of this Section 2,
the Holder may elect to have treated at a liquidation, dissolution or winding up
of the Corporation the consolidation or merger of the Corporation with or into
any other corporation or the sale or other transfer in a single transaction or a
series of related transactions of all or substantially all of the assets of the
Corporation, or any other reorganization of the Corporation, unless the
stockholders of the Corporation immediately prior to any such transaction are
holders of a majority of the voting securities of the surviving or acquiring
corporation immediately thereafter (and for purposes of this calculation equity
securities which any stockholder or the Corporation owned immediately prior to
such merger or consolidation as a stockholder of another party to the
transaction shall be disregarded).

         c.       Priority. Any amounts payable on the Series B Preferred in the
event of any liquidation, dissolution or winding up of the Corporation shall be
paid in preference and in priority to the payment of any amounts payable on
Junior Shares.

3.       Conversion. The Holder has conversion rights as follows (the
"Conversion Rights"):

         a.       Right to Convert. Upon each of the following to occur from
time to time: (i) August 31, 1997, and for 10 Business Days thereafter; (ii) the
first day of each fiscal quarter of the Corporation occurring after August 31,
1997, and for 10 Business Days after the first day of each such fiscal quarter;
(iii) the expiration of ten days after the occurrence of an Event of
Noncompliance under the Stock Purchase Agreement that is not then cured, and at
any time thereafter; (iv) any dividends on the Series B Preferred becoming in
arrears, and at any time thereafter; (v) the Corporation no longer holding more
than 50% of the outstanding stock and assets of any of [ILLEGIBLE] Holdings,
Inc., Oxford Life Insurance Company or Republic Western Insurance Company, and
at any time thereafter: or (vi) the Corporation or any of its subsidiaries

                                      D-2
<PAGE>

completing any Excess Equity Offering, and at any time thereafter, then each
share of Series B Preferred shall be convertible; at the option of the Holder,
into either:

                  i.       the number of fully paid and nonassessable shares of
Series B Common Stock that results from dividing the Conversion Price per share
in effect at the time of conversion into the per share Conversion Value but no
more than the maximum amount authorized and available for issuance; or

                  ii.      all of the shares of capital stock of Picacho then
outstanding.

Upon conversion, all accrued but unpaid dividends (including interest accrued
thereon calculated as of the Conversion Date) on the Series B Preferred shall be
paid in cash, to the extent permitted by applicable law.

         b.       Conversion Price and Conversion Value. The initial Conversion
Price of the Series B Preferred shall be $25.00 per share, and the initial
Conversion Value of the Series B Preferred shall be $1,000.00 per share. The
initial Conversion Price of the Series B Preferred shall be subject to
adjustment from time to time as provided in Section 3(d).

         c.       Mechanics of Conversion. To convert any shares of Series B
Preferred, the Holder shall surrender the certificate or certificates therefor,
duly endorsed, at the principal office of the Corporation, or notify the
Corporation in writing that such certificates have been lost, stolen or
destroyed and agree to indemnify the Corporation from any loss incurred by it
in connection with such certificates, and shall give written notice (the
"Conversion Notice") to the Corporation at such office that the Holder elects to
convert the same, specifying whether the Series B Preferred shares are to be
converted into Series B Common Stock or shares of Picacho. As soon as
practicable (but not more than one Business Day) after such delivery, or after
such notification, the Corporation shall issue and deliver at such office to the
Holder, unless the Corporation shall elect instead to redeem the Series B
Preferred as provided in Section 5:

                  i.       A certificate or certificates for the number of
shares of Series B Common Stock to which the Holder shall be entitled if the
Holder has elected to convert the Series B Preferred into Series B Common Stock;
or

                  ii.      A certificate or certificates for all of the
outstanding shares of Picacho, if the Holder has elected to convert the Series B
Preferred into Picacho, stock;

and, in either case, a check payable to the Holder in the amount of any accrued
or declared but unpaid dividends payable pursuant to Section 1, if any. Such
conversion shall be deemed to have been made immediately prior to the close of
business on the date of such surrender of the shares of Series B Preferred to be
converted or of the notification of lost certificates and the persons entitled
to shares of Series B Common Stock or Picacho stock issuable upon such
conversion shall be treated for all purposes as the record holder or holders of
such shares on such date (the "Conversion Date"). In the event of a notice of
redemption of any shares of Series B Preferred pursuant to Section 5, the
Conversion Rights shall terminate at the close of business on the

                                      D-3

<PAGE>

Redemption Date, unless default is made in payment of the redemption price, in
which case the Conversion Rights for such shares shall continue until such
payment.

         d.       Adjustments to Conversion Price.

                           i.       Adjustments of Conversion Price. The
Conversion Price of the Series B Preferred shall be adjusted if the Corporation
issues or is deemed to issue Additional Shares of Common Stock for a
consideration per share that is less than the Conversion Price for the Series B
Preferred in effect on the date of, and immediately prior to, such issue or
deemed issue.

                           ii.      Deemed Issue of Additional Shares of Common
Stock. If the Corporation at any time or from time to time after the date of
this Certificate issues any Options or Convertible Securities or shall fix a
record date for the determination of holders of any class of securities entitled
to receive any such Options or Convertible Securities, then the maximum number
of shares (as set forth in the instrument relating thereto without regard to any
provisions contained therein for a subsequent adjustment of such number) of
Common Stock issuable upon the exercise of such Options or, in the case of
Convertible Securities and Options therefor, the exercise of such Options and
conversion or exchange of such Convertible Securities, shall be deemed to be
Additional Shares of Common Stock issued as of the time of such issue or, in
case such a record date shall have been fixed, as of the close of business on
such record date, provided that Additional Shares of Common Stock shall not be
deemed to have been issued unless the consideration per share (determined
pursuant to Section 3(d)(iv)) of such Additional Shares of Common Stock would be
less than the Conversion Price in effect on date of and immediately prior to
such issue, or such record date, as the case may be, and provided further that
in any such case in which Additional Shares of Common Stock are deemed to be
issued:

                           (1)      except as provided in Section 5(d)(ii)(2),
no further adjustment in the Conversion Price shall be made upon the subsequent
issue of Convertible Securities or shares of Common Stock upon the exercise of
such Options or conversion or exchange of such Convertible Securities;

                           (2)      if such Options or Convertible Securities by
their terms provide, with the passage of time or otherwise, for any change in
the consideration payable to the corporation, or change in the number of shares
of Common Stock issuable, upon the exercise, conversion or exchange thereof
(other than under or by reason of provisions designed to protect against
[ILLEGIBLE], the Conversion Price computed upon the original issue thereof (or
upon the occurrence of a record date with respect thereto) and any subsequent
adjustments based thereon, shall, upon any such increase or decrease becoming
effective, be recomputed to reflect such increase or decrease insofar as it
affects such Options or the rights of conversion or exchange under such
Convertible Securities; and

                           (3)      no readjustment pursuant to clause (2) above
shall have the effect of increasing the Conversion Price.

                                      D-4

<PAGE>

                           iii.     Adjustment of Conversion Price Upon
Issuance of Additional Shares of Common Stock. Except as provided by Section
3(d)(ii)(2). In the event the Corporation shall issue Additional Shares of
Common Stock (including Additional Shares of Common Stock deemed to be issued
pursuant to Section 3(d)(ii) without consideration or for a consideration per
share less than the Conversion Price of the Series B Preferred in effect on the
date of and immediately prior to such issue, then and in each such event the
Conversion Price of the Series B Preferred shall be reduced to the price
(calculated to the nearest cent) [ILLEGIBLE] which the Additional Shares of
Common Stock are issued.

                           iv.      Determination of Consideration. For purposes
of this Section 3(d), the consideration received by the Corporation for the
issue of any Additional Shares of Common Stock shall be determined after payment
of all commissions paid or discounts given in connection with the issuance or
deemed issuance of the shares and shall be computed as follows:

                           (1)      Cash and Property: Such consideration shall:

                                    (a)      insofar as it consists of cash, be
computed at the aggregate amount of cash received by the Corporation;

                                    (b)      insofar as it consists of property
other than cash, be computed at the fair value thereof at the time of such
issue, as determined by the Board of Directors in the good faith exercise of its
reasonable business judgment: and

                                    (c)      in the event Additional Shares of
Common Stock are issued together with other shares or securities or other assets
of the Corporation for consideration that covers both, be the proportion of such
consideration so received for the Additional Shares of Common Stock, computed as
provided in clauses (a) and (b) above, as determined by the Board of Directors
in the good faith exercise of its reasonable business judgment.

                           (2)      Options and Convertible Securities. The
consideration per share received by the Corporation for Additional Shares of
Common Stock deemed to have been issued pursuant to Section 3(d)(ii), relating
to Options and Convertible Securities, shall be determined by dividing;

                                    (a)      the total amount, if any, received
or receivable by the Corporation as consideration for the issue of such Options
or convertible Securities, plus the minimum aggregate amount of additional
consideration (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such
consideration) payable to the Corporation upon the exercise of such Options or
the conversion or exchange of such Convertible Securities, or in the case of
Options for Convertible Securities, the exercise of such Options for Convertible
Securities and the conversion or exchange of such Convertible Securities, by

                                    (b)      the maximum number of shares of
Common Stock (as set forth in the instruments relating thereto, without regard
to any provision contained, therein for a

                                      D-5
<PAGE>

subsequent adjustment of such number) issuable upon the exercise of such Options
or the conversion or exchange of such Convertible Securities.

                           v.       Other Adjustments.

                                    (a)      Subdivisions, Combinations, or
Consolidations of Series B Common Stock. In the event the outstanding shares of
Series B Common Stock shall be subdivided, combined or consolidated, by stock
split, stock dividend, combination or like event, into a greater or lesser
number of shares of Series B Common Stock, the Conversion Price of the Series B
Preferred in effect immediately prior to such subdivision, combination,
consolidation or stock dividend shall, concurrently with the effectiveness of
such subdivision, combination or consolidation, be proportionately adjusted to
achieve the result that, upon conversion of the Series B Preferred into Series B
Common Stock, the Holder shall receive, as nearly as possible, the same
percentage of the outstanding shares of Series B Common Stock that it would have
had the Series B Preferred been converted immediately prior to such subdivision,
combination or consolidation.

                                    (b)      Reclassifications. In the case, at
any time after the date of this Certificate, of any capital reorganization or
any reclassification of the stock of the corporation (other than as a result of
a subdivision, combination or consolidation of shares), or the consolidation or
merger of the Corporation with or into another person (other than a
consolidation or merger (A) in which the Corporation is the continuing entity
and that does not result in any change in the Common Stock or (B) that is
treated as a liquidation pursuant to Section 2(b)), the Conversion Price shall
be adjusted so that the shares of the Series B Preferred shall, after such
reorganization, reclassification, consolidation or merger, be convertible into
the kind and number of shares of stock or other securities or property of the
Corporation or otherwise to which the Holder would have been entitled if
immediately prior to such reorganization, reclassification, consolidation or
merger if the Holder had converted the shares of the Series B Preferred into
Series B Common Stock. The provision of this clause 3(d)(v)(b) shall similarly
apply to successive reorganizations, reclassifications, consolidations or
mergers.

          e.      No Adjustments to Conversion Value. The Corporation shall not
effect any stock split, stock dividend, combination or recapitalization of the
Series B Preferred and, therefore, the Conversion Value of the Series B
Preferred will not be adjusted.

          f.      Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Conversion Price of the Series B Preferred
pursuant to this Section 3, the Corporation at its expense shall promptly
compare such adjustment or readjustment in accordance with the terms of this
Certificate and furnish to the Holder a Certificate setting forth such
adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Corporation shall, upon the written
request at any time of the Holder, furnish or cause to be furnished to the
Holder a like certificate setting forth (i) such adjustments and readjustments,
(ii) the Conversion Price of the Series B Preferred at the time in effect, and
(iii) the number of shares of Series B Common Stock and the amount, if any, of
other property which at the time would be received upon the conversion of the
Series B Preferred.

                                      D-6

<PAGE>

         g.       Status of Converted Stock. In case any shares of Series B
Preferred shall be converted pursuant to Section 3, the shares so converted
shall be canceled, shall not be reissuable and shall cease to be a part of the
outstanding capital stock of the Corporation.

         h.       Fractional Shares. In Lieu of any fractional shares of Series
B Common Stock to which the Holder would otherwise be entitled upon conversion,
the Corporation shall pay cash equal to such fraction multiplied by the fair
market value of one share of Series B Common Stock as determined by the Board of
Directors in the good faith exercise of its reasonable business judgment.

         i.       Miscellaneous.

                  i.       All calculation under this Section S shall be made to
the nearest cent or to the nearest one hundredth (1/100) of a share, as the case
may be.

                  ii.      The Holder shall have the right to challenge any
determination by the Board of Directors of fair market value pursuant to this
Section 3, in which case such determination of fair market value shall be made
by an independent appraiser selected jointly by the Board of Directors and the
Holder, the cost of such appraisal to be borne equally by the Corporation and
the Holder.

                  iii.     No adjustment in the Conversion Price of the Series B
Preferred need be made if such adjustment would result in change in such
Conversion Price of less shares $0.01. Any adjustment of less than $0.01 that is
not made shall be carried forward and shall be made at the time of and together
with any subsequent adjustment that, on a cumulative basis, amounts to an
adjustment of $0.01 or more in such Conversion Price.

         j.       Reservation of Stock Issuable Upon Conversion. The Corporation
shall at all times reserve and keep available out of its authorized but unissued
shares of Series B Common Stock, solely for the purpose of effecting the
conversion of the shares of Series B Preferred, such number of its shares of
Series B Common Stock as shall from time to time be sufficient to effect the
conversion of all outstanding shares of Series B Preferred. If at any time the
number of authorized but unissued shares of Series B Common Stock shall not be
sufficient to effect the conversion of all then outstanding shares of Series B
Preferred, the Corporation will take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued
shares of Series B Common Stock to such number of shares as shall be sufficient
for such purpose.

4.       Voting Rights.

         a.       Except as otherwise required by law and Subsection 4(b),
the Holder shall have no voting rights with respect to the Series B Preferred.

         b.       So long as any of the shares of Series B Preferred are
outstanding, the written consent of the Holder shall be necessary for
authorizing, affecting or validating the amendment,

                                      D-7
<PAGE>

alteration, or repeal of any of the provisions of the Articles of Incorporation
of the Corporation or of any certificate amendatory thereof or supplemental
thereto (including any certificate of amendment or any similar document relating
to any series of preferred stock) that would adversely affect the powers,
preferences, or special rights of the Series B Preferred, including the creation
or authorization of any class of Senior Shares or Party Shares. Any amendment or
any resolution or action of the Board of Directors that would create or issue
any series of Junior Shares out of the authorized shares of preferred stock, or
that would authorize, create, or issue any other Junior Shares (whether or not
already authorized), shall not be considered to affect adversely the powers,
preferences, or special rights of the outstanding shares of the Series B
Preferred.

5.       Redemption.

         a.       Optional Redemption. If the Holder exercises its Conversion
Rights pursuant to Section 3, then instead of effecting the conversion, the
Corporation may, by giving written notice to the Holder (a "Notice of
Redemption") not later than one Business Day after receiving the Conversion
Notice, elect to redeem all (but not less than all) of the Series B Preferred
outstanding on the Redemption Date.

         b.       Redemption Value. Upon any redemption of the Series B
Preferred, the Corporation shall pay out of funds legally available therefor in
cash a sum per share equal to the Conversion Value, together with (i) all
accrued but unpaid dividends (including any interest accrued thereon) calculated
as of the Redemption Date, (ii) if the Redemption Date is a date other than the
last day of a Payment Period, the Interim Payment and (iii) all other costs,
fees, expenses, or amounts the Corporation is required to pay Holder pursuant to
the Stock Purchase Agreement, regardless of the reason for such redemption or
such costs, fees, expenses, or amounts (collectively the "Redemption Value").

         c.       Notice of Redemption. Any Notice of Redemption given by the
Corporation shall be delivered to the Holder, notifying the Holder of the
redemption to be effected. The Notice of Redemption shall:

                  i.       State that the Series B Preferred is to be redeemed:

                  ii.      Specify the date (the "Redemption Date") on which the
Series B Preferred is to be redeemed, which shall be not more than ten Business
Days following the date the Corporation receives the Conversion Notice from the
Holder.

                  iii.     Request wire transfer or other instructions for the
payment of the Redemption Value.

         d.       Transfer Instructions. Not less than one Business Day after
delivery of the Notice of Redemption, the Holder shall provide the Corporation
with instructions for [ILLEGIBLE] or other transfer of the Redemption Value to
the Holder.

                                      D-8
<PAGE>

         e.       Completing the Redemption. On the Redemption Date:

                  i.       The Holder shall surrender to the Corporation at the
principal offices of the Corporation the Holder's certificate or certificates
representing the shares to be redeemed or provide a notice to the Corporation in
writing that such certificates have been lost, stolen or destroyed and that the
Holder agrees to indemnify the Corporation from any loss incurred by it in
connection with such certificates; and

                  ii.      The Corporation shall pay the Redemption Value to the
Holder by wire or other transfer acceptable to the Holder, and thereupon each
surrendered or lost certificate shall be canceled.

         f.       Lack of Legally Available Funds. If the funds of the
Corporation legally available for redemption of the Series B Preferred are
insufficient to redeem the total number of shares of Series B Preferred required
to be redeemed on the Redemption Date, then, at the Holder's election in its
sole discretion, the Corporation either shall redeem that number of shares of
Series B Preferred for which the Corporation has funds legally available or
shall not redeem any of the Series B Preferred.

         g.       Effect of Redemption. From and after the payment of the
Redemption Value, all rights of the Holder shall cease with respect to such
shares, and such shares shall not thereafter be transferred on the books of the
Corporation or be deemed to be outstanding for any purpose whatsoever.

6.       Notices of Record Date. In the event of any taking by the Corporation
of a record of the holders of any class of securities for the purpose of
determining the holders thereof who are entitled to receive any dividend or
other distribution, any right to subscribe for, purchase or otherwise acquire
any shares of stock of any class or any other securities or property, or to
receive any other right, the Corporation shall notify the Holder, at least 10
days prior to the date specified therein, a notice specifying the date on which
any such record is to be taken for the purpose of such dividend, distribution or
right, and the amount and character of such dividend, distribution or right.

7.       Notices. All notices and other communications provided for in this
Certificate shall be given or made in writing and telecopied, mailed by
certified mail return receipt requested or delivered to the intended recipient
at such address as shall be designated by such person in a notice to each other
relevant person given in accordance with this Section, in addition to any other
notices that may be required by law. All such communications shall be deemed to
have been duly given when transmitted by telecopy, subject to telephone
confirmation of receipt, or when personally delivered or, in the case of a
mailed notice, upon receipt, in each case given or addressed as provided herein.

8.       WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE CORPORATION HEREBY IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR

                                      D-9
<PAGE>

COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR
RELATING TO THE SERIES B PREFERRED SHARES, THE STOCK PURCHASE AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED THEREBY OR THE ACTIONS OF THE HOLDER IN THE
NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT THEREOF.

9.       Interest. Any amounts required to be paid under this Certificate that
are not paid on the first day such payment may be made and any dividends in
arrears shall bear interest from that date at the lesser of (a) the Maximum Rate
or (b) the sum of four percent plus the rate per annum publicly announced from
time to time by NationsBank. N.A. as its prime rate in effect at its principal
office in Charlotte, North Carolina.

10.      Maximum Rate. Notwithstanding anything to the contrary contained
herein, in the event the Series B Preferred shall be deemed to be debt instead
of equity, no provisions of this Certificate shall require the payment or permit
the collection of interest in excess of the Maximum Rate. If any excess of
interest in such respect shall be adjudicated to be so provided in this
Certificate or otherwise in connection with the Series B Preferred, the
provisions of this paragraph shall govern and prevail, and neither the
Corporation nor the successors or assigns of the Corporation shall be obligated
to pay the excess amount of such interest, or any other excess sum paid with
respect to the Series B Preferred. If, for any reason, interest in excess of the
Maximum Rate shall be deemed charged, required or permitted by any court of
competent jurisdiction, any such excess shall be applied as a payment and
reduction of the principal of indebtedness deemed to be evidenced by the Series
B Preferred; and, if such principal has been paid in full, any remaining excess
shall forthwith be paid to the Corporation. In determining whether or not the
interest paid or payable exceed the Maximum Rate, the Corporation and the Holder
shall, to the extent permitted by applicable law, (i) characterize any
nonprincipal payment as an expense, fee, or premium rather than as interest,
(ii) exclude voluntary prepayments and the effects thereof and (iii) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of
interest throughout the entire term of the indebtedness deemed to be evidenced
by the Series B Preferred so that the interest for the entire period does not
exceed the Maximum Rate.

11.      Definitions.

         a.       Capitalized terms used in this Certificate and not otherwise
defined have the meanings given to those terms in the Series B Stock Purchase
Agreement between the Corporation and Blue Ridge Investments. LLC, dated August
30, 1996.

         b.       "Additional Amounts" means such amounts. If any, as are
necessary to compensate the Holder of any costs incurred by Holder which the
Holder determines are attributable, directly or indirectly, to its purchase or
holding of the Series B Preferred or any reduction in any amount receivable by
the Holder as a holder of the Series B Preferred to the extent such costs and
reductions in amount are not reflected in any dividends, fees, reimbursements or
other amounts received by the Holder hereunder or under the Stock Purchase
Agreement, resulting from (i) an increase (over the dividend rate paid
hereunder) in the cost of funding the purchase of the Series B Preferred, or
(ii) any Regulatory Change which:

                                      D-10

<PAGE>

                  (A)      changes the basis of taxation of any amounts payable
         generally to NationsBank under Eurodollar loans (other than taxes
         imposed on the overall net income of NationsBank of its applicable
         lending office for any of such loans by the jurisdiction in which
         NationsBank has its principal office or such applicable lending
         office);

                  (B)      Imposes or modifies reserve, special deposit, minimum
         capital, capital ratio, or similar requirement  relating to any
         extensions of credit or other assets of, or any deposits with or other
         liabilities or commitments of, NationsBank (including any of such loans
         or any deposits referred to in the definition of ("Floating Rate"
         herein); or

                  (C)      imposes any other condition generally affecting loans
         by NationsBank or any of such extensions of credit or liabilities or
         commitments.

         c.       "Additional Shares of Common Stock" means all shares of Common
Stock issued (or, pursuant to Section 3(d)(ii), deemed to be issued) by the
Corporation after the date of this Certificate, other than shares of Common
Stock issued or issuable:

                  i.       upon conversion of shares of Series B Preferred;

                  ii.      as a dividend or distribution on Series B Preferred;

                  iii.     in a transaction described in Section 3(d)(v);

                  iv.      by way of dividend or other distribution on shares of
Common Stock excluded from the definition of Additional Shares of Common Stock.

         d.       "Affiliate" has the meaning given that term in Rule 405
promulgated by the Securities and Exchange Commission under the Securities Act.

         e.       "Business Day" means (a) any day which commercial banks are
not authorized or required to close in charlotte, North Carolina and (b) with
respect to all payments, Conversions, Payment Periods, and notices, any day
which is a Business Day described in clause (a) above and which is also a day on
which dealings in dollar are carried out in the London interbank market.

         f.       "Common Stock" means shares of the Corporation's common stock,
par value $0.25 per share, serial common stock, or other securities entitled
generally to vote in the election of directors of the Corporation.

         g.       "Conversion Date" has the meaning given in Section 3(c).

         h.       "Conversion Notice" has the meaning given in Section 3(c).

         i.       "Conversion Price" has the meaning given in Section 3(b).

                                      D-11
<PAGE>

         j.       "Conversion Value" has the meaning given in Section 3(h).

         k.       "Convertible Securities" means any evidences of indebtedness,
shares or other securities convertible into or exchangeable for Common Stock,
except the Series B Preferred.

         l.       "Corporation" means AMERCO, a Nevada corporation.

         m.       "Excess Equity Offering" means any offer or sale of equity
securities of the Corporation or any of its subsidiaries, whether public or
private, after the date of this Certificate, other than (i) the offer and sale
of Series B Preferred issued to Holder, (ii) the offer and sale by the
Corporation of up to $125,000,000 of equity securities in a single transaction
occurring on or before March 1, 1997, and (iii) issuances of equity securities
to employees of the Corporation or its subsidiaries pursuant to written employee
benefit plans existing on the date of this Certificate in the maximum amount
permitted under such plans or arrangements on the date of this Certificate.

         n.       "Floating Rate" means, for any Payment Period; the rate per
annum that is the lesser of (x) the sum of (i) two and one-quarter percent
(2.25%), and (ii) the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as
the London interbank offered rate for deposits in Dollars at approximately 11:00
a.m. (London time) two Business Days prior to the first day of such Payment
Period for a term comparable to such Payment Period, or if for any reason such
rate is not available, the rate per annum (rounded upwards, if necessary, to the
nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page (or any successor
page) as the London interbank offered rate for deposits in Dollars at
approximately 11:00 a.m. (London time) two Business Days prior to the first day
of such Payment Period for a term comparable to such Payment Period; provided,
however, if more than one rate is specified on Reuters Screen LIBO Page, the
applicable rate shall be the arithmetic mean of all such rates, or (y) the
Maximum Rate, Dividends shall be computed on the basis of a year of 360 days and
the actual number of days elapsed (including the first day but excluding the
last day) during the Payment Period unless such calculation would result in the
dividends exceeding the Maximum Rate, in which case dividends shall be
calculated on the basis of a year of 365 or 366 days, as the case may be.
Notwithstanding the first sentence of this paragraph, if at any time the
dividend is limited by the terms of this Certificate to the Maximum Rate, then
any subsequent reduction in the Floating Rate shall not reduce the dividend
below the Maximum Rate until the aggregate amount of dividends accrued equals
the aggregate amount of dividends which would have accrued on the Series B
Preferred if the dividend specified in the first sentence of this paragraph had
at all times been in effect.

         o.       "Holder" means the holder or holders of record of the Series B
Preferred.

         p.       "Interim Payment" means such amount or amounts as shall be
sufficient to compensate the Holder for any loss, cost, or expense incurred by
the Holder as a result of any payment or prepayment for any reason on a date
other than the last day of a Payment Period. Without limiting the affect of the
preceding sentence, such compensation shall include an amount equal to the
excess, if any, of (i) the amount of dividends which otherwise would have
accrued.

                                      D-12

<PAGE>

on the Conversion Value of the Series B Preferred redeemed from the period from
the date of such redemption to the last day of the Payment Period at the
applicable rate of dividends for such Series B Preferred provided for herein,
over (ii) the interest component of the amount the Holder would have bid in the
London interbank market for dollar deposits of leading banks in amounts
comparable to the Conversion Value of the Series B Preferred redeemed and with
the maturities comparable to the applicable Payment period.

         q.       "Junior Shares" means all classes and series of shares that,
by the terms of the Corporation's Articles of Incorporation, or by law, shall be
subordinate to the Series B Preferred with respect to the right of the holders
thereof to receive dividends and to participate in the assets of the Corporation
distributable to shareholders upon any liquidation, dissolution or winding up of
the Corporation.

         r.       "Liquidation Date" has the meaning given in Section 2(a).

         s.       "Maximum Rate" means the maximum rate of [ILLEGIBLE]
interest permitted from day to day by applicable law, and calculated after
taking into account any and all relevant fees, payments, and other charges
contracted for, charged or received which are deemed to be interest under
applicable law.

         t.       "NationsBank" means NationsBank Corporation, a Delaware
corporation.

         u.       "Options" means rights, options or warrants to subscribe for,
purchase or otherwise acquire either Common Stock or Convertible Securities,
other than the Series B Preferred.

         v.       "Parity Shares" means all classes and series of shares that,
by the terms of the Corporation's Articles of Incorporation, or by law, shall be
on parity with the Series B Preferred with respect to the right of the holders
thereof to receive dividends and to participate in the assets of the Corporation
distributable to shareholders upon any liquidation, dissolution or winding-up of
the Corporation.

         w.       "Payment Period" means each period commencing on the date any
shares of Series B Preferred are first issued or, in the case of each
subsequent, successive Payment Period, the last day of the next preceding
Payment Period, and ending on the numerically corresponding day in the first,
second or third calendar month thereafter, as the Holder may select by written
notice to the Corporation at least three days before the the commencement of the
applicable Payment Period, except that each such Payment Period which commences
on the last Business Day of a calendar month (or on any day for which there is
no numerically corresponding day in the appropriate subsequent calendar month)
shall end on the last Business Day of the appropriate subsequent calendar month.
Notwithstanding the foregoing: (a) each Payment Period which would otherwise end
on a day which is not a Business Day shall end on the next succeeding Business
Day (or, if such succeeding Business Day falls in the next succeeding calendar
month, on the next preceding Business Day); (b) any Payment Period which would
otherwise extend beyond a Conversion Date, Redemption Date or Liquidation Date
or Liquidation Date shall end on the Conversion Date, Redemption Date or
Liquidation Date, as appropriate; and (c) no Payment Period shall have

                                      D-13
<PAGE>

a duration of less than one (1) month. If Holder shall fail to give the
Corporation a notice of the length of a Payment Period prior to the end of the
then current Payment Period, such Payment Period shall automatically be
continued on the last day thereof as Payment Period having a term of one month.

         x.       "Picacho" means Picacho Peak Investment Co., a Nevada
corporation.

         y.       "Redemption Date" has the meaning given in Section 5(c).

         z.       "Regulatory Change" means any change after the date of this
Certificate in United States federal, state or foreign laws or regulations
(including Regulation D of the Board of Governors of the Federal Reserve System
as the same may be amended or supplemented from time to time) or the adoption or
making after such date of any interpretations, directives or requests applying
to a class of Institutions including NationsBank of or under any United States
federal, state or foreign laws or regulations (whether or not having the force
of law) by any court or governmental or monetary authority charged with the
interpretation or administration thereof.

         aa.      "Senior Shares" means all classes and series of shares,
including the Corporation's Series A 8 1/2% Preferred Stock, that, by the terms
of the Corporation's Articles of Incorporation, or by law, shall be senior to
the Series B Preferred with respect to the right of the holders thereof to
receive dividends and to participate in the assets of the Corporation
distributable to shareholders upon any liquidation, dissolution or winding-up of
the Corporation.

         bb.      "Series B Common Stock" means the Series B common stock, $0.25
par value per share, of the Corporation.

         cc.      "Stock Purchase Agreement" means the Series B Stock Purchase
Agreement between the Corporation and Blue Ridge Investments, LLC, dated August
30, 1996.

                                [ILLEGIBLE SEAL]

                                     D - 14
<PAGE>

                                    EXHIBIT P

             RESTATED ARTICLES OF INCORPORATION OF REORGANIZED AREC

                                 [SEE ATTACHED]

<PAGE>

                            PROPOSED AMENDMENT OF THE

                       RESTATED ARTICLES OF INCORPORATION

                                       OF

                           AMERCO REAL ESTATE COMPANY

Article IV of the Restated Articles of Incorporation of Amerco Real Estate
Company is amended in its entirety to read as follows:

                                   ARTICLE IV

The number of shares of common stock which this corporation is authorized to
issue is twenty million (20,000,000) shares with a par value of One Cent ($0.01)
per share. In addition to the common stock authorized to be issued, the
corporation is authorized to issue five million $5,000,000) shares of preferred
stock, with the Board of Directors having authority to issue such shares in one
or more series, with a par value of One Cent ($0.01) per share, with limited
voting powers or without voting powers, and with such designations, preferences
and relative, participating, optional or other special rights, or
qualifications, limitations or restrictions thereof as shall be stated or
expressed in the resolution regarding such stock adopted by the Board of
directors pursuant to the authority expressly vested in it by this provision of
the Articles of Incorporation, or any amendment hereto.

Pursuant to 1123(a)(6) of Title 11 of the United States Code, 11 U.S.C.
Sections 101, et seq., and notwithstanding any provision to the contrary in this
Article IV, the Board shall not authorize the issuance of any non-voting shares
of common stock or preferred stock.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.4
<SEQUENCE>4
<FILENAME>p68793exv2w4.txt
<DESCRIPTION>EX-2.4
<TEXT>
<PAGE>

                         UNITED STATES BANKRUPTCY COURT
                               DISTRICT OF NEVADA

                                        BK-03-52103-GWZ and BK-03-5270-GWZ
In re:
                                        Jointly Administered under BK-03-52103
AMERCO, a Nevada corporation, et. al.,  -GWZ

                 Debtors.               Chapter 11

                                        Judge Gregg W. Zive

- --------------------------------------------------------------------------------

                  DISCLOSURE STATEMENT CONCERNING THE DEBTORS'
                   FIRST AMENDED JOINT PLAN OF REORGANIZATION
             UNDER CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE

- --------------------------------------------------------------------------------

                                IMPORTANT DATES:

- -  DATE BY WHICH OBJECTIONS TO CONFIRMATION
   OF THE PLAN MUST BE FILED AND SERVED:      JANUARY 16, 2004

- -  DATE BY WHICH BALLOTS MUST BE RECEIVED:    JANUARY 20, 2004

- -  HEARING ON CONFIRMATION OF THE PLAN:       FEBRUARY 2, 2004, 9:30 A.M. P.D.T.

- --------------------------------------------------------------------------------

           Craig D. Hansen                          Bruce T. Beesley
          Thomas J. Salerno                          Bridget R. Peck
       G. Christopher Meyer                     BEESLEY, PECK & MATTEONI, LTD
           Sean T. Cork                     5011 Meadowood Mall Way, Suite 300
  SQUIRE, SANDERS & DEMPSEY L.L.P.                 Reno, Nevada 89502
        Two Renaissance Square                       (775) 827-8666
40 North Central Avenue, Suite 2700
       Phoenix, Arizona 85004             Co-Counsel to AMERCO and Amerco Real
           (602) 528-4000                 Estate Company, Debtors and Debtors-in
                                          Possession
Attorneys for AMERCO and Amerco Real
Estate  Company, Debtors and Debtors-in
Possession

Dated: November 26, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                  Page
                                                                                                  ----
<S>                                                                                               <C>
I. INTRODUCTION AND SUMMARY ...................................................................     1

        A.   Overview .........................................................................     1
        B.   Notice to Holders of Claims and Interests ........................................     1
        C.   Summary Of Treatment Of Claims And Interests Under The Plan ......................     5
        D.   General Voting Procedures, Ballots, and Voting Deadline ..........................    14
        E.   Confirmation Hearing and Deadline for Objections to Confirmation .................    15

II. BACKGROUND OF THE PLAN PROPONENTS .........................................................    17

        A.   Overview of Business Operations ..................................................    17

III. PREPETITION CAPITAL STRUCTURE OF THE DEBTORS .............................................    20

        A.   JPMorgan Chase Credit Facility ...................................................    21
        B.   PrePetition Notes and Related Obligations ........................................    21
        C.   Synthetic Leases .................................................................    21
        D.   AREC Notes .......................................................................    22
        E.   Guaranty of U-Haul TRAC Lease Obligations ........................................    22
        F.   Guaranty of Phillip Morris Obligations ...........................................    22
        G.   Guaranty of PMSR Obligations .....................................................    22
        H.   Guaranty of PMPP Obligations .....................................................    23
        I.   Equity ...........................................................................    23

IV. CORPORATE STRUCTURE OF THE DEBTORS ........................................................    24

        A.   Board of Directors - AMERCO ......................................................    24
        B.   Senior Management - AMERCO .......................................................    26
        C.   Executive Compensation - AMERCO ..................................................    27
        D.   Security Ownership of Management - AMERCO.........................................    27
        E.   Independent Governance Committee - AMERCO ........................................    28
        F.   Board of Directors - AREC ........................................................    29
        G.   Senior Management - AREC .........................................................    29
        H.   Executive Compensation - AREC ....................................................    29
        I.   SAC Holding Corporation ..........................................................    30

V. EVENTS PRECIPITATING THE CHAPTER 11 CASES ..................................................    30

        A.   PwC Litigation ...................................................................    31
        B.   Department of Labor Investigations ...............................................    32
        C.   SEC Investigations ...............................................................    32

VI. SIGNIFICANT EVENTS IN CHAPTER 11 CASES ....................................................    33

        A.   Continuation of Business; Stay of Litigation .....................................    33
        B.   First Day Orders .................................................................    34
        C.   Appointment of Statutory Committees ..............................................    35
        D.   Post-Petition Financing ..........................................................    35
        E.   Plan Support Agreement ...........................................................    36
        F.   Other Significant Events During the Chapter 11 Cases .............................    36
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                                                <C>
VII. DESCRIPTION OF THE REORGANIZATION PLAN ...................................................    37

        A.   Overall Structure of the Plan ....................................................    38
        B.   Summary of Claims Process, Bar Date and Professional Fees ........................    38
        C.   Classification and Treatment of Claims and Interests  ............................    39
        D.   Treatment of Unclassified Claims .................................................    40
        E.   Treatment of Classified Claims and Interests .....................................    41
        F.   Syndication of New Term Loan B Notes .............................................    48
        G.   Continued Corporate Existence ....................................................    48
        H.   Directors, Officers and Stockholders of the Reorganized Debtors ..................    48
        I.   Listing on Securities Exchange or Quotation System ...............................    49
        J.   SAC Participation ................................................................    49
        K.   Cancellation of Existing Debt Securities .........................................    49
        L.   Exit Financing Facility ..........................................................    50
        M.   Issuance of New Debt Securities ..................................................    53
        N.   Preservation of Causes of Action .................................................    74
        O.   Exclusivity Period ...............................................................    75
        P.   Corporate Action .................................................................    75
        Q.   Effectuating Documents; Further Transactions .....................................    75
        R.   Exemption From Certain Transfer Taxes and Recording Fees; Subsequent Issuances ...    75

VIII. EXECUTORY CONTRACTS AND UNEXPIRED LEASES ................................................    76

        A.   Assumption and Rejection of Contracts and Leases .................................    76
        B.   Payments Related to Assumption of Executory Contracts and Unexpired Leases .......    76
        C.   Rejection Damages Bar Date .......................................................    76

IX. PROVISIONS GOVERNING DISTRIBUTIONS ........................................................    76

        A.   Time of Distributions ............................................................    76
        B.   No Interest on Claims or Interests ...............................................    76
        C.   Disbursing Agent .................................................................    77
        D.   Surrender of Securities or Instruments ...........................................    77
        E.   Services of Indenture Trustees, Agents and Servicers .............................    77
        F.   Claims Administration Responsibility .............................................    77
        G.   Procedures for Treating and Resolving Disputed and Contingent Claims .............    78

X. ALLOWANCE AND PAYMENT OF CERTAIN ADMINISTRATIVE CLAIMS .....................................    79

        A.   DIP Facility Claim ...............................................................    79
        B.   Professional Claims ..............................................................    79
        C.   Substantial Contribution Compensation and Expenses Bar Date ......................    80
        D.   Other Administrative Claims ......................................................    80

XI. EFFECT OF THE PLAN ON CLAIMS AND INTERESTS ................................................    80

        A.   Revesting of Assets ..............................................................    80
        B.   Discharge of the Debtors .........................................................    81
        C.   Compromises and Settlements ......................................................    81
        D.   Releases, Exculpation and Related Matters ........................................    81
        E.   Setoffs ..........................................................................    82
        F.   Subordination Rights .............................................................    83
        G.   Indemnification Obligations ......................................................    83
        H.   Injunction .......................................................................    83
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                               <C>
XII. CERTAIN FACTORS TO BE CONSIDERED .........................................................    83

        A.   General Considerations ...........................................................    83
        B.   Certain Bankruptcy Considerations ................................................    83
        C.   Business Factors and Competitive Conditions ......................................    84
        D.   Inherent Uncertainty of Financial Projections ....................................    88
        E.   Access to Financing and Trade Terms ..............................................    88
        F.   Claims Estimations ...............................................................    89
        G.   Market for the New Debt Securities ...............................................    89
        H.   Dividends ........................................................................    89

XIII. RESALE OF SECURITIES RECEIVED UNDER THE PLAN ............................................    89

        A.   Issuance of Securities ...........................................................    89
        B.   Subsequent Transfers of New Debt Securities ......................................    89

XIV. CERTAIN FEDERAL INCOME TAX CONSEQUENCES OF THE PLAN ......................................    90

        A.   United States Federal Income Tax Consequences to the Debtors .....................    91
        B.   Federal Income Tax Consequences to Claimholders and Interestholders ..............    92
        C.   Importance of Obtaining Professional Tax Assistance ..............................    94

XV. FEASIBILITY OF THE PLAN AND THE BEST INTERESTS TEST .......................................    95

        A.   Feasibility of the Plan ..........................................................    95
        B.   Acceptance of the Plan ...........................................................    95
        C.   Best Interests Test ..............................................................    96
        D.   Application of the Best Interests Test to the Liquidation Analysis ...............    97
        E.   Confirmation Without Acceptance of All Impaired Classes: The 'Cramdown'
             Alternative ......................................................................    97
        F.   Conditions to Confirmation and Effective Date of the Plan ........................    98
        G.   Waiver of Conditions to Confirmation and Consummation of the Plan ................    99
        H.   Retention of Jurisdiction ........................................................    99

XVI. ALTERNATIVES TO CONFIRMATION AND CONSUMMATION OF THE PLAN ................................   100

        A.   Continuation of the Chapter 11 Cases .............................................   100
        B.   Alternative Plans of Reorganization ..............................................   100
        C.   Liquidation Under Chapter 7 or Chapter 11 ........................................   101

XVII. VOTING REQUIREMENTS .....................................................................   101

        A.   Parties in Interest Entitled to Vote .............................................   102
        B.   Classes Impaired Under the Plan ..................................................   103

XVIII. CONCLUSION .............................................................................   103

        A.   Hearing on and Objections to Confirmation ........................................   103
        B.   Recommendation ...................................................................   105
</TABLE>

                                       iii

<PAGE>

                       APPENDICIES TO DISCLOSURE STATEMENT

Appendix 1 - Joint Plan of Reorganization

Appendix 2 - Selected Financial Information - AMERCO (Consolidated)

Appendix 3 - Selected Financial Information - SAC Holding

Appendix 4 - Financial Projections - AMERCO (Consolidated)

Appendix 5 - Financial Projections - SAC Holding

Appendix 6 - Liquidation Analysis

                                       iv

<PAGE>

                           I. INTRODUCTION AND SUMMARY

A.       OVERVIEW.

         AMERCO ("AMERCO") and Amerco Real Estate Company ("AREC"), debtors and
debtors-in-possession (collectively, the "Debtors"), submit this disclosure
statement (the "Disclosure Statement") pursuant to Section 1125 of Title 11 of
the United States Code, 11 U.S.C. Sections 101, et seq. (the "Bankruptcy Code")
for use in the solicitation of votes on the First Amended Joint Plan of
Reorganization of AMERCO and AREC (the "Plan") proposed by the Debtors and SAC
Holding Corporation ("SAC") and SAC Holding II Corporation (together with SAC,
"SAC Holding"), each a Nevada corporation. For purposes of the Plan and Section
1145 of the Bankruptcy Code, SAC Holding is an Affiliate of the Debtors. The
Plan was filed with the United States Bankruptcy Court for the District of
Nevada (the "Bankruptcy Court"), on November 26, 2003. The following
introduction and summary is a general overview only and is qualified in its
entirety by, and should be read in conjunction with, the more detailed
discussions, information and financial statements and notes thereto appearing
elsewhere in this Disclosure Statement and the Plan. All capitalized terms not
defined in this Disclosure Statement have the meanings given to them in the
Plan. A copy of the Plan, separately filed in these Cases, is Appendix 1 to this
Disclosure Statement.

         This Disclosure Statement sets forth certain information regarding the
Debtors' prepetition operating and financial history, the need to seek Chapter
11 protection, significant events that have occurred during the Chapter 11
Cases, and the anticipated organization and operations of the Reorganized
Debtors, and, with respect to SAC Holding, certain operating and financial
information and a description of the securities to be issued by SAC Holding
under the Plan. This Disclosure Statement also describes terms and provisions of
the Plan, including certain alternatives to the Plan, certain effects of
confirmation of the Plan, certain risk factors associated with securities to be
issued under the Plan, and the manner in which distributions will be made under
the Plan. In addition, this Disclosure Statement discusses the confirmation
process and the voting procedures that Claimholders in Impaired Classes must
follow for their votes to be counted. Certain provisions of the Plan, and thus
the descriptions and summaries contained herein, may be the subject of
continuing negotiations among the Debtors and various parties, may not have been
finally agreed upon, and may be modified. Such modifications, however, will not
have a material effect on the distributions contemplated by the Plan.

         Each of AMERCO, AREC and SAC Holding is a proponent of the Plan within
the meaning of Section 1129 of the Bankruptcy Code. The Plan contains separate
Classes and proposes recoveries for holders of Claims against and Interests in
the Debtors. After careful review of the Debtors' current business operations,
estimated recoveries in a liquidation scenario, and the prospects of ongoing
business, the Debtors have concluded that the recovery to the Debtors' Creditors
and Interestholders will be maximized by the reorganization of AMERCO and AREC,
as contemplated by the Plan.

         Specifically, the Debtors believe that their businesses and assets have
significant going concern value that would not be realized in a liquidation,
either in whole or in substantial part. According to the liquidation analysis
prepared by management with the assistance of the Debtors' restructuring
advisors, Alvarez & Marsal, Inc. ("A&M"), and the other analyses prepared by the
Debtors with the assistance of A&M, the Debtors believe that the value of the
Estates of the Debtors is significantly greater in the proposed reorganization
than in a liquidation.

B.       NOTICE TO HOLDERS OF CLAIMS AND INTERESTS.

         This Disclosure Statement is being transmitted to certain Claimholders
for the purpose of soliciting votes on the Plan, and to others for informational
purposes. The purpose of this Disclosure

                                        1

<PAGE>

Statement is to provide adequate information to enable the holder of a Claim
against the Debtors to make a reasonably informed decision with respect to the
Plan prior to exercising the right to vote to accept or reject the Plan.

         By order entered on December 12, 2003, the Bankruptcy Court approved
this Disclosure Statement as containing information of a kind and in sufficient
and adequate detail to enable Claimholders that are entitled to vote on the Plan
to make an informed judgment with respect to acceptance or rejection of the
Plan. THE BANKRUPTCY COURT'S APPROVAL OF THIS DISCLOSURE STATEMENT DOES NOT
CONSTITUTE EITHER A GUARANTY OF THE ACCURACY OR COMPLETENESS OF THE INFORMATION
CONTAINED HEREIN OR AN ENDORSEMENT OF THE PLAN BY THE BANKRUPTCY COURT.

         ALL CLAIMHOLDERS ARE ENCOURAGED TO READ THIS DISCLOSURE STATEMENT AND
ITS APPENDICIES CAREFULLY AND IN THEIR ENTIRETY BEFORE DECIDING TO VOTE EITHER
TO ACCEPT OR TO REJECT THE PLAN. This Disclosure Statement contains important
information about the Plan, considerations pertinent to acceptance or rejection
of the Plan, and developments concerning the Chapter 11 Cases.

         THIS DISCLOSURE STATEMENT AND THE OTHER MATERIALS INCLUDED IN THE
SOLICITATION PACKAGE ARE THE ONLY DOCUMENTS AUTHORIZED BY THE BANKRUPTCY COURT
TO BE USED IN CONNECTION WITH THE SOLICITATION OF VOTES ON THE PLAN. No
solicitation of votes may be made except after distribution of this Disclosure
Statement, and no person has been authorized to distribute any information
concerning the Debtors or the Plan other than the information contained herein.

         CERTAIN OF THE INFORMATION CONTAINED IN THIS DISCLOSURE STATEMENT IS BY
ITS NATURE FORWARD-LOOKING AND CONTAINS ESTIMATES, ASSUMPTIONS AND PROJECTIONS
THAT MAY BE MATERIALLY DIFFERENT FROM ACTUAL OR FUTURE RESULTS. Except with
respect to the projections set forth in Appendix 4 and Appendix 5 attached
hereto (collectively, the "Projections"), and except as otherwise specifically
and expressly stated herein, this Disclosure Statement does not reflect any
events that may occur subsequent to the date hereof and that may have a material
impact on the information contained in this Disclosure Statement. None of the
Debtors, the Reorganized Debtors or SAC Holding intend to update the Projections
for the purposes hereof; thus, the Projections will not reflect the impact of
any subsequent events not already accounted for in the assumptions underlying
the Projections. Further, the Debtors do not anticipate that any amendments or
supplements to this Disclosure Statement will be distributed to reflect such
occurrences. Accordingly, the delivery of this Disclosure Statement does not
under any circumstance imply that the information herein is correct or complete
as of any time subsequent to the date hereof.

         EXCEPT WHERE SPECIFICALLY NOTED, THE FINANCIAL INFORMATION CONTAINED
HEREIN HAS NOT BEEN AUDITED BY A CERTIFIED PUBLIC ACCOUNTANT AND MAY NOT HAVE
BEEN PREPARED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

         THE INFORMATION CONTAINED IN THIS DISCLOSURE STATEMENT IS INCLUDED
HEREIN FOR PURPOSES OF SOLICITING ACCEPTANCES OF THE JOINT PLAN OF
REORGANIZATION OF AMERCO AND AREC, AND MAY NOT BE RELIED UPON FOR ANY PURPOSE
OTHER THAN TO DETERMINE HOW TO VOTE ON THE PLAN. NO PERSON MAY GIVE ANY
INFORMATION OR MAKE ANY REPRESENTATIONS, OTHER THAN THE INFORMATION AND
REPRESENTATIONS CONTAINED IN THIS DISCLOSURE STATEMENT, REGARDING THE PLAN OR
THE SOLICITATION OF ACCEPTANCES OF THE PLAN.

                                        2

<PAGE>

         ALL CREDITORS ARE ADVISED AND ENCOURAGED TO READ THIS DISCLOSURE
STATEMENT AND THE PLAN IN THEIR ENTIRETY BEFORE VOTING TO ACCEPT OR REJECT THE
PLAN. PLAN SUMMARIES AND STATEMENTS MADE IN THIS DISCLOSURE STATEMENT ARE
QUALIFIED IN THEIR ENTIRETY BY REFERENCE TO THE PLAN AND THE EXHIBITS ANNEXED TO
THE PLAN AND APPENDICES ANNEXED TO THIS DISCLOSURE STATEMENT. THE STATEMENTS
CONTAINED IN THIS DISCLOSURE STATEMENT ARE MADE ONLY AS OF THE DATE HEREOF, AND
THERE CAN BE NO ASSURANCE THAT THE STATEMENTS CONTAINED HEREIN WILL BE CORRECT
AT ANY TIME AFTER THE DATE HEREOF. IN THE EVENT OF ANY CONFLICT BETWEEN THE
DESCRIPTION SET FORTH IN THIS DISCLOSURE STATEMENT AND THE TERMS OF THE PLAN,
THE TERMS OF THE PLAN WILL GOVERN.

         THIS DISCLOSURE STATEMENT HAS BEEN PREPARED IN ACCORDANCE WITH SECTION
1125 OF THE UNITED STATES BANKRUPTCY CODE AND RULE 3016(b) OF THE FEDERAL RULES
OF BANKRUPTCY PROCEDURE AND NOT NECESSARILY IN ACCORDANCE WITH FEDERAL OR STATE
SECURITIES LAWS OR OTHER NON-BANKRUPTCY LAW. THIS DISCLOSURE STATEMENT HAS BEEN
NEITHER APPROVED NOR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (THE
"SEC"). NOR HAS THE SEC PASSED UPON THE ACCURACY OR ADEQUACY OF THE STATEMENTS
CONTAINED HEREIN. PERSONS OR ENTITIES TRADING IN OR OTHERWISE PURCHASING,
SELLING OR TRANSFERRING SECURITIES OF THE DEBTORS AND AFFILIATES SHOULD EVALUATE
THIS DISCLOSURE STATEMENT AND THE PLAN IN LIGHT OF THE PURPOSE FOR WHICH THEY
WERE PREPARED.

         THIS DISCLOSURE STATEMENT CONTAINS SUMMARIES OF CERTAIN PROVISIONS OF
THE PLAN, CERTAIN STATUTORY PROVISIONS, CERTAIN DOCUMENTS RELATED TO THE PLAN,
CERTAIN EVENTS IN THE CHAPTER 11 CASES, AND CERTAIN FINANCIAL INFORMATION.
ALTHOUGH THE DEBTORS BELIEVE THAT SUCH SUMMARIES ARE FAIR AND ACCURATE, SUCH
SUMMARIES ARE QUALIFIED TO THE EXTENT THAT THEY DO NOT SET FORTH THE ENTIRE TEXT
OF SUCH DOCUMENTS OR STATUTORY PROVISIONS. FACTUAL INFORMATION CONTAINED IN THIS
DISCLOSURE STATEMENT HAS BEEN PROVIDED BY THE DEBTORS' MANAGEMENT, EXCEPT WHERE
OTHERWISE SPECIFICALLY NOTED. THE DEBTORS DO NOT WARRANT OR REPRESENT THAT THE
INFORMATION CONTAINED HEREIN, INCLUDING THE FINANCIAL INFORMATION, IS WITHOUT
ANY MATERIAL INACCURACY OR OMISSION.

         AS TO CONTESTED MATTERS, ADVERSARY PROCEEDINGS AND OTHER ACTIONS OR
THREATENED ACTIONS, THIS DISCLOSURE STATEMENT WILL NOT CONSTITUTE OR BE
CONSTRUED AS AN ADMISSION OF ANY FACT OR LIABILITY, STIPULATION OR WAIVER, BUT
RATHER AS A STATEMENT MADE IN SETTLEMENT NEGOTIATIONS. THIS DISCLOSURE STATEMENT
WILL NOT BE ADMISSIBLE IN ANY NON-BANKRUPTCY PROCEEDING NOR WILL IT BE CONSTRUED
TO BE CONCLUSIVE ADVICE ON THE TAX, SECURITIES, OR OTHER LEGAL EFFECTS OF THE
PLAN AS TO HOLDERS OF CLAIMS AGAINST, OR CHAPTER 11 INTERESTS IN, AMERCO OR
AREC, DEBTORS AND DEBTORS-IN-POSSESSION IN THESE CASES.

         NONE OF THE OTHER DIRECT AND INDIRECT SUBSIDIARIES OF AMERCO AND AREC
HAVE COMMENCED CHAPTER 11 CASES OR SIMILAR PROCEEDINGS IN THIS OR ANY OTHER
JURISDICTION. THESE SUBSIDIARIES, INCLUDING, WITHOUT LIMITATION, U-HAUL
INTERNATIONAL, INC., U-HAUL SALES & LEASING CO., U-HAUL CO. (CANADA), LTD.,
OXFORD LIFE INSURANCE COMPANY AND REPUBLIC WESTERN INSURANCE

                                        3

<PAGE>

COMPANY, ARE NOT AFFECTED BY THE CHAPTER 11 CASES AND CONTINUE TO OPERATE THEIR
BUSINESSES OUTSIDE OF BANKRUPTCY. IN ADDITION, ALTHOUGH SAC HOLDING IS A
PROPONENT OF THE PLAN, SAC HOLDING HAS NOT, AND WILL NOT COMMENCE A CHAPTER 11
CASE OR OTHER SIMILAR PROCEEDINGS.

THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS APPOINTED IN THE AMERCO CHAPTER 11
CASE SUPPORTS CONFIRMATION AND CONSUMMATION OF THE PLAN. ACCORDINGLY, THE
DEBTORS AND THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS STRONGLY URGE YOU TO
VOTE TO ACCEPT THE PLAN.

                                        4

<PAGE>

C.       SUMMARY OF TREATMENT OF CLAIMS AND INTERESTS UNDER THE PLAN.

         Although the Plan constitutes a joint plan of reorganization for the
Debtors, the Plan does not provide for the substantive consolidation of the
Debtors' Estates. The Plan contains separate classes for holders of Claims
against, and Interests in, the Debtors. As required by the Bankruptcy Code,
Administrative Claims and Priority Tax Claims are not classified.

         The table below summarizes the classification and treatment of the
principal prepetition Claims and Interests under the Plan. The classification
and treatment for all Classes are described in more detail in Article V of the
Plan. The table below also sets forth the Debtors' estimates of the amount of
Claims that will ultimately become allowed in each Class based upon review by
the Debtors of all Claims scheduled by the Debtors, consideration of the
provisions of the Plan that affect the allowance of certain Claims, and a
general estimate of the amount by which Allowed Claims may ultimately exceed the
amount of the Claims scheduled by the Debtors. As set forth in the table below,
the Plan provides for the payment in full of all Allowed Claims in each Class,
and the holders of Preferred Stock, Common Stock and other Interests, and
Subordinated Claims arising from Preferred and Common Stock Interests are
unimpaired by the Plan.

         In addition, for certain Classes of Claims, the actual amounts of
Allowed Claims could materially exceed or could be materially less than the
estimated amounts shown in the table that follows. Accordingly, for these
reasons, no representation can be or is being made with respect to whether the
estimated percentage recoveries set forth in the table below will actually be
realized by the holders of Allowed Claims in any particular Class. THE PLAN
CONTEMPLATES AND PROVIDES FOR THE PAYMENT IN FULL OF ALL ALLOWED CLAIMS AGAINST
THE DEBTORS. ACCORDINGLY, FOR PURPOSES OF CALCULATING ESTIMATED RECOVERIES, THE
FOLLOWING TABLE DOES NOT GIVE EFFECT TO THE SUBORDINATION RIGHTS OF VARIOUS
PARTIES.

         FOR A DESCRIPTION OF THE PLAN AND VARIOUS RISK AND OTHER FACTORS
PERTAINING TO THE PLAN AS IT RELATES TO HOLDERS OF CLAIMS AGAINST AND INTERESTS
IN THE DEBTORS, PLEASE SEE THE "DESCRIPTION OF THE REORGANIZATION PLAN" AND
"CERTAIN FACTORS TO BE CONSIDERED," SECTIONS OF THIS DISCLOSURE STATEMENT.

                                        5

<PAGE>

<TABLE>
<CAPTION>
CLASS         CLASS DESCRIPTION                   TREATMENT UNDER PLAN
- -----         -----------------                   --------------------
<S>      <C>                            <C>
 1       JP Morgan Claims               As of the Petition Date, the unpaid
                                        principal amount of the JPMorgan Claims
         (IMPAIRED; ENTITLED TO VOTE.)  was $205,000,000. The JPMorgan Claims
                                        are secured by intercompany receivables,
         ESTIMATED AMOUNT               and certain of the Debtors' subsidiaries
         OF CLAIMS: $ 153,750,000       have guaranteed the JPMorgan Claims. On
                                        or about September 10, 2003, the Debtors
         PERCENTAGE RECOVERY: 100%      made, pursuant to an order of the
                                        Bankruptcy Court, an adequate protection
                                        payment to the holders of the JPMorgan
                                        Claims in the amount of $51,250,000. The
                                        Debtors and the holders of more than
                                        two-thirds of the aggregate amount of
                                        the JPMorgan Claims have entered into
                                        the Restructuring Agreement (Revolver
                                        Lenders), which sets forth the treatment
                                        of the JPMorgan Claims under the Plan.
                                        Subject to the Debtors' compliance with
                                        the disclosure and solicitation
                                        provisions of Section 1125 of the
                                        Bankruptcy Code, the holders of the
                                        JPMorgan Claims that are parties to the
                                        Restructuring Agreement (Revolver
                                        Lenders), have agreed to vote to accept
                                        the Plan. On the Effective Date, the
                                        holders of the JPMorgan Claims will
                                        receive, in full and final satisfaction
                                        of the JPMorgan Claims, their Pro Rata
                                        portion of: (a) Cash in the amount of
                                        $71,750,000; (b) Cash in an amount equal
                                        to any and all accrued but unpaid
                                        interest on the principal amount
                                        outstanding under the JPMorgan Chase
                                        Credit Facility up to and including the
                                        Effective Date, payable at the
                                        non-default rate of interest under the
                                        JPMorgan Chase Credit Facility, plus
                                        reasonable costs and expenses, including
                                        professional fees, recoverable
                                        thereunder; (c) $48,400,000 in aggregate
                                        principal amount of the New Term Loan A
                                        Notes issued pursuant to the Exit
                                        Financing Facility; and (d) $33,600,000
                                        in aggregate principal amount of the New
                                        Term Loan B Notes issued pursuant to the
                                        New Term Loan B Notes Indenture. If the
                                        Debtors do not comply with the
                                        syndication terms in the Restructuring
                                        Agreement (Revolver Lenders) by
                                        arranging for the placement of at least
                                        $20,000,000 in New Term Loan B Notes to
                                        unrelated third party market
                                        participants, then the holders of the
                                        JPMorgan Claims will receive an
                                        additional $33,600,000 in New Term Loan
                                        A Notes in lieu of any distribution of
                                        New Term Loan B Notes, which will result
                                        in a reduction in the amount of Cash to
                                        be paid to the holders of Allowed Claims
                                        in Class 7 under the Plan. The Debtors
                                        anticipate complying with the
                                        syndication terms in the Restructuring
                                        Agreement (Revolver Lenders), having
                                        obtained commitment letters for the
                                        placement of $30,000,000 in New Term
                                        Loan B Notes to unrelated third party
                                        market participants.

 2       Other Priority Claims          Other Priority Claims are primarily
                                        claims, if any, held by current and
         (UNIMPAIRED; DEEMED TO         former employees of the Debtors for
         ACCEPT.)                       unpaid wages, salaries, bonuses,
                                        severance pay, vacation pay, and other
         ESTIMATED AMOUNT               unpaid employee benefits. The Debtors
                                        believe that there are no valid Other
                                        Priority Claims. However, in the event
                                        there are any Allowed Other Priority
                                        Claims, the Debtors or Reorganized
                                        Debtors, as
</TABLE>

                                        6

<PAGE>

<TABLE>
<CAPTION>
CLASS           CLASS DESCRIPTION               TREATMENT UNDER PLAN
- -----           -----------------               --------------------
<S>      <C>                            <C>
         OF CLAIMS:               $0    applicable, will either pay such claims
         PERCENTAGE RECOVERY:    N/A    in full in Cash or, if necessary, agree
                                        with the claimholder to some other
 3       3(a) Citibank Secured Claim    mutually agreeable compensation
         and 3(b) Citibank Guaranty     arrangement.
         Claim
                                        Claims in Class 3 consist
         (IMPAIRED; ENTITLED TO VOTE;   of a separate subclass for the Citibank
         SUBJECT TO ALTERNATIVE         Secured Claim and the Citibank Guaranty
         TREATMENT.)                    Claim, and arise out of a synthetic
                                        lease facility with AREC. Although title
         ESTIMATED AMOUNT OF            to the real property subject to the
         CLAIMS:         $101,000,000   synthetic lease facility is in the name
         PERCENTAGE RECOVERY:     100%  of a special purpose entity, for
                                        purposes of the Chapter 11 Cases, the
                                        Citibank Secured Claim is treated as a
                                        Secured Claim. AMERCO has guaranteed the
                                        Citibank Secured Claim. During the
                                        Chapter 11 Cases, the holders of the
                                        Citibank Secured Claim have stipulated
                                        that the value of the real property
                                        subject to the synthetic lease facility
                                        exceeds the amount of the Citibank
                                        Secured Claim. The Debtors are actively
                                        pursuing a transaction (defined in the
                                        Plan as the Carey Sale Transaction)
                                        which, if consummated, would involve a
                                        sale of the real property subject to the
                                        synthetic lease facility, and payment in
                                        full of the Citibank Secured Claim.
                                        There can be no assurance that the Carey
                                        Sale Transaction will be consummated
                                        prior to the Effective Date of the Plan.
                                        As a result, the Plan provides for the
                                        following alternative treatments of the
                                        Citibank Secured Claim, each of which
                                        will be in full and final satisfaction
                                        of the Citibank Secured Claim:

                                           - Carey Sale Transaction closes and
                                        holders of Citibank Secured Claim and
                                        Citibank Guaranty Claim vote to accept
                                        the Plan. On or before the Effective
                                        Date of the Plan, the Citibank Secured
                                        Claimholders will receive an amount of
                                        Cash from the Carey Sale Proceeds
                                        equivalent to the amount of the Allowed
                                        Citibank Secured Claim, excluding
                                        therefrom, if applicable, any fine,
                                        penalty, interest or cost arising from
                                        or related to a default under the
                                        Citibank Master Lease, provided that:
                                        (i) the Carey Sale Agreement has been
                                        approved by a Final Order of the
                                        Bankruptcy Court on or before the
                                        Effective Date; (ii) the Carey Sale
                                        Transaction closes in accordance with
                                        the Carey Sale Agreement, including the
                                        payment of the Carey Sale Proceeds, on
                                        or before the Effective Date; and (iii)
                                        holders of the Citibank Secured Claim in
                                        Class 3(a) and the Citibank Guaranty
                                        Claim in Class 3(b) have voted to accept
                                        the Plan by the statutory prerequisites
                                        for such acceptance set forth in Section
                                        1126 of the Bankruptcy Code. In the
                                        event the Citibank Secured Claim
                                        receives this treatment under the Plan,
                                        the Citibank Guaranty Claim, to the
                                        extent such Claim is an Allowed Claim,
                                        will be deemed satisfied in full.

                                           - Carey Sale Transaction does not
                                        close and holders of Citibank Secured
                                        Claim and Citibank Guaranty Claim vote
                                        to accept the Plan. Reorganized AREC
                                        will, on the Effective Date of the Plan,
                                        execute and deliver the Restated
                                        Citibank Master
</TABLE>

                                        7

<PAGE>

<TABLE>
<CAPTION>
CLASS           CLASS DESCRIPTION                TREATMENT UNDER PLAN
- -----           -----------------                --------------------
<S>      <C>                            <C>
                                        Lease, and Reorganized AMERCO will, on
                                        the Effective Date of the Plan, execute
                                        and deliver the New Citibank Guaranty.
                                        In the event the Citibank Secured Claim
                                        receives this treatment under the Plan,
                                        the holders of the Citibank Guaranty
                                        Claim will receive in full satisfaction,
                                        release and discharge of the Citibank
                                        Guaranty Claim, to the extent such Claim
                                        is an Allowed Claim, the New Citibank
                                        Guaranty, which will be executed and
                                        delivered by Reorganized AMERCO on the
                                        Effective Date.

                                           - Carey Sale Transaction does not
                                        close and holders of Citibank Secured
                                        Claim and Citibank Guaranty Claim vote
                                        to reject the Plan. The Debtors reserve
                                        the right, in their sole discretion,
                                        either to: (i) surrender to the Citibank
                                        Claimholders all of their right, title
                                        and interest in and to the Citibank
                                        Properties in full and final
                                        satisfaction of all Claims arising under
                                        or related to the Citibank Master Lease,
                                        together with Cash in an amount
                                        equivalent to the Unsecured Deficiency
                                        Claim, if any such Claim exists, of the
                                        Citibank Claimholders as determined by a
                                        Final Order of the Bankruptcy Court
                                        pursuant to the Citibank Valuation
                                        Hearing; (ii) provide for the treatment
                                        of the Citibank Secured Claim in
                                        accordance with the alternative
                                        treatment set forth in Article 5.3(a)(i)
                                        and (a)(ii) of the Plan; or (iii)
                                        provide such other treatment of the
                                        Citibank Secured Claim that complies
                                        with Section 1129(b) of the Bankruptcy
                                        Code. If the Bankruptcy Court
                                        determines, as part of the Citibank
                                        Valuation Hearing, that the value of the
                                        Citibank Properties exceeds the amount
                                        of the Allowed Citibank Secured Claim,
                                        and the Debtors have selected the
                                        alternative treatment set forth in
                                        Article 5.3(a)(iii) of the Plan, the
                                        holders of the Citibank Secured Claim
                                        will pay in Cash to the Debtors the
                                        amount of the excess value. In the event
                                        the Citibank Secured Claim receives this
                                        treatment under the Plan, the Citibank
                                        Guaranty Claim, to the extent such Claim
                                        is an Allowed Claim, will be deemed
                                        satisfied in full.

4        4(a) BMO Secured Claim and     Claims in Class 4 consist of a separate
         4(b) BMO Guaranty Claim        subclass for the BMO Secured Claim and
                                        the BMO Guaranty Claim, and arise out of
         (IMPAIRED; ENTITLED TO VOTE;   a synthetic lease facility with AREC and
         SUBJECT TO ALTERNATIVE         U-Haul. Although title to the real
         TREATMENT.)                    property subject to the synthetic lease
                                        facility is in the name of a special
         ESTIMATED AMOUNT OF            purpose entity, for purposes of the
         CLAIMS:         $149,000,000   Chapter 11 Cases, the BMO Secured Claim
                                        is treated as a Secured Claim. AMERCO
         PERCENTAGE RECOVERY:     100%  has guaranteed the BMO Secured Claim.
                                        During the Chapter 11 Cases, the holders
                                        of the BMO Secured Claim have stipulated
                                        that the value of the real property
                                        subject to the synthetic lease facility
                                        exceeds the amount of the BMO Secured
                                        Claim. The Debtors are actively pursuing
                                        a transaction (defined in the Plan as
                                        the Carey Sale Transaction) which, if
                                        consummated, would involve a sale of the
                                        real property subject to the synthetic
                                        lease facility, and payment in full of
                                        the BMO Secured Claim. There can be no
                                        assurance that the Carey Sale
</TABLE>

                                        8

<PAGE>

<TABLE>
<CAPTION>
CLASS          CLASS DESCRIPTION                TREATMENT UNDER PLAN
- -----          -----------------                --------------------
<S>            <C>                      <C>
                                        Transaction will be consummated prior to
                                        the Effective Date of the Plan. As a
                                        result, the Plan provides for the
                                        following alternative treatments of the
                                        BMO Secured Claim, each of which will be
                                        in full and final satisfaction of the
                                        BMO Secured Claim:

                                           - Carey Sale Transaction closes and
                                        holders of BMO Secured Claim and BMO
                                        Guaranty Claim vote to accept the Plan.
                                        On or before the Effective Date of the
                                        Plan, the BMO Secured Claimholders will
                                        receive an amount of Cash from the Carey
                                        Sale Proceeds equivalent to the amount
                                        of the Allowed BMO Secured Claim,
                                        excluding therefrom, if applicable, any
                                        fine, penalty, interest or cost arising
                                        from or related to a default under the
                                        BMO Master Lease, provided that: (i) the
                                        Carey Sale Agreement has been approved
                                        by a Final Order of the Bankruptcy Court
                                        on or before the Effective Date; (ii)
                                        the Carey Sale Transaction closes in
                                        accordance with the Carey Sale
                                        Agreement, including the payment of the
                                        Carey Sale Proceeds, on or before the
                                        Effective Date; and (iii) the holders of
                                        the BMO Secured Claim in Class 4(a) and
                                        the BMO Guaranty Claim in Class 4(b)
                                        have voted to accept the Plan by the
                                        statutory prerequisites for such
                                        acceptance set forth in Section 1126 of
                                        the Bankruptcy Code. In the event the
                                        BMO Secured Claim receives this
                                        treatment under the Plan, the BMO
                                        Guaranty Claim, to the extent such Claim
                                        is an Allowed Claim, will be deemed
                                        satisfied in full.

                                           - Carey Sale Transaction does not
                                        close and holders of BMO Secured Claim
                                        and BMO Guaranty Claim vote to accept
                                        the Plan. Reorganized AREC will, on the
                                        Effective Date of the Plan, execute and
                                        deliver the Restated BMO Master Lease,
                                        and Reorganized AMERCO will, on the
                                        Effective Date of the Plan, execute and
                                        deliver the New BMO Guaranty. In the
                                        event the BMO Secured Claim receives
                                        this treatment under the Plan, the
                                        holders of the BMO Guaranty Claim will
                                        receive in full satisfaction, release
                                        and discharge of the BMO Guaranty Claim,
                                        to the extent such Claim is an Allowed
                                        Claim, the New BMO Guaranty, which will
                                        be executed and delivered by Reorganized
                                        AMERCO on the Effective Date.

                                           - Carey Sale Transaction does not
                                        close and holders of BMO Secured Claim
                                        and BMO Guaranty Claim vote to reject
                                        the Plan. The Debtors reserve the right,
                                        in their sole discretion, either to: (i)
                                        surrender to the BMO Secured
                                        Claimholders all of their right, title
                                        and interest in and to the BMO
                                        Properties in full and final
                                        satisfaction of all Claims arising under
                                        or related to the BMO Master Lease,
                                        together with Cash in an amount
                                        equivalent to the Unsecured Deficiency
                                        Claim, if any such Claim exists, of the
                                        BMO Claimholders as determined by a
                                        Final Order of the Bankruptcy Court
                                        pursuant to the BMO Valuation Hearing;
                                        (ii) provide for the treatment of the
                                        BMO Secured Claim in accordance with the
                                        alternative treatment set forth in
                                        Article
</TABLE>

                                        9

<PAGE>

<TABLE>
<CAPTION>
CLASS          CLASS DESCRIPTION                 TREATMENT UNDER PLAN
- -----          -----------------                 --------------------
<S>      <C>                            <C>
                                        5.4(a)(i) and (a)(ii) of the Plan; or
                                        (iii) provide such other treatment of
                                        the BMO Secured Claim that complies with
                                        Section 1129(b) of the Bankruptcy Code.
                                        If the Bankruptcy Court determines, as
                                        part of the BMO Valuation Hearing, that
                                        the value of the BMO Properties exceeds
                                        the amount of the Allowed BMO Secured
                                        Claim, and the Debtors have selected the
                                        alternative treatment set forth in
                                        Article 5.4(a)(iii) of the Plan, the
                                        holders of the BMO Secured Claim will
                                        pay in Cash to the Debtors the amount of
                                        the excess value. In the event the BMO
                                        Secured Claim receives this treatment
                                        under the Plan, the BMO Guaranty Claim,
                                        to the extent such Claim is an Allowed
                                        Claim, will be deemed satisfied in full.

5        Other Unsecured Claims         Other Unsecured Claims include any and
                                        all Claims against the Debtors as of the
         (UNIMPAIRED; DEEMED TO         Petition Date not secured by a charge
         ACCEPT.)                       against, an interest in or lien on
                                        property in which a Debtor's Estate has
         ESTIMATED AMOUNT OF            an interest or that is subject to setoff
         CLAIMS:           $3,000,000   under Section 553 of the Bankruptcy
                                        Code, excluding therefrom Priority
         PERCENTAGE RECOVERY:     100%  Claims, AMERCO Unsecured Claims and
                                        Claims with respect to AMERCO/AREC
                                        Guaranty Obligations. Each holder of an
                                        Allowed Other Unsecured Claim, once they
                                        become Allowed Claims, will receive the
                                        payment of Cash equal to the amount of
                                        such holders' Allowed Class 5 Other
                                        Unsecured Claim upon the later to occur
                                        of: (i) the Effective Date, (ii) the
                                        date upon which such Allowed Other
                                        Unsecured Claim would be paid in the
                                        ordinary course of the Debtors or
                                        Reorganized Debtor's business, or (iii)
                                        such other date as the holder of the
                                        Allowed Class 5 Other Unsecured Claim
                                        will have agreed.

6        AREC Note Claims               AREC Note Claims are general unsecured
                                        claims against AREC and include any
         (IMPAIRED; ENTITLED TO VOTE.)  Claim arising under, from, or relating
                                        to the following: (a) the $95,000,000
         ESTIMATED AMOUNT OF            original principal amount of Senior
         CLAIMS:         $100,000,000   Secured Notes, Series A, due April 30,
                                        2012; and (b) the $5,000,000 original
         PERCENTAGE RECOVERY:     100%  principal amount of Senior Notes, Series
                                        B, due April 30, 2007, each issued by
                                        AREC under those certain Note Purchase
                                        Agreements, each dated March 15, 2002,
                                        as amended or modified from time to
                                        time, between AREC and the holders of
                                        the Series A and Series B Notes. AMERCO
                                        has guaranteed the AREC Note Claims. On
                                        August 12, 2003, the holders of the AREC
                                        Note Claims and AREC entered into the
                                        Restructuring Agreement (AREC
                                        Noteholders), which sets forth the
                                        treatment of the AREC Note Claims under
                                        the Plan. Subject to the Debtors'
                                        compliance with the disclosure and
                                        solicitation provisions of Section 1125
                                        of the Bankruptcy Code, the holders of
                                        the AREC Note Claims have agreed to vote
                                        to accept the Plan. On the Effective
                                        Date, the AREC Note Claimholders will
                                        receive, in full satisfaction,
                                        settlement, release, and discharge of,
                                        and in exchange for, their AREC Note
                                        Claims, a Pro Rata portion of: (a)
</TABLE>

                                       10

<PAGE>

<TABLE>
<CAPTION>
CLASS         CLASS DESCRIPTION                 TREATMENT UNDER PLAN
- -----         -----------------                 --------------------
<S>      <C>                            <C>
                                        Cash in the amount of $65,000,000; (b)
                                        Cash in an amount equal to the sum of
                                        (i) any and all accrued but unpaid
                                        interest on the AREC Notes from October
                                        15, 2002 up to but not including the
                                        AREC Petition Date, payable at the
                                        default rate of interest under the AREC
                                        Notes, and (ii) any and all accrued and
                                        unpaid interest under the AREC Notes
                                        from the AREC Petition Date up to but
                                        not including the Effective Date,
                                        payable at the non-default rate of
                                        interest under the AREC Notes; (c)
                                        $18,600,000 in aggregate principal
                                        amount of the New Term Loan A Notes
                                        issued pursuant to the Exit Financing
                                        Facility; and (d) $16,400,000 in
                                        aggregate principal amount of the New
                                        Term Loan B Notes issued pursuant to the
                                        New Term Loan B Notes Indenture. If the
                                        Debtors do not comply with the
                                        syndication terms in the Restructuring
                                        Agreement (AREC Noteholders) by
                                        arranging for the placement of at least
                                        $20,000,000 in New Term Loan B Notes to
                                        unrelated third party market
                                        participants, the holders of the AREC
                                        Note Claims will receive an additional
                                        $16,400,000 in New Term Loan A Notes in
                                        lieu of any distribution of New Term
                                        Loan B Notes, which will result in a
                                        reduction of the amount of Cash to be
                                        paid to the holders of Allowed Claims in
                                        Class 7 under the Plan. The Debtors
                                        anticipate complying with the
                                        syndication terms in the Restructuring
                                        Agreement (AREC Noteholders), having
                                        obtained commitment letters for the
                                        placement of $30,000,000 in New Term
                                        Loan B Notes to unrelated third party
                                        market participants.

7        AMERCO Unsecured Claims        AMERCO Unsecured Claims include any
                                        Claim arising under, from or relating to
         (IMPAIRED; ENTITLED TO VOTE.)  the following: (a) the AMERCO Notes; (b)
                                        the BBATs; (c) the Terminated Swaps; (d)
         ESTIMATED AMOUNT OF            the JPMorgan Support Party Obligation;
         CLAIMS:         $715,000,000   and (e) Post-Petition Interest on such
                                        AMERCO Unsecured Claims, but only to the
         PERCENTAGE RECOVERY:     100%  extent the Bankruptcy Court determines
                                        that such Post-Petition interest will be
                                        included as an Allowed Class 7 Claim.
                                        Upon the occurrence of the Effective
                                        Date, each holder of an Allowed AMERCO
                                        Unsecured Claim will receive, in full
                                        satisfaction, settlement, release, and
                                        discharge of, and in exchange for, such
                                        AMERCO Unsecured Claims such holder's
                                        Pro Rata portion of the following: (a)
                                        Cash in the amount of $191,000,000,
                                        provided, however, that the amount of
                                        Cash will be increased by the same
                                        amount, if any, by which the principal
                                        amount of New Term Loan B Notes
                                        distributed to the AMERCO Unsecured
                                        Claimholders is less than $200,000,000
                                        (provided that the Cash to be
                                        distributed to holders of Allowed Class
                                        7 Claims (i) will not exceed 35% of the
                                        aggregate amount of such Allowed Claims,
                                        and (ii) will be decreased, to the
                                        extent necessary, to provide the
                                        Reorganized Debtors with minimum
                                        availability under the Exit Financing
                                        Facility of $80,000,000 as of the
                                        Effective Date); (b) the SAC Holding
                                        Senior Notes in the principal amount of
                                        $200,000,000; (c) the New Term Loan B
                                        Notes in the principal amount of
                                        $200,000,000 (provided, however, that
                                        the amount of the New Term Loan B Notes
</TABLE>

                                       11

<PAGE>

<TABLE>
<CAPTION>
CLASS           CLASS DESCRIPTION                TREATMENT UNDER PLAN
- -----           -----------------                --------------------
<S>      <C>                            <C>
                                        distributed to the AMERCO Unsecured
                                        Claimholders will be decreased by the
                                        sum of: (i) the New Term Loan B Notes
                                        distributed to the AREC Note
                                        Claimholders and the holders of the
                                        JPMorgan Claims as a result of the
                                        satisfaction by the Debtors of the
                                        JPMorgan Syndication Terms and the AREC
                                        Syndication Terms as provided in Article
                                        5.1 and Article 5.6 of the Plan; and
                                        (ii) the amount of New Term Loan B Notes
                                        syndicated by the Debtors to unrelated
                                        third-party market participants); and
                                        (d) the New AMERCO Notes. The Debtors
                                        anticipate satisfying the JPMorgan
                                        Syndication Terms and the AREC
                                        Syndication Terms, having obtained
                                        commitment letters for the placement of
                                        $30,000,000 in New Term Loan B Notes to
                                        unrelated third party market
                                        participants. This syndication will
                                        result in an increase in the Cash
                                        distributions to holders of Allowed
                                        Class 7 Claims from $191,000,000 to
                                        approximately $250,000,000.

8        Oxford Note Claims             Oxford Note Claims include all Claims
                                        arising under, from or relating to the
         (UNIMPAIRED; DEEMED TO         financial accommodations made available
         ACCEPT.)                       to AMERCO by Oxford as evidenced by: (a)
                                        that certain $15,000,000 Promissory
         ESTIMATED AMOUNT OF            Note, dated June 27, 2002, issued by
         CLAIMS:          $17,500,000   AMERCO to Oxford; (b)that certain
                                        $1,700,000 Promissory Note, dated June
         PERCENTAGE RECOVERY:     100%  27, 2002, issued by AMERCO to Christian
                                        Fidelity Life Insurance Company; and (c)
                                        that certain $800,000 Promissory Note,
                                        dated June 27, 2002, issued by AMERCO to
                                        North American Insurance Agency. On the
                                        Effective Date, the Allowed Oxford Note
                                        Claims will be paid in full in Cash.

9        Miscellaneous Secured Claims   Miscellaneous Secured Claims consist
                                        primarily of real property taxes that,
         (UNIMPAIRED; DEEMED TO         by operation of law, are secured by a
         ACCEPT.)                       lien upon real property. Miscellaneous
                                        Secured Claims include all Secured
         ESTIMATED AMOUNT OF            Claims against the Debtors, except the
         CLAIMS:           $500,000     Citibank Secured Claim, the BMO Secured
                                        Claim and the Claims under the JPMorgan
         PERCENTAGE RECOVERY:   100%    Chase Credit Facility. Under the Plan,
                                        on the Effective Date, the legal,
                                        equitable and contractual rights of
                                        holders of Allowed Class 9 Claims will
                                        be Reinstated, and all pre-petition
                                        liens on property of any Debtor held by
                                        or on behalf of the Miscellaneous
                                        Secured Claimholder with respect to such
                                        Claims will survive the Effective Date
                                        and continue in accordance with the
                                        contractual terms of the underlying
                                        agreements with such Claimholders until,
                                        as to each Claimholder, the Allowed
                                        Claims of such Miscellaneous Secured
                                        Claimholder are paid in full. This
                                        treatment will not impair the
                                        Reorganized Debtors' right to contest or
                                        otherwise defend against such Claims in
                                        the appropriate forum when and if such
                                        Claim is sought to be enforced by the
                                        Miscellaneous Secured Claimholder.
</TABLE>

                                       12

<PAGE>

<TABLE>
<CAPTION>
CLASS            CLASS DESCRIPTION                TREATMENT UNDER PLAN
- -----            -----------------                --------------------
<S>      <C>                               <C>
10       Intercompany Claims            Intercompany Claim means a Claim by a
                                        Debtor, an Affiliate of a Debtor, or a
         (UNIMPAIRED; DEEMED TO         non-Debtor Affiliate against another
         ACCEPT.)                       Debtor, Affiliate of a Debtor, or
                                        non-Debtor Affiliate. The Plan will not
         ESTIMATED AMOUNT OF            alter, impair or discharge any Allowed
         CLAIMS:                N/A     Intercompany Claims.

         PERCENTAGE RECOVERY:   N/A

11       AMERCO/AREC Guaranty           AMERCO/AREC Guaranty Obligations means
         Obligations                    those obligations of the Debtors
                                        guarantying the obligations of certain
         (UNIMPAIRED; DEEMED TO         of their direct and indirect
         ACCEPT.)                       subsidiaries, as set forth in Exhibit F
                                        to the Plan. Unless otherwise
         ESTIMATED AMOUNT OF            specifically provided for in the Plan,
         CLAIMS:                N/A     on the Effective Date, the AMERCO/AREC
                                        Guaranty Obligations will be deemed
         PERCENTAGE RECOVERY:   N/A     Reinstated, and any non-monetary default
                                        in the primary obligations underlying
                                        the AMERCO/AREC Guaranty Obligations
                                        arising out of or related to the
                                        commencement by the Debtors of the
                                        Chapter 11 Cases, will be deemed Cured.

12       12(a) Preferred Stock          Preferred Stock Interests include the
         Interests and 12(b)            outstanding shares of the Series A
         Subordinated Claims            8-1/2% Preferred Stock, no par value, of
         (Preferred)                    AMERCO as set forth in the Restated
                                        Articles of Incorporation, as amended,
         (UNIMPAIRED; DEEMED TO         together with all rights arising
         ACCEPT.)                       thereunder, including, without
                                        limitation, unpaid dividends. The Plan
         ESTIMATED AMOUNT OF            does not alter or otherwise impair any
         CLAIMS:               0        of the Allowed Preferred Stock
                                        Interests. Subordinated Claims
         PERCENTAGE RECOVERY: N/A       (Preferred) means any Claim with respect
                                        to a Preferred Stock Interest
                                        subordinated pursuant to Section 510 of
                                        the Bankruptcy Code. Under the Plan, and
                                        Section 510 of the Bankruptcy Code,
                                        Subordinated Claims (Preferred) will be
                                        subordinated to the Allowed Claims of
                                        Creditors in Classes 1 through 11 under
                                        the Plan, but will be pari passu with
                                        Allowed Preferred Stock Interests in
                                        Class 12(a) under the Plan. To the
                                        extent a Subordinated Claim (Preferred)
                                        becomes an Allowed Claim, either by
                                        agreement between the Reorganized
                                        Debtors and the holder of such
                                        Subordinated Claim (Preferred), or by
                                        Final Order of the Bankruptcy Court or
                                        other court of competent jurisdiction,
                                        such Allowed Subordinated Claim
                                        (Preferred) will be satisfied in Cash in
                                        full by the Reorganized Debtors or on
                                        such other terms as to which the
                                        Reorganized Debtors and the holder of an
                                        Allowed Subordinated Claim (Preferred)
                                        will have agreed to in writing.

13       13 (a) Existing Common Stock   Existing Common Stock means shares of
         and Other Interests and 13(b)  common stock, par value $0.25 per share,
         Subordinated Claims (Common)   of AMERCO that are authorized, issued
                                        and outstanding prior to the Effective
         (UNIMPAIRED; DEEMED TO         Date. Other Interests means the
         ACCEPT.)                       preferred share purchase rights issued
                                        by AMERCO pursuant to that certain
                                        stock-holder rights plan adopted by the
                                        Board of Directors of AMERCO in July
                                        1998, with each such
</TABLE>

                                       13

<PAGE>

<TABLE>
<CAPTION>
CLASS            CLASS DESCRIPTION                TREATMENT UNDER PLAN
- -----            -----------------                --------------------
<S>      <C>                            <C>
         ESTIMATED AMOUNT OF            right entitling its holder to purchase
         CLAIMS:               0        from AMERCO one one-hundredth of a share
         PERCENTAGE RECOVERY: N/A       of Series C Junior Participation
                                        Preferred Stock (Series C), no par value
                                        per share of AMERCO, at a price of
                                        $132.00 per one one-hundredth (1/100th)
                                        of a share of Series C, subject to
                                        adjustment. The Plan does not alter or
                                        otherwise impair the Allowed Existing
                                        Common Stock and Other Interests.
                                        Subordinated Claims (Common) means any
                                        Claim with respect to a Common Stock
                                        Interest or Other Interest subordinated
                                        pursuant to Section 510 of the
                                        Bankruptcy Code. Under the Plan, and
                                        Section 510 of the Bankruptcy Code,
                                        Subordinated Claims (Common) will be
                                        subordinated to the Allowed Claims in
                                        Classes 1 through 12 of the Plan, but
                                        will be par; passu with Allowed Common
                                        Stock Interests in Class 13(a) under the
                                        Plan. To the extent a Subordinated Claim
                                        (Common) becomes an Allowed Claim,
                                        either by agreement between the
                                        Reorganized Debtors and the holder of
                                        such Subordinated Claims (Common), or by
                                        Final Order of the Bankruptcy Court or
                                        other court of competent jurisdiction,
                                        such Allowed Subordinated Claim (Common)
                                        will be satisfied in Cash in full by the
                                        Reorganized Debtors or on such other
                                        terms as to which the Reorganized
                                        Debtors and the holder of an Allowed
                                        Subordinated Claim (Common) will have
                                        agreed to in writing.

 14      Subsidiary Interests           Subsidiary Interests means,
                                        collectively, the issued and outstanding
         (UNIMPAIRED; DEEMED TO         shares of stock of AMERCO's Subsidiaries
         ACCEPT.)                       including AREC, directly or indirectly
                                        owned by AMERCO as of the Petition Date.
         ESTIMATED AMOUNT OF            The Plan does not alter or otherwise
         CLAIMS:                0       impair the Subsidiary Interests.
         PERCENTAGE RECOVERY: N/A
</TABLE>

D.       GENERAL VOTING PROCEDURES, BALLOTS, AND VOTING DEADLINE.

         Accompanying this Disclosure Statement are, among other things, copies
of (1) the Plan (Appendix 1 hereto, separately filed in these Cases); (2) the
notice of, among other things, the time for submitting Ballots to accept or
reject the Plan; the date, time and place of the hearing to consider the
confirmation of the Plan and related matters, and the time for filing objections
to the confirmation of the Plan (the "Confirmation Hearing Notice"); and (3) if
you are entitled to vote, one or more Ballots (and return envelopes) to be used
by you in voting to accept or to reject the Plan.

         After carefully reviewing the Plan, this Disclosure Statement, and (if
you are entitled to vote) the detailed instructions accompanying your Ballot,
please indicate your acceptance or rejection of the Plan by checking the
appropriate box on the enclosed Ballot. Please complete and sign your original
Ballot (copies will not be accepted) and return it in the envelope provided. You
must provide all of the information requested by the appropriate Ballot. Failure
to do so may result in the disqualification of your vote on such Ballot. Each
Ballot has been coded to reflect the Class of Claims it represents.

                                       14

<PAGE>

Accordingly, in voting to accept or reject the Plan, you must use only the coded
Ballot or Ballots sent to you with this Disclosure Statement.

         In order for your vote to be counted, your Ballot must be properly
completed as set forth above and in accordance with the voting instructions on
the Ballot and ACTUALLY RECEIVED no later than January 20, 2004 at 4:00 p.m.
(prevailing Eastern time) (the "Voting Deadline") by the Voting Agent
responsible for collecting Ballots pertaining to your claim. The Trumbull Group
is the Voting Agent for all claimholders voting on the plan. Your Ballot
contains the contact information for the Voting Agent. The contact information
for the Voting Agent is also listed below.

         BALLOTS RECEIVED AFTER THE VOTING DEADLINE WILL NOT BE COUNTED. BALLOTS
SHOULD NOT BE DELIVERED DIRECTLY TO THE DEBTORS, THE BANKRUPTCY COURT, THE
STATUTORY COMMITTEES OR COUNSEL TO THE DEBTORS OR COUNSEL TO THE STATUTORY
COMMITTEES.

QUESTIONS ABOUT VOTING PROCEDURES

         If (1) you have any questions about: (a) the procedure for voting your
Claim, (b) the packet of materials that you have received, or (c) the amount of
your Claim holdings; or (2) you wish to obtain an additional copy of the Plan,
this Disclosure Statement, or any exhibits to such documents please contact:

For claims NOT involving Debt           For claims involving Debt Securities
Securities:                             only:

THE TRUMBULL GROUP                      INNISFREE M&A INCORPORATED
P.O. Box 721 (Attn: AMERCO)             501 Madison Avenue, 20th Floor
Windsor, Connecticut 06095       OR     New York, NY 10022
Attn: Ronnie Kryjak                     Attn: AMERCO
Telephone: (860) 687-3965               Telephone: (877) 750-2689
e-mail: rkryjak@trumbullgroup.com       [Banks and Brokers call (212) 750-5833]

         For further information and instructions on voting to accept or reject
the Plan, see Article XVII-VOTING REQUIREMENTS OF THE PLAN.

E.       CONFIRMATION HEARING AND DEADLINE FOR OBJECTIONS TO CONFIRMATION.

         Pursuant to Section 1128 of the Bankruptcy Code and Federal Rule of
Bankruptcy Procedure 3017(c), the Bankruptcy Court has scheduled the
Confirmation Hearing to begin on February 2, 2004, at 9:30 a.m. (prevailing
Pacific time) before the Honorable Gregg W. Zive, United States Bankruptcy
Judge, at the C. Clifton Young Federal Building, 300 Booth Street, Courtroom 1,
Reno, Nevada 89509. The Confirmation Hearing may be adjourned from time to time
by the Bankruptcy Court without further notice except for the announcement of
the adjournment date made at the Confirmation Hearing or at any subsequent
adjourned Confirmation Hearing. The Bankruptcy Court has directed that
objections, if any, to confirmation of the Plan be filed with the Clerk of the
Bankruptcy Court and served so that they are ACTUALLY RECEIVED on or before
January 16, 2004, at 4:00 p.m. (prevailing Pacific time) by:

COUNSEL TO THE DEBTORS:                 THE UNITED STATES TRUSTEE:

SQUIRE, SANDERS & DEMPSEY L.L.P.        OFFICE OF THE UNITED STATES TRUSTEE
Two Renaissance Square                  300 Booth Street, Room 2129
40 North Central Avenue, Suite 2700     Reno,NV 89509
Phoenix, Arizona 85004                  Attn: Nicholas Strozza
Attention: Craig D. Hansen, Esq.        Telephone: (775) 784-5335

                                       15

<PAGE>

COUNSEL FOR THE PRE-PETITION LENDERS       COUNSEL TO THE AREC NOTEHOLDERS:

SKADDEN, ARPS, SLATE, MEAGHER &            MCDERMOTT, WILL & EMERY
  FLOM LLP                                 227 West Monroe Street
300 South Grand Avenue                     Chicago, Illinois 60606
Los Angeles, California 90071-3144         Attention: Nathan Coco, Esq.
Attention: Richard B. Levin, Esq.

COUNSEL TO THE CREDITORS' COMMITTEE:       COUNSEL TO THE EQUITY COMMITTEE:

MILBANK, TWEED, HADLEY & MCCLOY LLP        STUTMAN, TREISTER & GLATT PC
601 South Figueroa Street
Los Angeles, California 90017              1901 Avenue of the Stars, 12th Floor
Attention: Paul S. Aronzon, Esq.           Los Angeles, California 90067
                                           Attention: Charles D. Axelrod, Esq.


         THE DEBTORS AND THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS BELIEVE
THAT THE PLAN PROVIDES THE BEST RECOVERIES POSSIBLE FOR THE HOLDERS OF CLAIMS
AGAINST AND INTERESTS IN THE DEBTORS, AS APPLICABLE. THE DEBTORS AND THE
OFFICIAL COMMITTEE OF UNSECURED CREDITORS STRONGLY RECOMMEND THAT YOU VOTE TO
ACCEPT THE PLAN.

                                       16

<PAGE>

                      II. BACKGROUND OF THE PLAN PROPONENTS

A.       OVERVIEW OF BUSINESS OPERATIONS.

         AMERCO is a Nevada corporation and is the holding company for U-Haul
International. Inc. "U-Haul"), AREC, RepWest and Oxford Life Insurance Company
("Oxford"). AMERCO's executive offices are located at 1325 Airmotive Way, Suite
100, Reno, Nevada 89502-3239, and the telephone number is (775) 688-6300. AMERCO
has four industry segments represented by Moving and Storage Operations
(U-Haul), Real Estate Operations (AREC). Property and Casualty Insurance
(RepWest) and Life Insurance (Oxford).

         U-Haul was founded in 1945 under the name "U-Haul Trailer Rental
Company'". From 1945 to 1974, U-Haul rented trailers and, starting in 1959,
trucks on a one-way and In-Town(R) basis, exclusively through independent
dealers. Since 1974, U-Haul has developed a network of rental centers (U-Haul
Centers) through which U-Haul also rents its trucks and trailers and provides
related products and services (e.g., the sale and installation of hitches, as
well as the sale of boxes and other moving and storage supplies). At March 31,
2003, U-Haul's distribution network included 1,350 centers operated by AMERCO or
one of its Affiliates and 14,274 independent dealers.

         Throughout the 1990's, AMERCO began to exploit synergies with U-Haul's
truck and trailer rental business by aggressively pursuing the expansion of its
self-storage business, and established SAC Holding and its subsidiaries, as a
vehicle to finance a portion of this expansion. Self-storage properties are
owned by various subsidiaries of SAC Holding, and are managed by U-Haul, for a
management fee, under property management agreements. SAC Holding financed the
purchase of the self-storage properties through various combinations of senior
loans from third-party lenders and borrowings from AMERCO. In this regard,
AMERCO and its subsidiaries have made significant loans to SAC Holding and are
entitled to participate in SAC Holding's excess cash flow (after senior debt
service). Mark V. Shoen, a significant shareholder of AMERCO and executive
officer of U-Haul, owns substantially all of the equity interest of SAC Holding.
AMERCO does not have an equity ownership interest in SAC Holding. AMERCO is not
liable for the debts of SAC Holding and there are no default provisions in
AMERCO's indebtedness that cross-default to SAC Holding's obligations, nor are
there provisions in SAC Holding's indebtedness that cross-default to the
obligations of AMERCO or its Subsidiaries.

Moving and Storage Operations.

         Moving and self-storage operations consist of the rental of equipment
such as trucks and trailers, the sale of moving and storage supplies such as
boxes, tape and rope, and the rental of self-storage spaces to both moving and
storage customers. Operations are conducted using the registered tradename
U-Haul(R) throughout the United States and Canada.

         The U-Haul business strategy remains focused on do-it-yourself moving
and self-storage customers. U-Haul believes that customer access, in terms of
truck or trailer availability and proximity of rental locations, is critical to
its success. Under the U-Haul name, AMERCO's strategy is to offer, in an
integrated manner over an extensive and geographically diverse network of 15,624
AMERCO operated Centers and independent dealers, a wide range of products and
services to do-it-yourself moving and self-storage customers.

         Moving Operations

         U-Haul has a variety of product offerings. Rental trucks are designed
with do-it-yourself customers in mind. U-Haul trailers are suited to the low
profile of many newly manufactured

                                       17

<PAGE>

automobiles. As of March 31, 2003, the U-Haul rental equipment fleet consisted
of approximately 92,000 trucks, 73,000 trailers and 19,000 tow dollies.
Additionally, U-Haul provides support items such as furniture pads, utility
dollies and handtrucks.

         Independent dealers receive U-Haul equipment on a consignment basis and
are paid a commission on gross revenues generated from their rentals. U-Haul
maintains contracts with its independent dealers that may typically be
terminated upon 30 days written notice by either party.

         Historically, U-Haul has designed and manufactured its truck van boxes,
trailers and various other support rental equipment items. Truck chassis are
manufactured by both foreign and domestic truck manufacturers. These chassis
receive certain post-delivery modifications and are joined with van boxes at
strategically located AMERCO-owned manufacturing and assembly facilities in the
United States. From time to time, U-Haul buys its truck bodies from a third
party provider of such items.

         U-Haul services and maintains its trucks and trailers through an
extensive preventive-maintenance program, generally performed at AMERCO-owned
facilities located at or near U-Haul Centers. Major repairs are performed either
by the chassis manufacturers' dealers or by AMERCO-owned repair shops.

         Self-Storage Business

         U-Haul entered the self-storage business in 1974 and has increased its
presence in the industry through the acquisition and conversion of existing
facilities and new construction. In addition, U-Haul has entered into management
agreements to manage self-storage properties owned by others, including SAC
Holding. U-Haul has also entered into a strategic and financial partnership with
Private Mini Storage Realty, L.P., a Texas-based operator of self-storage
properties ("PMSR").

         Through 980 owned or managed self-storage locations in the United
States and Canada, U-Haul offers for rent more than 28,600,000 square feet of
self-storage. U-Haul's self-storage facility locations range in sizes up to
152,600 square feet of storage space, with individual storage units in sizes
from 15 to 400 square feet.

         The primary market for storage rooms is the storage of household goods.
With the addition of 18,833 storage rooms during fiscal year 2003, the average
occupancy rate of same store facilities operating over one year was 82.9%, with
modest seasonal variations.

Real Estate Operations

         AREC owns approximately 90% of the real estate assets of the Debtors
and their Subsidiaries, exclusive of real estate assets owned by SAC Holdings
and its subsidiaries. U-Haul, RepWest, Oxford and their Subsidiaries own the
remainder of the real estate assets. AREC is responsible for overseeing property
acquisitions, dispositions and managing environmental risks of the properties.

Insurance

         Property and Casualty Insurance

         RepWest originates and reinsures property and casualty-type insurance
products for various market participants, including independent third parties,
U-Haul's customers, independent dealers and AMERCO. In April 2003, RepWest
announced that, in connection with AMERCO's overall restructuring

                                       18

<PAGE>

efforts, in order to reduce costs and to build upon its core strengths, RepWest
is exiling non-U-Haul related lines of business.

         Life Insurance

         Oxford originates and reinsures annuities, credit life and disability,
single premium whole life, group life and disability coverage, and Medicare
supplement insurance. Oxford also administers the self-insured employee health
and dental plans for AMERCO.

         On November 13, 2000, Oxford acquired all of the issued and outstanding
shares of Christian Fidelity Life Insurance Company ("CFLIC") in an exchange of
cash for stock. CFLIC is a Texas-based insurance company specializing in
providing supplemental health insurance and is licensed in 31 states. The
acquisition was accounted for using the purchase method of accounting and,
accordingly, CFLIC's results of operations have been included in the
consolidated financial statements since the date of acquisition. Oxford funded
the acquisition from available cash and short-term funds.

         Reinsurance

         RepWest and Oxford assume and cede insurance from and to other insurers
and members of various reinsurance pools and associations. Reinsurance
arrangements are utilized to provide greater diversification of risk and to
minimize exposure to large risks. However, the original insurer retains primary
liability to the policyholder should the assuming insurer not be able to meet
its obligations under the reinsurance agreements.

         Regulation

         RepWest and Oxford are subject to regulation by state insurance
regulatory agencies. The regulation extends to such matters as licensing
companies and agents, restricting the types, quality or quantity of investments,
regulating capital and surplus and actuarial reserve maintenance, setting
solvency standards, filing of annual and other reports on financial condition,
and regulating trade practices. State laws also regulate transactions and
dividends between an insurance company and its parent or affiliates, and
generally require prior approval or notification for any change in control of
the insurance subsidiary.

         The insurance and reinsurance regulatory framework has been subjected
to increased scrutiny by the National Association of Insurance Commissioners
("NAIC"), federal and state legislatures and insurance regulators. These
regulators are considering increased regulations, with an emphasis on insurance
company investment and solvency issues. It is not possible to predict the future
impact of changing state and federal regulations on the operations of RepWest
and Oxford.

         RepWest and Oxford investments must comply with the insurance laws of
the state of domicile. These laws prescribe the type, quality and concentration
of investments that may be made. Moreover, in order to be considered an
acceptable reinsurer by cedents and intermediaries, a reinsurer must offer
financial security. The quality and liquidity of invested assets are important
considerations in determining such security.

         The investment strategies of RepWest and Oxford emphasize protection of
principal through the purchase of investment grade fixed-income securities.
Approximately 88.0% of RepWest's and 88.6% of Oxford's fixed-income securities
consist of investment grade securities (NAIC-2 or greater). The maturity
distributions are designed to provide sufficient liquidity to meet future cash
needs.

                                       19

<PAGE>

         In 1998, the NAIC adopted the Codification of Statutory Accounting
Principles guidance, which replaced the prior Accounting Practices and
Procedures manual as the NAIC's primary guidance for statutory accounting as of
January 1, 2001. The codification provides guidance for areas where statutory
accounting has been silent and changes current statutory accounting practices in
some areas. The Arizona Department of Insurance ("ADOI") has adopted the
Codification guidance, effective January 1, 2001. Oxford and RepWest have
implemented the new Codification effective January 1, 2001.

         In order to enhance the regulation of insurer solvency, the NAIC has
adopted a formula and model law to implement risk-based capital ("RBC")
requirements for insurance companies designed to assess minimum capital
requirements and to raise the level of protection that statutory surplus
provides for policyholder obligations. The RBC formula measures areas of risk
facing insurers. Pursuant to the model law, insurers having less statutory
surplus than that required by the RBC calculation will be subject to varying
degrees of regulatory action, depending on the level of capital inadequacy.

         The RBC model law provides for four levels of regulatory action. The
extent of regulatory intervention and action increases as the level of surplus
to RBC decreases. The first level, the Company Action Level (as defined by the
NAIC), requires an insurer to submit a plan of corrective actions to the
regulator if surplus falls below 200% of the RBC amount. The Regulatory Action
Level requires an insurer to submit a plan containing corrective actions and
requires the relevant insurance commissioner to perform an examination or other
analysis and issue a corrective order if surplus falls below 150% of the RBC
amount. The Authorized Control Level gives the relevant insurance commissioner
the option either to take the aforementioned actions or to rehabilitate or
liquidate the insurer if surplus falls below 100% of the RBC amount. The fourth
action level is the Mandatory Control Level that requires the relevant insurance
commissioner to rehabilitate or liquidate the insurer if surplus falls below 70%
of the RBC amount. Oxford is in compliance with the NAIC minimum RBC
requirements. On May 20, 2003, the DOI determined that RepWest's level of RBC
allowed for regulatory control and accordingly placed RepWest under supervision.

         The Debtors intend to take the position that confirmation and
consummation of the Plan should result in the diminution of reserves against
RepWest's regulatory capital based on AMERCO's creditworthiness. The Debtors
have been informed that at this time, the ADOI does not accept the Debtors'
position. The Debtors intend to have further discussions with ADOI regarding
these matters.

Selected Financial Information for Plan Proponents.

         Set forth in Appendix 2 and Appendix 3 are the following selected
financial information for the Debtors and SAC Holding, respectively: (i)
statements of operations on a consolidated basis for the fiscal years ended
March 31, 2003, March 31, 2002, and, with respect to the Debtors, March 31,
2001; (ii) balance sheets on a consolidated basis for the fiscal years ended
March 31, 2003, March 31, 2002, and, with respect to the Debtors, March 31,
2001; and (iii) statements of cash flows on a consolidated basis for the fiscal
years ended March 31, 2003, March 31, 2002, and, with respect to the Debtors
only, March 31, 2001. The notes that accompany the financial statements relating
to the Debtors are contained in AMERCO's Annual Report on Form 10-K for the
Fiscal Year Ended March 31, 2003 (the "Form 10-K"). The footnotes are an
integral component of these statements and should be read in conjunction with
the Form 10-K.

                III. PREPETITION CAPITAL STRUCTURE OF THE DEBTORS

         Prior to the Petition Date, the Debtors' liquidity depended primarily
on cash provided from their operations, access to capital markets, bank lines of
credit, and sale/lease back and other real estate financing transactions.

                                       20

<PAGE>

A.       JPMORGAN CHASE CREDIT FACILITY.

         On June 28, 2002, AMERCO entered into a three-year credit facility with
JP Morgan Chase (the "JPMorgan Chase Credit Facility"), which provided AMERCO
with a line of credit of $205,000,000. The term of the credit facility is three
years. The obligations under the credit facility are secured by intercompany
receivables. AREC, U-Haul and substantially all other subsidiaries of AMERCO
guaranteed the amount outstanding under the credit facility. AMERCO is in
default under the terms of the JPMorgan Chase Credit Facility.

B.       PREPETITION NOTES AND RELATED OBLIGATIONS.

         AMERCO is a party to a number of indentures pursuant to which AMERCO
issued, prior to the commencement of the Chapter 11 Cases, various unsecured
notes and bonds. In particular, AMERCO issued approximately: (i) $175,000,000 in
notes under that certain Indenture, dated May 1, 1996, as supplemented, between
AMERCO and Citibank, N.A., as original indenture trustee; (ii) $200,000,000 in
notes issued under that certain Senior Indenture, dated April 1, 1999, as
supplemented, between AMERCO and The Bank of New York, as original indenture
trustee; (iii) $110,000,000 in medium-term notes pursuant to that certain
Indenture, dated September 10, 1999, between AMERCO and The First National Bank
of Chicago, as original indenture trustee; and (iv) $100,000,000 in bonds backed
by an asset trust ("BBAT") pursuant to that certain Indenture, dated May 1,
1996, as supplemented, between AMERCO and Citibank, N.A., as original indenture
trustee. These obligations are further described below.

<TABLE>
<CAPTION>
                                           PRINCIPAL AMOUNT OF
                                                DEBT OWED
MATURITY DATE          INSTRUMENT            (US$ EQUIVALENT)
- -------------   -----------------------    -------------------
<S>             <C>                        <C>
  05/15/03      7.85% Notes                    $175,000,000
  02/04/05      8.80% Notes                    $200,000,000
  09/18/06      8.04% Medium Term Notes        $ 10,000,000
  09/18/06      8.03% Medium Term Notes        $  5,000,000
  10/02/06      8.04% Medium Term Notes        $ 15,000,000
  10/15/04      7.70% Medium Term Notes        $  5,000,000
  01/15/27      7.47% Medium Term Notes        $ 40,000,000
  01/21/27      7.23% Medium Term Notes        $ 33,000,000
  02/06/17      8.08% Medium Term Notes        $  1,500,000
  10/15/02      7.135% BBAT                    $100,000,000
</TABLE>

         On October 15, 2002, AMERCO failed to make a $100,000,000 principal
payment, a $3,600,000 interest payment, and $26,600,000 in payments under
terminated swap agreements to Citibank and Bank of America, in connection with
the BBATs. The BBAT default triggered cross-defaults under AMERCO's various
other credit arrangements, including the JPMorgan Chase Credit Facility. AMERCO
also directly defaulted under the JPMorgan Chase Credit Facility through its
inability to obtain incremental net cash proceeds or additional financing in the
aggregate amount of at least $150,000,000 prior to October 15, 2002. On May 15,
2003, AMERCO also failed to make a $175,000,000 principal payment on its 7.85%
senior notes.

C.       SYNTHETIC LEASES.

         As of March 31, 2003, AREC has approximately $250,000,000 owing under
synthetic leases with Bank of Montreal ($149,000,000) and Citibank
($101,700,000), to finance the purchase of various

                                       21

<PAGE>

properties, or the construction of facilities on existing properties. Each of
the synthetic leases is in cross-default. For purposes of the Chapter 11 Cases,
the synthetic leases are treated as secured debt financing.

D.       AREC NOTES.

         AREC issued $95,000,000 of Series A AREC Notes and $5,000,000 of Series
B AREC Notes under that certain Note Purchase Agreement, dated March 15, 2002,
by and among AREC, as issuer, AMERCO, as guarantor, and the purchasers of the
notes thereto. The Series A and Series B AREC Notes, which are further described
below, are unsecured obligations of AREC and are defined in the Plan as the AREC
Notes.

<TABLE>
<CAPTION>
                                       PRINCIPAL AMOUNT OF
                                             DEBT OWED
MATURITY DATE       INSTRUMENT           (US$ EQUIVALENT)
- -------------   -------------------    -------------------
<S>             <C>                    <C>
  04/30/12      Series A AREC Notes        $95,000,000
  04/30/07      Series B AREC Notes        $ 5,000,000
</TABLE>

E.       GUARANTY OF U-HAUL TRAC LEASE OBLIGATIONS.

         U-Haul's fleet financing consists primarily of Terminal Rental
Adjustment Clause Leases ("TRAC Leases"), including, without limitation, the
TRAC Lease that U-Haul Leasing & Sales Co., ("UHLS") entered into with General
Foods Credit Investors No. 2 Corporation, an affiliate of Philip Morris Capital
Corporation ("PMCC") which contemplates an annual exchange of existing vehicles
for new vehicles (the "PMCC Like-Kind Exchange Lease"). The TRAC Leases, which
are structured to qualify as operating leases, are provided by various parties
to facilitate the acquisition of new rental fleet vehicles. Generally speaking,
U-Haul purchases the vehicles from Ford or General Motors Corporation ("GM") and
then transfers ownership of the vehicles to an owner/lessor under a TRAC Lease
facility. Pursuant to the TRAC Lease facility, U-Haul receives funding from the
owner/lessor. The retail market value of the asset at the end of the lease term
(usually 7 years) typically exceeds the residual buy-out amount. Generally,
U-Haul exercises its residual buyout option under the TRAC Leases. AMERCO has
guaranteed a substantial number of the TRAC Leases.

F.       GUARANTY OF PHILLIP MORRIS OBLIGATIONS.

         In addition to the PMCC Like-Kind Exchange Lease, U-Haul, through its
subsidiary UHLS, entered into a leveraged lease (the "PMCC Leveraged Lease")
with General Foods Credit Corporation, an affiliate of PMCC, for the purpose of
financing the acquisition of utility trailers. All of the obligations under the
documents entered into with respect to the PMCC Like-Kind Exchange Lease and
this PMCC Leveraged Lease are guaranteed by AMERCO. Both financing transactions
are structured as sale-leaseback arrangements.

G.       GUARANTY OF PMSR OBLIGATIONS.

         PMSR is a Texas-based operator of self-storage rental facilities. SAC
Holding holds 79.5% of PMSR, and U-Haul holds a 0.5% interest in PMSR. In 1997,
PMSR secured a $225,000,000 senior facility with JP Morgan (the "PMSR
Facility"). Under the JP Morgan Support Party Agreement, AMERCO assumes
responsibility for fulfilling certain obligations under the PMSR Facility upon
default or noncompliance with the debt covenants. AMERCO has executed a
Non-Exoneration Agreement in February 2003 whereby it affirmed that its
obligation to pay $55,000,000 under the PMSR Facility was valid and binding.
AMERCO is currently in default of its JP Morgan Support Party Obligation.

                                       22

<PAGE>

H.       GUARANTY OF PMPP OBLIGATIONS.

         In March 2003, an affiliate of PMSR, PM Preferred Properties, L.P.
("PMPP"), obtained a $255,000,000 secured credit facility with GMAC Commercial
Holding Capital Corp. (the "PMPP Facility"). Under the PMPP Facility, AMERCO
entered into the PMPP Support Party Agreement (the "PMPP Support Agreement").
Under the PMPP Support Party Agreement, AMERCO's maximum support obligation is
currently $70,000,000. Prior to the filing of the Chapter 11 Cases, AMERCO was
not in default of its support obligations under the PMPP Facility.

I.       EQUITY.

         As of June 30, 2003, there were 20,514,958 shares of AMERCO common
stock and 6,100,000 shares of AMERCO preferred stock issued, outstanding and
publicly traded. AMERCO's common stock and shares of preferred stock are listed
on the Nasdaq National Market ("NNM") and New York Stock Exchange ("NYSE"),
respectively. There are a number of continuing requirements that must be
satisfied in order for AMERCO's stock to remain eligible for quotation on the
NNM and NYSE, respectively. The closing price per share of AMERCO's common stock
and preferred stock on June 20, 2003 (i.e., the date AMERCO commenced its
Chapter 11 Case) and December 9, 2003, respectively, is set forth below. Based
on the closing prices of AMERCO's equity securities on December 9, 2003,
AMERCO's total market capitalization was $704,000,000, of which approximately
$544,000,000 pertains to its Common Stock and approximately $160,000,000 to its
Preferred Stock, including accrued Preferred Stock dividends.

<TABLE>
<CAPTION>
                          Closing Price on   Closing Price on
                           June 20, 2003     December 9, 2003
                          ----------------   ----------------
<S>                       <C>                <C>
AMERCO Common Stock             $4.08              $26.55
AMERCO Preferred Stock          $9.54              $24.40
</TABLE>

         New York Stock Exchange Listing Status

         The NYSE has completed a review of the continued listing of the Series
A 8 1/2% preferred stock of AMERCO following AMERCO's commencement of the
Chapter 11 Case. According to NYSE, this assessment has shown that AMERCO is
currently in compliance with all of the NYSE's quantitative continued listing
standards. The NYSE will continue to closely monitor events at AMERCO in
connection with assessing the appropriateness of continued listing of AMERCO's
preferred stock. The NYSE has indicated that it will give consideration to
immediate suspension of AMERCO's preferred stock if authoritative advice is
received that AMERCO's securities, including the common stock, are without
value, or if AMERCO subsequently falls below any of the NYSE's quantitative
continued listing standards. In addition, the NYSE noted that it may, at any
time, suspend a security if it believes that continued dealings in the security
on the NYSE are not advisable.

         Nasdaq Listing Status

         On June 24, 2003, AMERCO received a letter from Nasdaq indicating that,
in light of AMERCO's recent Chapter 11 filing, a Nasdaq Listing Qualifications
Panel (the "Panel") would consider such filing and associated concerns in
rendering a determination regarding AMERCO's continued listing status. Nasdaq
has requested, and AMERCO has provided, information regarding AMERCO's Chapter
11 Cases and the anticipated effect of the reorganization process on the
shareholders of AMERCO. On August 13, 2003, AMERCO received a letter from Nasdaq
indicating that the Panel had determined to continue the listing of AMERCO's
common stock on Nasdaq provided that: (1) on or before August 22, 2003, AMERCO
files its Annual Report on Form 10-K for the fiscal year ended March 31, 2003,
and its

                                       23

<PAGE>

Quarterly Report Form 10-Q for the quarter ended June 30, 2003, with the SEC and
Nasdaq; (2) on or before deadlines to be determined by the Panel, AMERCO submits
to Nasdaq a copy of AMERCO's Plan as filed with the Bankruptcy Court, as well as
copies of any amendments to the Plan, documentation evidencing that AMERCO has
commenced the solicitation of votes regarding the Plan, as well as documentation
evidencing that the Plan has been confirmed by the Bankruptcy Court; and (3) on
or before a date to be determined by the Panel, AMERCO submits documentation to
Nasdaq evidencing its emergence from bankruptcy. In addition to the foregoing,
AMERCO must comply with all other requirements for continued listing on Nasdaq.
Although AMERCO did not meet the deadline to file its Form 10-Q as discussed
above, it has filed its Annual Report on Form 10-K for the fiscal year ended
March 31, 2003, and its Quarterly Report Form 10-Q for the quarter ended June
30, 2003, with the SEC and Nasdaq and, as a result of the Chapter 11 filing,
Nasdaq removed the "E" from AMERCO's trading symbol. The trading symbol is now
"UHALQ". Following consummation of the Plan, the Debtors anticipate that the
trading symbol will return to "UHAL". On November 14, 2003, AMERCO filed its
Quarterly Report Form 10-Q for the quarter ended September 30, 2003, and remains
current with respect to its periodic, quarterly and annual filing obligations
with the SEC and Nasdaq.

                     IV. CORPORATE STRUCTURE OF THE DEBTORS

         AMERCO is incorporated in Nevada. It is the parent corporation of
numerous direct and indirect subsidiaries, of which only AREC is a Debtor in
these jointly administered Chapter 11 Cases. None of AMERCO's other
subsidiaries, including U-Haul, RepWest and Oxford, have filed for bankruptcy
protection, and each is continuing normal business operations.

A.       BOARD OF DIRECTORS - AMERCO.

         The following persons comprise the Board of Directors of AMERCO.

<TABLE>
<CAPTION>
      Name         Age*                     Position
- ----------------   ---   ----------------------------------------------
<S>                <C>   <C>
Edward J. Shoen     54   Chairman of the Board, President, and Director
William E. Carty    76   Director
John M. Dodds       66   Director
Charles J. Bayer    63   Director
John P. Brogan      59   Director
James J. Grogan     49   Director
M. Frank Lyons      67   Director
James P. Shoen      43   Director
</TABLE>

*Ages are as of June 30, 2003

         Class I Directors. (Term expires at 2007 Annual Meeting of
Shareholders, or until successors are duly elected and qualified)

         JOHN P. BROGAN 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.

         JAMES J. GROGAN has served as a Director of the Company since August
1998 and is the CEO of Loreto Bay Management Arizona, LLC, a real estate
development company. Mr. Grogan also served as

                                       24

<PAGE>

President of G.W. Holdings, a diversified investment company, from 2001 to 2002,
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 and Managing Attorney
of Gallagher and Kennedy. Mr. Grogan is a cum laude graduate of the College of
the Holy Cross, and the University of Cincinnati College of Law. He was
appointed by the Governor of Arizona to the Board of the Arizona Tourism and
Sports Authority, where he serves as Chairman. Mr. Grogan serves on the Board of
Directors of several charitable organizations.

         Class II Directors. (Term expires at 2004 Annual Meeting of
Shareholders, or until successors are duly elected and qualified)

         EDWARD J. SHOEN has served as a Director and Chairman of the Board of
AMERCO since 1987. He has been associated with the Company since 1971. Prior to
this, Mr. Shoen was the Owner and President of Space Age Auto Paints from 1980
to 1986. He is a graduate of the College of the Holy Cross, and Arizona State
University College of Law and holds an MBA from Harvard Business School. He is a
member of the Arizona State Bar Association.

         M. FRANK LYONS has served as a Director on Board since 2002. He was
president of Evergreen Realty, Inc., from 1991 to 2000. Prior to this, Mr. Lyons
served in various positions with the Company, including president of Warrington
Manufacturing from 1976 to 1989, president of Kar-Go Manufacturing from 1965 to
1976 and as a shop manager from 1959 to 1965, where his area of expertise was
product development and manufacture.

         Class III Directors. (Term expires at 2005 Annual Meeting of
Shareholders, or until successors are duly elected and qualified)

         JOHN M. DODDS has served as a Director of the Company since 1987 and
Director of U-Haul since 1990. Mr. Dodds has been associated with the Company
since 1963 and retired in 1994. He served as Executive Vice President from 1986
until 1994. Prior to this, Mr. Dodds served as District Vice President of U-Haul
from 1977 to 1986. He was an Area Field Manager and Field Technician from 1966
until 1969 when he became U-Haul Rental Company President. Mr. Dodds began his
association with the U-Haul organization in 1963 as a U-Haul Independent Dealer.

         JAMES P. SHOEN has served as a director of the Company since 1986 and
Director of U-Haul since 1990. Mr. Shoen has been associated with the Company
since 1976 and has held various executive positions in the Company, starting in
1988 as a Moving Center Manager. He has served as Vice President of AMERCO,
Director of Field Repair, Director of the U-Haul Technical Center, Vice
President of U-Haul International and Executive Vice President of U-Haul Field
Operations.

         Class IV Directors. (Term expires at 2006 Annual Meeting of
Shareholders, or until successors are duly elected and qualified)

         WILLIAM E. CARTY has served as a Director of the Company since 1987 and
as Director of U-Haul since 1986. He has been associated with the Company since
1946 and retired in 1987. Mr. Carty built the first 100 trailers along with the
Company's founder, L.S. Shoen. He established the first manufacturing plant in
Boston and went on to establish the U-Haul System's manufacturing complex in
Willow Grove, Pennsylvania. He was also instrumental in the development of the
U-Haul Technical Center in Tempe, Arizona. Mr. Carty ran all marketing and
product functions in the Company for many years and regularly ran the Company's
most profitable division.

                                       25

<PAGE>

         CHARLES J. BAYER has served as Director of the Company since 1990.
Before retiring in 2000, Mr. Bayer had been associated with the Company since
1967. He served in various executive positions including Director of Finance and
Administration for the U-Haul Technical Center, Manager of Repair and
Maintenance and served as President of Amerco Real Estate Company from 1990 to
2000. Before his AMERCO career, Mr. Bayer was a commissioned officer in the U.S.
Navy from 1962 to 1967 and served two tours of duty on the USS Asheville,
ultimately becoming its Commanding Officer. Mr. Bayer is a graduate of Notre
Dame University and holds an MBA from the University of Arizona.

B.       SENIOR MANAGEMENT - AMERCO.

         The following persons comprise the other senior management of AMERCO:

<TABLE>
<CAPTION>
          Name        Age*                      Position
- -------------------   ----   ---------------------------------------------------
<S>                   <C>    <C>
Gary B. Horton         59    Treasurer of AMERCO and Asst. Treasurer of U-Haul
Gary V. Klinefelter    55    Secretary & General Counsel of AMERCO and U-Haul
Rocky D. Wardrip       45    Assistant Treasurer of AMERCO
Mark V. Shoen          52    President of U-Haul Phoenix Operations
John C. Taylor         45    Director and Executive V.P. of U-Haul
Ronald C. Frank        62    Executive V.P. of U-Haul Field Operations
Mark A. Haydukovich    46    President of Oxford Life Insurance Company
Carlos Vizcarra        56    President of Amerco Real Estate Company
Richard M. Amoroso     44    President of Republic Western Insurance Company
</TABLE>

*Ages are as of June 30, 2003

         GARY B. HORTON has served as Treasurer of AMERCO since 1982 and
Assistant Treasurer of U-Haul since 1990. He has been associated with AMERCO
since 1969.

         GARY V. KLINEFELTER, Secretary of AMERCO since 1988 and Secretary of
U-Haul since 1990, is licensed as an attorney in Arizona and has served as
General Counsel of AMERCO and U-Haul since June 1988. He has been associated
with AMERCO since 1978.

         ROCKY D. WARDRIP, Assistant Treasurer of AMERCO since 1990, has been
associated with AMERCO since 1978 in various capacities within accounting and
treasury operations.

         MARK V. SHOEN has served as a Director of AMERCO 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.

         JOHN C. TAYLOR, Director of U-Haul since 1990, has been associated with
AMERCO since 1981. He is presently an Executive Vice President of U-Haul.

         RONALD C. FRANK has been associated with AMERCO since 1959. He is
presently Executive Vice President of U-Haul Field Operations.

         MARK A. HAYDUKOVICH has served as President of Oxford since June 1997.
From 1980 to 1997 he served as Vice President of Oxford.

         CARLOS VIZCARRA has served as President of AREC since September 2000.
He began his previous position as Vice President/ Storage Product Group for
U-Haul in 1988.

                                       26

<PAGE>

         RICHARD M. AMOROSO has served as President of RepWest 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.

         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's sister and the aunt of Edward J. and Mark V. Shoen until her
death in 1992.

C.       EXECUTIVE COMPENSATION - AMERCO.

         The following Summary Compensation Table shows the annual compensation
paid to (1) AMERCO's chief executive officer; and (2) the four most highly
compensated executive officers of AMERCO, other than the chief executive
officer.

<TABLE>
<CAPTION>
                                                        Annual Compensation
                                           --------------------------------------------
                                                                           All other
       Name and Principal Position         Year  Salary(1)     Bonus    Compensation(2)
- ----------------------------------------   ----  --------    --------   ---------------
<S>                                        <C>   <C>         <C>        <C>
Edward J. Shoen                            2003  $503,708          --       $  334
 Chairman of the Board and President of    2002  $503,708          --       $1,311
 AMERCO and U-Haul                         2001  $503,708          --       $2,311
Mark V. Shoen(3)                           2003  $617,308          --       $  334
 President of U-Haul Phoenix Operations    2002  $623,077          --       $1,311
                                           2001  $623,077          --       $2,311
Gary V. Klinefelter(3)                     2003  $251,738    $ 55,000       $  334
 Secretary and General Counsel of AMERCO   2002  $222,547    $ 67,000       $1,311
 and U-Haul                                2001  $224,239    $ 60,000       $2,311
Gary B. Horton                             2003  $242,308    $ 40,000       $  334
 Treasurer of AMERCO and Assistant         2002  $233,655    $ 40,000       $1,311
 Treasurer of U-Haul                       2001  $234,539    $110,000       $2,192
Ronald C. Frank                            2003  $237,995    $ 15,704       $  334
  Executive V.P. U-Haul Field Operations   2002  $188,471          --       $1,311
                                           2001  $188,471          --       $2,311
</TABLE>

(1)  Includes annual fees paid to Directors of AMERCO and U-Haul.

(2)  Represents the value of Common Stock allocated under the AMERCO Employee
     Savings, Profit Sharing and Employee Stock Ownership Plan.

(3)  Compensation paid by other Non-Debtor Subsidiaries.

D.       SECURITY OWNERSHIP OF MANAGEMENT - AMERCO.

         To the best of AMERCO's knowledge, the following table lists, as of
June 30, 2003, the beneficial ownership of AMERCO's equity securities of each
director and director nominee of AMERCO, of each executive officer named in the
foregoing compensation table, and of all directors and executive officers of
AMERCO as a group (17 persons):

                                       27

<PAGE>

<TABLE>
<CAPTION>
                              Shares of Common
    Name of Beneficial       Stock Beneficially   Percentage of
          Owner                    Owned          Common Stock
- --------------------------   ------------------   -------------
<S>                          <C>                  <C>
Edward J. Shoen (1)              3,487,645(2)         16.9
Mark V. Shoen(1)                 3,355,471(2)         16.3
James P. Shoen (1)               2,049,962(2)          9.9
John M. Dodds                            0               0
William E. Carty(1)                      0               0
Charles J. Bayer                     2,186               *
John P. Brogan                       6,000               *
James J. Grogan                        100               *
M. Frank Lyons                         300               *
Gary V. Klinefelter                  3,513               *
Ronald C. Frank                      2,592               *
John C. Taylor                       1,423               *
All Officers and Directors       8,917,548            43.2
</TABLE>

*The percentage of Common Stock beneficially owned is less than one percent.

(1)  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 AMERCO's Series A 8 1/2%
     Preferred Stock, respectively. The executive officers and directors as a
     group beneficially own 77,611 shares (1.27%) of AMERCO's Series A 8 1/2%
     Preferred Stock.

(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's Board of Directors. Under the ESOP, each participant (or such
     participant's beneficiary) in the ESOP directs the ESOP Trustee with
     respect to the voting of all Common Stock allocated to the participant's
     account. All shares in the ESOP Trust not allocated to participants are
     voted by the ESOP Trustee. As of June 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.

E.       INDEPENDENT GOVERNANCE COMMITTEE - AMERCO.

         Prior to the commencement of the Chapter 11 Cases, the Board created an
Independent Governance Committee (the "Committee"), whose charter is to "monitor
and evaluate the Company's corporate governance principles and standards and
propose to the Board any modifications thereto as deemed appropriate for sound
corporate governance." The Committee is co-chaired by two independent members of
the Board, James J. Grogan and John P. Brogan, and includes two additional
outside members, Thomas W. Hayes and Paul A. Bible. Each of the members of the
Committee, qualify as independent under applicable SEC, New York Stock Exchange
and NASDAQ rules and regulations.

                                       28

<PAGE>

F.       BOARD OF DIRECTORS - AREC.

         The following persons comprise the Board of Directors of AREC.

<TABLE>
<CAPTION>
     Name                  Position
- ----------------    ---------------------
<S>                 <C>
Edward J. Shoen     Chairman of the Board
Gary B. Horton      Director
Carlos Vizcarra     Director
William E. Carty    Director
John M. Dodds       Director
</TABLE>

G.       SENIOR MANAGEMENT-AREC.

         The following persons comprise the officers of AREC:

<TABLE>
<CAPTION>
       Name                     Position
- -------------------       -------------------
<S>                       <C>
Carlos Vizcarra           President
Gary V. Klinefelter       Secretary
Jennifer M. Settles       Assistant Secretary
Gary B. Horton            Treasurer
Robert Peterson           Assistant Treasurer
</TABLE>

H.       EXECUTIVE COMPENSATION - AREC.

         The following Summary Compensation Table shows the annual compensation
paid to (1) AREC's chief executive officer; and (2) the four most highly
compensated officers of AREC, other than the chief executive officer.

<TABLE>
<CAPTION>
                                           Annual Compensation
                              --------------------------------------------
                                                              All other
Name and Principal Position   Year  Salary(1)     Bonus    Compensation(2)
- ---------------------------   ----  ---------   --------   ---------------
<S>                           <C>   <C>         <C>        <C>
Carlos Vizcarra               2003  $134,620          --           (3)
  President                   2002  $129,812          --           (3)
                              2001  $117,463          --           (3)
Gary V. Klinefelter (4)       2003        --          --           --
  Secretary                   2002        --          --           --
                              2001        --          --           --
Gary B. Horton (5)            2003  $242,308    $ 40,000       $  334
  Treasurer                   2002  $233,655    $ 40,000       $1,311
                              2001  $234,539    $110,000       $2,192
Jennifer Settles(4)           2003        --          --           --
  Assistant Secretary         2002        --          --           --
                              2001        --          --           --
Robert Peterson(4)            2003        --          --           --
  Assistant Treasurer         2002        --          --           --
                              2001        --          --           --
</TABLE>

(1)  No annual fees are paid to Directors of AREC.

                                       29

<PAGE>

(2)  Represents the value of Common Stock allocated under the AMERCO Employee
     Savings, Profit Sharing and Employee Stock Ownership Plan.

(3)  Includes Common Stock allocated under the AMERCO Employee Savings, Profit
     Sharing and Employee Stock Ownership Plan.

(4)  Compensation is paid by other Non-Debtor Subsidiaries.

(5)  Includes compensation paid for services performed as an executive officer
     of AMERCO.

I.   SAC HOLDING CORPORATION

         The following persons comprise the Board of Directors of SAC Holding
Corporation.

         Board of Directors - SAC Holdings Corporation

                  Mark V. Shoen
                  Timothy Creedon

         Senior Management - SAC Holding Corporation

<TABLE>
<CAPTION>
      Name                        Position
- ----------------         -----------------------
<S>                      <C>
Mark V. Shoen            President
Bruce Brockhagen         Secretary and Treasurer
</TABLE>

         Board of Directors - SAC Holdings IT Corporation

                  Mark V. Shoen

         Senior Management- SAC Holdings II Corporation

<TABLE>
<CAPTION>
      Name                  Position
- ----------------    -----------------------
<S>                 <C>
Mark V. Shoen       President
Bruce Brockhagen    Secretary and Treasurer
</TABLE>

                  V. EVENTS PRECIPITATING THE CHAPTER 11 CASES

         On June 28, 2002, AMERO entered into the $205,000,000 JPMorgan Chase
Credit Facility, the terms of which required AMERCO to raise $150,000,000 of new
credit availability prior to October 15, 2002. Accordingly, throughout 2002,
AMERCO was contemplating a $275,000,000 bond offering (the "2002 Offering") to
raise sufficient capital to: (a) meet its obligation under the JPMorgan Chase
Credit Facility to obtain incremental net cash proceeds or additional financing
in the aggregate amount of at least $150,000,000 prior to October 15, 2002; and
(b) repay the $100,000,000 principal payment, plus related interest and swap
payments, under the BBAT's.

         In February 2002, PricewaterhouseCoopers ("PwC"), AMERCO's auditing
firm for over 20 years, informed AMERCO's management that, contrary to PwC's
prior advice, the SAC Holding entities should be included in AMERCO's
consolidated financial statements. According to PwC, which had originally
approved the non-consolidated treatment, and had signed-off on such treatment in
numerous subsequent audits, the SAC Holding entities did not qualify for
non-consolidated treatment under the accounting guidelines.

                                       30

<PAGE>


         The timing of PwC's announcement in connection with the consolidation
issue had a devastating impact on AMERCO and its ability to continue to access
the capital markets for its financing needs. PwC's announcement, as well as its
prior and subsequent conduct, resulted in, among other things, the following:

         -        The untimely filing of quarterly and annual reports to the
SEC, because AMERCO had inadequate time in which to complete the consolidation
of the SAC Holding entities and AMERCO after PwC reversed its prior opinion;

         -        The negative financial impact of the consolidation of the SAC
Holding entities and AMERCO resulted in a multi-million dollar decrease in
AMERCO's net earnings and net worth, an increase in its leverage, as well as a
precipitous corresponding decline in the market price of AMERCO's common stock;

         -        Time-consuming and costly restatement of prior period
financial statements;

         -        Significantly reduced access to the capital markets to meet
its financing needs - as exemplified by its inability to successfully raise
capital under the 2002 Offering, which was launched in September 2002 - due to
the two-month delay by PwC in completing the 2002 audit; and

         -        Ultimately, a default in the repayment of the BBAT's in
October 2002 as a result of the failed 2002 Offering, which default led to
cross-defaults in substantially all other tranches of AMERCO's debt.

         In December 2002, as a result of concerns over the BBAT repayment
default and the resulting cross-defaults in the other tranches of AMERCO's debt
structure, the ADOI performed a limited scope examination of RepWest to
ascertain the nature and extent of RepWest's exposure as a result of the AMERCO
defaults, confirm stated assets and liabilities of RepWest, and evaluate the
impact on RepWest's financial condition in the event AMERCO's various debt
defaults impair its ability to fulfill its obligations to RepWest. On May 20,
2003, based upon the results of this examination, the Director of the ADOI
placed RepWest under its direct supervision.

         Following the events that occurred in the months after PwC's
announcement, AMERCO terminated PwC as its auditor on July 17, 2002. On August
8, 2002, AMERCO announced the appointment of BDO Seidman, LLP ("BDO") as its new
independent accountant. BDO has assisted AMERCO in preparing its annual filing
for the fiscal year ended March 31, 2003, and has conducted a re-audit of
AMERCO's financial statements for fiscal 2001 and 2002. In April 2003, AMERCO
filed an action against PwC that seeks in excess of $2.5 billion for actual and
punitive damages related to PwC's violations of its professional duties to
AMERCO (the "PwC Litigation").

         As a result of the foregoing series of events, AMERCO filed its Chapter
11 Case to address and resolve, in an orderly and rational matter, the existing
defaults throughout its capital structure. As part of this process, AMERCO
obtained a commitment from a lending syndicate led by Wells Fargo Foothill, Inc.
to provide: (1) a senior secured debtor-in-possession credit facility in the
amount of $300,000,000; and (2) $550,000,000 in financing that will be used as
part of the consummation of its reorganization.

A.       PwC LITIGATION.

         On April 18, 2003, AMERCO filed suit against its former auditors, PwC.
The complaint seeks actual and punitive damages in excess of $2.5 billion
dollars as a result of the alleged negligent, fraudulent and tortious conduct of
PwC during the last seven years of its audit engagement. On May 7, 2003, AMERCO
received notice from PwC that PwC's most recent audit report should no longer be
associated with AMERCO's fiscal 2001 and 2002 financial statements. PwC has
informed AMERCO

                                       31

<PAGE>

that this action is required under accounting profession independence standards
as a result of AMERCO's claims against PwC, and PwC has identified no issues
regarding the accuracy of the subject financial statements. The Reorganized
Debtors intend to pursue the PwC Litigation.

B.       DEPARTMENT OF LABOR INVESTIGATIONS.

         The United States Department of Labor ("DOL") is presently
investigating whether there were violations of the Employee Retirement Income
Security Act of 1974 ("ERISA") involving the AMERCO Employee Savings, Profit
Sharing, and Employee Stock Ownership Plan (the "ESOP"). The DOL has interviewed
a number of AMERCO representatives as well as the ESOP fiduciaries and has
issued a subpoena to AMERCO and a subpoena to SAC Holding. At the present time,
AMERCO is unable to determine whether the DOL will assert any claims against
AMERCO, SAC Holding, or the ESOP fiduciaries. The DOL asked AMERCO and its
current directors as well as the ESOP trustees to sign an agreement tolling the
statute of limitations until December 31, 2003 with respect to any claims
arising out of certain transactions between AMERCO or any affiliate of AMERCO
and SAC Holding or any of its affiliates, and such persons have done so. The DOL
recently asked such parties to extend the tolling agreement to June 30, 2004,
and the parties have agreed. The DOL has not advised AMERCO that it believes
that any violations of ERISA have in fact occurred. Instead, the DOL is simply
investigating potential violations. AMERCO intends to take any corrective action
that may be needed in light of the DOL's ultimate findings. Although AMERCO has
fully cooperated with the DOL in this matter and intends to continue to fully
cooperate, the DOL may determine that AMERCO has violated ERISA. In that event,
AMERCO may face sanctions, including, but not limited to, significant monetary
penalties and injunctive relief. The DOL has filed a contingent, unliquidated,
unsecured proof of claim in an undetermined amount in the Debtors' Chapter 11
Cases. The Debtors intend to object to the allowance of the DOL's proof of
claim. In addition, based upon the analysis by the Debtors and discussions that
have taken place with the DOL to date, the Debtors do not believe the results of
the DOL's investigation or its contingent, unliquidated, unsecured proof of
claim will have a material adverse effect on the Debtors' results of operations
or their financial condition.

C.       SEC INVESTIGATIONS.

         The SEC has issued a formal order of investigation to determine whether
AMERCO has violated the Federal securities laws. On January 7, 2003, AMERCO
received the first of four subpoenas issued by the SEC. SAC Holding, AMERCO's
current and former auditors, and others have also received one or more subpoenas
relating to this matter. AMERCO is cooperating fully with the SEC and is
facilitating the expeditious review of its financial statements and any other
issues that may arise. AMERCO has produced a large volume of documents and other
materials in response to the subpoenas, and AMERCO is continuing to assemble and
produce additional documents and materials for the SEC. Although AMERCO has
fully cooperated with the SEC in this matter and intends to continue to fully
cooperate, the SEC may determine that AMERCO has violated Federal securities
laws. When this investigation will be completed and what its outcome will be
remain uncertain. If the SEC makes a determination that AMERCO violated Federal
securities laws, AMERCO may face sanctions, including, but not limited to,
significant monetary penalties and injunctive relief. The SEC has filed a
contingent, unliquidated, unsecured proof of claim in an undetermined amount in
the Debtors' Chapter 11 Cases. The Debtors intend to object to the proof of
claim and take the position that the SEC's claim should be disallowed in its
entirety.

                                       32

<PAGE>

                   VI. SIGNIFICANT EVENTS IN CHAPTER 11 CASES

A.       CONTINUATION OF BUSINESS; STAY OF LITIGATION.

         On June 20, 2003 ("AMERCO Petition Date"), AMERCO filed a voluntary
petition in the Bankruptcy Court for reorganization relief under Chapter 11 of
the Bankruptcy Code. On August 13, 2003 ("AREC Petition Date"), AREC filed a
voluntary petition in the Bankruptcy Court for reorganization relief under
Chapter 11 of the Bankruptcy Code. Since the applicable Petition Dates, the
Debtors have continued to operate as debtors-in-possession subject to the
supervision of the Bankruptcy Court and in accordance with the Bankruptcy Code.
The Debtors are authorized to operate their businesses in the ordinary course of
business, with transactions out of the ordinary course of business requiring
Bankruptcy Court approval.

         An immediate effect of the filing of the Debtors' bankruptcy petitions
was the imposition of the automatic stay under the Bankruptcy Code which, with
limited exceptions, enjoined the commencement or continuation of all collection
efforts by creditors, the enforcement of liens against property of the Debtors,
and the continuation of litigation against the Debtors. This relief provided the
Debtors with the "breathing room" necessary to assess and reorganize their
business. The automatic stay remains in effect, unless modified by the
Bankruptcy Court, until consummation of a plan of reorganization. A summary of
the derivative and class action litigation that has been impacted by the
automatic stay is set forth below.

Derivative Actions

         On September 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 AMERCO from SAC Holding and certain current
and former members of the AMERCO Board of Directors, including Edward J. Shoen,
Mark V. Shoen and James P. Shoen as defendants. AMERCO 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 AMERCO to
SAC Holding over the last several years. The complaint seeks a declaration that
such transfers are void as well as unspecified damages. On October 28, 2002,
AMERCO, the Shoen directors, the non-Sheen directors and SAC Holding filed
motions to dismiss the complaint. In addition, on October 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 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 were also filed against these
parties. The court consolidated all five complaints before dismissing them on
May 8, 2003. Plaintiffs have filed a notice of appeal. Plaintiffs in one of the
derivative suits have filed a contingent, unliquidated, unsecured proof of claim
in the approximate amount of $200,000,000 in the Debtors' Chapter 11 Cases. The
Debtors intend to object to the proof of claim and take the position that such
claim should be disallowed in its entirety.

Class Actions

         AMERCO is a defendant in four putative class action lawsuits
(collectively, the "Class Actions"): (1) Article Four Trust v. AMERCO, et al..
District of Nevada, United States District Court, Case No. CV-N-03-0050-DWH-VPC:
Article Four Trust, a purported AMERCO shareholder, commenced this action on
January 28, 2003 on behalf of all persons and entities who purchased or acquired
AMERCO securities between February 12, 1998 and September 26, 2002. The Article
Four Trust action alleges one claim for

                                       33

<PAGE>

violation of Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange
Act") and Rule 10b-5 thereunder; (2) Mates v. AMERCO, et al., United States
District Court, District of Nevada, Case No. CV-N-03-0107: Maxine Mates, an
AMERCO shareholder, commenced this putative class action on behalf of all
persons and entities who purchased or acquired AMERCO securities between
February 12, 1998 and September 26, 2002. The Mates action asserts claims under
Section 10(b) and Rule 10b-5, and Section 20(a) of the Exchange Act; (3) Klug v.
AMERCO, et al., United States District Court of Nevada, Case No. CV-S-03-0380:
Edward Klug, an AMERCO shareholder, commenced this putative class action on
behalf of all persons and entities who purchased or acquired AMERCO securities
between February 12, 1998 and September 26, 2002. The Klug action asserts claims
under Section 10(b) and Rule 10b-5 and Section 20(a) of the Exchange Act; and
(4) IG Holdings v. AMERCO, et al., United States District Court, District of
Nevada, Case No. CV-N-03-0199: IG Holdings, an AMERCO bondholder, commenced this
putative class action on behalf of all persons and entities who purchased,
acquired, or traded AMERCO bonds between February 12, 1998 and September 26,
2002, alleging claims under Section 11 and Section 12 of the Securities Act of
1933 (the "Securities Act") and Section 10(b) and Rule 10b-5, and Section 20(a)
of the Exchange Act. Each of these four securities class actions allege that
AMERCO engaged in transactions with SAC Holding entities that falsely improved
AMERCO's financial statements, and that AMERCO failed to disclose the
transactions properly. The actions are at a very early stage. The Klug action
has not been served. In the other three actions, AMERCO does not currently have
a deadline by which it must respond to the complaints. Management has stated
that it intends to defend these cases vigorously. AMERCO has filed a notice of
AMERCO's bankruptcy petition and the automatic stay in each of the courts where
these cases are pending. Certain of the plaintiffs in the pending Class Actions
have filed a contingent, unliquidated, unsecured proof of claim in the
approximate amount of $314,000,000 in the Debtors' Chapter 11 Cases. A class
proof of claim in an as yet undetermined amount was also filed in these Chapter
11 Cases. The Debtors intend to object to both of these proofs of claim and take
the position that such claims should be disallowed in their entirety.

         As of the AMERCO Petition Date, all pending litigation against AMERCO
is stayed, and as of the AREC Petition Date, all pending litigation against AREC
is stayed. Absent further order of the Bankruptcy Court, no party, subject to
certain exceptions, may take any action, again subject to certain exceptions, to
recover on pre-petition claims against AMERCO or AREC. The automatic stay,
however, does not apply to AMERCO's other subsidiaries or to the non-Debtor
defendants in the Class Actions.

B.       FIRST DAY ORDERS.

         On or shortly after the AMERCO Petition Date and the AREC Petition
Date, the Bankruptcy Court entered several orders authorizing AMERCO and AREC,
respectively, to pay various prepetition claims and granting other relief
necessary to facilitate the Debtors' transition between prepetition and
postpetition business operations. Such orders approved certain regular business
conduct that may not otherwise be authorized specifically under the Bankruptcy
Code, or as to which the Bankruptcy Code requires prior approval by the
Bankruptcy Court.

         The first day orders entered in the Debtors' Chapter 11 Case
authorized, among other things:

         -        the retention of the following professionals to serve on
                  behalf of the Debtors: Squire, Sanders & Dempsey L.L.P., and
                  Beesley, Peck, Matteoni, Ltd. as restructuring counsel;
                  Alvarez & Marsal, Inc. as restructuring advisor, the Trumbull
                  Group, EEC as claims and noticing agent, and BDO Seidman, LLP,
                  as accountants;

         -        the continued retention of professionals regularly employed by
                  the Debtors in the ordinary course of their business;

                                       34

<PAGE>

         -        the maintenance of the Debtors' bank accounts and operation of
                  their cash management systems substantially as such systems
                  existed prior to the Petition Date, the continued use of
                  existing business forms, and the continuation of intercompany
                  transactions with non- Debtor subsidiaries and affiliates;

         -        the continuation of utility services during the pendency of
                  the Chapter 11 Cases;

         -        the payment of employees' accrued prepetition wages and
                  obligations associated with AMERCO's employee benefits plans;

         -        payment of certain insurance obligations of AMERCO to its
                  subsidiary, RepWest; and

         -        the consensual use of cash collateral and the granting of
                  adequate protection to JPMorgan Chase, Citibank and BMO.

C.       APPOINTMENT OF STATUTORY COMMITTEES.

Creditors' Committee

         On June 27, 2003 (as amended on July 11, 2003 and again on September 8,
2003), the Office of the United States Trustee for the District of Nevada (the
"United States Trustee") appointed, pursuant to Section 1102 of the Bankruptcy
Code, an Official Unsecured Creditors' Committee (the "Creditors' Committee"),
which is generally comprised of holders of unsecured claims evidenced by debt
securities issued by AMERCO or indenture trustees.

         The following creditors were selected from the indenture trustees,
lenders and other general unsecured creditors as members of the Creditors'
Committee: Pacific Investment Management Company LLC ("PIMCO"), Law Debenture
Trust Company of New York, Bank of America, N.A., GE Asset Management Inc., and
The Bank of New York. PIMCO has since resigned as a member of the Creditors'
Committee

         The Creditors' Committee is represented by Milbank, Tweed, Hadley &
McCloy, LLP, whose office is located in Los Angeles, California. The Creditors'
Committee's financial advisor is Jefferies & Company, Inc.

Equity Committee

         On August 12, 2003, (as amended on September 16, 2003), the United
States Trustee appointed, pursuant to Section 1102 of the Bankruptcy Code, an
Official Committee of Equity Security Holders (the "Equity Committee"), which is
generally comprised of representatives of holders of AMERCO's equity securities.

         The following creditors were selected as members of the Equity
Committee: Heartland Advisors, Inc. ("Heartland"), Benten Capital, LLC, and the
AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership Plan.
Heartland has since resigned as a member of the Equity Committee.

         The Equity Committee is represented by Stuttman, Treister & Glatt PC,
whose office is located in Los Angeles, California. The Equity Committee's
financial advisor is Providence Capital, Inc.

D.       POST-PETITION FINANCING.

         On August 14, 2003, the Debtors obtained interim approval from the
Bankruptcy Court to enter into a senior secured credit facility of up to
$300,000,000 (the "DIP Facility") with Wells Fargo Foothill,

                                       35

<PAGE>

Inc., consisting of a revolving credit facility of up to $250,000,000 (the "DIP
Revolver"), including a maximum $50,000,000 subfacility for the issuance of
letters of credit, plus an interest only term loan facility of $50,000,000 (the
"DIP Term Loan"). Aggregate loans and letters of credit under the DIP Facility
must not exceed the lesser of $300,000,000 and the Borrowing Base (as defined in
the related loan document). A final order with respect to the DIP Facility was
entered by the Bankruptcy Court on September 26, 2003.

         The Debtors sought approval of the DIP Facility to ensure necessary
liquidity during the Chapter 11 Cases. The DIP Facility provided necessary
stability to RepWest. The DIP Facility requires that the Debtors maintain
certain financial covenants and restricts liens, indebtedness, capital
expenditures, dividend payments, and sales of assets. As of October 6, 2003, the
current amount outstanding under the DIP Facility was approximately $55,000,000,
which was used to pay fees related to the DIP Facility and an adequate
protection payment in the amount of $51,250,000 to reduce the amount of the
JPMorgan Claims under the JPMorgan Chase Credit Facility.

E.       PLAN SUPPORT AGREEMENT

         Throughout the Chapter 11 Cases, the Debtors and the Creditors'
Committee have engaged in extensive good faith negotiations in an attempt to
reach a consensual arrangement for the treatment of the AMERCO Unsecured Claims
in Class 7 under the Plan. On November 12, 2003, the Debtors and the Creditors'
Committee entered into a Plan Support Agreement (the "Support Agreement"), which
provides for the payment in full of the Allowed AMERCO Unsecured Claims in Class
7 as set forth in the Plan. Pursuant to the Support Agreement, the Creditors'
Committee supports confirmation and consummation of the Plan.

F.       OTHER SIGNIFICANT EVENTS DURING THE CHAPTER 11 CASES.

The Insurance First Day Order.

         RepWest provides several types of property and casualty insurance for
AMERCO and certain of its subsidiaries, particularly U-Haul International, Inc.
Prior to the AMERCO Petition Date, the ADOI had conducted a limited scope
examination to determine the impact of AMERCO's defaults and financial condition
on its ability to fulfill its obligations to RepWest. ADOI concluded that credit
risk exposure to RepWest stemming from uncertainty over AMERCO's ability to pay
deductible and other obligations to RepWest, required significant reductions to
RepWest's surplus to a point below levels necessary for RepWest to operate
pursuant to applicable state statutes. ADOI further concluded that AMERCO's
obligations to RepWest for accrued retrospective premiums and federal income tax
sharing receivables were at significant risk of non-payment, leaving RepWest
with insufficient capital and surplus. On May 20, 2003, ADOI placed RepWest
under its direct supervision. AMERCO sought Bankruptcy Court approval to make
certain payments to RepWest in order to stabilize its relationship with RepWest
and thereby minimize the risk that the ADOI (or other state agencies) would
initiate precipitous and adverse action against RepWest, particularly RepWest's
license to conduct business in all states in which it operates. On the AMERCO
Petition Date, the Bankruptcy Court authorized AMERCO to pay certain
pre-petition obligations owing to RepWest, and to continue to make such payments
post-petition in accordance with AMERCO's normal and ordinary business
practices, in order to provide adequate assurance to RepWest, and, by extension,
the ADOI, that AMERCO will meet all post-petition obligations to RepWest. In
addition, under the Insurance First Day Order, AMERCO is required to assume,
effective as of the Effective Date, the outstanding insurance contracts with
RepWest. As a result of this assumption, the Allowed Claims of RepWest will be
assumed by, and become an obligation of, Reorganized AMERCO.

                                       36

<PAGE>

The AREC Noteholders Restructuring Agreement.

         Prior to the commencement of its Chapter 11 Case, AREC and the AREC
Noteholders entered into the Restructuring Agreement (AREC Noteholders), dated
August 12, 2003, which sets forth, among other things, the agreed treatment of
the AREC Noteholders under the Plan, and under which the AREC Noteholders are
granted Allowed Claims in the Chapter 11 Cases. Subject to the terms and
conditions set forth in the Restructuring Agreement (AREC Noteholders),
including the Debtors' compliance with the disclosure and solicitation
requirements of Section 1125 of the Bankruptcy Code, the holders of the AREC
Notes have agreed to vote to accept the Plan.

The JPMorgan Restructuring Agreement.

         On September 8, 2003, AMERCO and the holders of more than two-thirds of
the JPMorgan Claims under the JPMorgan Chase Credit Facility entered into the
Restructuring Agreement (Revolver Lenders), which sets forth, among other
things, the agreed treatment of the JPMorgan Claimholders under the Plan, and
under which the JP Morgan Claimholders are granted Allowed Claims in the Chapter
11 Cases. Subject to the terms and conditions set forth in the Restructuring
Agreement (Revolver Lenders), including the Debtors' compliance with the
disclosure and solicitation requirements of Section 1125 of the Bankruptcy Code,
more than two-thirds of the holder of the JPMorgan Claims have agreed to vote to
accept the Plan.

Cash Collateral Stipulation.

         On or shortly after the AMERCO Petition Date, the Bankruptcy Court
entered an order authorizing AMERCO's use of cash collateral and granting
adequate protection to JP Morgan Chase Bank. On or shortly after the AREC
Petition Date, the Bankruptcy Court entered separate orders authorizing the
Debtors' use of cash collateral and granting adequate protection to Bank of
Montreal, Citibank and JPMorgan Chase Bank, respectively.

Carey Transaction.

         As contemplated in the Plan and as referenced in this Disclosure
Statement, the "Carey Sale Transaction" means the transaction whereby UH Storage
(DE) Limited Partnership, a Delaware limited partnership, or other affiliate of
W.P. Carey & Co., LLC, will acquire the real property that is subject to the BMO
and Citibank synthetic leases and lease such real property to an affiliate of
Self-Storage International, Inc. In connection with such transaction, such real
property will be managed by subsidiaries of U-Haul International, Inc. pursuant
to a property management agreement. The proceeds of the Carey Sale Transaction
are intended to be used to: (i) repay in full the obligations under the BMO and
Citibank synthetic leases; (ii) provide a security deposit to the lessor
thereunder; (iii) pay for expenses of such transaction; (iv) satisfy initial
lender reserves for property taxes, insurance and property maintenance; (v) pay
AMERCO an option fee; (vi) pay the first quarter rent payment thereunder; and
(vii) provide the lessor with an earn-out deposit pending attainment by such
real property of particular net operating income thresholds. A purchase and sale
agreement for the transaction has been executed by the parties, and the total
purchase price for the transaction is $298,000,000.

                   VII. DESCRIPTION OF THE REORGANIZATION PLAN

         THIS SECTION PROVIDES A SUMMARY OF THE STRUCTURE, CLASSIFICATION,
TREATMENT AND IMPLEMENTATION OF THE PLAN AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO THE PLAN, WHICH ACCOMPANIES THIS DISCLOSURE STATEMENT, AND TO THE
APPENDICIES ATTACHED THERETO.

                                       37

<PAGE>

         ALTHOUGH THE STATEMENTS CONTAINED IN THIS DISCLOSURE STATEMENT INCLUDE
SUMMARIES OF THE PROVISIONS CONTAINED IN THE PLAN AND IN DOCUMENTS REFERRED TO
THEREIN, THIS DISCLOSURE STATEMENT DOES NOT PURPORT TO BE A PRECISE OR COMPLETE
STATEMENT OF ALL THE TERMS AND PROVISIONS OF THE PLAN OR DOCUMENTS REFERRED TO
THEREIN, AND REFERENCE IS MADE TO THE PLAN AND TO SUCH DOCUMENTS FOR THE FULL
AND COMPLETE STATEMENTS OF SUCH TERMS AND PROVISIONS.

         THE PLAN ITSELF AND THE DOCUMENTS IT REFERS TO WILL CONTROL THE
TREATEMENT OF CREDITORS AND EQUITY SECURITY HOLDERS UNDER THE PLAN AND WILL,
UPON THE EFFECTIVE DATE, BE BINDING UPON HOLDERS OF CLAIMS AGAINST, AND
INTERESTS IN, THE DEBTORS, THE REORGANIZED DEBTORS, AND OTHER PARTIES IN
INTEREST.

A.       OVERALL STRUCTURE OF THE PLAN.

         Shortly after filing for relief under Chapter 11 of the Bankruptcy
Code, the Debtors focused on the formulation of a plan of reorganization that
would allow them to quickly emerge from Chapter 11 and preserve their value as a
going concern. The Debtors recognize that in the competitive arena in which they
operate, a lengthy and uncertain Chapter 11 case may detrimentally affect the
confidence in the Debtors by their respective vendors and employees, impair
their financial condition, and negatively impact the prospects for a successful
reorganization. The terms of the Plan are based upon, among other things, the
Debtors' assessment of their ability to successfully restructure their
capitalization, make the distributions contemplated under the Plan, and pay
their continuing obligations in the ordinary course of the Reorganized Debtors'
business.

         If the Plan is confirmed by the Bankruptcy Court and consummated: (1)
the holders of Allowed Claims will be paid the full amount of such Claims; and
(2) the holders of Preferred Stock, Common Stock and other Interests, and
Subordinated Claims arising from Preferred and Common Stock Interests will be
unimpaired. At certain times after the Effective Date, the Reorganized Debtors
will distribute Cash, securities and other property in respect of certain
Classes of Claims as provided in the Plan. The Classes of Claims against the
Debtors created under the Plan, the treatment of those Classes under the Plan,
and the securities and other property to be distributed under the Plan are
described below.

B.       SUMMARY OF CLAIMS PROCESS, BAR DATE AND PROFESSIONAL FEES

Claims Bar Date

         On September 30, 2003, the Bankruptcy Court entered an order (the "Bar
Order Date") establishing the general deadline for filing proofs of claim
against the Debtors (the "Bar Date"). The deadline established by the Bankruptcy
Court was November 10, 2003, for Claims, including Claims of governmental units,
but excluding certain other Claims, including Claims based on the rejection of
executory contracts and unexpired leases, as to which the bar date is the
earlier of: (a) 45 days following the entry of the order of the Bankruptcy Court
approving such rejection, provided the effectiveness of such order has not been
stayed; and (b) 45 days following the Effective Date of the Plan. The Debtors'
claims and notice agent provided notice of the Bar Date by mailing to each
person listed in the Schedules and Statements: (i) a notice of the Bar Date;
(ii) a proof of claim form; and (iii) statements which indicated whether the
Claim of each recipient was listed in the Schedules and Statements as either
unliquidated, contingent and/or disputed. In addition, the Debtors published
notice of the Bar Date in USA Today National Edition on October 15, 2003.

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<PAGE>

No Interests Bar Date.

         No date has been set for the filing of proofs of Interest and no proof
of interest need be filed especially in light of the fact that neither the
Series A Preferred Stock nor the Common Stock of AMERCO are being impaired under
the Plan. The holders of such securities may retain the certificates
representing such shares and, after the Effective Date of the Plan, those
certificates will continue to represent the same number of shares having the
same rights and preferences as were extant on the day AMERCO filed its Chapter
11 case.

Professional Fees.

         At the commencement of the Chapter 11 Cases, the Bankruptcy Court
entered an order establishing procedures for interim compensation and
reimbursement of expenses of professionals (the "Interim Compensation Order").
The Compensation Order requires professionals retained in these cases to submit
monthly fee statements to the Debtors and requires the Debtors to pay eighty
percent (80%) of the requested fees and one hundred percent (100%) of the
requested expenses pending interim approval by the Bankruptcy Court. The
remaining 20% percent of the requested fees in such fee statements are paid only
upon further order of the Bankruptcy Court (the "Holdback"). The Interim
Compensation Order requires the professionals retained in the Chapter 11 Cases
to file applications for approval of their fees and expenses every three months
for the preceding three-month period. All interim fee applications filed in the
Chapter 11 Cases are subject to final approval by the Bankruptcy Court.

C.       CLASSIFICATION AND TREATMENT OF CLAIMS AND INTERESTS.

         Section 1122 of the Bankruptcy Code requires that a plan of
reorganization classify the claims of a debtor's creditors and the interest of
its equity holders. The Bankruptcy Code also provides that, except for certain
claims classified for administrative convenience, a plan of reorganization may
place a claim of a creditor or an interest of an equity holder in a particular
class only if such claim or interest is substantially similar to the other
claims of such class. The Bankruptcy Code also requires that a plan of
reorganization provide the same treatment for each claim or interest of a
particular class unless the holder of a particular claim or interest agrees to a
less favorable treatment of its claim or interest.

         The Debtors believe that they have classified all Claims and Interests
in compliance with the requirements of the Bankruptcy Code. If a Creditor or
Interestholder challenges such classification of Claims or Interests and the
Bankruptcy Court finds that a different classification is required for the Plan
to be confirmed, the Debtors, to the extent permitted by the Bankruptcy Court,
intend to make such reasonable modifications of the classifications of Claims or
Interests under the Plan to provide for whatever classification might be
required by the Bankruptcy Court for confirmation.

         EXCEPT TO THE EXTENT THAT SUCH MODIFICATION OF CLASSIFICATION ADVERSELY
AFFECTS THE TREATMENT OF A HOLDER OF A CLAIM OR INTEREST AND REQUIRES
RESOLICITATION, ACCEPTANCE OF THE PLAN BY ANY HOLDER OF A CLAIM PURSUANT TO THIS
SOLICITATION WILL BE DEEMED TO BE A CONSENT TO THE PLAN'S TREATMENT OF SUCH
HOLDER OF A CLAIM REGARDLESS OF THE CLASS AS TO WHICH SUCH HOLDER ULTIMATELY IS
DEEMED TO BE A MEMBER.

                                       39

<PAGE>

D.       TREATMENT OF UNCLASSIFIED CLAIMS.

Administrative Claims.

         An Administrative Claim is a Claim for payment of an administrative
expense of a kind specified in Section 503(b) of the Bankruptcy Code and
entitled to priority pursuant to Section 507(a)(1) of the Bankruptcy Code,
including, but not limited to: (a) DIP Facility Claims; (b) the actual,
necessary costs and expenses, incurred on or after the Petition Date, of
preserving the Estates and operating the business of the Debtors, (including
wages, salaries or commissions for services rendered after the commencement of
Chapter 11 Cases); (c) Professional Claims; (d) Ordinary Course Professional
Claims; (e) all fees and charges assessed against the Estates under chapter 123
of title 28, United States Code; and (f) Allowed Claims (including reclamation
claims) that are entitled to be treated as Administrative Claims pursuant to a
Final Order of the Bankruptcy Court under Section 546(c)(2)(A) of the Bankruptcy
Code.

         Subject to the provisions of the Plan, on the later of: (a) the
Effective Date, (b) the date an Administrative Claim becomes an Allowed
Administrative Claim; or (c) the date an Administrative Claim becomes payable
pursuant to any agreement between a Debtor (or a Reorganized Debtor) and the
holder of such Administrative Claim, an Allowed Administrative Claimholder in
the Chapter 11 Cases will receive, in full satisfaction, settlement, release,
and discharge of, and in exchange for, such Administrative Claim, (i) Cash equal
to the unpaid portion of such Allowed Administrative Claim or (ii) such other
treatment as to which the Debtors (or the Reorganized Debtors) and such
Claimholder will have agreed upon in writing; provided, however, that (y)
Claimholders of Claims arising under the DIP Facility will be deemed to have
Allowed Claims as of the Effective Date in such amount as to which the Debtors
and such Claimholders will have agreed upon in writing or as determined by the
Bankruptcy Court, such DIP Facility Claims will be paid in accordance with
Article 10.1 of the Plan, and (x) Allowed Administrative Claims with respect to
liabilities incurred by the Debtors in the ordinary course of business during
the Chapter 11 Cases will be paid in the ordinary course of business in
accordance with the terms and conditions of any agreements relating thereto.

Priority Tax Claims.

         Commencing on the later of: (a) the Effective Date; (b) the date a
Priority Tax Claim becomes an Allowed Priority Tax Claim; or (c) the date a
Priority Tax Claim first becomes payable pursuant to any agreement between a
Debtor (or a Reorganized Debtor) and the holder of such Priority Tax Claim, at
the sole option of the Debtors (or the Reorganized Debtors after the Effective
Date), such Allowed Priority Tax Claimholder will be entitled to receive on
account of such Priority Tax Claim, (i) equal Cash payments on the last Business
Day of each three-month period following the Effective Date, during a period not
to exceed six years after the assessment of the tax on which such Claim is
based, totaling the aggregate amount of such Claim plus simple interest on any
outstanding balance from the Effective Date calculated at the interest rate
available on ninety (90) day United States Treasuries on the Effective Date,
which the Debtors believe is appropriate based on rates approved in other
Chapter 11 cases, (ii) such other treatment agreed to by the Allowed Priority
Tax Claimholder and the Debtors (or the Reorganized Debtors), provided such
treatment is on more favorable terms to the Debtors (or the Reorganized Debtors
after the Effective Date) than the treatment set forth in clause (i) hereof, or
(iii) payment in full in Cash. The Internal Revenue Service ("IRS") has filed a
proof of claim in the Debtors' Chapter 11 Cases, which proof of claim has been
amended by the IRS on numerous occasions. Under the most recent amended proof of
claim, the IRS asserts a Priority Tax Claim in the approximate amount of
$34,000,000 and an Other Unsecured Claim in the approximate amount of $675,000
(collectively, the "IRS Claims"). The Debtors intend to object to the allowance
of the IRS Claims and take the position that the IRS Claims should be disallowed
in their entirety. In addition, based upon the analysis by the Debtors and the

                                       40

<PAGE>

discussions that have taken place to date with the IRS, the Debtors do not
believe that the IRS Claims will have a material adverse effect on the Debtors'
operations or their financial condition.

Workers' Compensation Programs Claims.

         Upon confirmation and substantial consummation of the Plan, the
Reorganized Debtors will continue any Workers' Compensation Programs in
accordance with applicable state laws. Nothing in the Plan will be deemed to
discharge, release, or relieve the Debtors or Reorganized Debtors, as
applicable, from any current or future liability with respect to any of the
Workers' Compensation Programs. The Reorganized Debtors will be responsible for
all valid claims for benefits and liabilities under the Workers' Compensation
Programs regardless of when the applicable injuries were incurred. Any and all
obligations under the Workers' Compensation Programs will be paid in accordance
with the terms and conditions of Workers' Compensation Programs and in
accordance with all applicable laws.

Employee Related Claims and Retiree Benefits.

         Upon confirmation and substantial consummation of the Plan, the
Reorganized Debtors will continue the Retiree Benefits in accordance with
applicable prepetition plans. Nothing set forth in the Plan will be deemed to
alter, modify, terminate or discharge the Debtors or Reorganized Debtors from
any current or future liability with respect to any Retiree Benefits that the
Debtors or Reorganized Debtors are obligated to provide under any plan, fund, or
program (through the purchase of insurance or otherwise) maintained or
established in whole or in part by the Debtors prior to the Petition Date.

Claims for Professional Fees.

         Each Person seeking an award by the Bankruptcy Court of Professional
Fees must file its final application for allowance of compensation for services
rendered and reimbursement of expenses incurred through the Confirmation Date
within forty-five (45) days after the Effective Date, and if the Bankruptcy
Court grants such award, each such Person must be paid in full in Cash by the
Reorganized Debtors in such amounts as are allowed by the Bankruptcy Court as
soon thereafter as practicable.

Claims of DIP Lender.

         Simultaneously with the closing of the Exit Financing Facility, all the
Debtors' outstanding obligations to any DIP Lender pursuant to a DIP Financing
Order will be fully and finally satisfied in accordance with their terms using
proceeds derived from, among other things, the Exit Financing Facility and/or
Cash held by Reorganized AMERCO.

E.       TREATMENT OF CLASSIFIED CLAIMS AND INTERESTS.

         Pursuant to Section 1122 of the Bankruptcy Code, set forth below is a
designation of classes of Claims against and Interests in the Debtors. A Claim
or Interest is placed in a particular Class for the purposes of voting on the
Plan and of receiving distributions pursuant to the Plan only to the extent that
such Claim or Interest has not been paid, released, or otherwise settled prior
to the Effective Date. In accordance with Section 1123(a)(1) of the Bankruptcy
Code, Administrative Claims and Priority Tax Claims of the kinds specified in
Sections 502(a)(1) and 507(a)(8) of the Bankruptcy Code have not been classified
and their treatment is set forth above.

                                       41

<PAGE>

CLASSES OF CLAIMS THAT ARE UNIMPAIRED.

                  Class 2 (Other Priority Claims)

         Under the Plan, upon the occurrence of the Effective Date, each holder
of an Allowed Other Priority Claim will receive, in full satisfaction,
settlement, release, and discharge of, and in exchange for, such Other Priority
Claim: (a) Cash in an amount equal to the amount of such Allowed Other Priority
Claim; or (b) such other treatment as to which the Debtors (or the Reorganized
Debtors) and such Claimholder will have agreed upon in writing, provided that
such treatment is not more favorable than the treatment in clause (a) above. The
Debtors' failure to object to an Other Priority Claim in their Chapter 11 Cases
will be without prejudice to the Reorganized Debtors' right to contest or
otherwise defend against such Claim in the Bankruptcy Court or other appropriate
non-bankruptcy forum (at the option of the Debtors or the Reorganized Debtors)
when and if such Claim is sought to be enforced by the Other Priority
Claimholder. The Debtors do not believe there will be any significant amount of
Class 2 Other Priority Claims, if any.

                  Class 5 (Other Unsecured Claims)

         Under the Plan, each holder of an Allowed Other Unsecured Claim will
receive the payment of Cash equal to the amount of such holders' Allowed Class 5
Other Unsecured Claim upon the later to occur of: (i) the Effective Date; (ii)
the date upon which such Allowed Other Unsecured Claim would be paid in the
ordinary course of the Debtors or Reorganized Debtors' business; or (iii) such
other date as the holder of the Allowed Class 5 Other Unsecured Claim has
agreed.

                  Class 8 (Oxford Note Claims)

         Under the Plan, on the Effective Date, the Allowed Oxford Note Claims
will be paid in full in Cash.

                  Class 9 (Miscellaneous Secured Claims)

         On the Effective Date, the legal, equitable and contractual rights of
holders of an Allowed Class 9 Claim will be Reinstated. The Debtors' failure to
object to any such Class 9 Claims in the Chapter 11 Cases will be without
prejudice to the Reorganized Debtors' right to contest or otherwise defend
against such Claims in the appropriate forum when and if such Claim is sought to
be enforced by the Miscellaneous Secured Claimholder. Notwithstanding Section
1141(c) or any other provision of the Bankruptcy Code, all pre-petition liens on
property of any Debtor held by or on behalf of the Miscellaneous Secured
Claimholder with respect to such Claims will survive the Effective Date and
continue in accordance with the contractual terms of the underlying agreements
with such Claimholders until, as to each Claimholder, the Allowed Claims of such
Miscellaneous Secured Claimholder are paid in full.

                  Class 10 (Intercompany Claims)

         The Plan will not alter, impair or discharge any of the Allowed
Intercompany Claims.

                  Class 11 (AMERCO/AREC Guaranty Claims)

         On the Effective Date, and unless otherwise specifically provided for
in the Plan, the AMERCO/AREC Guaranty Obligations will be deemed Reinstated, and
any non-monetary default in the

                                       42

<PAGE>

primary obligations underlying the AMERCO/AREC Guaranty Obligations arising out
of or related to the commencement by the Debtors of the Chapter 11 Cases, will
be deemed Cured.

                  Class 12 (Preferred Stock Interests and Subordinated Claims
         (Preferred))

         The Plan will not alter or otherwise impair any of the Preferred Stock
Interests. Under the Plan and Section 510 of the Bankruptcy Code, Subordinated
Claims (Preferred) will be subordinated to the Allowed Claims of Creditors in
Classes 1 through 11 under the Plan, but will be pari passu with Allowed
Preferred Stock Interests in Class 12(a) under the Plan. To the extent a
Subordinated Claim (Preferred) becomes an Allowed Claim, either by agreement
between the Reorganized Debtors and the holder of such Subordinated Claim
(Preferred), or by Final Order of the Bankruptcy Court or other court of
competent jurisdiction, such Allowed Subordinated Claim (Preferred) will be
satisfied in Cash in full by the Reorganized Debtors or on such other terms as
to which the Reorganized Debtors and the holder of an Allowed Subordinated Claim
(Preferred) will have agreed to in writing.

                  Class 13 (Existing Common Stock and Other Interests and
         Subordinated Claims (Common))

         The Plan will not alter or otherwise impair the Allowed Existing Common
Stock and Other Interests. Under the Plan and Section 510 of the Bankruptcy
Code, Subordinated Claims (Common) will be subordinated to the Allowed Claims in
Classes 1 through 11 and Allowed Preferred Stock Interests and Allowed
Subordinated Claims (Preferred) in Class 12 of the Plan, but will be pari passu
with Allowed Common Stock Interests in Class 13(a) under the Plan. To the extent
a Subordinated Claim (Common) becomes an Allowed Claim, either by agreement
between the Reorganized Debtors and the holder of such Subordinated Claims
(Common), or by Final Order of the Bankruptcy Court or other court of competent
jurisdiction, such Allowed Subordinated Claim (Common) will be satisfied in Cash
in full by the Reorganized Debtors or on such other terms as to which the
Reorganized Debtors and the holder of an Allowed Subordinated Claim (Common)
will have agreed to in writing.

                  Class 14 (Subsidiary Interests)

         The Plan will not alter or otherwise impair the Subsidiary Interests.

CLASSES OF CLAIMS THAT ARE IMPAIRED.

                  Class 1 (JPMorgan Claims)

         Under the Plan, upon the occurrence of the Effective Date, the JPMorgan
Claims will be Allowed in the amount set forth in the Restructuring Agreement
(Revolver Lenders), less the Cash payment in an amount equal to $51,250,000 paid
Pro Rata to the holders of the JPMorgan Claims on or about September 10, 2003.
On the Effective Date, the holders of the JPMorgan Claims will receive in full
and final satisfaction, settlement, release and discharge of, and in exchange
for, their JPMorgan Claims (including any prepetition setoff claims) a Pro Rata
portion of: (a) Cash in an amount equal to $71,750,000; (b) Cash in an amount
equal to any and all accrued but unpaid interest on the principal amount
outstanding under the JPMorgan Chase Credit Facility up to but not including the
Effective Date, payable at the non-default rate of interest under the JPMorgan
Chase Credit Facility, plus reasonable costs and expenses recoverable under the
JPMorgan Credit Facility; (c) $48,400,000 in aggregate principal amount of the
New Term Loan A Notes issued pursuant to the Exit Financing Facility; and (d)
$33,600,000 in aggregate principal amount of the New Term Loan B Notes issued
pursuant to the New Term Loan B Notes Indenture. In the event of any
inconsistency between the terms of the Plan and the terms of the Restructuring
Agreement (Revolver Lenders), the terms of the Restructuring Agreement (Revolver
Lenders) will control.

                                       43

<PAGE>

Notwithstanding the foregoing, in the event the Debtors fail to comply with the
JPMorgan Syndication Terms, then the holders of the JPMorgan Claims will receive
an additional $33,600,000 in aggregate principal amount of Term Loan A Notes
issued pursuant to the Exit Financing Facility in lieu of the New Term Loan B
Notes. The Debtors anticipate complying with the JPMorgan Syndication Terms,
having obtained commitment letters for the placement of $30,000,000 in New Term
Loan B Notes to unrelated third party market participants.

                  Class 3 (Citibank Secured Claim and Citibank Guaranty Claim)

                  Class 3 consists of a separate subclass for the Citibank
Secured Claim and the Citibank Guaranty Claim. The alternative treatments set
forth in Article 5.3 of the Plan will be in full satisfaction, settlement,
release and discharge of the Citibank Secured Claim and the Citibank Guaranty
Claim.

                  (a)      Class 3(a): Citibank Secured Claim (Impaired):

                           (i)      CASH - CAREY SALE PROCEEDS. On or before the
                  Effective Date of the Plan, the holders of Citibank Secured
                  Claim will receive an amount of Cash from the Carey Sale
                  Proceeds equivalent to the amount of the Allowed Citibank
                  Secured Claim, excluding therefrom, if applicable, any fine,
                  penalty, interest or cost arising from or related to a default
                  under the Citibank Master Lease and the Citibank Guaranty,
                  provided that: (A) the Carey Sale Agreement will have been
                  approved by a Final Order of the Bankruptcy Court on or before
                  the Effective Date; (B) the Carey Sale Transaction closes in
                  accordance with the Carey Sale Agreement, including the
                  payment of the Carey Sale Proceeds, on or before the Effective
                  Date; and (C) the holders of Citibank Secured Claim in Class
                  3(a) and Citibank Guaranty Claim in Class 3(b) will have voted
                  to accept the Plan by the statutory prerequisites for such
                  acceptance set forth in Section 1126 of the Bankruptcy Code.

                           (ii)     RESTATED CITIBANK MASTER LEASE. In the event
                  the Carey Sale Transaction does not close in accordance with
                  the Carey Sale Agreement on or before the Effective Date of
                  the Plan, and provided that the holders of Citibank Secured
                  Claim in Class 3(a) and Citibank Guaranty Claim in Class 3(b)
                  will have voted to accept the Plan by the statutory
                  prerequisites for such acceptance set forth in Section 1126 of
                  the Bankruptcy Code, Reorganized AREC will, on the Effective
                  Date of the Plan, execute and deliver the Restated Citibank
                  Master Lease, and Reorganized AMERCO will, on the effective
                  Date, execute and deliver the Restated Citibank Guaranty.

                           (iii)    CONVEYANCE OF CITIBANK PROPERTIES. In the
                  event the holders of Citibank Secured Claim in Class 3(a) and
                  Citibank Guaranty Claim in Class 3(b) vote to reject the Plan
                  by the statutory prerequisites for such rejection set forth in
                  Section 1126 of the Bankruptcy Code, the Debtors reserve the
                  right, in their sole discretion, either to: (A) surrender to
                  the holders of the Citibank Secured Claim all of their right,
                  title and interest in and to the Citibank Properties in full
                  and final satisfaction of all Claims arising under or related
                  to the Citibank Master Lease, together with Cash in an amount
                  equivalent to the Unsecured Deficiency Claim, if any such
                  Claim exists, of the holders of Citibank Secured Claim as
                  determined by a Final Order of the Bankruptcy Court pursuant
                  to the Citibank Valuation Hearing; (B) provide for the
                  treatment of the Citibank Secured Claim in accordance with the
                  alternative treatment set forth in Article 5.3(a)(i) and
                  (a)(ii) of the Plan; or (C) provide such other treatment of
                  the Citibank Secured Claim that complies with Section 1129 (b)
                  of the Bankruptcy Code. If the Bankruptcy Court determines, as
                  part of the Citibank Valuation Hearing, that the value of the
                  Citibank Properties exceeds

                                       44

<PAGE>

                  the amount of the Allowed Citibank Secured Claim, and the
                  Debtors have selected the alternative treatment set forth in
                  Article 5.3(a)(iii) of the Plan, the holders of the Citibank
                  Secured Claim will pay in Cash to the Debtors the amount of
                  the excess value. Notwithstanding anything set forth in the
                  Plan, if the holders of the Citibank Secured Claim vote to
                  reject the Plan and the Debtors elect to close the Carey Sale
                  Transaction, the holders of the Citibank Secured Claim shall
                  receive Cash in an amount equivalent to the amount of the
                  Allowed Citibank Secured Claim. The holders of the Citibank
                  Secured Claim shall have the right to submit a conditional
                  Ballot to accept or reject the Plan.

                  (b)      Class 3(b): Citibank Guaranty Claim (Impaired). In
         the event the Citibank Secured Claim in Class 3(a) receives the
         alternative treatment in Articles 5.3(a)(i) and 5.3(a)(iii) of the
         Plan, the Citibank Guaranty Claim, to the extent such Claim is an
         Allowed Claim, will be deemed satisfied in full. In the event the
         Citibank Secured Claim in Class 3(a) receives the alternative treatment
         in Article 5.3(a)(ii) of the Plan, the holder of the Citibank Guaranty
         Claim will receive in full satisfaction, release and discharge of the
         Citibank Guaranty Claim, to the extent such Claim is an Allowed Claim,
         the New Citibank Guaranty, which will be executed and delivered by
         Reorganized AMERCO on the Effective Date.

                  Class 4 (BMO Secured Claim and BMO Guaranty Claim)

                  Class 4 will consist of a separate subclass for the BMO
Secured Claim and the BMO Guaranty Claim. The alternative treatments set forth
in this Article 5.4 of the Plan, will be in full satisfaction, settlement,
release, and discharge of the BMO Secured Claim and the BMO Guaranty Claim.

                  (a)      Class 4(a): BMO Secured Claim (Impaired).

                           (i)      CASH - CAREY SALE PROCEEDS. On or before the
                  Effective Date of the Plan, the holders of BMO Secured Claim
                  will receive an amount of Cash from the Carey Sale Proceeds
                  equivalent to the amount of the Allowed BMO Secured Claim,
                  excluding therefrom, if applicable, any fine, penalty,
                  interest or cost arising from or related to a default under
                  the BMO Master Lease or the BMO Guaranty, provided that: (A)
                  the Carey Sale Agreement will have been approved by a Final
                  Order of the Bankruptcy Court on or before the Effective Date;
                  (B) the Carey Sale Transaction closes in accordance with the
                  Carey Sale Agreement, including the payment of the Carey Sale
                  Proceeds, on or before of the Effective Date; and (C) the BMO
                  Secured Claim in Class 4(a) and the BMO Guaranty Claim in
                  Class 4(b) will have voted to accept the Plan by the statutory
                  prerequisites for such rejection pursuant to Section 1126 of
                  the Bankruptcy Code.

                           (ii)     RESTATED BMO MASTER LEASE. In the event the
                  Carey Sale Transaction does not close in accordance with the
                  Carey Sale Agreement on or before the Effective Date of the
                  Plan, and provided that the holders of the BMO Secured Claim
                  in Class 4(a) and the BMO Guaranty Claim in Class 4(b) will
                  have voted to accept the Plan by the statutory prerequisites
                  for such acceptance pursuant to Section 1126 of the Bankruptcy
                  Code, Reorganized AREC and U-Haul will, on the Effective Date,
                  execute and deliver to the holders of the BMO Secured Claim
                  the Restated BMO Master Lease, and Reorganized AMERCO will, on
                  the Effective Date, execute and deliver the Restated BMO
                  Guaranty.

                           (iii)    CONVEYANCE OF BMO PROPERTIES. In the event
                  the holders of the BMO Secured Claim in Class 4(a) and the BMO
                  Guaranty Claim in Class 4(b) vote to reject the Plan by the
                  statutory prerequisites for such rejection set forth in
                  Section 1126 of the

                                       45

<PAGE>

                  Bankruptcy Code, the Debtors reserve the right, in their sole
                  discretion, either to: (A) surrender and cause U-Haul to
                  surrender to the holders of the BMO Secured Claim all of their
                  right, title and interest in and to the BMO Properties in full
                  and final satisfaction of all Claims arising under or related
                  to the Master Lease, together with Cash in an amount
                  equivalent to the Unsecured Deficiency Claim, if any such
                  Claim exists, of the holders of BMO Secured Claim as
                  determined by a Final Order of the Bankruptcy Court pursuant
                  to the BMO Valuation Hearing; (B) to treat the BMO Secured
                  Claim in accordance with the alternative treatment set forth
                  in Article 5.4 (a)(i) and (a)(ii) of the Plan; or (C) provide
                  such other treatment that complies with the provisions of
                  Section 1129(b) of the Bankruptcy Code. If the Bankruptcy
                  Court determines, as part of the BMO Valuation Hearing, that
                  the value of the BMO Properties exceeds the amount of the
                  Allowed BMO Secured Claim, and the Debtors have selected the
                  alternative treatment set forth in Article 5.4(a)(iii) of the
                  Plan, the holders of the BMO Secured Claim will pay in Cash to
                  the Debtors the amount of the excess value. Notwithstanding
                  anything set forth in the Plan, if the holders of the BMO
                  Secured Claim vote to reject the Plan and the Debtors elect to
                  close the Carey Sale Transaction, the holders of the BMO
                  Secured Claim shall receive Cash in an amount equivalent to
                  the amount of the Allowed BMO Secured Claim. The holders of
                  the BMO Secured Claim shall have the right to submit a
                  conditional Ballot to accept or reject the Plan.

                  (b)      Class 4(b): BMP Guaranty Claim (Impaired). In the
         event the BMO Secured Claim in Class 4(a) receives the alternative
         treatments in Article 5.4(a)(i) and (a)(iii) of the Plan, the BMO
         Guaranty Claim, to the extent such Claim is an Allowed Claim, will be
         deemed satisfied in full. In the event the BMO Secured Claim in Class
         4(a) receives the alternative treatment in Article 5.4(a)(ii) of the
         Plan, the holders of BMO Guaranty Claim will receive in full
         satisfaction, release and discharge of the BMO Guaranty Claim, to the
         extent such Claim is an Allowed Claim, the New BMO Guaranty, which will
         be executed and delivered by Reorganized AMERCO on the Effective Date.

                  Class 6 (AREC Note Claims)

         Under the Plan, upon the occurrence of the Effective Date, the AREC
Note Claims will be Allowed in the amount set forth in the Restructuring
Agreement (AREC Noteholders). On the Effective Date, the AREC Note Claimholders
will receive, in full satisfaction, settlement, release, and discharge of, and
in exchange for, their AREC Note Claims, a Pro Rata portion of: (a) Cash in the
amount of $65,000,000; (b) Cash in an amount equal to the sum of (i) any and all
accrued but unpaid interest on the AREC Notes from October 15, 2002 up to but
not including the AREC Petition Date, payable at the default rate of interest
under the AREC Notes, and (ii) any and all accrued and unpaid interest under the
AREC Notes from the AREC Petition Date up to but not including the Effective
Date, payable at the non-default rate of interest under the AREC Notes, plus
reasonable costs and fees, including fees of their professional advisors; (c)
$18,600,000 in aggregate principal amount of the New Term Loan A Notes issued
pursuant to the Exit Financing Facility; and (d) $16,400,000 in aggregate
principal amount of the New Term Loan B Notes issued pursuant to the New Term
Loan B Notes Indenture. In the event of any inconsistency between the terms of
the Plan and the terms of the Restructuring Agreement (AREC Noteholders), the
Restructuring Agreement (AREC Noteholders) will control. In the event the
Debtors fail to comply with the AREC Syndication Terms, then the holders of the
AREC Note Claims will receive a Pro Rata portion of $16,400,000 in aggregate
principal amount of the New Term Loan A Notes in lieu of the New Term Loan B
Notes. The Debtors anticipate complying with the AREC Syndication Terms, having
obtained commitment letters for the placement of $30,000,000 in New Term Loan B
Notes to unrelated third party market participants.

                                       46
<PAGE>

                  Class 7 (AMERCO Unsecured Claims)

         Under the Plan, on the Effective Date, each holder of an Allowed AMERCO
Unsecured Claim will receive, in full satisfaction, settlement, release, and
discharge of, and in exchange for, such AMERCO Unsecured Claims, such holder's
Pro Rata portion of the following:

         (a)      Cash in the amount of $191,000,000, provided, however, that
         the amount of Cash will be increased by the same amount, if any, by
         which the principal amount of New Term Loan B Notes distributed to the
         AMERCO Unsecured Claimholders is less than $200,000,000, but in no
         event will the amount of Cash exceed an amount equivalent to
         thirty-five percent (35%) of the aggregate amount of Allowed Class 7
         AMERCO Unsecured Claims. Notwithstanding anything set forth in the Plan
         to the contrary, the Cash distributed to the holders of Allowed Class 7
         AMERCO Unsecured Claims pursuant to Article 5.7(a) of the Plan will be
         decreased, only to the extent required, to enable the Reorganized
         Debtors to have as of the Effective Date, minimum availability under
         the Exit Financing Facility of $80,000,000.

         (b)      The SAC Holding Senior Notes in the original principal amount
         of $200,000,000.

         (c)      New Term Loan B Notes in the principal amount of $200,000,000,
         provided, however, that the amount of the New Term Loan B Notes
         distributed to the AMERCO Unsecured Claimholders will be decreased by
         the sum of: (i) the New Term Loan B Notes distributed to the AREC Note
         Claimholders and the Pre-Petition Lenders as a result of the
         satisfaction by the Debtors of the JPMorgan Syndication Terms and the
         AREC Syndication Terms as provided in Articles 5.1 and 5.6 of the Plan,
         and (ii) the amount of New Term Loan B Notes syndicated by the Debtors
         to unrelated third-party market participants. The Debtors anticipate
         satisfying the JPMorgan Syndication Terms and the AREC Syndication
         Terms, having obtained commitment letters for the placement of
         $30,000,000 in New Term Loan B Notes to unrelated third party market
         participants.

         (d)      The New AMERCO Notes.

         As set forth above, the actual amount of distributions of Cash, New
Term Loan B Notes and New AMERCO Notes to the holders of Allowed AMERCO
Unsecured Claims is a function of the Debtors' externally syndicating to a
third-party market participant a portion of the New Term Loan B Notes in
accordance with the syndication terms set forth in the Restructuring Agreement
(Revolver Lenders) and the Restructuring Agreement (AREC Noteholders). The chart
set forth below illustrates the impact upon such distributions if the Debtors
(i) do not externally syndicate any of the New Term Loan B Notes, and (ii)
externally syndicate $30,000,000 of the New Term Loan B Notes. The chart below
assumes an aggregate of Allowed AMERCO Unsecured Claims in Class 7 of
$715,000,000.

<TABLE>
<CAPTION>
                           NO SYNDICATION OF NEW   SYNDICATION OF $30,000,000
      DISTRIBUTION           TERM LOAN B NOTES      OF NEW TERM LOAN B NOTES
- -----------------------------------------------------------------------------
<S>                        <C>                     <C>
Cash                           191,000,000                  250,000,000
SAC Holding Senior Notes       200,000,000                  200,000,000
New Term Loan B Notes          200,000,000                  120,000,000
New AMERCO Notes               124,000,000                  145,000,000
                           --------------------------------------------------
                  TOTAL:     $ 715,000,000                $ 715,000,000
</TABLE>

                                       47

<PAGE>

F.       SYNDICATION OF NEW TERM LOAN B NOTES.

         Under the Restructuring Agreement (Revolver Lenders) and the
Restructuring Agreement (AREC Noteholders), the Debtors agreed to use their best
efforts to externally syndicate at least $30,000,000 of the New Term Loan B
Notes. As a result of their efforts in this regard, the Debtors have obtained
commitments from Canyon Capital Advisors LLC ("Canyon") and Double Black Diamond
Offshore LDC and Black Diamond Offshore Ltd. (together, the "Carlson Funds"),
each for $15,000,000 of the New Term Loan B Notes, for an aggregate syndication
amount of $30,000,000. Accordingly, the Debtors anticipate that they will comply
with the JPMorgan Syndication Terms and the AREC Syndication Terms, and that the
actual amount of distributions of Cash, New Term Loan B Notes and New AMERCO
Notes to the holders of Allowed AMERCO Unsecured Claims will be consistent with
the amounts set forth in the far right column in the table above.

G.       CONTINUED CORPORATE EXISTENCE.

The Debtors.

         Each of the Debtors will continue to exist after the Effective Date as
a separate corporate entity, with all the powers of a corporation under
applicable law in the jurisdiction in which each applicable Debtor is
incorporated or otherwise formed and pursuant to its certificate of
incorporation and bylaws or other organizational documents in effect prior to
the Effective Date, except to the extent such certificate of incorporation and
bylaws or other organizational documents are amended by the Plan, without
prejudice to any right to terminate such existence (whether by merger or
otherwise) under applicable law after the Effective Date.

Amended and Restated Articles of Incorporation.

         The certificates or articles of incorporation of each Debtor will be
amended as necessary to satisfy the provisions of the Plan and the Bankruptcy
Code, including a provision prohibiting the issuance of non-voting equity
securities, but only to the extent required by Section 1123(a)(b) of the
Bankruptcy Code. The Amended and Restated Articles of Incorporation for each
Debtor will be in substantially the form of Exhibit O and Exhibit P attached to
the Plan.

Non-Debtors.

         There are certain Affiliates of the Debtors that are not Debtors in the
Chapter 11 Cases. The continued existence, operation and ownership of such
non-Debtor Affiliates is a material component of the Debtors' businesses, and,
as set forth in Article 11.1 of the Plan, all of the Debtors' equity interests
and other property interests in such non-Debtor Affiliates will revest in the
applicable Reorganized Debtor or its successor on the Effective Date.

H.       DIRECTORS, OFFICERS AND STOCKHOLDERS OF THE REORGANIZED DEBTORS.

Officers.

         The existing senior officers of the Debtors in office on the Effective
Date will serve in their current capacities after the Effective Date, subject to
the authority of the board of directors of the Reorganized Debtors.

                                       48
<PAGE>

Directors of AMERCO.

         The current members of the board of directors of AMERCO on the
Effective Date will continue to serve out their current term after the Effective
Date, subject to the authority of the shareholders of AMERCO; provided that the
board of directors, collectively, including any required committee thereof, will
comply with any other qualification, experience, and independence requirements
under applicable law, including the Sarbanes-Oxley Act of 2002 and the rules
then in effect of the stock exchange or quotation system (including the benefit
of any transition periods available under applicable law) on which the Existing
Common Stock or Series A 8-1/2% Preferred Stock of AMERCO is listed.

Directors and Officers of AREC and Non-Debtor Affiliates.

         The existing directors and officers of AREC and non-debtor Subsidiaries
will continue to serve in their current capacities after the Effective Date,
provided, however that AMERCO reserves the right to identify new officers and
members of the board of directors of each of AREC and Non-Debtor Subsidiaries at
any time thereafter.

Preferred Stockholders.

         The Series A 8 1/2 % Preferred Stock of AMERCO is entitled to receive
dividends at a fixed annual rate of $2.125 per share payable quarterly. In the
event AMERCO fails to declare and pay in full the dividend for any 6 quarterly
dividend periods, whether or not consecutive, the holders of the outstanding
Series A Preferred Stock will be entitled, until all missed dividends have been
declared and paid in full, to elect 2 directors of AMERCO. Currently, four
quarterly dividends have not been declared and paid in full. A fifth quarterly
dividend is scheduled to be declared in February 2004 and a sixth would be
scheduled for declaration in May 2004. Under the terms of the Exit Financing
Facility, Reorganized AMERCO has the right to make, if it so elects, quarterly
dividend payments, subject to the terms of the Exit Financing Facility. It is
AMERCO's intention that any quarterly dividend payment will be declared and paid
in the order that such dividends were originally scheduled.

I.       LISTING ON SECURITIES EXCHANGE OR QUOTATION SYSTEM.

         AMERCO will use its commercially reasonable best efforts to seek the
continued listing, as promptly as practicable after the Effective Date, of the
shares of Existing Common Stock and the Series A 8-1/2% Preferred Stock of
AMERCO on a national securities exchange or for quotation on a national
automated interdealer quotation system but will have no liability if it is
unable to do so.

J.       SAC PARTICIPATION.

         On the Effective Date, SAC Holding will execute and deliver the SAC
Notes Indenture, the SAC Holding Senior Notes and the SAC Holding Participation
and Subordination Agreement (the "SAC Holding Note Documents"). The SAC Holding
Note Documents will be duly and validly authorized, executed and delivered, and
will constitute valid and binding obligations of SAC Holding, enforceable in
accordance with their terms.

K.       CANCELLATION OF EXISTING DEBT SECURITIES.

         On the Effective Date, except as otherwise specifically provided for
herein: (a) the Existing Debt Securities and any other note, bond, indenture, or
other instrument or document evidencing or creating any indebtedness or
obligation of the Debtors, except such notes or other instruments evidencing
indebtedness or obligations of the Debtors that are Reinstated under the Plan,
will be cancelled; and (b)

                                       49
<PAGE>

the obligations of, and Claims against the Debtors under, relating, or
pertaining to any agreements, indentures, or similar documents governing the
Existing Debt Securities and any other note, bond, indenture, or other
instrument or document evidencing or creating any indebtedness or obligation of
the Debtors, except such notes or other instruments evidencing indebtedness or
obligations of the Debtors that are Reinstated under the Plan, as the case may
be, will be released and discharged; provided, however, that any agreement that
governs the rights of the Claimholder and that is administered by an Indenture
Trustee, an agent, or a servicer (each hereinafter referred to as a "Servicer")
will continue in effect solely for purposes of (i) allowing such Servicer to
make the distributions to be made on account of such Claims under the Plan as
provided in Article V of the Plan and (ii) allowing the Servicer, including
Indenture Trustees, to assert their Indenture Trustees Charging Liens against
such distributions for payment of the Indenture Trustee Fees, to the extent that
all or a portion of such fees are not paid pursuant to Article 9.5 of the Plan,
which will effectively reduce the distributions made to the Noteholders pursuant
to the Plan, and allowing the Indenture Trustees to assert their indemnification
rights under the Indentures against the Reorganized Debtors for all liabilities,
losses, damages, claims, costs and expenses arising out of or due to their
actions or omissions, including but not limited to attorneys' fees, except for
their gross negligence or willful misconduct.

L.       EXIT FINANCING FACILITY.

         Upon the Effective Date of the Plan, the Reorganized Debtors, U-Haul
and certain of their wholly-owned subsidiaries and affiliates will enter into a
syndicated Exit Financing Facility with Wells Fargo Foothill, Inc., as the lead
arranger and administrative agent. The Exit Financing Facility, which will be
guaranteed by substantially all of the Reorganized Debtors and certain of their
subsidiaries, will be a senior secured credit facility with a maximum credit
amount of $550,000,000 consisting of: (i) a revolving credit facility of up to
$200,000,000 (the "Revolver"); plus (ii) a $350,000,000 amortizing term loan
facility consisting of the New Term Loan A Notes. The Revolver will also include
a $50,000,000 letter of credit sub-facility for the issuance of letters of
credit. The amounts available for borrowing under the Revolver will be subject
to a borrowing base formula that is based upon a percentage of the value of the
borrowers' eligible real estate and vehicles, subject to agreed upon reserves
for environmental remediation, title defects and other agreed upon reserves.

         General

         The amounts outstanding under the Exit Financing Facility, including
the New Term Loan A Notes, will be due and payable no later than five years from
the closing date of the Exit Financing Facility.

         No principal payments will be required under the Revolver until the
maturity of the Exit Financing Facility. Monthly principal payments of $291,667
will be due and payable under the Term Loan A Notes, with the balance due in
full upon maturity. Amounts outstanding under the Exit Financing Facility may be
prepaid at any time after the third anniversary of the Exit Financing Facility
without any prepayment penalty. Amounts prepaid during the first three years of
the Exit Financing Facility will be subject to the following prepayment
penalties based upon a percentage of the average daily outstanding daily balance
of the Exit Financing Facility and the average daily undrawn amount of letters
of credit through the date of prepayment:

<TABLE>
<CAPTION>
 YEAR 1      YEAR 2     YEAR 3
- ------------------------------
<S>          <C>        <C>
 2.00%        1.50%      1.00%
</TABLE>

                                       50
<PAGE>

         Interest on amounts outstanding under the Exit Financing Facility will
accrue at a base LIBO rate plus a margin of 3.50% to 4.0% based on the amount of
the borrowers' senior indebtedness divided by consolidated annual EBITDA for the
previous four fiscal quarters.

         Ranking of the Exit Financing Facility

         The obligations underlying the Exit Financing Facility will be senior
secured obligations of the Reorganized Debtors and rank pari passu in right of
payment to the New Term Loan B Notes and senior in right of payment to all other
indebtedness of the Reorganized Debtors.

         Collateral Securing the Exit Financing Facility

         All amounts outstanding under the Exit Financing Facility will be
secured by a first priority security interest in substantially all of the assets
of the Reorganized Debtors and guarantors under the Exit Financing Facility,
excluding the assets described below.

         The assets excluded from the collateral securing the Exit Financing
Facility will consist of the following:

    -    The existing promissory notes issued to the Reorganized Debtors by SAC
         Holding and its subsidiaries (and proceeds associated with the
         monetization of such assets, as they may be amended or restated from
         time to time);

    -    The Reorganized Debtors' real estate subject to any currently existing
         synthetic lease arrangements (and the proceeds associated with the
         monetization of such assets);

    -    The capital stock of RepWest and Oxford (and the proceeds associated
         with the monetization of such assets);

    -    Real property subject to a lien in favor of Oxford;

    -    Real property under contract for sale at the time of the closing of the
         Exit Financing Facility;

    -    Real property defined as surplus property at the time of Exit Financing
         Facility;

    -    Proceeds in excess of $50,000,000 associated with the settlement,
         judgment or recovery related to the PwC Litigation; and

    -    Vehicles (including any motor vehicle, trailer or other asset) that
         become and remain subject to a TRAC or operating lease transaction,
         including, without limitation, the PMCC Leveraged Lease and PMCC
         Like-Kind Exchange Lease.

         The Exit Financing Facility will also include provisions authorizing
the granting of a junior lien in substantially all of the assets of the
borrowers in favor of the parties receiving the New Term Loan B Notes, subject
to the terms of an Intercreditor Agreement in form and substance reasonably
satisfactory to Wells Fargo Foothill, Inc.

         Guarantees

         The Exit Financing Facility will be guaranteed by all subsidiaries of
Reorganized AMERCO, including Reorganized AREC, U-Haul and all of their
respective subsidiaries, but excluding RepWest, Oxford and all of their
respective subsidiaries. The guarantors will jointly and severally guaranty all
of the obligations under the Exit Financing Facility. The obligation of each
guarantor under its guaranty will be limited to the greatest amount that would
not render its obligations under the guaranty subject to

                                       51
<PAGE>

avoidance as a fraudulent conveyance or fraudulent transfer under applicable
law. Each guarantor that makes payment or distribution of more than its
proportionate share under a guaranty will be entitled to contribution from each
other such guarantor that has not paid its proportionate share of such payment
or distribution.

         Affirmative and Negative Covenants

         The Exit Financing Facility will include covenants requiring the
borrowers to maintain an agreed upon minimum fixed charge coverage ratio and a
limitation on capital expenditures. The borrowers also will be required to
deliver monthly financial statements, audited annual financial statements and
annual updated projections. The Exit Financing Facility will include the
specific affirmative and negative covenants described below and such other
customary covenants (both positive and negative) that are customary for a credit
facility of this type and are agreed to by the Reorganized Debtors and the
Creditors' Committee, including, but not limited to, notices of litigation,
defaults and unmatured defaults and other information, compliance with laws,
permits and licenses, inspection of properties, books and records, maintenance
of insurance, limitations with respect to liens and encumbrances, dividends and
retirement of capital stock, guarantees, certain sale and lease back
transactions, consolidations and mergers, investments, capital expenditures,
loans and advances, indebtedness, compliance with pension, environmental and
other laws, operating leases, transactions with affiliates and prepayment of
other indebtedness.

         With respect to certain affirmative covenants, the borrowers will be
required to continue a captive self-insurance program for their fleet, as
currently provided by RepWest, provided, however, that the borrowers may alter
or replace their captive self-insurance with the approval of Wells Fargo
Foothill, Inc. provided that the terms are reasonably consistent with the
program currently provided by RepWest.

         With respect to certain negative covenants, (i) the borrowers will be
permitted to repay subordinated debt using the proceeds of excluded assets
provided that no event of default is then in existence or will be in existence
as a result after giving effect to the said event; (ii) the borrowers will be
permitted to prepay subordinated debt, in other circumstances, provided that (a)
no event of default is then in existence or will be in existence as a result
after giving effect to the said event, (b) payments do not exceed 50% of
borrowers' free cash flow for the prior 12 months, and (c) the borrowers have
not less than $35,000,000 in availability under the Exit Financing Facility plus
unrestricted cash after giving effect to said event and, borrowers' projected
availability for the next 12 months, after giving effect to the said event,
would not be below $35,000,000; and (iii) the borrowers will be permitted to
make cash payments on Preferred Stock in existence as of the Effective Date,
provided that (a) no event of default is then in existence or will be in
existence as a result after giving effect to the said event, (b) cash payments
do not exceed $13,000,000 annually, and (c) the borrowers have at least
$35,000,000 in availability under the Exit Financing Facility plus unrestricted
cash after giving effect to the said event and, the borrowers' projected
availability for the next 12 months, after giving effect to the said event,
would not be below $35,000,000.

         Events of Default and Acceleration

         The Exit Financing Facility will contain events of default that are
customary for a credit facility of this type, including, without limitation, the
following:

         -        failure by the borrowers to pay when due and payable all or
                  any portion of the obligations under the Exit Financing
                  Facility;

         -        failure by the borrowers to comply with any of its agreements
                  or covenants described in the Exit Financing Facility, subject
                  to applicable grace periods;

                                       52
<PAGE>

         -        any material portion of the borrowers' assets is attached,
                  seized, subjected to a writ or distress warrant, levied upon,
                  or comes into possession of any third person;

         -        any borrower is enjoined, restrained, or in any way prevented
                  by court order from continuing to conduct all or any material
                  part of its business affairs;

         -        there is a default in any material agreement to which any
                  guarantor is a party including, without limitation, any
                  material contract, affiliate contract or any material contract
                  with any of SAC Holding, SSI or PMSR and such default (a)
                  occurs at the final maturity of the obligations thereunder, of
                  (b) results in the acceleration on the maturity of the
                  applicable guarantor's obligations thereunder;

         -        any material misstatement or material misrepresentation exists
                  now or hereafter in any warranty, representation, statement,
                  or record made to the lender by any borrower, its
                  subsidiaries, or any officer, employee, agent, or director of
                  any borrower or any of its subsidiaries;

         -        the obligation of any guarantor under its guaranty is limited
                  or terminated by operation of law or by such guarantor
                  thereunder;

         -        the Exit Financing Facility or any other loan document that
                  purports to create a lien, shall, for any reason, fail or
                  cease to create a valid and perfected and, except to the
                  extent permitted by the terms hereof of thereof, first
                  priority lien on or security interest in the collateral
                  covered thereby; or

         -        any provision of any loan document shall at any time for any
                  reason be declared to be null and void, or the validity or
                  enforceability thereof shall be contested by any borrower, or
                  a proceeding shall be commenced by any borrower, or any
                  governmental authority having jurisdiction over any borrower,
                  seeking to establish the invalidity or unenforceability
                  thereof, or any borrower shall deny that any borrower has any
                  liability or obligation purported to be created under any loan
                  document.

         Governing Law

         The Exit Financing Facility and guarantees are governed by, and
construed in accordance with the law of the State of New York.

M.       ISSUANCE OF NEW DEBT SECURITIES.

         For purposes of the Plan and Section 1145 of the Bankruptcy Code, SAC
Holding is a co-proponent of the Plan along with the Debtors. On the Effective
Date, SAC Holding will be deemed to have issued the SAC Holding Senior Notes,
and the Reorganized Debtors will be deemed to have issued the remainder of the
New Debt Securities and the New Term Loan A Notes, each as set forth in Article
V of the Plan. The issuance of the New Debt Securities and the distribution
thereof as described above will be in compliance with applicable registration
requirements or exempt from registration under applicable securities laws
pursuant to Section 1145(a) of the Bankruptcy Code or Section 4(2) of the
Securities Act. The New Debt Securities will be qualified under the Trust
Indenture Act of 1939.

         The following summary provides a brief overview of the New Debt
Securities that will be issued pursuant to the Plan as currently contemplated.
The final terms and conditions of the New Debt Securities could change
substantially from the overview provided below.

                                       53
<PAGE>

NEW TERM LOAN B NOTES

         The New Term Loan B Notes will be issued by Reorganized AMERCO pursuant
to the New Term Loan B Notes Indenture to be entered into among Reorganized
AMERCO, as issuer, the guarantors (discussed below) and a trustee to be
determined prior to the Effective Date. The New Term Loan B Notes will be issued
to the holders of Class 1 Claims (JPMorgan Claims), Class 6 Claims (AREC Note
Claims) and Class 7 Claims (AMERCO Unsecured Claims), as well as certain new
purchasers as discussed below, and will constitute senior secured debt
securities under the New Term Loan B Notes Indenture. The following paragraphs
summarize the material provisions of the New Term Loan B Notes and the New Term
Loan B Notes Indenture. The following description does not purport to be
complete and is subject to, and qualified by reference to, all of the provisions
of the New Term Loan B Notes Indenture and the New Term Loan B Notes.

         General

         The New Term Loan B Notes will be limited to $200,000,000 in aggregate
principal amount. The New Term Loan B Notes will mature five years from the date
of issuance. The New Term Loan B Notes will bear cash interest at a rate of 9%
per annum, payable quarterly in arrears, based on 90 day quarters and 360 day
years. After default, the outstanding principal balance of the New Term Loan B
Notes will bear interest at a rate equal to 2.0% greater than the otherwise
applicable interest rate.

         Syndication of the New Term Loan B Notes

         The Debtors have obtained commitments from Canyon and the Carlson Funds
(collectively, the "New Term Loan B Investors"), for an aggregate of $30,000,000
of the New Term Loan B Notes. The material conditions precedent to the financing
obligations of the New Term Loan B Investors include, without limitation:

         -        The New Term Loan B Investors and their respective advisors
                  shall have been afforded full access to the books and records
                  of Reorganized AMERCO, including copies of all materials filed
                  in the Chapter 11 Cases;

         -        Confirmation of the Plan in these Chapter 11 Cases, with such
                  non-material modification with respect to the treatment of
                  Class 7 Allowed Claims as the New Term Loan B Investors may
                  agree;

         -        No material changes to the ownership and pro forma
                  capitalization of Reorganized AMERCO;

         -        Execution and delivery of the note purchase agreements, the
                  New Term Loan B Indenture, the collateral security documents,
                  the Intercreditor Agreement (defined below) as well as
                  supporting legal opinions and perfection of all liens and
                  security interests as are reasonably satisfactory to the New
                  Term Loan B Investors;

         -        The closing of the Exit Financing Facility, and minimum
                  availability thereunder of $25,000,000;

         -        No material adverse change has occurred with respect to
                  Reorganized AMERCO's business, assets, operations, properties,
                  financial condition or prospects, as reasonably determined by
                  the New Term Loan B Investors;

         -        No material disruption of, or material adverse change in,
                  financial, banking or capital market conditions generally
                  that, in the reasonable judgment of the New Term Loan B
                  Investors, could materially impair the marketability of the
                  New Term Loan B Notes.

                                                     54

<PAGE>

         Ranking of the New Term Loan B Notes

         The New Term Loan B Notes will be senior secured obligations of
Reorganized AMERCO and rank pari passu in right of payment to the indebtedness
under the Exit Financing Facility and senior in right of payment to all of the
other indebtedness of Reorganized AMERCO.

         Collateral Securing the New Term Loan B Notes

         The New Term Loan B Notes will be secured by substantially all of the
assets of Reorganized AMERCO, excluding certain assets described below. The
collateral securing the New Term Loan B Notes will be identical to the
collateral securing the obligations underlying the Exit Financing Facility, but
will rank second in terms of priority to the security interest granted to the
lenders under the Exit Financing Facility.

         The assets excluded from the collateral securing the New Term Loan B
Notes, which also is excluded from the collateral securing the obligations
underlying the Exit Financing Facility, will consist of the following:

    -    The existing promissory notes issued to Reorganized AMERCO by SAC
         Holding and its subsidiaries (and proceeds associated with the
         monetization of such assets, as they may be amended or restated from
         time to time);

    -    Reorganized AMERCO'S real estate subject to any currently existing
         synthetic lease arrangements (and the proceeds associated with the
         monetization of such assets);

    -    The capital stock of RepWest and Oxford (and the proceeds associated
         with the monetization of such assets);

    -    Real property subject to a lien in favor of Oxford;

    -    Real property under contract for sale at the time of the issuance New
         Term Loan B Notes;

    -    Real property defined as surplus property at the time of the issuance
         of the New Term Loan B Notes;

    -    Proceeds in excess of $50,000,000 associated with the settlement,
         judgment or recovery related to the PwC Litigation; and

    -    Vehicles (including any motor vehicle, trailer or other asset) that
         become and remain subject to a TRAC or Operating Lease transaction,
         including, without limitation, the PMCC Leveraged Lease and PMCC
         Like-Kind Exchange Lease.

         Guarantees

         The New Term Loan B Notes will be guaranteed by all U.S. affiliates and
subsidiaries of Reorganized AMERCO, including AREC, U-Haul and all of their
respective subsidiaries, but excluding RepWest, Oxford, SAC Holding and all of
their respective subsidiaries. All borrowers and guarantors under the Exit
Financing Facility will be either an issuer or guarantor of the New Term Loan B
Notes. The guarantors will jointly and severally guaranty all of the obligations
under the New Term Loan B Notes. The obligation of each guarantor under its
guaranty will be limited to the greatest amount that would not render its
obligations under the guaranty subject to avoidance as a fraudulent conveyance
or fraudulent transfer under applicable law.

                                       55
<PAGE>

         The New Term Loan B Notes Indenture provides that so long as no default
exists or would exist, the guaranty issued by any guarantor will be
automatically and unconditionally released and discharged upon any sale to any
person that is not affiliated with Reorganized AMERCO of all of the equity
interest of such guarantor owned, directly or indirectly, by Reorganized AMERCO
which transaction is otherwise in compliance with the New Term Loan B Notes
Indenture, including, without limitation, the application of the net available
proceeds to the New Term Loan B Notes from any such sale, to the extent required
by the New Term Loan B Notes Indenture.

         Redemption of New Term Loan B Notes

         No sinking fund is provided for the New Term Loan B Notes and neither
Reorganized AMERCO nor the guarantors will be required to make mandatory
redemption payments with respect to the New Term Loan B Notes. Reorganized
AMERCO will not have the right to redeem the New Term Loan B Notes prior to the
first anniversary of the date of issuance. Following such date, Reorganized
AMERCO may redeem the New Term Loan B Notes for cash, as a whole at any time or
from time to time in part, at the redemption prices set forth below, expressed
as a percentage of principal amount, together with accrued and unpaid interest
to the date of redemption:

           (c)  After the first anniversary but up to and including the second
                anniversary, at 105.5%;

           (d)  After the second anniversary but up to and including the third
                anniversary, at 104.5%;

           (e)  After the third anniversary but up to and including the fourth
                anniversary, at 101.0%;

           (f)  After the fourth anniversary, at 100.0%.

         If redeemed at the option of Reorganized AMERCO, the New Term Loan B
Notes will be redeemed at a price equal to the sum of the redemption price plus
accrued and unpaid interest, if any, on such notes to the applicable redemption
date. The redemption prices of a New Term Loan B Note within a specified period
following the issuance date will be determined by mutual agreement of
Reorganized AMERCO and the Creditors' Committee and set forth in the final form
of New Term Loan B Notes Indenture.

         Change of Control Permits Purchase of Notes by Reorganized AMERCO at
         the Option of the Holder

         In the event of a change of control, each holder will have the right,
at the holder's option, subject to the terms and conditions of the New Term Loan
B Notes Indenture, to require Reorganized AMERCO to purchase for cash all or any
portion of the holder's notes at an amount equal to 101% of the face amount of
the New Term Loan B Note. Reorganized AMERCO will be required to purchase the
New Term Loan B Notes as of a date not earlier than 30 days nor later than 60
days from the date notice of the change of control is mailed at a cash price
equal to the sum of the purchase price described above plus accrued and unpaid
interest, if any, on such note to such date of purchase.

         Within 30 days after the occurrence of a change of control, Reorganized
AMERCO will be obligated to mail, or cause to be mailed, to all holders of notes
at their addresses shown in the register of the registrar and to beneficial
owners as required by applicable law a notice:

         -        describing the transaction or transactions that constitute a
                  change of control;

         -        offering to purchase, on a date specified in the notice, all
                  notes properly tendered by a holder pursuant to the such
                  change of control offer; and

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<PAGE>

         -        describing the procedures that holders must follow to accept
                  the change in control offer.

         Under, and subject to exceptions specified in, the New Term Loan B
Notes Indenture, a "change of control" of Reorganized AMERCO will be deemed to
have occurred upon the occurrence of any of the following:

         -        any "person" or "group" (as such terms are used in Sections
                  13(d) and 14(d) of the Exchange Act), other than one or more
                  Permitted Persons (as defined below), is or becomes the
                  beneficial owner (as defined in Rules 13d-3 and 13d-5 under
                  the Exchange Act, except that for purposes of this clause that
                  person or group will be deemed to have "beneficial ownership"
                  of all securities that any such person or group has the right
                  to acquire, whether such right is exercisable immediately or
                  only after the passage of time), directly or indirectly, of
                  voting stock representing more than 35% of the voting power of
                  the total outstanding voting stock of Reorganized AMERCO,
                  provided, however, that such event will not be deemed to be a
                  change of control so long as the Permitted Persons own voting
                  stock representing in the aggregate a greater percentage of
                  the total voting power of the voting stock of Reorganized
                  AMERCO than such other person or group;

         -        during any period of two consecutive years, individuals who at
                  the beginning of such period constituted the board of
                  directors (together with any new directors whose election to
                  such board of directors or whose nomination for election by
                  the stockholders of Reorganized AMERCO was approved by a vote
                  of the majority of the directors of Reorganized AMERCO then
                  still in office who were either directors at the beginning of
                  such period or whose election or nomination for election was
                  previously so approved) cease for any reason to constitute a
                  majority Of the board of directors of Reorganized AMERCO;

         -        (a) all or substantially all of the assets of Reorganized
                  AMERCO and the restricted subsidiaries are sold or otherwise
                  transferred to any person other than a wholly-owned restricted
                  subsidiary or (b) Reorganized AMERCO consolidates or merges
                  with or into another person or any person consolidates or
                  merges with or into Reorganized AMERCO, in either case under
                  this clause, in one transaction or a series of related
                  transactions in which immediately after the consummation
                  thereof persons owning voting stock representing in the
                  aggregate a majority of the total voting power of the voting
                  stock of Reorganized AMERCO immediately prior to such
                  consummation do not own voting stock representing a majority
                  of the total voting power of the voting stock of Reorganized
                  AMERCO or the surviving or transferee Person; or

         -        Reorganized AMERCO adopts a plan of liquidation or dissolution
                  or any such plan will be approved by the stockholders of
                  Reorganized AMERCO.

         As referenced in connection with the New Debt Securities, Permitted
Persons means (i) Edward J. Shoen, Mark V. Shoen, James P. Shoen and the spouse
and lineal descendants of each such individual, the spouses of each such lineal
descendant and the lineal descendants of such spouses; (ii) any trusts or other
entities for the primary benefit of, the executor or administrator of the estate
of, or other legal representative of, any of the individuals referred to in
clause (i); (iii) any corporation or other entity with respect to which all the
voting securities thereof is, directly or indirectly owed by any of the
individuals or entities referred to in clauses (i) and (ii); and (iv) the AMERCO
Employee Savings and Employee Stock Ownership Trust, or any successor thereto.

                                       57
<PAGE>

         Affirmative and Negative Covenants

         The New Term Loan B Notes Indenture will contain such other affirmative
and negative covenants as agreed to by Reorganized AMERCO and the Creditors'
Committee and as are appropriate and customary for debt securities of this type,
but which are substantially similar and not more restrictive than those
contained in the Exit Financing Facility. Under the commitment letters with
Canyon and the Carlson Funds, affirmative covenants pertaining to the issuer and
the guarantors include:

         -        Corporate existence, powers and conduct of business;

         -        Compliance with applicable laws and regulations, including,
                  without limitation, ERLSA and environmental regulations;

         -        Payment of taxes, claims and other obligations;

         -        Maintenance of customary insurance and required endorsements;

         -        Reasonable provision of books and records for inspection; and

         -        Further assurances as to maintenance, perfection and priority
                  of liens.

         Under the commitment letters with Canyon and the Carlson Funds,
negative covenants pertaining to the issuer and the guarantors, subject to
certain permitted actions, include:

         -        The incurrence and continuation of certain types and amounts
                  of indebtedness;

         -        With certain exceptions, the sale, lease, license or other
                  transfer of assets, including sale and leaseback arrangements,
                  other than the sale of inventory in the ordinary course of
                  business;

         -        Restrictions against negative pledges and subsidiary dividend
                  restrictions above certain amounts;

         -        Investments (by way of debt or equity) in excess of certain
                  amounts, excluding certain permitted investments;

         -        The declaration and payment of dividends and other restricted
                  junior payments including, without limitation, certain
                  repurchases and/or redemptions of stock and repayments,
                  defeasance, repurchases or redemptions of subordinated
                  indebtedness;

         -        Restrictions relating to conduct of business and transactions
                  with shareholders and affiliates;

         -        Mergers, acquisitions, formations of domestic subsidiaries,
                  liquidations, consolidations, dissolutions, amendments of
                  organizational documents and issuance of stock;

         -        The purchase and carrying of margin stock;

         -        Changes in accounting treatment, reporting or reporting
                  practices, unless required by GAAP, the FASB or similar
                  authorities; and

         -        Changes in fiscal year.

         Absent a default or pending default on the New Term Loan B Notes,
non-financial covenants will be automatically amended to follow those contained
in the Exit Financing Facility. Within certain limits to be negotiated, material
financial covenants can also be automatically amended by amendments to the Exit
Financing Facility.

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<PAGE>

         Intercreditor Agreement

         The rights of the holders of the New Term Loan B Notes with respect to
the collateral securing the New Term Loan B Notes will be subject to the terms
of an agreement (the "Intercreditor Agreement") with the agent (the "Agent")
under the Exit Financing Facility. The Intercreditor Agreement will place no
restrictions on the right of the Agent to liquidate or otherwise realize upon
the value of the collateral, but absent a default under the Exit Financing
Facility, the Agent may not release the collateral from the lien of the New Term
Loan B Notes without the consent of the holders thereof. There will be no
restrictions on the New Term Loan B Notes receiving interest or other payments
from collateral proceeds, provided, however, that in the event of a default
under the Exit Financing Facility, proceeds of the collateral will be used to
pay the Exit Financing Facility in full prior to the New Term Loan B Notes. The
Intercreditor Agreement will also include restrictions against the holders of
the New Term Loan B Notes:

            (a) Blocking asset sales by the Agent;

            (b) In an insolvency proceeding involving the Exit Financing
                Facility, filing objections to seek adequate protection or to
                lift the automatic stay, or to the Agent's consenting to the use
                of cash collateral or debtor-in-possession financing;

            (c) Seeking relief from the automatic stay to enforce rights against
                the collateral without the Agent's consent;

            (d) Challenging the enforceability or priority of the Exit Financing
                Facility lien or collateral; or

            (e) Taking liens on assets other than the collateral securing the
                Exit Financing Facility.

         Events of Default and Acceleration

         The New Term Loan B Notes Indenture will contain events of default as
are included in indentures of a similar nature. The following are expected to be
included as events of default under the New Term Loan B Notes Indenture:

         -        failure by Reorganized AMERCO to pay interest on any of the
                  notes when it becomes due and payable and the continuance of
                  any such failure for 30 days;

         -        failure by Reorganized AMERCO to pay the principal of any of
                  the notes when it becomes due and payable, whether at stated
                  maturity, upon redemption, upon purchase, upon acceleration or
                  otherwise;

         -        failure by Reorganized AMERCO to comply with any of its
                  agreements or covenants described under Sections 5.01
                  (successor requirements) and 4.15 (offer to purchase upon a
                  change of control) of the New Term Loan B Notes Indenture;

         -        failure by Reorganized AMERCO to comply with any other
                  agreement or covenant in the New Term Loan B Notes Indenture
                  and continuance of this failure for 60 days after notice of
                  the failure has been given to Reorganized AMERCO by the
                  trustee or by the holders of at least 25% of the aggregate
                  principal amount of the notes then outstanding;

         -        default under any mortgage, New Term Loan B Notes Indenture or
                  other instrument or agreement under which there may be issued
                  or by which there may be secured or evidenced indebtedness of
                  Reorganized AMERCO or any restricted subsidiary, whether such
                  indebtedness now exists or is incurred after the issue date,
                  which default:

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<PAGE>

           (a)  is caused by a failure to pay when due principal on such
                Indebtedness within the applicable express grace period,

           (b)  results in the acceleration of such indebtedness prior to its
                express final maturity or

           (c)  results in the commencement of judicial proceedings to foreclose
                upon, or to exercise remedies under applicable law or applicable
                security documents to take ownership of, the assets securing
                such Indebtedness, and

         in each case, the principal amount of such indebtedness, together with
         any other indebtedness with respect to which an event described in
         clause (i), (ii) or (iii) immediately above has occurred and is
         continuing, aggregates in excess of an amount to be agreed upon by
         Reorganized AMERCO and the Creditors' Committee;

- -        one or more judgments or orders that exceed an agreed upon amount (net
         of amounts covered by insurance or bonded) for the payment of money
         have been entered by a court or courts of competent jurisdiction
         against Reorganized AMERCO or any restricted subsidiary and such
         judgment or judgments have not been satisfied, stayed, annulled or
         rescinded within 60 days of being entered;

- -        Reorganized AMERCO or any significant subsidiary pursuant to or within
         the meaning of any Bankruptcy Law:

           (a)  commences a voluntary case,

           (b)  consents to the entry of an order for relief against it in an
                involuntary case,

           (c)  consents to the appointment of a custodian of it or for all or
                substantially all of its assets, or

           (d)  makes a general assignment for the benefit of its creditors;

- -        a court of competent jurisdiction enters an order or decree under any
         Bankruptcy Law that:

           (a)  is for relief against Reorganized AMERCO or any significant
                subsidiary as debtor in an involuntary case,

           (b)  appoints a custodian of Reorganized AMERCO or any significant
                subsidiary or a custodian for all or substantially all of the
                assets of Reorganized AMERCO or any significant subsidiary, or

           (c)  orders the liquidation of Reorganized AMERCO or any significant
                subsidiary; and the order or decree remains unstayed and in
                effect for 60 days;

- -        any note guaranty of any significant subsidiary ceases to be in full
         force and effect (other than in accordance with the terms of such note
         guaranty and the New Term Loan B Notes Indenture) or is declared null
         and void and unenforceable or found to be invalid or any guarantor
         denies its liability under its note guaranty (other than by reason of
         release of a guarantor from its note guaranty in accordance with the
         terms of the New Term Loan B Notes Indenture and the note guaranty); or

- -        an "event of default" occurs and is continuing under any of the
         security documents governing the New Term Loan B Notes.

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<PAGE>

         If an event of default has happened and is continuing, either the
trustee or the holders of not less than 25% in aggregate principal amount of the
New Term Loan B Notes then outstanding may declare the New Term Loan B Notes,
plus any accrued and unpaid cash interest through the date of such declaration,
to be immediately due and payable.

         SEC Registration

         Reorganized AMERCO will offer to exchange the New Term Loan B Notes
issued to the New Term Loan B Investors pursuant to a registered exchange offer
filed with the SEC within 60 days of closing, and to be effective within 90 days
after such filing date so that the New Term Loan B Notes will be freely and
publicly tradable thereafter. Failure to offer the exchange will result in a
0.25% increase in the annul interest rate for the first quarter or portion
thereof during such failure and 0.5% for each subsequent quarter or portion
thereof up to a maximum aggregate increase of 2.0%. Under the terms of their
respective commitment letters, Canyon and the Carlson Funds may also require
that the New Term Loan B Notes be rated by Standard & Poor's or other private
rating agency.

         Mergers and Sales of Assets

         The New Term Loan B Notes Indenture provides that Reorganized AMERCO
may not consolidate with or merge into any person or convey, transfer or lease
out properties and assets substantially as an entity to another person unless:

         -        the resulting, surviving or transferee person is a corporation
                  organized and existing under the laws of the United States,
                  any state thereof or the District of Columbia, and such
                  corporation assumes all of Reorganized AMERCO's obligations
                  under the New Term Loan B Notes and the New Term Loan B Notes
                  Indenture;

         -        after giving effect to the transaction no event of default,
                  and no event that, after notice or passage of time, would
                  become an event of default, has occurred and is continuing;
                  and

         -        other conditions described in the New Term Loan B Notes
                  Indenture are met.

         Upon the assumption of Reorganized AMERCO's obligations by such
corporation in such circumstances, subject to certain exceptions, Reorganized
AMERCO will be discharged from all obligations under the New Term Loan B Notes
and the New Term Loan B Notes Indenture. Although such transactions are
permitted under the New Term Loan B Notes Indenture, certain of the foregoing
transactions occurring could constitute a change of control of Reorganized
AMERCO, permitting each holder to require Reorganized AMERCO to purchase the New
Term Loan B Notes of such holder as described above.

         The New Term Loan B Notes Indenture also provides that a guarantor may
not consolidate with or merge into any person or convey, transfer or lease its
properties and assets substantially as an entity to another person unless the
surviving person assumes the obligations of such guarantor and the surviving
person is a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia, except if all of the
assets or all of the common stock of such guarantor is sold to a non-affiliate
of Reorganized AMERCO, in which case the guaranty is released.

         Modification

         The trustee and Reorganized AMERCO may modify or amend the New Term
Loan B Notes Indenture or the New Term Loan B Notes with the consent of the
holders of not less than a majority in

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<PAGE>

aggregate principal amount at maturity of the New Term Loan B Notes then
outstanding. However, the consent of the holders of each outstanding note would
be required to:

         -        change the maturity of any note;

         -        reduce the amount, extend the due date or otherwise affect the
                  terms of any scheduled payment of interest on or principal of
                  the notes;

         -        change the date on which any notes are subject to redemption
                  or otherwise alter the provisions with respect to the
                  redemption of the notes;

         -        make any note payable in money or currency other than that
                  stated in the notes;

         -        modify or change any provision of the New Term Loan B Notes
                  Indenture or its related definitions to affect the ranking of
                  the notes or any note guaranty in a manner that adversely
                  affects the holders;

         -        reduce the percentage of holders necessary to consent to an
                  amendment or waiver to the New Term Loan B Notes Indenture or
                  the notes;

         -        impair the rights of holders to receive payments of principal
                  of or interest on the notes;

         -        release any guarantor from any of its obligations under its
                  note guaranty or the New Term Loan B Notes Indenture, other
                  than as permitted by the New Term Loan B Notes Indenture; or

         -        make any change in the amendment and waiver provisions of the
                  New Term Loan B Notes Indenture.

         Without the consent of any holder of notes, the trustee and Reorganized
AMERCO may enter into supplemental New Term Loan B Notes Indentures for any of
the following purposes:

         -        to provide for uncertificated notes in addition to or in place
                  of certificated notes;

         -        to provide for the assumption of Reorganized AMERCO's
                  obligations to the holders of the notes in case of a merger or
                  acquisition by a successor to Reorganized AMERCO pursuant to
                  the New Term Loan B Notes Indenture;

         -        to cure any ambiguity, defect or inconsistency in the New Term
                  Loan B Notes Indenture;

         -        to make any change that does not adversely affect the rights
                  of any holder of the New Term Loan B Notes;

         -        to release any guarantor from any of its obligations under
                  its note guaranty or the New Term Loan B Notes Indenture (to
                  the extent permitted by the New Term Loan B Notes Indenture);
                  or

         -        to comply with the requirements of the SEC in order to effect
                  or maintain the qualification of the New Term Loan B Notes
                  Indenture under the Trust Indenture Act.

         The holders of a majority in principal amount of the outstanding notes
may, on behalf of all the holders of all notes:

         -        waive compliance by Reorganized AMERCO with restrictive
                  provisions of the New Term Loan B Notes Indenture, as detailed
                  in the New Term Loan B Notes Indenture; and

         -        waive any past default under the New Term Loan B Notes
                  Indenture and its consequences, except a default in the
                  payment of the principal amount at maturity, issue

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<PAGE>

                  price, accrued and unpaid interest, accrued original issue
                  discount, redemption price, purchase price or change of
                  control purchase price or in respect of any provision which
                  under the New Term Loan B Notes Indenture cannot be modified
                  or amended without the consent of the holder of each
                  outstanding note affected.

         Discharge of the New Term Loan B Notes Indenture

         Reorganized AMERCO may satisfy and discharge its obligations under the
New Term Loan B Notes Indenture by delivering to the trustee for cancellation
all outstanding notes or by depositing with the trustee or the paying agent, if
applicable, after the New Term Loan B Notes have become due and payable, whether
at stated maturity or any redemption date, or any purchase date, or a change of
control purchase date, or otherwise, cash sufficient to pay all of the
outstanding notes and paying all other sums payable under the New Term Loan B
Notes Indenture.

         Governing Law

         The New Term Loan B Notes Indenture and the New Term Loan B Notes and
guarantees are governed by, and construed in accordance with, the law of the
State of New York.

         Information Concerning the Trustee

         Information regarding the trustee, registrar and paying agent will be
set forth in the final form of New Term Loan B Notes Indenture for the New Term
Loan B Notes.

NEW AMERCO NOTES

         The New AMERCO Notes will be issued by the Reorganized Debtors pursuant
to the New AMERCO Notes Indenture to be entered into among the Reorganized
Debtors, as issuer, the guarantors (discussed below) and a trustee to be
determined prior to the Effective Date. A copy of the proposed form of New
AMERCO Notes Indenture will be filed as an exhibit to the Plan. The New AMERCO
Notes will be issued to the holders of Allowed Claims (AMERCO Unsecured Claims).
The following paragraphs summarize the material provisions of the New AMERCO
Notes and the New AMERCO Notes Indenture. The following description does not
purport to be complete and is subject to, and qualified by reference to, all of
the provisions of the New AMERCO Notes Indenture and the New AMERCO Notes.

         General

         The aggregate principal amount of New AMERCO Notes will equal the
Allowed Class 7 Claims, minus the amount of cash, New Term Loan B Notes and SAC
Holding Senior Notes distributed to the Class 7 Claimholders under the Plan. The
New AMERCO Notes will mature seven years from the date of issuance. The New
AMERCO Notes will bear cash interest at the rate of 12% per annum. During the
term of the New AMERCO Notes, cash interest only is payable quarterly in
arrears.

         Subordination of the New AMERCO Notes

         The payment of the principal amount of, and interest on, the New AMERCO
Notes is subordinated in right of payment to the prior payment in full of senior
indebtedness of the Reorganized Debtors. Under the New AMERCO Notes Indenture,
the term "senior indebtedness" is defined to mean the obligations of Reorganized
AMERCO and the guarantors under the Exit Financing Facility and the New Term
Loan B Notes.

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<PAGE>

         Under the subordination provisions, Reorganized AMERCO may not make any
direct or indirect payment to the trustee or any holder of principal of or
interest on, notes, whether pursuant to the terms of the Notes, upon
acceleration or otherwise, if at the time of such payment there exists (i) a
default in the payment of all or any portion of the obligations owing in
connection with any senior indebtedness, or (ii) any other default under any
document or instrument governing or evidencing any senior indebtedness, and the
trustee has received written notice of such default from an authorized
representative of the holders of senior indebtedness, and, in either case, such
default will not have been cured or waived in writing; provided, however, that
if within the period specified in the next sentence with respect to a default
referred to in clause (ii) above, the holders of senior indebtedness have not
declared the senior indebtedness to be immediately due and payable (or have
declared such senior indebtedness to be immediately due and payable and within
such period have rescinded such acceleration), then and in that event, payment
of principal of and interest on the Notes will be resumed. With respect to any
default under clause (ii) above, the period referred to in the preceding
sentence will commence upon receipt by the trustee of a written notice or
notices (which will specify all defaults existing under the senior indebtedness
on the date of such notice and of which the representative giving such notice
had actual knowledge at such time) of the commencement of such period from such
representative, and will end at the completion of the 179th day after the
beginning of such period. Only one such 179 day period may commence within any
360 consecutive days. Upon termination of any such period, Reorganized AMERCO
will resume payments on account of the principal of and interest on notes,
subject to the provisions of Article XII of the New AMERCO Notes Indenture.

         Collateral Securing the New AMERCO Notes

         The New AMERCO Notes will be secured by a first priority perfected
security interest in the following collateral: (i) stock of Oxford; and first
priority lien in (ii) real property under contract for sale as of the closing of
the Exit Financing Facility; (iii) property defined as surplus property at the
closing of the Exit Financing Facility, as defined in such Exit Financing
Facility, and (iv) residual, restated Existing SAC Holding Notes, including
existing SAC Holding Notes relating to 4 SAC, 5 SAC and 19 SAC, but excluding
any Existing SAC Holding Note that is prohibited by an existing contractual
relationship from being pledged.

         Guarantees

         The New AMERCO Notes will be guaranteed by all subsidiaries of
Reorganized AMERCO, including Reorganized AREC, U-Haul and all of their
respective subsidiaries, but excluding RepWest, Oxford and all of their
respective subsidiaries.

         The guarantors will jointly and severally guaranty all of the
obligations under the New AMERCO Notes. The obligation of each guarantor under
its guaranty will be limited to the greatest amount that would not render its
obligations under the guaranty subject to avoidance as a fraudulent conveyance
or fraudulent transfer under applicable law.

         The New AMERCO Notes Indenture provides that so long as no default
exists or would exist, the guaranty issued by any guarantor will be
automatically and unconditionally released and discharged upon any sale to any
person that is not affiliated with the Reorganized Debtors of all of the equity
interest of such guarantor owned, directly or indirectly, by the Reorganized
Debtors which transaction is otherwise in compliance with the New AMERCO Notes
Indenture, including, without limitation, the application of the net available
proceeds to the New AMERCO Notes from any such sale, to the extent required by
the New AMERCO Notes Indenture.

                                       64
<PAGE>

         Redemption of New AMERCO Notes

         The New AMERCO Notes will be mandatorily redeemable by Reorganized
AMERCO at a redemption price of 100% of the principal amount, plus accrued and
unpaid interest to the redemption date, from (i) the net available proceeds of
any sale of the collateral securing the New AMERCO Notes and (ii) 75% of the net
recoveries realized above $50,000,000 from the PwC Litigation. From and after
the Effective Date, Reorganized AMERCO will have the option to redeem the New
AMERCO Notes in whole or in part at a redemption price of 100% of the principal
amount, plus accrued and unpaid interest to the redemption date.

         Change of Control Permits Purchase of Notes by the Reorganized Debtors
at the Option of the Holder

         In the event of a change of control, each holder will have the right,
at the holder's option, subject to the terms and conditions of the New AMERCO
Notes Indenture, to require Reorganized AMERCO to purchase for cash all or any
portion of the holder's notes at an amount equal to 100% of the face amount of
the New AMERCO Note.

         AMERCO will be required to purchase the New AMERCO Notes as of a date
not earlier than 30 days nor later than 60 days from the date notice of the
change of control is mailed at a cash price equal to the sum of the purchase
price described above plus accrued and unpaid interest, if any, on such note to
such date of purchase.

         Within 30 days after the occurrence of a change of control, Reorganized
AMERCO will be obligated to mail, or cause to be mailed, to all holders of notes
at their addresses shown in the register of the registrar and to beneficial
owners as required by applicable law a notice:

         -        describing the transaction or transactions that constitute a
                  change of control;

         -        offering to purchase, on a date specified in the notice, all
                  notes properly tendered by a holder pursuant to the such
                  change of control offer; and

         -        describing the procedures that holders must follow to accept
                  the change in control offer.

         Under, and subject to exceptions specified in, the New AMERCO Notes
Indenture, a "change of control" of the Reorganized Debtors will be deemed to
have occurred upon the occurrence of any of the following:

         -        any "person" or "group" (as such terms are used in Sections
                  13(d) and 14(d) of the Exchange Act), other than one or more
                  Permitted Persons (as defined above), is or becomes the
                  beneficial owner (as defined in Rules 13d-3 and 13d-5 under
                  the Exchange Act, except that for purposes of this clause that
                  person or group will be deemed to have "beneficial ownership"
                  of all securities that any such person or group has the right
                  to acquire, whether such right is exercisable immediately or
                  only after the passage of time), directly or indirectly, of
                  voting stock representing more than 35% of the voting power of
                  the total outstanding voting stock of Reorganized AMERCO,
                  provided, however, that such event will not be deemed to be a
                  change of control so long as the Permitted Persons own voting
                  stock representing in the aggregate a greater percentage of
                  the total voting power of the voting stock of Reorganized
                  AMERCO than such other person or group;

         -        during any period of two consecutive years, individuals who at
                  the beginning of such period constituted the board of
                  directors (together with any new directors whose election to
                  such board of directors or whose nomination for election by
                  the stockholders of

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<PAGE>

                  Reorganized AMERCO was approved by a vote of the majority of
                  the directors of Reorganized AMERCO then still in office who
                  were either directors at the beginning of such period or whose
                  election or nomination for election was previously so
                  approved) cease for any reason to constitute a majority of the
                  board of directors of Reorganized AMERCO;

         -        (a) all or substantially all of the assets of Reorganized
                  AMERCO and the restricted subsidiaries are sold or otherwise
                  transferred to any person other than a wholly-owned restricted
                  subsidiary or (b) Reorganized AMERCO consolidates or merges
                  with or into another person or any person consolidates or
                  merges with or into Reorganized AMERCO, in either case under
                  this clause, in one transaction or a series of related
                  transactions in which immediately after the consummation
                  thereof persons owning voting stock representing in the
                  aggregate a majority of the total voting power of the voting
                  stock of Reorganized AMERCO immediately prior to such
                  consummation do not own voting stock representing a majority
                  of the total voting power of the voting stock of Reorganized
                  AMERCO or the surviving or transferee Person; or

         -        Reorganized AMERCO adopts a plan of liquidation or dissolution
                  or any such plan will be approved by the stockholders of
                  Reorganized AMERCO.

         Affirmative and Negative Covenants

         The New AMERCO Notes Indenture will contain such other affirmative and
negative covenants as agreed to by the Reorganized Debtors and the Creditors'
Committee and as are appropriate and customary for debt securities of this type.

         Events of Default and Acceleration

         The following are events of default under the New AMERCO Notes
Indenture:

         -        failure by Reorganized AMERCO to pay interest on any of the
                  notes when it becomes due and payable and the continuance of
                  any such failure for 30 days;

         -        failure by Reorganized AMERCO to pay the principal of any of
                  the notes when it becomes due and payable, whether at stated
                  maturity, upon redemption, upon purchase, upon acceleration or
                  otherwise;

         -        failure by Reorganized AMERCO to comply with any of its
                  agreements or covenants described under Sections 5.01
                  (successor requirements) and 4.15 (offer to purchase upon a
                  change of control) of the New AMERCO Notes Indenture;

         -        failure by Reorganized AMERCO to comply with any other
                  agreement or covenant in the New AMERCO Notes Indenture and
                  continuance of this failure for 60 days after notice of the
                  failure has been given to Reorganized AMERCO by the trustee or
                  by the holders of at least 25% of the aggregate principal
                  amount of the notes then outstanding;

         -        default under any mortgage, New AMERCO Notes Indenture or
                  other instrument or agreement under which there may be issued
                  or by which there may be secured or evidenced indebtedness of
                  Reorganized AMERCO or any restricted subsidiary, whether such
                  indebtedness now exists or is incurred after the issue date,
                  which default:

                           (d)      is caused by a failure to pay when due
                                    principal on such Indebtedness within the
                                    applicable express grace period,

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<PAGE>

                           (e)      results in the acceleration of such
                                    indebtedness prior to its express final
                                    maturity or

                           (f)      results in the commencement of judicial
                                    proceedings to foreclose upon, or to
                                    exercise remedies under applicable law or
                                    applicable security documents to take
                                    ownership of, the assets securing such
                                    Indebtedness, and

                  in each case, the principal amount of such indebtedness,
                  together with any other indebtedness with respect to which an
                  event described in clause (i), (ii) or (iii) immediately above
                  has occurred and is continuing, aggregates in excess of an
                  amount to be agreed upon by the Reorganized Debtors and the
                  Creditors' Committee.

         -        one or more judgments or orders that exceed an agreed upon
                  amount (net of amounts covered by insurance or bonded) for the
                  payment of money have been entered by a court or courts of
                  competent jurisdiction against Reorganized AMERCO or any
                  restricted subsidiary and such judgment or judgments have not
                  been satisfied, stayed, annulled or rescinded within 60 days
                  of being entered;

         -        Reorganized AMERCO or any significant subsidiary pursuant to
                  or within the meaning of any Bankruptcy Law:

                           (a)      commences a voluntary case,

                           (b)      consents to the entry of an order for relief
                                    against it in an involuntary case,

                           (c)      consents to the appointment of a custodian
                                    of it or for all or substantially all of its
                                    assets, or

                           (d)      makes a general assignment for the benefit
                                    of its creditors;

         -        a court of competent jurisdiction enters an order or decree
                  under any Bankruptcy Law that:

                           (a)      is for relief against Reorganized AMERCO or
                                    any significant subsidiary as debtor in an
                                    involuntary case,

                           (b)      appoints a custodian of Reorganized AMERCO
                                    or any significant subsidiary or a custodian
                                    for all or substantially all of the assets
                                    of Reorganized AMERCO or any significant
                                    subsidiary, or

                           (c)      orders the liquidation of Reorganized AMERCO
                                    or any significant subsidiary;

                  and the order or decree remains unstayed and in effect for 60
                  days;

         -        any note guaranty of any significant subsidiary ceases
                  to be in full force and effect (other than in accordance with
                  the terms of such note guaranty and the New AMERCO Notes
                  Indenture) or is declared null and void and unenforceable or
                  found to be invalid or any guarantor denies its liability
                  under its note guaranty (other than by reason of release of a
                  guarantor from its note guaranty in accordance with the terms
                  of the New AMERCO Notes Indenture and the note guaranty); or

         -        an "event of default" occurs and is continuing under any of
                  the security documents governing the New AMERCO Notes.

         If an event of default has happened and is continuing, either the
trustee or the holders of not less than 25% in aggregate principal amount of the
New AMERCO Notes then outstanding may declare the New AMERCO Notes, plus any
accrued and unpaid cash interest through the date of such declaration, to be
immediately due and payable.

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<PAGE>

         Mergers and Sales of Assets

         The New AMERCO Notes Indenture provides that Reorganized AMERCO may not
consolidate with or merge into any person or convey, transfer or lease our
properties and assets substantially as an entity to another person unless:

         -        the resulting, surviving or transferee person is a corporation
                  organized and existing under the laws of the United States,
                  any state thereof or the District of Columbia, and such
                  corporation assumes all of Reorganized AMERCO's obligations
                  under the New AMERCO Notes and the New AMERCO Notes Indenture;

         -        after giving effect to the transaction no event of default,
                  and no event that, after notice or passage of time, would
                  become an event of default, has occurred and is continuing;
                  and

         -        other conditions described in the New AMERCO Notes Indenture
                  are met.

         Upon the assumption of Reorganized AMERCO's obligations by such
corporation in such circumstances, subject to certain exceptions, Reorganized
AMERCO will be discharged from all obligations under the New AMERCO Notes and
the New AMERCO Notes Indenture. Although such transactions are permitted under
the New AMERCO Notes Indenture, certain of the foregoing transactions occurring
could constitute a change of control of the Reorganized Debtors, permitting each
holder to require Reorganized AMERCO to purchase the New AMERCO Notes of such
holder as described above.

         The New AMERCO Notes Indenture also provides that a guarantor may not
consolidate with or merge into any person or convey, transfer or lease its
properties and assets substantially as an entity to another person unless the
surviving person assumes the obligations of such guarantor and the surviving
person is a corporation organized and existing under the laws of the United
States, any state thereof or the District of Columbia, except if all of the
assets or all of the common stock of such guarantor is sold to a non-affiliate
of the Reorganized Debtors, in which case the guaranty is released.

         Modification

         The trustee and Reorganized AMERCO may modify or amend the New AMERCO
Notes Indenture or the New AMERCO Notes with the consent of the holders of not
less than a majority in aggregate principal amount at maturity of the New AMERCO
Notes then outstanding. However, the consent of the holders of each outstanding
note would be required to:

         -        change the maturity of any note;

         -        reduce the amount, extend the due date or otherwise affect the
                  terms of any scheduled payment of interest on or principal of
                  the notes;

         -        change the date on which any notes are subject to redemption
                  or otherwise alter the provisions with respect to the
                  redemption of the notes;

         -        make any note payable in money or currency other than that
                  stated in the notes;

         -        modify or change any provision of the New AMERCO Notes
                  Indenture or its related definitions to affect the ranking of
                  the notes or any note guaranty in a manner that adversely
                  affects the holders;

         -        reduce the percentage of holders necessary to consent to an
                  amendment or waiver to the New AMERCO Notes Indenture or the
                  notes;

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<PAGE>

         -        impair the rights of holders to receive payments of principal
                  of or interest on the notes;

         -        release any guarantor from any of its obligations under its
                  note guaranty or the New AMERCO Notes Indenture, other than as
                  permitted by the New AMERCO Notes Indenture; or

         -        make any change in the amendment and waiver provisions of the
                  New AMERCO Notes Indenture.

         Without the consent of any holder of notes, the trustee and Reorganized
AMERCO may enter into supplemental New AMERCO Notes Indentures for any of the
following purposes:

         -        to provide for uncertificated notes in addition to or in place
                  of certificated notes;

         -        to provide for the assumption of Reorganized AMERCO's
                  obligations to the holders of the notes in case of a merger or
                  acquisition by a successor to Reorganized AMERCO pursuant to
                  Article V of the New AMERCO Notes Indenture;

         -        to cure any ambiguity, defect or inconsistency in the New
                  AMERCO Notes Indenture;

         -        to make any change that does not adversely affect the rights
                  of any holder of the New AMERCO Notes;

         -        to release any guarantor from any of its obligations under its
                  note guaranty or the New AMERCO Notes Indenture (to the extent
                  permitted by the New AMERCO Notes Indenture); or

         -        to comply with the requirements of the SEC in order to effect
                  or maintain the qualification of the New AMERCO Notes
                  Indenture under the Trust Indenture Act.

         The holders of a majority in principal amount of the outstanding notes
may, on behalf of all the holders of all notes:

         -        waive compliance by Reorganized AMERCO with restrictive
                  provisions of the New AMERCO Notes Indenture, as detailed in
                  the New AMERCO Notes Indenture; and

         -        waive any past default under the New AMERCO Notes Indenture
                  and its consequences, except a default in the payment of the
                  principal amount at maturity, issue price, accrued and unpaid
                  interest, accrued original issue discount, redemption price,
                  purchase price or change of control purchase price or in
                  respect of any provision which under the New AMERCO Notes
                  Indenture cannot be modified or amended without the consent of
                  the holder of each outstanding note affected.

         Discharge of the New AMERCO Notes Indenture

         Reorganized AMERCO may satisfy and discharge its obligations under the
New AMERCO Notes Indenture by delivering to the trustee for cancellation all
outstanding notes or by depositing with the trustee or the paying agent, if
applicable, after the New AMERCO Notes have become due and payable, whether at
stated maturity or any redemption date, or any purchase date, or a change of
control purchase date, or otherwise, cash sufficient to pay all of the
outstanding notes and paying all other sums payable under the New AMERCO Notes
Indenture.

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<PAGE>

         Governing Law

         The New AMERCO Notes Indenture and the New AMERCO Notes and guarantees
are governed by, and construed in accordance with, the law of the State of New
York.

SAC HOLDING SENIOR NOTES

         The SAC Holding Senior Notes will be issued by SAC Holding Corporation
and SAC Holding II Corporation (collectively, "SAC Holding") pursuant to the SAC
Holding Senior Notes Indenture to be entered into between SAC Holding, as
issuer, and a trustee to be determined prior to the Effective Date. The SAC
Holding Senior Notes will be issued to the holders of Class 7 Claims (AMERCO
Unsecured Claims) and will constitute senior debt securities under the SAC
Holding Senior Notes Indenture. The following paragraphs summarize the material
provisions of the SAC Holding Senior Notes and the related SAC Holding Senior
Notes Indenture. The following description does not purport to be complete and
is subject to, and qualified by reference to, all of the provisions of the SAC
Holding Senior Notes Indenture and the SAC Holding Senior Notes.

         General

         The SAC Holding Senior Notes will be limited to $200,000,000 in
aggregate principal amount. The SAC Holding Senior Notes will mature ten years
from the date of issuance. The SAC Holding Senior Notes will bear cash interest
at 8.5%. During the term of the SAC Holding Senior Notes, interest is payable
quarterly in arrears.

         Redemption of the SAC Holding Senior Notes

         SAC Holding will not have the right to redeem the SAC Holding Senior
Notes prior to the third anniversary of the date of issuance. Thereafter, SAC
Holding may redeem the SAC Holding Senior Notes for cash, as a whole at any time
or from time to time in part, at the redemption prices set forth below expressed
as a percentage of principal amount, together with accrued and unpaid interest
to the date of redemption:

         (a) After the third anniversary but up to and including the fourth
             anniversary, at 104%;

         (b) After the fourth anniversary but up to and including the fifth
             anniversary, at 103.0%;

         (c) After the fifth anniversary but up to and including the sixth
             anniversary, at 101.5%;

         (d) After the sixth anniversary, at 100.0%.

         The SAC Holding Senior Notes will be mandatorily redeemable from the
net cash proceeds (after payment of or provision for senior secured mortgage
indebtedness and applicable fees and taxes) of any sale, refinancing or other
form of monetization transaction involving the real estate of any SAC Holding
Subsidiary, at redemption prices equal to the then applicable optional
redemption price; provided, however, that the redemption price in the case of a
sale, refinancing or other monetization of real property of 3 SAC will be 101%
of principal, plus accrued and unpaid interest to the redemption date.

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<PAGE>

         Ranking of the SAC Holding Senior Notes

         The SAC Holding Senior Notes will be senior in priority to all existing
and future indebtedness of SAC Holding, except for certain third-party senior
indebtedness secured by the real property of certain of the SAC Holding
Subsidiaries.

         Collateral Securing the SAC Holding Senior Notes

         The SAC Holding Senior Notes will not be secured by any collateral.

         Change of Control Permits Purchase of Notes by SAC Holding at the
         Option of the Holder

         In the event of a change of control of either SAC Holding Corporation
or SAC Holding II Corporation, each holder will have the right, at the holder's
option, subject to the terms and conditions of the SAC Holding Senior Notes
Indenture, to require SAC Holding to purchase for cash all or any portion of the
holder's notes at an amount equal to 101% of the face amount of the SAC Holding
Senior Note. A "change of control" of either SAC Holding Corporation or SAC
Holding II Corporation will be deemed to have occurred upon the occurrence of
certain events as specified in the SAC Holding Senior Notes Indenture.

         SAC Holding will be required to purchase the SAC Holding Senior Notes
as of a date not earlier than 30 days nor later than 60 days from the date
notice of the change of control is mailed at a cash price equal to the sum of
the purchase price described above plus accrued and unpaid interest, if any, on
such note to such date of purchase.

         Within 30 days after the occurrence of a change of control, SAC Holding
will be obligated to mail, or cause to be mailed, to all holders of notes at
their addresses shown in the register of the registrar and to beneficial owners
as required by applicable law a notice:

         -        describing the transaction or transactions that constitute a
                  change of control;

         -        offering to purchase, on a date specified in the notice, all
                  notes properly tendered by a holder pursuant to the such
                  change of control offer; and

         -        describing the procedures that holders must follow to accept
                  the change in control offer.

         Affirmative and Negative Covenants

         The SAC Holding Senior Notes Indenture will contain such other
affirmative and negative covenants as agreed to by SAC Holding, the Reorganized
Debtors and the Creditors' Committee and as are appropriate and customary for
debt securities of this type.

         Events of Default and Acceleration

         The following are events of default under the SAC Holding Senior Notes
Indenture:

         -        failure by SAC Holding to pay interest on any of the notes
                  when it becomes due and payable and the continuance of any
                  such failure for 30 days;

         -        failure by SAC Holding to pay the principal of any of the
                  notes when it becomes due and payable, whether at stated
                  maturity, upon redemption, upon purchase, upon acceleration or
                  otherwise;

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<PAGE>

         -        failure by SAC Holding to comply with certain of its
                  agreements or covenants, as set forth in the SAC Holding
                  Senior Notes Indenture;

         -        failure by SAC Holding to comply with any other agreement or
                  covenant in the SAC Holding Senior Notes Indenture and
                  continuance of this failure for 60 days after notice of the
                  failure has been given to SAC Holding by the trustee or by the
                  holders of at least 25% of the aggregate principal amount of
                  the notes then outstanding;

         -        default under any mortgage, SAC Holding Senior Notes Indenture
                  or other instrument or agreement under which there may be
                  issued or by which there may be secured or evidenced
                  indebtedness of SAC Holding or any restricted subsidiary,
                  whether such indebtedness now exists or is incurred after the
                  issue date, which default results in the acceleration of such
                  indebtedness prior to its express final maturity and such
                  acceleration is not rescinded or cured within 30 days of
                  notice of such default;

         -        one or more judgments or orders that exceed an agreed upon
                  amount (net of amounts covered by insurance or bonded) for the
                  payment of money have been entered by a court or courts of
                  competent jurisdiction against SAC Holding or any SAC Holding
                  Subsidiary and such judgment or judgments have not been
                  satisfied, stayed, annulled or rescinded within 60 days of
                  being entered;

         -        SAC Holding or any significant SAC Holding Subsidiary pursuant
                  to or within the meaning of any Bankruptcy Law:

                    (a)  commences a voluntary case,

                    (b)  consents to the entry of an order for relief against it
                         in an involuntary case,

                    (c)  consents to the appointment of a custodian of it or for
                         all or substantially all of its assets, or

                    (d)  makes a general assignment for the benefit of its
                         creditors; or

         -        a court of competent jurisdiction enters an order or decree
                  under any Bankruptcy Law that:

                    (a)  is for relief against SAC Holding or any significant
                         SAC Holding Subsidiary as debtor in an involuntary
                         case,

                    (b)  appoints a custodian of SAC Holding or any significant
                         SAC Holding Subsidiary or a custodian for all or
                         substantially all of the assets of SAC Holding or any
                         significant SAC Holding Subsidiary, or

                    (c)  orders the liquidation of SAC Holding or any
                         significant SAC Holdings Subsidiary;

                  and the order or decree remains unstayed and in effect for 60
days.

         If an event of default has happened and is continuing, either the
trustee or the holders of not less than 25% in aggregate principal amount of the
SAC Holding Senior Notes then outstanding may declare the SAC Holding Senior
Notes, plus any accrued and unpaid cash interest through the date of such
declaration, to be immediately due and payable.

         Mergers and Sales of Assets

         The SAC Holding Senior Notes Indenture provides that, subject to
certain Permitted Transactions, SAC Holding may not consolidate with or merge
into any person or convey, transfer or lease its properties and assets
substantially as an entity to another person unless:

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<PAGE>

         -        the resulting, surviving or transferee person is an entity
                  organized and existing under the laws of the United States,
                  any state thereof, or the District of Columbia, and such
                  entity assumes all obligations of SAC Holding Corporation or
                  SAC Holding II Corporation, as applicable, under the SAC
                  Holding Senior Notes and the SAC Holding Senior Notes
                  Indenture;

         -        after giving effect to the transaction no event of default,
                  and no event that, after notice or passage of time, would
                  become an event of default, has occurred and is continuing;
                  and

         -        other conditions described in the SAC Holding Senior Notes
                  Indenture are met.

         Upon the assumption of the applicable SAC Holding entity's obligations
by such corporation in such circumstances, subject to certain exceptions, the
relevant SAC Holding entity will be discharged from all obligations under the
SAC Holding Senior Notes and the SAC Holding Senior Notes Indenture. Although
such transactions are permitted under the SAC Holding Senior Notes Indenture,
certain of the foregoing transactions occurring could constitute a change of
control of SAC Holding, permitting each holder to require SAC Holding to
purchase the SAC Holding Senior Notes of such holder as described above.

         Modification

         The trustee and SAC Holding may modify or amend the SAC Holding Senior
Notes Indenture or the SAC Holding Senior Notes with the consent of the holders
of not less than a majority in aggregate principal amount at maturity of the SAC
Holding Senior Notes then outstanding. However, the consent of the holders of
each outstanding note would be required to:

         -        change the maturity of any note;

         -        reduce the amount, extend the due date or otherwise affect the
                  terms of any scheduled payment of interest on or principal of
                  the notes;

         -        change the date on which any notes are subject to redemption
                  or otherwise alter the provisions with respect to the
                  redemption of the notes;

         -        make any note payable in money or currency other than that
                  stated in the notes;

         -        modify or change any provision of the SAC Holding Senior Notes
                  Indenture or its related definitions to affect the ranking of
                  the notes in a manner that adversely affects the holders;

         -        reduce the percentage of holders necessary to consent to an
                  amendment or waiver to the SAC Holding Senior Notes Indenture
                  or the notes;

         -        impair the rights of holders to receive payments of principal
                  of or interest on the notes; or

         -        make any change in the amendment and waiver provisions of the
                  SAC Holding Senior Notes Indenture.

         Without the consent of any holder of notes, the trustee and SAC Holding
may enter into supplemental SAC Holding Senior Notes Indentures for any of the
following purposes:

         -        to provide for uncertificated notes in addition to or in place
                  of certificated notes;

         -        to provide for the assumption of the obligations of SAC
                  Holding Corporation or SAC Holding II Corporation, as the case
                  may be, to the holders of the notes in case of a merger or
                  acquisition by a successor to SAC Holding Corporation or SAC
                  Holding II

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<PAGE>

                  Corporation, as applicable, pursuant to Article V of the SAC
                  Holding Senior Notes Indenture;

         -        to cure any ambiguity, defect or inconsistency in the SAC
                  Holding Senior Notes Indenture;

         -        to make any change that does not adversely affect the rights
                  of any holder of the SAC Holding Senior Notes;

         -        to comply with the requirements of the SEC in order to effect
                  or maintain the qualification of the SAC Holding Senior Notes
                  Indenture under the Trust Indenture Act.

         The holders of a majority in principal amount of the outstanding notes
may, on behalf of all the holders of all notes:

         -        waive compliance by SAC Holding with restrictive provisions of
                  the SAC Holding Senior Notes Indenture, as detailed in the SAC
                  Holding Senior Notes Indenture; and

         -        waive any past default under the SAC Holding Senior Notes
                  Indenture and its consequences, except a default in the
                  payment of the principal amount at maturity, issue price,
                  accrued and unpaid interest, accrued original issue discount,
                  redemption price, purchase price or change of control purchase
                  price or in respect of any provision which under the SAC
                  Holding Senior Notes Indenture cannot be modified or amended
                  without the consent of the holder of each outstanding note
                  affected.

         Discharge of the SAC Holding Senior Notes Indenture

         SAC Holding may satisfy and discharge its obligations under the SAC
Holding Senior Notes Indenture by delivering to the trustee for cancellation all
outstanding notes or by depositing with the trustee or the paying agent, if
applicable, after the SAC Holding Senior Notes have become due and payable,
whether at stated maturity or any redemption date, or any purchase date, or a
change of control purchase date, or otherwise, cash sufficient to pay all of the
outstanding notes and paying all other sums payable under the SAC Holding Senior
Notes Indenture.

         Joint and Several Liability

         SAC Holding Corporation and SAC Holding II Corporation will be jointly
and severally liable for the obligations expressed under the SAC Holding Senior
Notes Indenture and by the SAC Holding Senior Notes.

         Governing Law

         The SAC Holding Senior Notes Indenture and the SAC Holding Senior Notes
are governed by, and construed in accordance with, the law of the State of New
York.

N.       PRESERVATION OF CAUSES OF ACTION.

         In accordance with Section 1123(b)(3) of the Bankruptcy Code, the
Reorganized Debtors will retain and may (but are not required to) enforce all
Retained Actions. The Debtors or the Reorganized Debtors, in their sole and
absolute discretion, will determine whether to bring, settle, release,
compromise, or enforce such Retained Actions (or decline to do any of the
foregoing), and will not be required to seek further approval of the Bankruptcy
Court for such action. The Reorganized Debtors may

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<PAGE>

pursue such litigation claims in accordance with the best interests of the
Reorganized Debtors or any successors holding such rights of action.

O.       EXCLUSIVITY PERIOD.

         The Debtors intend to retain the exclusive right to amend or modify the
Plan, and to solicit acceptances of any amendments to or modifications of the
Plan, through and until the Effective Date.

P.       CORPORATE ACTION.

         Each of the matters provided for under the Plan involving the corporate
structure of any Debtor or Reorganized Debtor or corporate action to be taken by
or required of any Debtor or Reorganized Debtor, including, without limitation,
the execution by the Reorganized Debtors of the Amended and Restated Articles of
Incorporation, will, as of the Effective Date, be deemed to have occurred and be
effective as provided herein, and will be authorized, approved and, to the
extent taken prior to the Effective Date, ratified in all respects without any
requirement of further action by stockholders, creditors, or directors of any of
the Debtors or the Reorganized Debtors.

Q.       EFFECTUATING DOCUMENTS; FURTHER TRANSACTIONS.

         Each of the Chief Executive Officer and President, Secretary and
General Counsel of the Debtors, or their respective designees, will be
authorized to execute, deliver, file, or record such contracts, instruments,
releases, indentures, and other agreements or documents, and take such actions
as may be necessary or appropriate to effectuate and further evidence the terms
and conditions of the Plan or to otherwise comply with applicable law. The
secretary or assistant secretary of the Debtors will be authorized to certify or
attest to any of the foregoing actions.

R.       EXEMPTION FROM CERTAIN TRANSFER TAXES AND RECORDING FEES; SUBSEQUENT
         ISSUANCES.

         Pursuant to Section 1146(c) of the Bankruptcy Code, any transfers from
a Debtor to a Reorganized Debtor or to any other Person or entity pursuant to
the Plan, any agreement regarding the transfer of title to or ownership of any
of the Debtors' real or personal property, and any recordation of mortgage
liens, deeds of trust or grants of security interests necessary and appropriate
to implement the Exit Financing Facility, the New Term Loan B Notes and the New
AMERCO Notes, will not be subject to any document recording tax, stamp tax,
conveyance fee, intangibles or similar tax, mortgage tax, real estate transfer
tax, mortgage recording tax, Uniform Commercial Code filing or recording fee, or
other similar tax or governmental assessment, and the Confirmation Order will
direct the appropriate state or local governmental officials or agents to forego
the collection of any such tax or governmental assessment and to accept for
filing and recordation any of the foregoing instruments or other documents
without the payment of any such tax or governmental assessment.

         All subsequent issuances, transfers or exchanges of securities, or the
making or delivery of any instrument of transfer by Debtors on the Reorganized
Debtors, as applicable, in the Chapter 11 Cases, whether in connection with a
sale, transfer, or the making, delivery or recording of any deed or other
instrument or transfer will be deemed in furtherance of the Plan.

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<PAGE>

                 VIII. EXECUTORY CONTRACTS AND UNEXPIRED LEASES

A.       ASSUMPTION AND REJECTION OF CONTRACTS AND LEASES.

         All executory contracts and unexpired leases of the Debtors will be
deemed assumed by the applicable Reorganized Debtor, as of the Effective Date,
except for any executory contract or unexpired lease: (i) that has been rejected
pursuant to an order of the Bankruptcy Court entered prior to the Effective
Date; or (ii) as to which a motion for approval of the rejection of such
executory contract or unexpired lease, if applicable, has been filed with the
Bankruptcy Court prior to the Confirmation Date. Entry of the Confirmation Order
will constitute: (i) the approval, pursuant to Section 365(a) of the Bankruptcy
Code, of the assumption of the executory contracts and unexpired leases assumed
pursuant to the Plan or otherwise during the Chapter 11 Cases; and (ii) the
approval, pursuant to Section 365(a) of the Bankruptcy Code, of the rejection of
the executory contracts and unexpired leases rejected pursuant to the Plan or
otherwise during the Chapter 11 Cases. In addition, under the Insurance First
Day Order, AMERCO is required to assume, effective as of the Effective Date, the
outstanding insurance contracts with RepWest. As a result of this assumption,
the Allowed Claims of RepWest will be assumed by, and become an obligation of,
Reorganized AMERCO.

B.       PAYMENTS RELATED TO ASSUMPTION OF EXECUTORY CONTRACTS AND UNEXPIRED
         LEASES.

         On the Effective Date or as soon thereafter as is practicable, the
Reorganized Debtors will Cure any defaults under any executory contract or
unexpired lease assumed pursuant to the Plan in accordance with Section
365(b)(1) of the Bankruptcy Code.

C.       REJECTION DAMAGES BAR DATE.

         All proofs of Claim with respect to Claims arising from the Debtors'
rejection of any executory contract or unexpired nonresidential lease will be
filed with the Bankruptcy Court on or before the earlier of: (a) 45 days
following the entry of the order of the Bankruptcy Court approving such
rejection, provided the effectiveness of such order has not been stayed; and (b)
45 days following the Effective Date of the Plan. Any such Claim not so filed by
that date will be forever barred.

                     IX. PROVISIONS GOVERNING DISTRIBUTIONS

A.       TIME OF DISTRIBUTIONS.

         Except as otherwise provided for herein or ordered by the Bankruptcy
Court, distributions under the Plan will commence on the Effective Date or as
soon thereafter as practicable.

B.       NO INTEREST ON CLAIMS OR INTERESTS.

         Unless otherwise specifically provided for in the Plan, the
Confirmation Order, the DIP Credit Agreement, a post-petition agreement in
writing between the Debtors and a Claimholder, or as otherwise ordered by the
Bankruptcy Court, post-petition interest will not accrue or be paid on Claims,
and no Claimholder will be entitled to interest accruing on or after the
Petition Date on any Claim. Additionally, and without limiting the foregoing,
interest will not accrue or be paid on any Disputed Claim in respect of the
period from the Effective Date to the date a final distribution is made when and
if such Disputed Claim or Disputed Interest becomes an Allowed Claim or Allowed
Interest.

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<PAGE>

C.       DISBURSING AGENT.

         The Reorganized Debtors will serve as the disbursing agent under the
Plan and will make all distributions required under the Plan, except with
respect to a holder of a Claim whose distribution is governed by an agreement
and is administered by a Servicer, which distributions will be deposited with
the appropriate Servicer, who will deliver such distributions to the holders of
Claims in accordance with the provisions of the Plan and the terms of the
governing agreement; provided, however, that if any such Servicer is unable to
make such distributions, the Reorganized Debtor, with the cooperation of such
Servicer, will make such distributions.

D.       SURRENDER OF SECURITIES OR INSTRUMENTS.

         On or before the Distribution Date, or as soon as practicable
thereafter, each holder of an instrument evidencing a Claim arising under, from
or with respect to an Existing Debt Security (a "Certificate"), will surrender
such Certificate to the Reorganized Debtor, or, with respect to indebtedness
that is governed by an agreement and administered by a Servicer, the respective
Servicer, and such Certificate will be cancelled solely with respect to the
Debtors and such cancellation will not alter the obligations or rights of any
non-Debtor third parties vis-a-vis one another to such instruments; provided,
however, that Article 9.4 of the Plan will not apply to any Claims Reinstated
pursuant to the terms of the Plan, including without limitation, those Claims
being Reinstated pursuant to Article 11.13 and 11.14 of the Plan. No
distribution of property hereunder will be made to or on behalf of any such
holder unless and until such Certificate is received by the Reorganized Debtors
or the respective Servicer or the unavailability of such Certificate is
reasonably established to the satisfaction of the Reorganized Debtors or the
respective Servicer. Any holder who fails to surrender or cause to be
surrendered such Certificate, or fails to execute and deliver an affidavit of
loss and indemnity reasonably satisfactory to the Reorganized Debtors or the
respective Servicer prior to the third anniversary of the Effective Date, will
be deemed to have forfeited all rights and Claims in respect of such Certificate
and will not participate in any distribution hereunder, and all property in
respect of such forfeited distribution, including any dividends or interest
attributable thereto, will revert to the Reorganized Debtors notwithstanding any
federal or state escheat laws to the contrary. Notwithstanding the foregoing,
holders of Interests will not be required to surrender Certificates evidencing
an equity ownership in the Debtors.

E.       SERVICES OF INDENTURE TRUSTEES, AGENTS AND SERVICERS.

         The services, with respect to implementation of the distributions
contemplated by the Plan, of Servicers, including Indenture Trustees under the
relevant agreements that govern the rights of Claimholders will be as set forth
elsewhere in the Plan. Notwithstanding the foregoing, the Reorganized Debtors
will reimburse (i) any Servicer for reasonable and necessary services performed
by it (including reasonable attorneys' fees) as contemplated by, and in
accordance with the Plan, and (ii) any Indenture Trustees for all reasonable
fees and expenses and indemnification amounts owned to such Indenture Trustees
pursuant to the respective Indentures and arising in connection with the
performance of services by the Indenture Trustees under the respective
Indentures of the Plan.

F.       CLAIMS ADMINISTRATION RESPONSIBILITY.

Reorganized Debtors.

         The Reorganized Debtors will retain responsibility for administering,
disputing, objecting to, compromising, or otherwise resolving and making
distributions (if any) with respect to all Claims against and Interests in the
Debtors.

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Filing of Objections.

         Unless otherwise extended by the Bankruptcy Court, any objections to
Claims or Interests will be served and filed on or before forty-five (45) days
following the Effective Date. Notwithstanding any authority to the contrary, an
objection to a Claim or Interest will be deemed properly served on the
Claimholder or Interestholder if the Debtors or the Reorganized Debtors effect
service in any of the following manners: (i) in accordance with Federal Rule of
Civil Procedure 4, as modified and made applicable by Bankruptcy Rule 7004; (ii)
to the extent counsel for a Claimholder or Interestholder is unknown, by first
class mail, postage prepaid, on the signatory on the proof of claim or interest
or other representative identified on the proof of claim or interest or any
attachment thereto: or (iii) by first class mail, postage prepaid, on any
counsel that has appeared on the Claimholder's or Interestholder's behalf in the
Chapter 11 Cases.

Delivery of Distributions.

         Distributions to Allowed Claimholders will be made by the Reorganized
Debtor or the appropriate Servicer (a) at the addresses set forth on the proofs
of claim filed by such Claimholders (or at the last known addresses of such
Claimholders if no proof of claim is filed or if the Debtors have been notified
in writing of a change of address), (b) at the addresses set forth in any
written notices of address changes delivered to the Debtors or the Reorganized
Debtors, as applicable, after the date of any related proof of claim, (c) at the
addresses reflected in the Schedules if no proof of claim has been filed and the
Reorganized Debtors have not received a written notice of a change of address,
or (d) in the case of a Claimholder whose Claim is governed by an agreement and
administered by a Servicer, including an Indenture Trustee, at the addresses
contained in the official records of such Servicer or Indenture Trustee.
Distributions made to holders of Claims by the Indenture Trustees will be
subject to the rights of the Indenture Trustees under the Indentures and/or the
Indenture Trustees Charging Liens. If any Claimholder's distribution is returned
as undeliverable, no further distributions to such Claimholder will be made
unless and until the Reorganized Debtors or the appropriate Servicer or
Indenture Trustee is notified of such Claimholder's then-current address, at
which time all missed distributions will be made to such Claimholder or
Interestholder without interest. Amounts in respect of undeliverable
distributions will be returned to the Reorganized Debtors until such
distributions are claimed. All funds or other undeliverable distributions
returned to the Reorganized Debtors and not claimed within six months of return
will revert to the Reorganized Debtors.

G.       PROCEDURES FOR TREATING AND RESOLVING DISPUTED AND CONTINGENT CLAIMS.

No Distributions Pending Allowance.

         No payments or distributions will be made with respect to all or any
portion of a Disputed Claim or Disputed Interest unless and until all objections
to such Disputed Claim or Disputed Interest have been settled or withdrawn or
have been determined by a Final Order, and the Disputed Claim or Disputed
Interest has become an Allowed Claim or Allowed interest. All objections to
Claims or Interests must be filed on or before forty-five (45) following the
Effective Date.

Distributions After Allowance.

         If a Disputed Claim or Disputed Interest becomes, in whole or in part,
an Allowed Claim or Allowed Interest, the Reorganized Debtors will distribute to
the holder thereof the distributions, if any, to which such holder is entitled.
No interest will be paid on Disputed Claims or Disputed Interests that later
become Allowed Claims or Allowed Interests or with respect to any distribution
in satisfaction thereof. The Reorganized Debtors will be responsible for all
distributions to holders of Disputed Claims or

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Disputed Interests that become, in whole or in part, Allowed Claims or Allowed
Interests. The Reorganized Debtors will not be required to create or maintain a
separate distribution reserve to make payments pursuant to Article 9.8 (b) of
the Plan.

De Minimis Distributions.

         The Reorganized Debtors or the Servicers, as applicable, will not be
required to make distributions of less than one hundred dollars ($100) with
respect to any Allowed Claim, unless a request therefor is made in writing to
the Reorganized Debtors on or before forty-five (45) days following the
Effective Date.

Fractional Securities; Fractional Dollars.

         Neither the Reorganized Debtors nor the Servicer will be required to
make distributions or payments of fractions of dollars. Whenever any payment of
a fraction of a dollar under the Plan would otherwise be called for, the actual
payment will reflect a rounding of such fraction to the nearest whole dollar (up
or down), with half dollars or less being rounded down.

         X. ALLOWANCE AND PAYMENT OF CERTAIN ADMINISTRATIVE CLAIMS

A.       DIP FACILITY CLAIM.

         On the Effective Date, the DIP Facility Claim will be allowed in an
amount to be agreed upon by the Debtors and, as applicable, the DIP Lenders, or
as ordered by the Bankruptcy Court with notice to the Statutory Committees, not
less than five (5) Business Days prior to the Effective Date, and all
obligations of the Debtors under the DIP Facility will be paid in full in Cash
on the Effective Date; provided, however, that with respect to letters of credit
issued under the DIP Facility, such claims may be satisfied in full by the cash
collateralization of such letters of credit or by procuring back-up letters of
credit. Upon compliance with the foregoing sentence, all liens and security
interests granted to secure such obligations will be deemed cancelled and will
be of no further force and effect. To the extent that the DIP Lenders or the DIP
Agent have filed or recorded publicly any liens and/or security interests to
secure the Debtors' obligations under the DIP Facility, the DIP Lenders or the
DIP Agent, as the case may be, will take any commercially reasonable steps
requested by the Debtors that are necessary to cancel and/or extinguish such
publicly filed liens and/or security interests.

B.       PROFESSIONAL CLAIMS.

         Final Fee Applications. All final requests for payment of Professional
Claims, Ordinary Course Professional Claims, and requests for reimbursement of
expenses of members of the Statutory Committees must be filed no later than
forty-five (45) days following the Effective Date.

         Payment of Interim Amounts. Subject to the Holdback Amount, on the
Effective Date, the Debtors or Reorganized Debtors will pay all amounts owing to
Professionals, Ordinary Course Professionals, and members of the Statutory
Committees for all outstanding amounts payable relating to prior periods through
the Effective Date. In order to receive payment on the Effective Date for
unbilled fees and expenses incurred through such date, the Professionals and
Ordinary Course Professionals will estimate fees and expenses due for periods
that have not been billed as of the Effective Date and will deliver such
estimate to the Debtors, counsel for the Statutory Committees, and the United
States Trustee. Within forty-five (45) days after the Effective Date, a
Professional receiving payment for the estimated period will submit a detailed
invoice covering such period in the manner and providing the detail as set forth
in the Professional Fee Order or the Ordinary Course Professional Order, as
applicable. Should the estimated payment received by any Professional exceed the
actual fees and expenses for such period, this

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excess amount will be credited against the Holdback Amount for such Professional
or, if the award of the Holdback Amount for such matter is insufficient,
disgorged by such Professional.

         Holdback Amount. The Holdback Amount will not be considered property of
the Debtors, the Reorganized Debtors or the Estates. The Reorganized Debtors
will pay to Professionals the Holdback Amount within ten (10) days following
allowance thereof by the Bankruptcy Court.

         Post-Effective Date Retention. Upon the Effective Date, any requirement
that Professionals or Ordinary Course Professionals comply with Sections 327
through 331 of the Bankruptcy Code in seeking retention or compensation for
services rendered after such date will terminate, and the Reorganized Debtors
will employ and pay Professionals and Ordinary Course Professionals in the
ordinary course of business.

C.       SUBSTANTIAL CONTRIBUTION COMPENSATION AND EXPENSES BAR DATE.

         Any Person who requests compensation or expense reimbursement for
making a substantial contribution in the Chapter 11 Cases pursuant to Sections
503(b)(3), (4), and (5) of the Bankruptcy Code must file an application with the
clerk of the Bankruptcy Court on or before the forty-fifth (45th) day after the
Effective Date (the "503 Deadline"), and serve such application on counsel for
the Debtors and the Reorganized Debtors and as otherwise required by the
Bankruptcy Court and the Bankruptcy Code on or before the 503 Deadline, or be
forever barred from seeking such compensation or expense reimbursement.

D.       OTHER ADMINISTRATIVE CLAIMS.

         All other requests for payment of an Administrative Claim (other than
as set forth in Article 10.1, Article 10.2 or Article 10.3 of the Plan) must be
filed and served on counsel for the Debtors and the Reorganized Debtors no later
than the Administrative Claims Bar Date. Any request for payment of an
Administrative Claim pursuant to Article 10.4 of the Plan that is not timely
filed and served by the Administrative Claims Bar Date will be disallowed
automatically without the need for any objection from the Debtors or the
Reorganized Debtors. The Debtors or the Reorganized Debtors may settle an
Administrative Claim without further Bankruptcy Court approval. Unless the
Debtors or the Reorganized Debtors object to an Administrative Claim, such
Administrative Claim will be deemed allowed in the amount requested. In the
event that the Debtors or the Reorganized Debtors object to an Administrative
Claim, the Bankruptcy Court will determine the allowed amount of such
Administrative Claim. Notwithstanding the foregoing, (a) no request for payment
of an Administrative Claim need be filed with respect to an Administrative Claim
which is paid or payable by the Debtors in the ordinary course of business, and
(b) no request for payment of an Administrative Claim need be filled with
respect to the fees, expenses, disbursements and indemnity claims incurred by
Servicers and Indenture Trustees (including their counsel fees and expenses), in
connection with their services as Servicers and Indenture Trustees under the
respective Indentures (whether prepetition or postpetition), which fees will be
paid in Cash promptly by the Reorganized Debtors without the need for
application to, or approval of, any court, or with respect to an Administrative
Claim which is paid or payable by the Debtors in the ordinary course of
business.

                 XI. EFFECT OF THE PLAN ON CLAIMS AND INTERESTS

A.       REVESTING OF ASSETS.

         Except as otherwise explicitly provided in the Plan, on the Effective
Date, all property comprising the Estates (including Retained Actions, but
excluding property that has been abandoned pursuant to an order of the
Bankruptcy Court) will revest in each of the Debtors that owned such property or
interest in property as of the Effective Date, free and clear of all Claims,
liens, charges, encumbrances, rights and

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Interests of creditors and equity security holders. As of the Effective Date,
the Reorganized Debtors may operate their businesses and use, acquire, and
dispose of property and settle and compromise Claims or Interests without
supervision of the Bankruptcy Court, free of any restrictions of the Bankruptcy
Code or Bankruptcy Rules, other than those restrictions expressly imposed by the
Plan and the Confirmation Order.

B.       DISCHARGE OF THE DEBTORS.

         Pursuant to Section 1141 (d) of the Bankruptcy Code, except as
otherwise specifically provided in the Plan or in the Confirmation Order, the
distributions and rights that are provided in the Plan will be in complete
satisfaction, discharge, and release, effective as of the Confirmation Date (but
subject to the occurrence of the Effective Date), of Claims and Causes of
Action, whether known or unknown, against, liabilities of liens on, obligations
of rights against, the Debtors or any of their assets or properties, regardless
of whether any property has been distributed or retained pursuant to the Plan on
account of such Claims, and rights, including, but not limited to, Claims that
arose before the Confirmation Date, any liability (including withdrawal
liability) to the extent such Claims relate to services performed by employees
of the Debtors prior to the Petition Date and that arise from a termination of
employment or a termination of any employee or retiree benefit program,
regardless of whether such termination occurred prior to or after the
Confirmation Date, and all debts of the kind specified in Sections 502(g),
502(h) or 502(i) of the Bankruptcy Code, in each case whether or not: (a) a
proof of claim based upon such Claim, debt, or right is filed or deemed filed
under Section 501 of the Bankruptcy Code; (b) a Claim based upon such Claim,
debt, or right is allowed under Section 502 of the Bankruptcy Code; or (c) the
holder of such a Claim or right accepted the Plan. The Confirmation Order will
be a judicial determination of the discharge of all Claims against the Debtors,
subject to the Effective Date occurring.

C.       COMPROMISES AND SETTLEMENTS.

         In accordance with Article 9.6 of the Plan, pursuant to Bankruptcy Rule
9019(a), the Debtors may compromise and settle various (a) Claims against them
and (b) Causes of Action that they have against other Persons up to and
including the Effective Date. After the Effective Date, such right will pass to
the Reorganized Debtors as contemplated in Article 11.1 of the Plan, without the
need for further approval of the Bankruptcy Court, except as otherwise set forth
in the Plan.

D.       RELEASES, EXCULPATION AND RELATED MATTERS.

                  (a)      Releases by the Debtors. Pursuant to Section
         1123(b)(3) of the Bankruptcy Code, effective as of the Effective Date,
         the Debtors, in their individual capacity and as debtors-in-possession
         for and on behalf of their Estates, will be deemed to release and
         discharge all Released Parties from all claims, obligations, suits,
         judgments, damages demands, debts, rights, Causes of Action and
         liabilities whatsoever, whether liquidated or unliquidated, fixed or
         contingent, matured or unmatured, known or unknown, then existing or
         thereafter arising, in law, equity or otherwise that are based in whole
         or part on any act, omission, transaction, event or other occurrence
         taking place on or prior to the Effective Date in any way relating to:
         (i) the Debtors; (ii) the Reorganized Debtors; (iii) the Subsidiaries;
         (iv) the Chapter 11 Cases and the conduct thereof; and (v) the Plan.
         The Reorganized Debtors will be bound, to the same extent the Debtors
         are bound, by all of the releases set forth in this Article 11.4(a) of
         the Plan.

                  (b)      Release by Holders of Certain Impaired Claims. As of
         the Effective Date, each holder of an Impaired Claim entitled to vote
         to accept or reject the Plan is also entitled to vote to accept or
         reject the provisions of this Article 11.4 of the Plan. Any holder of
         such Impaired Claim that affirmatively elects on the ballot for voting
         on the Plan to agree to the provisions of

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         this Article 11.4 of the Plan, will in consideration for the
         obligations of the Debtors and the Reorganized Debtors under the Plan
         and the securities, contracts, instruments, releases and other
         agreements or documents to be delivered in connection with the Plan,
         forever release, waive and discharge all claims, obligations, suits,
         judgments, damages, demands, debts, rights, causes of action and
         liabilities (other than the rights to enforce the Debtors' or the
         Reorganized Debtors' obligations under the Plan and the securities,
         contracts, instruments, releases and other agreements and documents
         delivered thereunder), whether liquidated or unliquidated, fixed or
         contingent, matured or unmatured, known or unknown, forseen or
         unforeseen, then existing or thereafter arising, in law, equity or
         otherwise that are based in whole or in part on any act, omission,
         transaction, event or other occurrence taking place on or prior to the
         Effective Date in any way relating to the Debtors, the Reorganized
         Debtors, the Chapter 11 Cases or the conduct thereof, or the Plan
         against: (i) the Debtors; (ii) the Reorganized Debtors; and (iii) the
         Released Parties.

                  (c)      Exculpation and Limitation of Liability Regarding
         Conduct of Chapter 11 Cases. The Debtors, the Reorganized Debtors, the
         Statutory Committees, the members of the Statutory Committees in their
         capacities as such, the DIP Lenders, the DIP Agent, the Prepetition
         Agent, the Prepetition Lenders, the Indenture Trustees, each holder of
         the AREC Notes, and each such parties' respective professionals,
         agents, present or former members, officers and directors and any of
         such parties' successors and assigns, will not have or incur, and are
         hereby forever released, waived, and discharged from any claims,
         obligations, suits, judgments, damages demands, debts, rights, Causes
         of Action, or liabilities to one another or to any Claimholder or
         Interestholder, or any other party-in-interest, or any of their
         respective agents, employees, professionals, or any of their successors
         and assigns, for any act of omission, unless such act or omission is
         caused by such parties' gross negligence and willful misconduct, in
         connection with, relating to, or arising out of: (i) the Debtors'
         Chapter 11 Cases; (ii) the negotiation and filing of the Plan; (iii)
         the filing of the Chapter 11 Cases; (iv) the pursuit of confirmation of
         the Plan and the consummation of the Plan; or (v) the administration of
         the Plan or the property to be distributed under the Plan.

                  (d)      Exclusions and Limitations on Exculpation and
         Releases. Notwithstanding anything in the Plan to the contrary, the
         Confirmation of the Plan will not (i) enjoin, impact or affect the
         prosecution of the Derivative Actions, the Class Actions or the
         Securities Actions, except that the Debtors and the Reorganized Debtors
         will retain the right to object to the allowance of any Claim filed in
         the Chapter 11 Cases arising out of or related to the Derivative
         Actions, the Class Actions or the Securities Actions, or (ii) release
         or otherwise effect a release of PwC or any other party to the PwC
         Litigation. In addition, nothing set forth in Article 11.4 of the Plan
         will preclude or otherwise impair the rights of the SEC to administer
         and enforce the United States federal securities laws, except that the
         Debtors and the Reorganized Debtors will retain the right to object to
         the allowance of any Claim filed by the SEC in the Chapter 11 Cases.

E.       SETOFFS.

         The Debtors may, but will not be required to, set off against any
Claim, and the payments or other distributions to be made pursuant to the Plan
in respect of such Claim, claims of any nature whatsoever that the Debtors may
have against such Claimholder, but neither the failure to do so, nor the
allowance of any Claim hereunder. will constitute a waiver or release by the
Debtors or the Reorganized Debtors of any such claim that the Debtors or the
Reorganized Debtors may have against such Claimholder.

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F.       SUBORDINATION RIGHTS.

         Except as otherwise specifically provided for in the Plan, all Claims
against the Debtors and all rights and claims between or among Claimholders
relating in any manner whatsoever to distributions on account of Claims against
or Interests in the Debtors, based upon any claimed subordination rights,
whether asserted or unasserted, legal or equitable, will be deemed satisfied by
the distributions under the Plan to Claimholders or Interestholders having such
subordination right, and such subordination rights will be deemed waived,
released, discharged, and terminated as of the Effective Date.

G.       INDEMNIFICATION OBLIGATIONS.

         Indemnification Obligations will be deemed to be, and will be treated
as, executory contracts that the Reorganized Debtors will assume pursuant hereto
and Section 365 of the Bankruptcy Code as of the Effective Date. Accordingly,
such Indemnification Obligations will survive unimpaired and unaffected by entry
of the Confirmation Order, irrespective of whether any such Indemnification
Right is owed for an act or event occurring before or after the Petition Date.

H.       INJUNCTION.

         The satisfaction, release, and discharge pursuant to Article XI of the
Plan will act as an injunction against any Person commencing or continuing any
action, employment of process, or act to collect, offset, or recover any Claim
or Cause of Action satisfied, released, or discharged under the Plan to the
fullest extent authorized or provided by the Bankruptcy Code, including, without
limitation, to the extent provided for or authorized by Sections 524 and 1141
thereof. Notwithstanding the foregoing, nothing in the Plan, including Article
11.9 of the Plan, or the Confirmation Order will affect, release, enjoin or
impact the prosecution of the Claims asserted or to be asserted against the
non-Debtor defendants in the Derivative Actions, the Class Actions or the
Securities Actions.

                      XII. CERTAIN FACTORS TO BE CONSIDERED

         The holder of a Claim against a Debtor should read and carefully
consider the following factors, as well as the other information set forth in
this Disclosure Statement (and the documents delivered together herewith and/or
incorporated by reference herein) before deciding whether to vote to accept or
to reject the Plan.

A.       GENERAL CONSIDERATIONS.

         The formulation of a reorganization plan is the principal purpose of a
Chapter 11 case. The plan sets forth the means for satisfying the holders of
claims against and interest in the debtors. The recapitalization of the Debtors
preserves and realizes the going concern value of the Debtors for their
Claimholders and Interestholders. Moreover, reorganization of the Debtors'
business and operations under the proposed Plan also avoids the potentially
adverse impact of a liquidation on the Debtors' employees and many of its
customers, trade vendors, suppliers of goods and services, and lessors.

B.       CERTAIN BANKRUPTCY CONSIDERATIONS.

         If the Plan is not confirmed and consummated, there can be no assurance
that the Chapter 11 Cases will continue rather than be converted to a
liquidation or that any alternative plan of reorganization would be on terms as
favorable to the holders of Claims and Interests as the terms of the Plan. If a
liquidation or protracted reorganization were to occur, there is a substantial
risk that the value of the

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Debtors' enterprise would be substantially eroded to the detriment of all
stakeholders. See Appendix 6 attached to this Disclosure Statement for a
liquidation analysis of the Debtors.

         Although the Debtors believe that the Plan will satisfy all
requirements necessary for Confirmation by the Bankruptcy Court, there can be no
assurance that the Bankruptcy Court will reach the same conclusion. There can
also be no assurance that modifications of the Plan will not be required for
Confirmation, that such negotiations would not adversely affect the holders of
Allowed Claims and Equity Interests, or that such modifications would not
necessitate the re-solicitation of votes.

         If any impaired class of claims does not accept a plan of
reorganization, a bankruptcy court may nevertheless confirm such a plan of
reorganization at the proponent's request if at least one impaired class has
accepted the plan of reorganization (without including the acceptance of any
"insider" in such class) and, as to each impaired class that has not accepted
the plan of reorganization, the bankruptcy court determines that the plan of
reorganization "does not discriminate unfairly" and is "fair and equitable" with
respect to rejecting impaired classes. If any Impaired Class of Claims fails to
accept the Plan in accordance with Section 1129(a)(8) of the Bankruptcy Code,
the Debtors reserve the right to request nonconsensual Confirmation of the Plan
in accordance with Section 1129(b) of the Bankruptcy Code.

C.       BUSINESS FACTORS AND COMPETITIVE CONDITIONS.

         The Debtors operate in a highly competitive industry.

         The truck rental industry is highly competitive and includes a number
of significant national and hundreds of regional and local competitors.
Competition is generally based on price, product quality, convenience,
availability, brand name recognition and service. In the truck rental business,
the Debtors face competition from Budget Car and Truck Rental Company and Penske
Truck Leasing. Some of the Debtors' competitors may have greater financial
resources than the Reorganized Debtors. The Debtors cannot assure that they will
not be forced to reduce their rental prices or delay price increases.

         The Debtors and their Subsidiaries compete with national and regional
self-storage operators as well as local operators. Competition in the market
areas in which the Debtors operate is significant and affects the occupancy
levels, rental rates and operating expenses of the Debtors' facilities.
Competition might cause them to experience a decrease in occupancy levels, limit
their ability to increase rental rates and compel them to offer discounted
rental rates which could have a material adverse effect on the Debtors'
operating results.

         Entry into the self-storage business through acquisition of existing
facilities is possible for persons or institutions with the required initial
capital. Development of new self-storage facilities is more difficult, however,
due to zoning, environmental and other regulatory requirements. The self-storage
industry has in the past experienced overbuilding in response to perceived
increases in demand. The Debtors cannot assure that they will be able to
successfully compete in existing markets or expand into new markets.

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

         As of June 30, 2003, Edward J. Shoen, Chairman of the Board of
Directors and President of AMERCO, James P. Shoen, a director of AMERCO, and
Mark V. Shoen, an executive officer of AMERCO, collectively own 8,893,078 shares
(approximately 43.1%) of the outstanding common shares of AMERCO. Accordingly,
Edward J. Shoen, Mark V. Shoen and James P. Shoen will be in a position to
continue to influence the election of the members of the Board of Directors and
approval of significant transactions. In addition, 2,402,456 shares
(approximately 11.7%) of the outstanding common shares of

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AMERCO, including shares allocated to employees and unallocated shares, are held
by AMERCO's Employee Savings and Employee Stock Ownership Trust.

         AMERCO's operations subject it to numerous environmental regulations
and the possibility that environmental liability in the future could adversely
affect AMERCO's operations.

         Compliance with environmental requirements of federal, State and local
governments significantly affects AMERCO's business. Among other things, these
requirements regulate the discharge of materials into the water, air and land
and govern the use and disposal of hazardous substances. Under environmental
laws, AMERCO can be held strictly liable for hazardous substances that are found
on real property AMERCO has owned or operated. AMERCO is aware of issues
regarding hazardous substances on some of AMERCO's real estate and AMERCO has
put in place a remedial plan at each site where AMERCO believes such a plan is
necessary. AMERCO regularly makes capital and operating expenditures to stay in
compliance with environmental laws. In particular, AMERCO has managed a testing
and removal program since 1988 for AMERCO's underground storage tanks. Under
this program, AMERCO spent $43,700,000 between April 1988 and March 31, 2003.
Despite these compliance efforts, risk of environmental liability is part of the
nature of AMERCO's business.

         While AMERCO does not expect the future cost of compliance with
environmental laws or future environmental liabilities, including compliance and
remediation costs, to have a material adverse effect on AMERCO's business,
environmental laws and regulations are complex, change frequently and could
become more stringent in the future. AMERCO cannot assure that future compliance
with these regulations or future environmental liabilities will not have a
material adverse effect on AMERCO's business.

         AMERCO's business is seasonal.

         AMERCO's business is seasonal and AMERCO's results of operations and
cash flows fluctuate significantly from quarter to quarter. Historically,
revenues have been stronger in the first and second fiscal quarters due to the
overall increase in moving activity during the spring and summer months. The
fourth fiscal quarter is generally weakest, when there is a greater potential
for adverse weather conditions.

         AMERCO obtains its rental trucks from a limited number of
manufacturers.

         In the last ten years, AMERCO purchased all of its rental trucks from
Ford and General Motors. Although AMERCO believes that it has alternative
sources of supply for its rental trucks, termination of one or more of AMERCO's
relationships with any of these suppliers could have a material adverse effect
on AMERCO's business, financial condition or results of operations.

         AMERCO's property and casualty insurance business has suffered
extensive losses.

         AMERCO's property and casualty insurance business, RepWest, has
experienced significant net losses totaling approximately $77,000,000 for the
three calendar years ended December 31, 2002. These losses are primarily
attributable to business lines that were unprofitable as underwritten. To
restore profitability in RepWest, AMERCO is exiting all non-U-Haul related lines
and the exit may result in near term losses as these lines are eliminated.
Although AMERCO believes the changes will have a positive impact on the
financial position of RepWest, there can be no assurance that AMERCO will be
successful in returning RepWest to sustained profitability. AMERCO's inability
to sustain profitability could have a material adverse effect on AMERCO's
earnings and financial position.

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<PAGE>

         AMERCO's insurance businesses have recently suffered downgrades in
their ratings from national insurance company rating agencies.

         A.M. Best has recently downgraded RepWest and Oxford. These downgrades
have affected their standing in the insurance industry and caused their premiums
to decrease. Ratings have become an increasingly important factor in
establishing the competitive position of insurance companies. A.M. Best ratings
reflect its opinion of an insurance company's financial strength, operating
performance, strategic position and ability to meet its obligations to
policyholders. The A.M. Best ratings are C for RepWest and C+ for Oxford.

         Notes receivable from SAC Holding are a significant portion of AMERCO'S
total assets.

         At March 31, 2003, AMERCO held $394,200,000 of mortgage loans and notes
due from SAC Holding. Although these assets have been eliminated in the
consolidated financial statements, AMERCO has significant economic exposure to
SAC Holding. SAC Holding has total reported indebtedness and other obligations
of $982,200,000 at March 31, 2003. AMERCO holds various senior and junior
unsecured notes of SAC Holding. The senior unsecured notes of SAC Holding that
AMERCO 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. If SAC Holding are unable to meet their
obligations to their senior lenders, it could trigger a default on their
obligations to AMERCO. In such an event of default, AMERCO could suffer a
significant loss to the extent the value of the underlying collateral on
AMERCO's loans to SAC Holding is inadequate to repay SAC Holdings' senior
lenders and AMERCO. There can be no assurance that SAC Holding will not default
on their loans to their senior lenders or that the value of SAC Holdings' assets
upon liquidation would be sufficient to repay AMERCO in full.

         AMERCO is a holding company and is dependent on its subsidiaries for
cash flow.

         As a holding company with no business operations, AMERCO's material
assets consist only of the stock of its subsidiaries. AMERCO has to rely upon
dividends and other payments from its subsidiaries to generate the funds
necessary to pay its obligations. AMERCO's subsidiaries, however, are legally
distinct from AMERCO and have no obligation, contingent or otherwise, to make
funds available to AMERCO. The ability of AMERCO's subsidiaries to make dividend
and other payments to AMERCO is subject to, among other things, the availability
of funds, the terms of the indebtedness of AMERCO's subsidiaries and applicable
state laws and insurance regulations.

         AMERCO faces risks related to an SEC investigation and securities
litigation.

         The SEC has issued a formal order of investigation to determine whether
AMERCO has violated the Federal securities laws. Although AMERCO has fully
cooperated with the SEC in this matter and intends to continue to fully
cooperate, the SEC may determine that AMERCO has violated Federal securities
laws. AMERCO cannot predict when this investigation will be completed or its
outcome. If the SEC makes a determination that AMERCO has violated Federal
securities laws, AMERCO may face sanctions, including, but not limited to,
significant monetary penalties and injunctive relief.

         In addition, AMERCO has been named a defendant in a number of class
action and related lawsuits. The findings and outcome of the SEC investigation
may affect the class-action lawsuits that are pending. AMERCO is generally
obliged, to the extent permitted by law and the Plan, to indemnify its directors
and officers who are named defendants in some of these lawsuits. AMERCO is
unable to estimate what its liability in these matters may be, and AMERCO may be
required to pay judgments or

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settlements and incur expenses in aggregate amounts that could have a material
adverse effect on AMERCO's financial condition or results of operations.

         AMERCO faces risks related to a Department of Labor Investigation.

         The DOL is presently investigating whether there were violations of
ERISA involving the AMERCO ESOP. Although AMERCO has fully cooperated with the
DOL in this matter and intends to continue to fully cooperate, the DOL may
determine that AMERCO has violated ERISA. In that event, AMERCO may face
sanctions, including, but not limited to, significant monetary penalties and
injunctive relief.

         AMERCO's common stock may be delisted from the NASDAQ Stock Market.

         On June 24, 2003, AMERCO received a letter from Nasdaq indicating that,
in light of AMERCO's recent Chapter 11 filing, the Panel would consider such
filing and associated concerns in rendering a determination regarding AMERCO's
continued listing status. Nasdaq has requested, and AMERCO has provided,
information regarding AMERCO's Chapter 11 Cases and the anticipated effect of
the reorganization process on the shareholders of AMERCO. On August 13, 2003,
AMERCO received a letter from Nasdaq indicating that the Panel had determined to
continue the listing of AMERCO's common stock on Nasdaq provided that: (1) on or
before August 22, 2003, AMERCO files its Annual Report on Form 10-K for the
fiscal year ended March 31, 2003, and its Quarterly Report Form 10-Q for the
quarter ended June 30, 2003, with the SEC and Nasdaq; (2) on or before deadlines
to be determined by the Panel, AMERCO submits to Nasdaq a copy of AMERCO's Plan
as filed with the Bankruptcy Court, as well as copies of any amendments to the
Plan; documentation evidencing that AMERCO has commenced the solicitation of
votes regarding the Plan, as well as documentation evidencing that the Plan has
been confirmed by the Bankruptcy Court; and (3) on or before deadlines
established by the Panel, AMERCO submits documentation to Nasdaq evidencing its
emergence from bankruptcy. In addition to the foregoing, AMERCO must comply with
all other requirements for continued listing on Nasdaq. AMERCO has filed its
Annual Report on Form 10-K for the fiscal year ended March 31, 2003, and its
Quarterly Report Form 10-Q for the quarter ended June 30, 2003, with the SEC and
Nasdaq, but did not meet the deadline to file its Form 10-Q as discussed above.
Although AMERCO intends to take all actions available to maintain its Nasdaq
listing, there can be no assurance that AMERCO will be able to do so.

         AMERCO's preferred stock may be delisted from the New York Stock
Exchange.

         The New York Stock Exchange has completed a review of the continued
listing of the Series A 8 1/2% preferred stock of AMERCO following its filing
for protection under Chapter 11. According to NYSE, this assessment has shown
that AMERCO is currently in compliance with all of the NYSE's quantitative
continued listing standards. The NYSE will continue to closely monitor events at
AMERCO in connection with assessing the appropriateness of continued listing of
AMERCO's preferred stock. The NYSE has indicated that it will give consideration
to immediate suspension of AMERCO's preferred stock if authoritative advice is
received that AMERCO's securities, including the common stock, are without
value, or if AMERCO subsequently falls below any of the NYSE's quantitative
continued listing standards. In addition, the NYSE noted that it may, at any
time, suspend a security if it believes that continued dealings in the security
on the NYSE are not advisable. Accordingly, there can be no assurance that
AMERCO's preferred stock will continue to be listed on NYSE.

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         RepWest has consented to an Order of Supervision issued by the Arizona
Department of Insurance.

         On May 20, 2003, RepWest consented to an Order of Supervision issued by
the ADOI. Pursuant to this Order and Arizona law, during the period of
supervision, RepWest may not engage in certain activities without the prior
approval of the ADOI.

         The requirements to abate the order are for RepWest to eliminate the
specific credit risk associated with the exposures to AMERCO and its affiliates
and establish that it possesses surplus sufficient with Arizona law and as the
Arizona Director of Insurance may require based on type, volume or nature of its
business pursuant to Arizona law.

         In addition, if RepWest fails to satisfy the requirements to abate
ADOI's concerns, the ADOI may take further action, including, but not limited
to, commencing a conservatorship.

D.       INHERENT UNCERTAINTY OF FINANCIAL PROJECTIONS.

         The Projections set forth in Appendix 4 and Appendix 5 annexed hereto
cover the operations of the Reorganized Debtors on a consolidated basis and SAC
Holding, respectively, through fiscal year 2007. The Projections are based on
numerous assumptions including the timing, confirmation, and consummation of the
Plan in accordance with its terms, the anticipated future performance of the
Reorganized Debtors and SAC Holding, general business and economic conditions,
and other matters, many of which are beyond the control of the Reorganized
Debtors and SAC Holding and some or all of which may not materialize. In
addition, unanticipated events and circumstances occurring subsequent to the
date that this Disclosure Statement is approved by the Bankruptcy Court may
affect the actual financial results of the Debtors' and SAC Holding's
operations.

         There are various assumptions that are material and may adversely
affect the ability of the Reorganized Debtors and SAC Holding to make payments
with respect to post-Effective Date indebtedness and to achieve the Projections.
Because the actual results achieved throughout the periods covered by the
Projections can be expected to vary from the projected results, the Projections
should not be relied upon as a guaranty, representation, or other assurance that
the actual results will occur.

         Except with respect to the Projections and except as otherwise
specifically and expressly stated herein, this Disclosure Statement does not
reflect any events that may occur subsequent to the date hereof and that may
have a material impact on the information contained in this Disclosure
Statement. None of the Debtors, the Reorganized Debtors nor SAC Holding intend
to update the Projections for the purposes hereof; thus, the Projections will
not reflect the impact of any subsequent events not already accounted for in the
assumptions underlying the Projections.

E.       ACCESS TO FINANCING AND TRADE TERMS.

         The Debtors' and their Subsidiaries' operations are dependent on the
availability and cost of working capital financing and may be adversely affected
by any shortage or increased cost of such financing. Debtors believe that
substantially all of their needs for funds necessary to consummate the Plan and
for post-Effective Date working capital financing will be met by projected
operating cash flow and the Exit Financing Facility. Moreover, if the Debtors or
the Reorganized Debtors require working capital and trade financing greater than
that provided by projected operating cash flow, the Exit Financing Facility, and
trade financing, they may be required either to: (a) obtain other sources of
financing; or (b) curtail their operations. The Debtors believe that the
recapitalization to be accomplished through the Plan will facilitate the ability
to obtain additional or replacement working capital financing. No assurance can

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be given, however, that any additional replacement financing will be available
on terms that are favorable or acceptable to the Debtors or the Reorganized
Debtors.

F.       CLAIMS ESTIMATIONS.

         There can be no assurance that the estimated Claim amounts set forth
herein are correct. The actual Allowed amount of Claims may differ in some
respect from the estimates. The estimated amounts are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions provide incorrect,
the actual Allowed amount of Claims may vary from those estimated herein.

G.       MARKET FOR THE NEW DEBT SECURITIES.

         There can be no assurance that an active market for the New Debt
Securities to be distributed pursuant to the Plan will develop, and no assurance
can be given as to the prices at which such securities might be traded.

H.       DIVIDENDS.

         The Debtors do not anticipate that cash dividends or other
distributions will be paid with respect to the Common Stock in the foreseeable
future.

               XIII. RESALE OF SECURITIES RECEIVED UNDER THE PLAN

A.       ISSUANCE OF SECURITIES.

         Section 1145(a)(l) of the Bankruptcy Code exempts the offer and sale of
securities under a plan of reorganization from registration under Section 5 of
the Securities Act and state laws if three principal requirements are satisfied:
(i) the securities must be offered and sold under a plan of reorganization and
must be securities of the debtor, of an affiliate participating in a joint plan
with the debtor, or of a successor to the debtor under the plan; (ii) the
recipients of the securities must hold prepetition or administrative expense
claims against the debtor or interests in the debtor; and (iii) the securities
must be issued entirely in exchange for the recipient's claim against or
interest in the debtor, or principally in exchange for such claims or interests
and partly for cash or property. Except as noted below, the Debtors believe that
the offer and sale of the debt securities under the Plan to Claimholders satisfy
the requirements of Section 1145(a)(l) of the Bankruptcy Code and are,
therefore, exempt from registration under the Securities Act and state
securities laws.

B.       SUBSEQUENT TRANSFERS OF NEW DEBT SECURITIES.

         The New Debt Securities or other securities to be issued pursuant to
the Plan may be freely transferred by most recipients following initial issuance
under the Plan, and all resales and subsequent transactions in the New Debt
Securities or other securities so issued are exempt from registration under
federal and state securities laws, unless the holder is an "underwriter" with
respect to such securities. Section 1145(b) of the Bankruptcy Code defines four
types of "underwriters":

                  (i)      persons who purchase a claim against, an interest in,
or a claim for an administrative expense against the debtor with a view to
distributing any security received in exchange for such claim or interest;

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                  (ii)     persons who offer to sell securities offered under a
plan for the holders of such securities;

                  (iii)    persons who offer to buy such securities from the
holders of such securities, if the offer to buy is:

                           (A)      with a view to distributing such securities;
and

                           (B)      under an agreement made in connection with
the Plan, the consummation of the Plan, or with the offer or sale of securities
under the Plan; or

                  (iv)     a person who is an "issuer" with respect to the
securities as the term "issuer" is defined in Section 2(11) of the Securities
Act.

         Under Section 2(11) of the Securities Act, an "issuer" includes any
person directly or indirectly controlling or controlled by the issuer, or any
person under direct or indirect common control of the issuer.

         To the extent that Persons who receive New Debt Securities pursuant to
the Plan are deemed to be "underwriters." resales by such persons would not be
exempted by Section 1145 of the Bankruptcy Code from registration under the
Securities Act or other applicable law. Persons deemed to be underwriters would,
however, be permitted to sell such New Debt Securities or other securities
without registration pursuant to the provisions of Rule 144 under the Securities
Act. These rules permit the public sale of securities received by "underwriters"
if current information regarding the issuer is publicly available and if volume
limitations and certain other conditions are met.

         Whether or not any particular person would be deemed to be an
"underwriter" with respect to the New Debt Securities or other security to be
issued pursuant to the Plan would depend upon various facts and circumstances
applicable to that person. Accordingly, the Debtors and SAC Holding express no
view as to whether any particular Person receiving New Debt Securities or other
securities under the Plan would be an "underwriter" with respect to such New
Debt Securities or other securities.

         Given the complex and subjective nature of the question of whether a
particular holder may be an underwriter, the Debtors and SAC Holding make no
representation concerning the right of any person to trade in the New Debt
Securities or other securities. The Debtors and SAC Holding recommend that
potential recipients of the New Debt Securities or other securities consult
their own counsel concerning whether they may freely trade New Debt Securities
or other securities without compliance with the Securities Act or the Exchange
Act.

            XIV. CERTAIN FEDERAL INCOME TAX CONSEQUENCES OF THE PLAN

         A summary description of certain United States federal income tax
consequences of the Plan is provided below. This description is for
informational purposes only and, due to a lack of definitive judicial or
administrative authority or interpretation, substantial uncertainties exist with
respect to various tax consequences of the Plan as discussed herein. This
disclosure describes only the principal United States federal income tax
consequences of the Plan to the Debtors and to the Claimholders who are entitled
to vote to accept or reject the Plan. No opinion of counsel has been sought or
obtained with respect to any tax consequences of the Plan. No rulings or
determinations of the Internal Revenue Service (the "IRS") or any other tax
authorities have been sought or obtained with respect to any tax consequences of
the Plan, and the discussion below is not binding upon the IRS or such other
authorities. No representations are being made to the Debtors or any Claimholder
regarding the particular lax

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consequences of the confirmation and consummation of the Plan. No assurance can
be given that the IRS would not assert, or that a court would not sustain, a
different position from any discussed herein.

         The following discussion of United States federal income tax
consequences is based on the Internal Revenue Code of 1986, as amended, Treasury
Regulations, judicial authorities, published positions of the IRS and other
applicable authorities, all as in effect on the date of this document and all of
which are subject to change or differing interpretations (possibly with
retroactive effect).

         The following discussion does not address foreign, state, or local tax
consequences of the Plan, nor does it purport to address the United States
federal income tax consequences of the Plan to special classes of taxpayers
(e.g., banks and certain other financial institutions, insurance companies,
tax-exempt organizations, governmental entities, the Plan Investors, persons
that are, or hold their Claims through, pass-through entities, persons whose
functional currency is not the United States dollar, foreign persons, dealers in
securities or foreign currency, employees of a Debtor, persons who received
their Claims pursuant to the exercise of an employee stock option or otherwise
as compensation and persons holding Claims that are a hedge against, or that are
hedged against, currency risk or that are part of a straddle, constructive sale,
or conversion transaction). Furthermore, the following discussion does not
address United States federal taxes other than income taxes.

         Holders of Claims are strongly urged to consult their own tax advisor
regarding the United States federal, state and local and any foreign tax
consequences of the transactions described in this Disclosure Statement and in
the Plan.

A.       UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO THE DEBTORS

         Cancellation of Indebtedness Income

         Under the Plan, some of the Debtors' outstanding indebtedness will be
satisfied in exchange for Cash, newly issued Securities, and/or other property.
The satisfaction of a debt obligation for an amount of cash and other property
having a fair market value (or, in the case of a new debt instrument, an "issue
price") less than the "adjusted issue price" of the debt obligation generally
gives rise to cancellation of indebtedness ("COD") income to the debtor.

         However, the debtor does not recognize COD income if the debt discharge
occurs in Title 11 bankruptcy case. The debtor instead reduces its tax
attributes to the extent of its COD income in the following order: (a) net
operating losses ("NOLs") and NOL carryforwards; (b) general business credit
carryforwards; (c) minimum tax credit carryforwards; (d) capital loss
carryforwards; (e) the tax basis of the Debtors' depreciable and nondepreciable
assets (but not below the amount of its liabilities immediately after the
discharge); and (f) foreign tax credit carryforwards. In this case, the Debtors
have NOLs of approximately $171 million.

         A debtor may elect to alter the preceding order of attribute reduction
and, instead, first reduce the tax basis of its depreciable assets. If the
debtor is part of a group of corporations that joins in the filing of a
consolidated federal income tax return, both the tax attributes of the
consolidated group that are attributable to other group members and the separate
attributes of these other members are subject to reduction to the extent that
the debtor's COD income exceeds the amount of (i) the consolidated group's tax
attributes that are attributable to the debtor member, (ii) the attributes that
arose in separate return limitation years of the debtor member, and (iii) the
basis of property of the debtor member. The reduction in tax attributes occurs
only after the tax for the year of the debt discharge has been determined (i.e.,
such attributes may be available to offset taxable income that accrues between
the date of discharge and the end of the Debtors' tax year). The debtor does not
recognize any COD income that exceeds the amount

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of available tax attributes, and such excess COD income has no other United
States federal income tax effect.

         Because some of the Debtors' outstanding indebtedness will be satisfied
in exchange for Cash, newly issued Securities, and/or other property, the amount
of COD income, and accordingly the amount of tax attributes required to be
reduced, will depend in part on the issue price of the Securities. While this
value cannot be known with certainty until after the Effective Date, it is not
expected that the Debtors will be required to materially reduce their tax
attributes because Debtor will not materially reduce the amount of the Debtors'
aggregate outstanding indebtedness due to: (i) the Debtor's issuance of debt
pursuant to the Plan and (ii) the terms of the SAC Holding Participation and
Subordination Agreement. However, the exact amount of such reduction at this
time cannot be predicted. Finally, to the extent permitted for federal income
tax purposes, the Debtors and the SAC Holding entities intend to deduct the
respective amounts paid by them in Cash and other property pursuant to the Plan.

B.       FEDERAL INCOME TAX CONSEQUENCES TO CLAIMHOLDERS AND INTERESTHOLDERS

         The following discusses certain United States federal income tax
consequences of the transactions contemplated by the Plan to Claimholders and
Interestholders that are "United States holders," as defined below. The United
States federal income tax consequences of the transactions contemplated by the
Plan to Claimholders (including the character, timing and amount of income, gain
or loss recognized) will depend upon, among other things: (1) whether the Claim
and the consideration received in respect thereof are "securities" for federal
income tax purposes; (2) the manner in which a holder acquired a Claim; (3) the
length of time the Claim has been held; (4) whether the Claim was acquired at a
discount; (5) whether the holder has taken a bad debt deduction with respect to
the Claim (or any portion thereof) in the current tax year or any prior tax
year; (6) whether the holder has previously included in its taxable income
accrued but unpaid interest with respect to the Claim; (7) the holder's method
of tax accounting; and (8) whether the Claim is an installment obligation for
federal income tax purposes. Claimholders therefore should consult their own tax
advisors regarding the particular tax consequences to them of the transactions
contemplated by the Plan.

         For purposes of the following discussion, a "United States holder" is a
Claimholder that is: (1) a citizen or individual resident of the United States;
(2) a partnership or corporation created or organized in the United States or
under the laws of the United States, a political subdivision thereof, or a State
of the United States; (3) an estate the income of which is subject to United
States federal income taxation regardless of its source; or (4) a trust if (i) a
court within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States fiduciaries have the
authority to control all substantial decisions of the trust, or (ii) the trust
was in existence on August 20, 1996, and properly elected to be treated as a
United States person.

         Sale or Exchange of Claims

         Under the Plan, Claimholders will receive Securities, Cash and/or other
property in exchange for their Claims. A Claimholder who receives Securities,
Cash and/or other property in exchange for its Claim pursuant to the Plan will
generally recognize gain or loss for United States federal income tax purposes
in an amount equal to the difference between (1) the fair market value of the
Securities and/or other property on the Effective Date, plus the amount of Cash
received by such holder, and (2) the holder's adjusted tax basis in its Claim.
Where the Securities received by a Claimholder are newly issued notes of a
Debtor, such notes will be treated as given in exchange for any existing notes
of a Debtor held by the Claimholder to the extent that the newly issued notes
effect a "significant modification," within the meaning of Treasury Regulation
Section 1.1001-3, of the Debtor's existing notes. In such a case, a Claimholder
will recognize gain or loss for United States federal income tax purposes in an
amount equal to the

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difference between (1) the issue price of the newly issued notes of the Debtor,
the fair market value on the Effective Date of any other Securities and/or other
property received by such holder, plus the amount of any Cash received by such
holder, and (2) the holder's adjusted tax basis in its Claim. The character of
such gain or loss as capital gain or loss or as ordinary income or loss will be
determined by a number of factors, including the nature of the Claim as held by
the Claimholder, whether the Claim constitutes a capital asset in the hands of
the holder, whether the Claim was purchased at a discount, whether any amount
received in respect of a Claim constitutes accrued interest, and whether and to
what extent the holder has previously claimed a bad debt deduction with respect
to its Claim. A Claimholder who recognizes a loss on a transaction conducted
pursuant to the Plan may be entitled to a bad debt deduction, either in the
taxable year of the Effective Date or a prior taxable year.

         Accrued Interest

         Under the Plan, cash or other property may be distributed or deemed
distributed to certain Claimholders with respect to their Claims for accrued
interest. Holders of Claims for accrued interest that previously have not
included such accrued interest in taxable income will be required to recognize
ordinary income equal to the amount of cash or other property received with
respect to such Claims for accrued interest. Holders of Claims for accrued
interest that have included such accrued interest in taxable income generally
may take an ordinary deduction to the extent that such Claim is not fully
satisfied under the Plan (after allocating the distribution between principal
and accrued interest), even if the underlying Claim is held as a capital asset.
The adjusted tax basis of any property received in exchange for a Claim for
accrued interest will equal the fair market value of such property on the
Effective Date, and the holding period for the property will begin on the day
after the Effective Date. It is not clear the extent to which consideration that
may be distributed under the Plan will be allocable to interest. Claimholders
are advised to consult their own tax advisors to determine the amount, if any,
of consideration received under the Plan that is allocable to interest.

         Market Discount

In general, a debt obligation, other than one with a fixed maturity of one year
or less, that is acquired by a holder in the secondary market (or, in certain
circumstances, upon original issuance) is a "market discount bond" as to that
holder if the obligation's stated redemption price at maturity (or, in the case
of a debt obligation having original issue discount, the revised issue price)
exceeds the holder's adjusted tax basis in the debt obligation immediately after
its acquisition. However, a debt obligation will not be a "market discount bond"
if such excess is less than a statutory de minimis amount. To the extent that a
creditor has not previously included market discount in its taxable income, gain
recognized by a creditor with respect to a "market discount bond" will generally
be treated as ordinary interest income to the extent of the market discount
accrued on such bond during the creditor's period of ownership. A holder of a
market discount bond that is required to defer deduction of all or a portion of
the interest on indebtedness incurred or maintained to acquire or carry the bond
may be allowed to deduct such interest, in whole or in part, on the disposition
of such bond.

         Existing Holders of Preferred Stock

         The Plan will result in no United States federal income tax consequence
to an existing Interestholder who holds existing preferred stock of a Debtor,
because no Cash, Securities, and/or other property will be transferred to such
Interestholders pursuant to the Plan.

         Existing Holders of Common Stock

         The Plan will result in no United States federal income tax consequence
to an existing

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Interestholder who holds existing common stock of a Debtor, because no Cash,
Securities, and/or other property will be transferred to such Interestholders
pursuant to the Plan.

         Other Claimholders

         To the extent certain Claimholders reach an agreement with the Debtors
to have their Claims satisfied, settled, released, exchanged or otherwise
discharged in a manner other than as described in the Plan, such holders should
consult with their own tax advisors regarding the tax consequences of such
satisfaction, settlement, release, exchange, or discharge.

         Information Reporting and Backup Withholding

         Certain payments, including payments in respect of accrued interest or
market discount, are generally subject to information reporting by the payor to
the IRS. These reportable payments do not include those that give rise to gain
or loss on the exchange of a Claim. Moreover, such reportable payments are
subject to backup withholding under certain circumstances. A United States
holder may be subject to backup withholding at rate of 28% with respect to
certain distributions or payments of accrued interest, market discount, or
similar items pursuant to the Plan, unless the holder (a) comes within certain
exempt categories (which generally include corporations) and, when required,
demonstrates this fact or (b) provides a correct United States taxpayer
identification number and certifies under penalty of perjury that the holder is
a U.S. person, the taxpayer identification number is correct, and that the
holder is not subject to backup withholding because of a failure to report all
dividend and interest income. Payments that give rise to gain or loss on the
exchange of a Claim are not subject to backup withholding.

         Backup withholding is not an additional tax. Amounts subject to backup
withholding are credited against a holder's United States federal income tax
liability, and a holder may obtain a refund of any excess backup withholding by
filing an appropriate claim for refund with the IRS.

         Non-confidential Nature of the Tax Treatment and Tax Structure of the
Plan

A Claimholder's or Interestholder's disclosure of the tax treatment or the tax
structure of the Plan is not limited in any manner by an express or implied
understanding or agreement with or for the benefit of any person who makes or
provides a statement, oral or written, to a Claimholder or Interestholder (or
for whose benefit a statement is made or provided to a Claimholder or
Interestholder) as to the potential tax consequences that may result from the
Plan. Moreover, a Claimholder's or Interestholder's use or disclosure of
information relating to the tax treatment or tax structure of the Plan is not
limited in any other manner for the benefit of any person who makes or provides
a statement, oral or written, to the Claimholder or Interestholder (or for whose
benefit a statement is made or provided to the Claimholder or Interestholder) as
to the potential tax consequences that may result from the Plan.

C.       IMPORTANCE OF OBTAINING PROFESSIONAL TAX ASSISTANCE

         THE FOREGOING DISCUSSION IS INTENDED ONLY AS A SUMMARY OF CERTAIN
UNITED STATES FEDERAL INCOME TAX CONSEQUENCES OF THE PLAN AND IS NOT A
SUBSTITUTE FOR CAREFUL TAX PLANNING WITH A TAX PROFESSIONAL. THE ABOVE
DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. THE TAX
CONSEQUENCES ARE IN MANY CASES UNCERTAIN AND MAY VARY DEPENDING ON A
CLAIMHOLDER'S PARTICULAR CIRCUMSTANCES. ACCORDINGLY, CLAIMHOLDERS ARE STRONGLY
URGED TO CONSULT THEIR TAX ADVISORS ABOUT THE UNITED STATES FEDERAL, STATE AND
LOCAL AND APPLICABLE FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF

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THE PLAN, INCLUDING WITH RESPECT TO TAX REPORTING AND RECORD KEEPING
REQUIREMENTS.

             XV. FEASIBILITY OF THE PLAN AND THE BEST INTERESTS TEST

A.       FEASIBILITY OF THE PLAN.

         To confirm the Plan, the Bankruptcy Court must find that confirmation
of the Plan is not likely to be followed by the liquidation or the need for
further financial reorganization of the Debtors. This requirement is imposed by
Section 1129(a)(11) of the Bankruptcy Code and is referred to as the
"feasibility" requirement. The Debtors believe that they will be able to timely
perform all obligations described in the Plan, and, therefore, that the Plan is
feasible.

         To demonstrate the feasibility of the Plan, financial Projections for
Fiscal Years 2004 through 2007 have been prepared for the Debtors and, in its
capacity as a proponent of the Plan, SAC Holding, and attached to this
Disclosure Statement as Appendix 4 and Appendix 5. The Projections indicate that
the Reorganized Debtors and SAC Holdings should have sufficient cash flow to pay
and service their debt obligations and to fund their operations. Accordingly,
the Debtors believe that the Plan satisfies the feasibility requirement of
Section 1129(a)(11) of the Bankruptcy Code. As noted in the Projections,
however, the Debtors and SAC Holding caution that no representations can be made
as to the accuracy of the Projections or as to the Reorganized Debtors' or SAC
Holdings' ability to achieve the projected results. Many of the assumptions upon
which the Projections are based are subject to uncertainties outside the control
of the Debtors and SAC Holding. Some assumptions inevitably will not
materialize, and events and circumstances occurring after the date on which the
Projections were prepared may be different from those assumed or may be
unanticipated, and may adversely affect the Debtors' or SAC Holding's financial
results. Therefore, the actual results can be expected to vary from the
projected results and the variations may be material and adverse.

         THE PROJECTIONS WERE NOT PREPARED WITH A VIEW TOWARD COMPLIANCE WITH
THE GUIDELINES ESTABLISHED BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS. THE PRACTICES RECOGNIZED TO BE IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES OR THE RULES AND REGULATIONS OF THE SECURITIES
AND EXCHANGE COMMISSION REGARDING PROJECTIONS. FURTHERMORE, THE PROJECTIONS HAVE
NOT BEEN AUDITED BY THE DEBTORS' OR SAC HOLDING'S INDEPENDENT ACCOUNTANTS.
ALTHOUGH PRESENTED WITH NUMERICAL SPECIFICITY, THE PROJECTIONS ARE BASED UPON A
VARIETY OF ASSUMPTIONS, SOME OF WHICH IN THE PAST HAVE NOT BEEN ACHIEVED AND
WHICH MAY NOT BE REALIZED IN THE FUTURE, AND ARE SUBJECT TO SIGNIFICANT
BUSINESS, ECONOMIC AND COMPETITIVE UNCERTAINTIES AND CONTINGENCIES, AND MANY OF
WHICH ARE BEYOND THE CONTROL OF THE DEBTORS AND SAC HOLDING. CONSEQUENTLY, THE
PROJECTIONS SHOULD NOT BE REGARDED AS A REPRESENTATION OR WARRANTY BY THE
DEBTORS, SAC HOLDING, OR ANY OTHER PERSON, THAT THE PROJECTIONS WILL BE
REALIZED. ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE PRESENTED IN THE
PROJECTIONS.

B.       ACCEPTANCE OF THE PLAN.

         As a condition to confirmation, the Bankruptcy Code requires that each
Class of Impaired Claims and Interests vote to accept the Plan, except under
certain circumstances. Section 1126(c) of the Bankruptcy Code defines acceptance
of a plan by a class of impaired Claims as acceptance by holders of at least
two-thirds in dollar amount and more than one-half in number of Claims in that
Class, but for that

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<PAGE>

purpose counts only those who actually vote to accept or to reject the Plan.
Thus, a Class of Claims will have voted to accept the Plan only if two-thirds in
amount and a majority in number actually voting cast their Ballots in favor of
acceptance. Under Section 1126(d) of the Bankruptcy Code, a Class of Interests
has accepted the Plan if holders of such Interests holding at least two-thirds
in amount actually voting have voted to accept the Plan. Holders of Claims who
fail to vote are not counted as either accepting or rejecting the Plan.

C.       BEST INTERESTS TEST.

         Even if a plan is accepted by each class of holders of claims, the
Bankruptcy Code requires a bankruptcy court to determine that the plan is in the
"best interests" of all holders of claims and interests that are impaired by the
plan and that have not accepted the plan. The "best interests" test, as set
forth in Section 1129(a)(7) of the Bankruptcy Code, requires a bankruptcy court
to find either that: (i) all members of an impaired class of claims or interests
have accepted the plan; or (ii) the plan will provide a member who has not
accepted the plan with a recovery of property of a value, as of the effective
date of the plan, that is not less than the amount that such holder would
recover if the debtor was liquidated under Chapter 7 of the Bankruptcy Code.

         To calculate the probable distribution to members of each impaired
class of holders of claims and interests if the debtor were liquidated under
Chapter 7, a bankruptcy court must first determine the aggregate dollar amount
that would be generated from the debtor's assets if its Chapter 11 case were
converted to a Chapter 7 case under the Bankruptcy Code. This "liquidation
value" would consist primarily of the proceeds from a forced sale of the
debtor's assets by a Chapter 7 trustee.

         The amount of liquidation value available to unsecured creditors would
be reduced by: (1) first, the claims of secured creditors to the extent of the
value of their collateral, including the value of goods delivered on consignment
to the extent the consignment vendor properly perfected its rights in such goods
in accordance with applicable law; and (2) second, by the costs and expenses of
liquidation, as well as by other administrative expenses and costs of both the
Chapter 7 case and the Chapter 11 case. As a general matter, a liquidation under
Chapter 7 will not affect the rights of letter of credit beneficiaries,
including certain sureties who posted bonds that the Debtors purchased for
various business, litigation, and other reasons. Costs of liquidation under
Chapter 7 of the Bankruptcy Code would include the compensation of a trustee, as
well as of counsel and other professionals retained by the trustee, asset
disposition expenses, all unpaid expenses incurred by the debtor in its
bankruptcy case (such as compensation of attorneys, financial advisors, and
restructuring consultants) that are allowed in the Chapter 7 case, litigation
costs, and claims arising from the operations of the debtor during the pendency
of the bankruptcy case. The liquidation itself would trigger certain priority
payments that otherwise would be due in the ordinary course of business. Those
priority claims would be paid in full from the liquidation proceeds before the
balance would be made available to pay general unsecured claims or to make any
distribution in respect of equity interests. The liquidation also would prompt
the rejection of a large number of executory contracts and unexpired leases and
thereby create a significantly higher number of unsecured claims.

         Once the court ascertains the recoveries in liquidation of secured
creditors and priority claimants, it must determine the probable distribution to
general unsecured creditors and equity security holders from the remaining
available proceeds in liquidation. If such probable distribution has a value
greater than the distributions to be received by such creditors and equity
security holders under a debtor's plan, then such plan is not in the best
interests of creditors and equity security holders.

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<PAGE>
D.       APPLICATION OF THE BEST INTERESTS TEST TO THE LIQUIDATION ANALYSIS.

         Overview

         A liquidation analysis prepared with respect to the Debtors is attached
as Appendix 6 to this Disclosure Statement. The Debtors believe that any
liquidation analysis is speculative. For example, the liquidation analysis
necessarily contains an estimate of the amount of Claims that will ultimately
become Allowed Claims. In preparing the liquidation analysis, the Debtors have
projected the amount of Allowed Claims based upon a review of their scheduled
and filed proofs of claim. No order or finding has been entered by the
Bankruptcy Court estimating or otherwise fixing the amount of Claims at the
projected amounts of Allowed Claims set forth in the liquidation analysis. In
preparing the liquidation analysis, the Debtors have projected a range for the
amount of Allowed Claims with the low end of the range the lowest reasonable
amount of Claims and the high end of the range the highest reasonable amount of
the Claims, thus allowing assessment of the most likely range of Chapter 7
liquidation dividends to the holders of the Allowed Claims. The estimate of the
amount of Allowed Claims set forth in the liquidation analysis should not be
relied on for any other purpose, including, without limitation, any
determination of the value of any distribution to be made on account of Allowed
Claims and Allowed Interests under the Plan.

         Notwithstanding the difficulties in quantifying recoveries to creditors
with precision, the Debtors believe that, taking into account the liquidation
analysis, the Plan meets the "best interests" test of Section 1129(a)(7) of the
Bankruptcy Code. The Debtors believe that the numbers of each Impaired Class
will receive at least as much under the Plan than they would in a liquidation in
a hypothetical chapter 7 case. Creditors and Interestholders will receive a
better recovery through the distributions contemplated by the Plan because the
continued operation of the Debtors as going concerns rather than a forced
liquidation will allow the realization of more value for the Debtors' assets.
Moreover, Creditors such as the Debtors' employees would retain their jobs and
most likely make few if any other claims against the estate. Finally, in the
event of liquidation, the aggregate amount of unsecured claims will no doubt
increase significantly, and such claims will be subordinated to priority claims
that will be created. For example, employees will file claims for wages,
pensions and other benefits, some of which will be entitled to priority. The
resulting increase in both general unsecured and priority claims will decrease
percentage recoveries to unsecured creditors of the Debtors. All of these
factors lead to the conclusion that recovery under the Plan would be at least as
much, and in many cases significantly greater, than the recoveries available in
a Chapter 7 liquidation.

E.       CONFIRMATION WITHOUT ACCEPTANCE OF ALL IMPAIRED CLASSES: THE 'CRAMDOWN'
         ALTERNATIVE.

         Section 1129(b) of the Bankruptcy Code provides that a plan can be
confirmed even if it has not been accepted by all impaired classes as long as at
least one impaired class of Claims has accepted it. The Bankruptcy Court may
confirm the Plan at the request of the Debtors notwithstanding the Plan's
rejection (or deemed rejection) by impaired Classes as long as the Plan "does
not discriminate unfairly' and is "fair and equitable" as to each impaired Class
that has not accepted it. A plan does not discriminate unfairly within the
meaning of the Bankruptcy Code if a dissenting class is treated equally with
respect to other classes of equal rank.

         A plan is fair and equitable as to a class of secured claims that
rejects such plan if the plan provides: (l)(a) that the holders of claims
included in the rejecting class retain the liens securing those claims, whether
the property subject to those liens is retained by the debtor or transferred to
another entity, to the extent of the allowed amount of such claims; and (b) that
each holder of a claim of such class receives on account of that claim deferred
cash payments totaling at least the allowed amount of that claim, of a value, as
of the effective date of the plan, of at least the value of the holder's
interest in the

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<PAGE>

estate's interest in such property; (2) for the sale, subject to Section 363(k)
of the Bankruptcy Code, of any property that is subject to the liens securing
the claims included in the rejecting class, free and clear of the liens, with
the liens to attach to the proceeds of the sale, and the treatment of the liens
on proceeds under clause (1) or (2) of this paragraph; or (3) for the
realization by such holders of the indubitable equivalent of such claims.

         A plan is fair and equitable as to a class of unsecured claims which
rejects a plan if the plan provides: (1) for each holder of a claim included in
the rejecting class to receive or retain on account of that claim property that
has a value, as of the effective date of the plan, equal to the allowed amount
of such claim; or (2) that the holder of any claim or interest that is junior to
the claims of such rejecting class will not receive or retain on account of such
junior claim or interest any property at all.

         A plan is fair and equitable as to a class of equity interests that
rejects a plan if the plan provides: (1) that each holder of an interest
included in the rejecting class receive or retain on account of that interest
property that has a value, as of the effective date of the plan, equal to the
greatest of the allowed amount of any fixed liquidation preference to which such
holder is entitled, any fixed redemption price to which such holder is entitled,
or the value of such interest; or (2) that the holder of any interest that is
junior to the interest of such rejecting class will not receive or retain under
the plan on account of such junior claim or interest any property at all.

F.       CONDITIONS TO CONFIRMATION AND EFFECTIVE DATE OF THE PLAN.

         Conditions to Confirmation.

         The following are conditions precedent to confirmation of the Plan.
These conditions may be satisfied or waived by the Debtors in their sole
discretion, without notice to parties in interest or the Bankruptcy Court, and
without a hearing:

                  1.       The Bankruptcy Court will have approved by Final
         Order a Disclosure Statement with respect to the Plan in form and
         substance acceptable to the Debtors in their sole and absolute
         discretion.

                  2.       The Confirmation Order will be in form and substance
         acceptable to the Debtors, in their sole and absolute discretion.

         Conditions to the Effective Date.

         The following are conditions precedent to the occurrence of the
Effective Date, each of which may be satisfied or waived in accordance with
Section 12.3 of the Plan:

                  (a)      The Reorganized Debtors will have entered into the
         Exit Financing Facility and all conditions precedent to the
         consummation thereof will have been waived or satisfied in accordance
         with the terms thereof.

                  (b)      The Reorganized Debtors and SAC Holding will have
         entered into the SAC Holding Participation and Subordination Agreement
         and all conditions precedent to the consummation thereof will have been
         waived or satisfied in accordance with the terms thereof.

                  (c)      The Bankruptcy Court will have entered one or more
         orders (which may include the Confirmation Order) authorizing the
         assumption and rejection of unexpired leases and executory contracts by
         the Debtors as contemplated by Article 8 of the Plan.

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<PAGE>

                  (d)      The Confirmation Order will have been entered by the
         Bankruptcy Court and will be a Final Order, the Confirmation Date will
         have occurred, and no request for revocation of the Confirmation Order
         under Section 1144 of the Bankruptcy Code will have been made, or, if
         made, will remain pending.

G.       WAIVER OF CONDITIONS TO CONFIRMATION AND CONSUMMATION OF THE PLAN.

         The conditions set forth in Article 12.1 and Article 12.2 of the Plan
may be waived, in whole or in part, by the Debtors, after consultation with the
Statutory Committees, without any notice to any other parties in interest or the
Bankruptcy Court and without a hearing. Notwithstanding the foregoing, the
condition set forth in Article 12.2(a) of the Plan may only be waived by the
Debtors with the prior written consent of JPMorgan, in its capacity as the agent
for the holders of the JPMorgan Claims. The failure to satisfy or waive any
condition to the Confirmation Date or the Effective Date may be asserted by the
Debtors in their sole discretion regardless of the circumstances giving rise to
the failure of such condition to be satisfied (including any action or inaction
by the Debtors in their sole discretion). The failure of the Debtors to exercise
any of the foregoing rights will not be deemed a waiver of any other rights, and
each such right will be deemed an ongoing right, which may be asserted at any
time.

H.       RETENTION OF JURISDICTION.

         Pursuant to Sections 105(a) and 1142 of the Bankruptcy Code, the
Bankruptcy Court will have exclusive jurisdiction of all matters arising out of,
and related to, the Chapter 11 Cases and the Plan, including, among others, the
following matters:

                  (i)      to hear and determine motions for the assumption or
rejection of executory contracts or unexpired leases or the assumption and
assignment, as the case may be, of executory contracts or unexpired leases to
which any of the Debtors are a party or with respect to which any of the Debtors
may be liable, and to hear and determine the allowance of Claims resulting
therefrom including the amount of Cure, if any, required to be paid;

                  (ii)     to adjudicate any and all adversary proceedings,
applications, and contested matters that may be commenced or maintained pursuant
to the Chapter 11 Cases or the Plan, proceedings to adjudicate the allowance of
Disputed Claims and Disputed Interests, and all controversies and issues arising
from or relating to any of the foregoing;

                  (iii)    to ensure that distributions to Allowed Claimholders
and Allowed Interestholders are accomplished as provided herein;

                  (iv)     to hear and determine any and all objections to the
allowance or estimation of Claims and interests filed, both before and after the
Confirmation Date, including any objections to the classification of any Claim
or Interest, and to allow or disallow any Claim or Interest, in whole or in
part;

                  (v)      to enter and implement such orders as may be
appropriate if the Confirmation Order is for any reason stayed, revoked,
modified, or vacated;

                  (vi)     to issue orders in aid of execution, implementation,
or consummation of the Plan;

                  (vii)    to consider any modifications of the Plan, to cure
any defect or omission, or to reconcile any inconsistency in any order of the
Bankruptcy Court, including, without limitation, the Confirmation Order;

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<PAGE>

                  (viii)   to hear and determine all applications for allowance
of compensation and reimbursement of Professional Claims under the Plan or under
Sections 330, 331. 503(b), 1103, and 1129(a)(4) of the Bankruptcy Code;

                  (ix)     to determine requests for the payment of Claims
entitled to priority under Section 507(a) (1) of the Bankruptcy Code, including
compensation of and reimbursement of expenses of parties entitled thereto;

                  (x)      to hear and determine disputes arising in connection
with the interpretation, implementation, or enforcement of the Plan, including
disputes arising under agreements, documents, or instruments executed in
connection with the Plan;

                  (xi)     to hear and determine all suits or adversary
proceedings to recover assets of the Debtors and property of their Estates,
wherever located;

                  (xii)    to hear and determine matters concerning state,
local, and federal taxes in accordance with Sections 346,505, and 1146 of the
Bankruptcy Code;

                  (xiii)   to hear any other matter not inconsistent with the
Bankruptcy Code;

                  (xiv)    to hear and determine all disputes involving the
existence, nature, or scope of the Debtors' discharge, including any dispute
relating to any liability rising out of the termination of employment or the
termination of any employee or retiree benefit program, regardless of whether
such termination occurred prior to or after the Effective Date;

                  (xv)     to enter a final decree closing the Chapter 11 Cases;
and

                  (xvi)    to enforce all orders previously entered by the
Bankruptcy Court.

         XVI. ALTERNATIVES TO CONFIRMATION AND CONSUMMATION OF THE PLAN

         The Debtors believe that the Plan affords holders of Claims and
Interests the greatest realization on the Debtors' assets and, therefore, is in
the best interests of such holders. If the Plan is not confirmed, however, the
theoretical alternatives include: (a) continuation of the pending Chapter 11
Cases; (b) an alternative plan or plans of reorganization; or (c) liquidation of
the Debtors under Chapter 7 or Chapter 11 of the Bankruptcy Code.

A.       CONTINUATION OF THE CHAPTER 11 CASES.

         If the Debtors remain in Chapter 11, they could continue to operate
their businesses and manage their properties as debtors-in-possession, but they
would remain subject to the restrictions imposed by the Bankruptcy Code. The
Debtors may have difficulty sustaining the high costs and the erosion of market
confidence that may be caused if the Debtors remain as Chapter 11
debtors-in-possession. A protracted Chapter 11 may also negatively impact
RepWest and AMERCO's and U-Haul's uninterrupted access to necessary insurance
coverage provided by RepWest.

B.       ALTERNATIVE PLANS OF REORGANIZATION.

         If the Plan is not confirmed, the Debtors, or, after the expiration of
the Debtors' exclusive period in which to propose and solicit a reorganization
plan, any other party in interest in the Chapter 11 Cases,

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<PAGE>

could propose a different plan or plans. Such plans might involve either a
reorganization and continuation of the Debtors' businesses, or an orderly
liquidation of their assets, or a combination of both.

C.       LIQUIDATION UNDER CHAPTER 7 OR CHAPTER 11.

         If no plan is confirmed, the Debtors' Chapter 11 Cases may be converted
to a case under Chapter 7 of the Bankruptcy Code. In a Chapter 7 case, a trustee
or trustees would be appointed to liquidate the assets of the Debtors. It is
impossible to predict precisely how the proceeds of the liquidation would be
distributed to the respective holders of Claims against or Interests in the
Debtors. However, the Debtors believe that creditors would lose substantially
higher going concern value if the Debtors were forced to liquidate. In addition,
the Debtors believe that in liquidation under Chapter 7, before creditors
received any distribution, additional administrative expenses involved in the
appointment of a trustee or trustees and attorneys, accountants and other
professionals to assist such trustees would cause a substantial diminution in
the value of the Estates. The assets available for distribution to creditors
would be reduced by such additional expenses and by Claims, some of which would
be entitled to priority, which would arise by reason of the liquidation and from
the rejection of leases and other executory contracts in connection with the
cessation of operations and the failure to realize the greater going concern
value of the Debtors' assets.

         The Debtors may also be liquidated pursuant to a Chapter 11 plan. In a
liquidation under Chapter 11, the Debtors' assets could be sold in an orderly
fashion over a more extended period of time than in a liquidation under Chapter
7. Thus, a Chapter 11 liquidation might result in larger recoveries than a
Chapter 7 liquidation, but the delay in distributions could result in lower
present values received and higher administrative costs. Because a trustee is
not required in a Chapter 11 case, expenses for professional fees could be lower
than in a Chapter 7 case, in which a trustee must be appointed. However, any
distribution to the Claimholders and Interestholders under a Chapter 11
liquidation plan would likely be delayed substantially.

         The Debtors' liquidation analysis, prepared with their restructuring
advisors, is premised upon a hypothetical liquidation in a Chapter 7 case and is
attached as Appendix 6 to this Disclosure Statement. In the analysis, the
Debtors have taken into account the nature, status, and underlying value of
their assets, the ultimate realizable value of their assets, and the extent to
which such assets are subject to liens and security interests. The likely form
of any liquidation would be the sale of individual assets. Based on this
analysis, it is likely that a Chapter 7 liquidation of the Debtors' assets would
produce less value for distribution to creditors than that recoverable in each
instance under the Plan. In the opinion of the Debtors, the recoveries projected
to be available in a Chapter 7 liquidation are not likely to afford holders of
Claims and holders of Interests as great a realization potential as does the
reorganization proposed in the Plan.

                            XVII. VOTING REQUIREMENTS

         On December 12, 2003, the Bankruptcy Court approved an order (the
"Solicitation Procedures Order"), among other things, approving this Disclosure
Statement, setting voting procedures, and scheduling the hearing on confirmation
of the Plan. A copy of the Confirmation Hearing Notice is enclosed with this
Disclosure Statement. The Confirmation Hearing Notice sets forth in detail,
among other things, the voting deadlines and objection deadlines with respect to
the Plan. The Confirmation Hearing Notice and the instructions attached to the
Ballot should be read in connection with this Section of this Disclosure
Statement.

         If you have any questions about: (i) the procedure for voting your
Claim with respect to the packet of materials that you have received; (ii) the
amount of your Claim holdings; or (iii) if you wish to

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<PAGE>

 obtain, at your own expense, unless otherwise specifically required by Federal
 Rule of Bankruptcy Procedure 3017(d), an additional copy of the Plan, this
 Disclosure Statement, or any exhibits to such documents, please contact:

         THE TRUMBULL GROUP, LLC
         P.O. Box 721 (Attn: AMERCO)
         Windsor, Connecticut 06095
         Attn: Ronnie Kryjak
         Telephone: (860) 687-3965

         The Bankruptcy Court may confirm the Plan only if it determines that
the Plan complies with the technical requirements of Chapter 11 of the
Bankruptcy Code and that the disclosures by the Debtors concerning the Plan have
been adequate and have included information concerning all payments made or
promised by the Debtors in connection with the Plan and the Chapter 11 Cases. In
addition, the Bankruptcy Court must determine that the Plan has been proposed in
good faith and not by any means forbidden by law, and under Federal Rule of
Bankruptcy Procedure 3020(b)(2), it may do so without receiving evidence if no
objection is timely filed.

         In particular, and as described in more detail above, the Bankruptcy
Code requires the Bankruptcy Court to find, among other things, that: (a) the
Plan has been accepted by the requisite votes of all Classes of impaired Claims
unless approval will be sought under Section 1129(b) of the Bankruptcy Code in
spite of the nonacceptance by one or more such Classes; (b) the Plan is
"feasible," which means that there is a reasonable probability that the Debtors
will be able to perform their obligations under the Plan and continue to operate
their businesses without further financial reorganization or liquidation; and
(c) the Plan is in the "best interests" of all Claimholders and Interestholders,
which means that such holders will receive at least as much under the Plan as
they would receive in a liquidation under chapter 7 of the Bankruptcy Code.

         THE BANKRUPTCY COURT MUST FIND THAT ALL CONDITIONS MENTIONED ABOVE ARE
MET BEFORE IT CAN CONFIRM THE PLAN. THUS, EVEN IF ALL THE CLASSES OF IMPAIRED
CLAIMS WERE TO ACCEPT THE PLAN BY THE REQUISITE VOTES, THE BANKRUPTCY COURT MUST
STILL MAKE AN INDEPENDENT FINDING THAT THE PLAN SATISFIES THESE REQUIREMENTS OF
THE BANKRUPTCY CODE, THAT THE PLAN IS FEASIBLE, AND THAT THE PLAN IS IN THE BEST
INTERESTS OF THE HOLDERS OF CLAIMS AGAINST AND INTERESTS IN THE DEBTORS.

         UNLESS THE BALLOT BEING FURNISHED IS TIMELY SUBMITTED TO THE VOTING
AGENT ON OR PRIOR TO JANUARY 20, 2004, AT 4:00 P.M. (PREVAILING EASTERN TIME)
TOGETHER WITH ANY OTHER DOCUMENTS REQUIRED BY SUCH BALLOT, THE DEBTORS MAY, IN
THEIR SOLE DISCRETION, REJECT SUCH BALLOT AS INVALID AND, THEREFORE, DECLINE TO
COUNT IT AS AN ACCEPTANCE OR REJECTION OF THE PLAN. IN NO CASE SHOULD A BALLOT
OR ANY OF THE CERTIFICATES BE DELIVERED TO THE DEBTORS OR ANY OF THEIR ADVISORS.

A.       PARTIES IN INTEREST ENTITLED TO VOTE.

         Under Section 1124 of the Bankruptcy Code, a class of claims or
interests is deemed to be "impaired" under a plan unless: (a) the plan leaves
unaltered the legal, equitable, and contractual rights to which such claim or
interest entitles the holder thereof; or (b) notwithstanding any legal right to
an accelerated payment of such claim or interest, the plan cures all existing
defaults (other than defaults

                                       102
<PAGE>

resulting from the occurrence of events of bankruptcy) and reinstates the
maturity of such claim or interest as it existed before the default.

         In general, a holder of a claim or interest may vote to accept or to
reject a plan if: (1) the claim or interest is "allowed," which means generally
that no party in interest has objected to such claim or interest; and (2) the
claim or interest is impaired by the Plan. If the holder of an impaired claim or
impaired interest will not receive any distribution under the plan in respect of
such claim or interest, the Bankruptcy Code deems such holder to have rejected
the plan. If the claim or interest is not impaired, the Bankruptcy Code deems
that the holder of such claim or interest has accepted the plan and the plan
proponent need not solicit such holder's vote.

         Under the Plan, each holder of an Impaired Claim is entitled to vote to
accept or reject the Plan if: (1) the Plan provides a distribution in respect of
such Claim; and (2) either (a) the Claim has been scheduled by one of the
Debtors, and such Claim is not scheduled as disputed, contingent, or
unliquidated, (b) such Claimholder has timely filed a Proof of Claim as to which
no objection has been filed, or (c) such Claimholder has timely filed a motion
pursuant to Federal Rule of Bankruptcy Procedure 3018(a) seeking temporary
allowance of such Claim for voting purposes only and the Debtors have not
opposed the Motion or objected to the Claim, in which case the holder's vote
will be counted only upon order of the Bankruptcy Court.

         A vote may be disregarded if the Bankruptcy Court determines, pursuant
to Section 1126(e) of the Bankruptcy Code, that it was not solicited or procured
in good faith or in accordance with the provisions of the Bankruptcy Code. The
Solicitation Procedures Order also sets forth assumptions and procedures for
tabulating Ballots, including Ballots that are not completed fully or correctly.

B.       CLASSES IMPAIRED UNDER THE PLAN.

         Impaired Classes of Claims.

         The following Classes are Impaired under, and are entitled to vote to
accept or reject, the Plan: Class 1 (JPMorgan Claims), Class 3 (Citibank Secured
Claim and Citibank Guaranty Claim); Class 4 (BMO Secured Claim and BMO Guaranty
Claim); Class 6 (AREC Note Claims); and Class 7 (AMERCO Unsecured Claims).

         Unimpaired Classes of Claims and Interests.

         The following Classes are Unimpaired under, and are deemed under
Section 1126(f) of the Bankruptcy Code to have accepted, the Plan: Class 2
(Other Priority Claims), Class 5 (Other Unsecured Claims), Class 8 (Oxford Note
Claims), Class 9 (Miscellaneous Secured Claims), Class 10 (Intercompany Claims),
Class 11 (AMERCO/AREC Guaranty Obligations), Class 12 (Preferred Stock Interests
and Subordinated Claims (Preferred)) and Class 13 (Existing Common Stock and
Other Interests and Subordinated Claims (Common)).

                                XVIII. CONCLUSION

A.       HEARING ON AND OBJECTIONS TO CONFIRMATION.

         Confirmation Hearing.

         The hearing on confirmation of the Plan has been scheduled for February
2, 2004 at 9:30 a.m. (prevailing Pacific time). Such hearing may be adjourned
from time to time by announcing such

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<PAGE>

adjournment in open court, all without further notice to parties in interest,
and the Plan may be modified by the Debtors pursuant to Section 1127 of the
Bankruptcy Code prior to, during, or as a result of that hearing, without
further notice to parties in interest.

Date Set for Filing Objections to Confirmation of the Plan.

         The time by which all objections to confirmation of the Plan must be
filed with the Bankruptcy Court and received by the parties listed in the
Confirmation Hearing Notice has been set for January 16, 2004, at 4:00 p.m.
(prevailing Pacific time). A copy of the Confirmation Hearing Notice is enclosed
with this Disclosure Statement.

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<PAGE>

B.       RECOMMENDATION.

         The Plan provides for an equitable and early distribution to creditors
of the Debtors, preserves the value of the business as a going concern,
preserves the equity interests in the Debtors, and preserves the jobs of
employees. The Debtors believe that any alternative to confirmation of the Plan,
such as liquidation or attempts by another party in interest to file a plan,
could result in significant delays, litigation, and costs, as well as the loss
of jobs by the employees. Moreover, the Debtors believe that their creditors
will receive greater and earlier recoveries under the Plan than those that would
be achieved in liquidation or under an alternative plan. FOR THESE REASONS, THE
DEBTORS URGE YOU TO RETURN YOUR BALLOT ACCEPTING THE PLAN.

         Dated: November 26, 2003

         Reno, Nevada

                                                 Respectfully submitted,

                                                 AMERCO, a Nevada corporation

                                                 By: /s/ Edward J. Shoen
                                                    ----------------------------
                                                         Chief Executive Officer

                                                 AMERCO REAL ESTATE COMPANY, a
                                                 Nevada corporation

                                                 By: /s/ Carlos Viscarra
                                                    ----------------------------
                                                         President

                                              SQUIRE, SANDERS & DEMPSEY L.L.P.

                                              By: /s/ Craig D. Hansen
                                                 -------------------------------
                                                  Craig D. Hansen
                                                  Thomas J. Salerno
                                                  G. Christopher Meyer
                                                  Sean T. Cork
                                              Two Renaissance Square, Suite 2700
                                              40 North Central Avenue
                                              Phoenix, Arizona 85004

                                                  Attorneys for AMERCO and
                                                  Amerco Real Estate Company,
                                                  debtors and debtors-in-
                                                  possession

                                       105
<PAGE>

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<PAGE>

                                   APPENDIX 1

     JOINT PLAN OF REORGANIZATION OF AMERCO AND AMERCO REAL ESTATE COMPANY,
                        DEBTORS AND DEBTORS-IN-POSSESSION

                                 [SEE ATTACHED]

<PAGE>

                     (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 2

                 SELECTED FINANCIAL DATA - AMERCO (CONSOLIDATED)

                                 [SEE ATTACHED]

<PAGE>

                     (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 2

                     SELECTED FINANCIAL INFORMATION - AMERCO

HISTORIC FINANCIAL INFORMATION

A.       BASIS OF FINANCIAL PRESENTATION.

         The historic financial information of the Debtors is presented on the
following consolidated basis ("Consolidated"), as follows:

         (i)      The financial results of AMERCO, AREC and U-Haul are
Consolidated and reflect the elimination of all significant inter-company items;

         (ii)     The financial results of SAC Holding are included to the
extent of: (a) interest income earned on the SAC Holding Notes owned by the
Debtors or their Subsidiaries; (b) management fees earned by the Debtors or
their Subsidiaries related to properties they manage that are owned by SAC
Holding; and (c) the Debtors' investment accounts in and accounts receivable due
from SAC Holding. The Debtors do not hold equity ownership positions in SAC
Holding. SAC Holding's debt obligations are: (i) not legal obligations of the
Debtors; (ii) without recourse to the Debtors; and (iii) contain no
cross-default provisions with respect to the Debtors' indebtedness;

         (iii)    The financial results of Oxford and RepWest are treated as
unconsolidated investments, accounted for under the equity method of accounting,
and as such their financial results are included to the extent of: (a) the
pre-tax income earned by Oxford and RepWest; and (b) the after-tax earnings
from Oxford and RepWest which serve to increase the Debtors' investment account
in their unconsolidated Subsidiaries; and

         (iv)     Any and all references to AMERCO's financial statements for
the fiscal years ended March 31, 2001 and March 31, 2002, are to those financial
statements as restated.

B.       HISTORIC CONSOLIDATED FINANCIAL INFORMATION

The financial information set forth below includes the following:

         (i)      Consolidated statements of operations for the Debtors for the
fiscal years ended March 31, 2001, March 31, 2002 and March 31, 2003 and for the
three-month period ended June 30, 2003;

         (ii)     Consolidated balance sheets of the Debtors as of March 31,
2002 and March 31, 2003; and as of June 30, 2003. The historic Consolidated
financial information should be read in conjunction with the complete audited
historical financial statements of AMERCO, including associated notes. The
historic Consolidated financial statements set forth herein present the
operations of the Debtors on a Consolidated basis; such basis differs from the
audited financial statements of AMERCO; and

         (iii)    The historic Consolidated financial statements set forth below
present the operating results and financial position of the Debtors and select
Subsidiaries, some of which are non-Debtors in these Chapter 11 proceedings.

                                      AP2-1
<PAGE>

                                  AMERCO & AREC
                 HISTORIC "CONSOLIDATED" STATEMENT OF OPERATIONS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                            Fiscal Year Ended March 31,
                                       -------------------------------------   Three Months
Income Statement                          2001         2002         2003         30-Jun-03
- -------------------------------------------------------------------------------------------
<S>                                    <C>          <C>          <C>          <C>
Revenue
  Rental Revenue                       $  1,370.3   $  1,428.3   $  1,435.3    $    406.7
  Retail Sales                              195.4        202.4        177.8          55.3
  Interest Income                            37.8         31.9         41.2          10.3
  Commission Expense                       (146.9)      (150.8)      (166.4)        (47.2)
- -----------------------------------------------------------------------------------------
    Net Revenue                        $  1,456.5   $  1,511.7   $  1,487.9    $    425.1

Cost of Retail Sales                   $    117.8   $    114.6   $     97.3    $     26.6
Other Operating Expenses                  1,000.0      1,028.4      1,007.7         256.6
Rental Equipment Lease Expense              161.7        159.3        147.1          32.4
Rental Costs Land and Buildings              17.8         24.5         33.1           9.8
Depreciation & Amortization                 104.9         93.3        128.5          31.3
(Gain) / Loss PP&E Dispositions             (11.9)        (3.5)       (10.5)          1.5
- -----------------------------------------------------------------------------------------
  Earnings from Operations             $     66.2   $     95.2   $     84.8    $     66.9

Pre-Tax (Earnings) / Loss - Insurance
Subsidiaries                           $     20.7   $     47.3   $      6.2   ($      0.8)
Net Interest Expense                         86.9         76.7        102.9          20.1
- -----------------------------------------------------------------------------------------
  Pre-Tax Net Income                  ($     41.5) ($     28.9) ($     24.3)   $     47.6
Income Tax Expense                           (8.7)         6.8         (7.1)         16.6
- -----------------------------------------------------------------------------------------
  Net Income                          ($     32.8) ($     35.7) ($     17.3)   $     31.0
Dividends to Preferred
Stockholders                           $     13.0   $     13.0   $     13.0    $      3.2
- -----------------------------------------------------------------------------------------
  Net Income Available to Common
Stockholders                          ($     45.8) ($     48.7) ($     30.2)   $     27.7
=========================================================================================
</TABLE>

                                      AP2-2
<PAGE>

                  The Debtors measure operating results using earnings from
         operations adjusted to add-back depreciation and amortization and to
         exclude restructuring expenses and certain unusual and nonrecurring
         items.

                                  AMERCO & AREC
                     HISTORIC "CONSOLIDATED" ADJUSTED EBITDA
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                            Fiscal Year Ended March 31,
                                       -------------------------------------   Three Months
Adjusted EBITDA Calculation               2001         2002         2003         30-Jun-03
- -------------------------------------------------------------------------------------------
<S>                                     <C>          <C>          <C>          <C>
Earnings from Operations                $  66.2      $  95.2      $  84.8       $  66.9
Depreciation and Amortization             104.9         93.3        128.5          31.3
- -------------------------------------------------------------------------------------------
  EBITDA                                $ 171.0      $ 188.5      $ 213.3       $  98.2
Restructuring Expenses / Other Non-
Recurring Items                             0.0          0.0         26.3 (a)      14.7 (b)
- -------------------------------------------------------------------------------------------
  Adjusted EBITDA                       $ 171.0      $ 188.5      $ 239.5       $ 113.0

===========================================================================================
</TABLE>

(a)      Restructuring Expenses / Other Non-Recurring Items include the
         following: $7.1 million of expenses related to restructuring
         professionals, $10.6 million related to inventory and other asset
         write-offs; and $8.6 million related to the reclassification of rental
         expense as depreciation expense.

(b)      Restructuring Expenses / Other Non-Recurring Items include the
         following: $14.7 million of expenses related to restructuring
         professionals.

                                      AP2-3
<PAGE>

                                  AMERCO & AREC
                     HISTORIC "CONSOLIDATED" BALANCE SHEETS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                             As of March 31,
                                        -----------------------     As of
Balance Sheet                              2002         2003      30-Jun-03
- ----------------------------------------------------------------------------
<S>                                     <C>          <C>          <C>
Assets
Cash                                    $     26.4   $     48.7   $     74.3
Accounts Receivable                           24.7         20.4         32.3
Inventories                                   62.5         49.2         49.9
Prepaid and Other Current Assets              52.9         62.8         76.6
- ----------------------------------------------------------------------------
           Total Current Assets         $    166.5   $    181.2   $    233.1

PP&E, Net                               $  1,242.9   $  1,242.1   $  1,263.7
Investments in Unconsolidated
Subsidiaries                                 323.0        310.2        319.1
SAC Holdings Notes and Other LT
Receivables                                  410.2        396.4        386.4
Other Assets                                  31.0        155.5        166.7
- ----------------------------------------------------------------------------
           Total Assets                 $  2,173.6   $  2,285.4   $  2,368.9

Liabilities and Shareholders' Equity
Accounts Payable                        $     17.4   $     29.8   $     25.0
Accrued Expenses & Other Current
Liabilities                                  369.1        463.6        503.4
- ----------------------------------------------------------------------------
           Total Current Liabilities    $    386.5   $    493.4   $    528.4

Total Debt                              $  1,049.0   $  1,053.8   $    994.1
Other Long-Term Liabilities                   29.9         94.1        148.6
Long-Term Deferred Taxes                     133.9        117.9        125.7
- ----------------------------------------------------------------------------
           Total Liabilities            $  1,599.4   $  1,759.2   $  1,796.7

Shareholders' Equity                         574.3        526.2        572.2
- ----------------------------------------------------------------------------
           Total Liabilities and        $  2,173.6   $  2,285.4   $  2,368.9
           Shareholders' Equity

============================================================================
</TABLE>

                                     AP2-4
<PAGE>

                                   APPENDIX 3

                      SELECTED FINANCIAL DATA - SAC HOLDING

                                 [SEE ATTACHED]

<PAGE>

                     (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 3

                  SELECTED FINANCIAL INFORMATION - SAC HOLDING

HISTORIC FINANCIAL INFORMATION

A.       BASIS OF FINANCIAL PRESENTATION.

B.       The historic and projected financial information of SAC Holding is
presented on a basis that differs from the presentation of SAC Holding
Corporation and its consolidating subsidiaries (the "Consolidated Subsidiaries")
and SAC Holding Corporation II and its Consolidating Subsidiaries, which were
filed as part of AMERCO's audited financial statements. Specifically, non-SAC
Holding assets, liabilities, and associated income statement amounts related to
properties owned by AMERCO and subject to synthetic lease agreements are not
included in the following presentation of financial information. Any and all
references to AMERCO's financial statements for the fiscal years ended March
31, 2001 and March 31, 2002, are to those financial statements as restated.

C.       HISTORIC FINANCIAL INFORMATION.

         The historic financial information set forth below includes the
following:

         (i)      Consolidated statements of operations for SAC Holding for the
fiscal years ended March 31, 2002 and March 31, 2003 and for the three-month
period ended June 30, 2003;

         (ii)     Consolidated balance sheets of SAC Holding as of March 31,
2002, March 31, 2003; and as of June 30, 2003.

         (iii)    The historic SAC Holding financial information should be read
in conjunction with the complete audited historical financial statements of
AMERCO, including associated notes. The SAC Holding financial statements set
forth herein present the operations of SAC Holding on a stand alone basis; such
basis differs from the presentation of SAC Holding as a consolidated entity in
the AMERCO audited historical financial statements.

                                    AP3 - 1

<PAGE>

                                   SAC HOLDING
                        HISTORIC STATEMENT OF OPERATIONS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                    Fiscal Year Ended March 31,
                                    ---------------------------      Three Months
      Income Statement                 2002             2003          30-Jun-03
- ---------------------------------------------------------------------------------
<S>                                 <C>             <C>              <C>
Rental Revenue                       $ 104.6         $  156.9         $   39.6
Net Sales                               24.4             48.8             14.9
- ---------------------------------------------------------------------------------
  Total Revenue                        129.0            205.7             54.5

Operating Expenses                      68.2            105.3             28.1
Cost of Sales                           12.2             21.4              6.6
Depreciation Expense                    12.1             17.9              4.9
- ---------------------------------------------------------------------------------
  Total Costs and Expenses              92.5            144.6             39.6

- ---------------------------------------------------------------------------------
  Earnings from Operations              36.5             61.1             14.9

Total Int. Exp.                         55.5             75.1             19.3
- ---------------------------------------------------------------------------------
  Pretax Earnings (Loss)               (19.1)           (13.9)            (4.5)

Income Tax (Expense) Benefit             5.4              3.7              0.5

- ---------------------------------------------------------------------------------
  Net Earnings (Loss)               ($  13.7)       ($   10.2)       ($    3.9)
=================================================================================

</TABLE>

                                    AP3 - 2
<PAGE>

                                   SAC HOLDING
                             HISTORIC BALANCE SHEET
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                       As of  March 31,         As of
                                                   -----------------------   ----------
              Balance Sheet                           2002         2003       30-Jun-03
- ---------------------------------------------------------------------------------------
<S>                                                <C>          <C>          <C>
Assets
   Cash and Equiv.                                 $      0.0   $      4.7   $      5.2
   Receivables                                              -            -            -
   Inventories, Net                                       3.3          4.0          4.3
   Prepaid Expenses                                       1.0          0.8          1.0
   Other Assets                                          21.6         24.6         57.3
- ---------------------------------------------------------------------------------------
     Short Terra Assets                                  25.9         34.1         67.8

Net PP&E                                                818.4        830.0        794.3

- ---------------------------------------------------------------------------------------
Total Assets                                       $    844.4   $    864.2   $    862.1
=======================================================================================

Liabilities
   Accounts Payable and Accrued Exp.               $     36.9   $     48.0   $     49.4
   SAC Holdings' notes and loans payable                839.3        861.0        860.5
   Deferred Income                                        5.1          5.6          4.8
   Deferred Income Taxes                                (14.9)       (19.9)       (20.8)
- ---------------------------------------------------------------------------------------
Total Liabilities                                       866.4        894.6        894.0

Minority Interest                                        11.3         11.8         12.6

Total Stockholders Equity                               (33.4)       (42.3)       (44.5)

- ---------------------------------------------------------------------------------------
Total Liabilities and Equity                       $    844.4   $    864.2   $    862.1
=======================================================================================
</TABLE>

                                    AP3 - 3

<PAGE>

                      (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 4

                  FINANCIAL PROJECTIONS - AMERCO (CONSOLIDATED)

                                 [SEE ATTACHED]
<PAGE>

                     (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 4

                         FINANCIAL PROJECTIONS - AMERCO

THESE FINANCIAL PROJECTIONS HAVE BEEN PREPARED BASED ON HISTORICAL PERFORMANCE
FOR FISCAL YEAR 2003. THESE PROJECTIONS DO NOT REFLECT ACTUAL FINANCIAL
PERFORMANCE FOR FISCAL YEAR 2004. FOR ADDITIONAL INFORMATION WHICH REFLECTS
ACTUAL RESULTS FOR FISCAL YEAR 2004, PLEASE CONSULT AMERCO'S MOST RECENT PUBLIC
FILINGS, INCLUDING THE FISCAL SECOND QUARTER RESULTS FOR 2004.

A.       INTRODUCTION.

         As a condition to confirmation of the Plan, the Bankruptcy Code
requires, among other things, that the Bankruptcy Court determine that
confirmation is not likely to be followed by the liquidation of, or the need for
further financial reorganization of, the Debtors. See "Voting on and
Confirmation of the Plan" - "Confirmation" and - "Feasibility". In connection
with the development of the Plan, and for purposes of determining whether the
Plan satisfies this feasibility standard, the Debtors' management analyzed the
ability of the Reorganized Debtors, together with the non-Debtor entities they
control, to meet their obligations under the Plan with sufficient liquidity and
capital resources to conduct their businesses.

         In this regard, the Debtors' management have prepared certain
projections of the Debtors' operating profit, free cash flow and certain other
items, on a Consolidated basis, for the four fiscal years ending March 31, 2007
(the "Projection Period"). Such projections are presented on a Consolidated
basis and reflect: (a) the economic, competitive and general business conditions
currently prevailing; (b) the terms of the Plan; and (c) various additional
assumptions, including those set forth below (the "Projections"). Although, as
of the date of the Disclosure Statement, such conditions have not materially
changed, any future changes in these conditions may materially impact the
Reorganized Debtors' ability to achieve the Projections.

         THE DEBTORS DO NOT, AS A MATTER OF COURSE, PUBLISH THEIR BUSINESS PLANS
AND STRATEGIES OR MAKE EXTERNAL PROJECTIONS OR FORECASTS OF THEIR ANTICIPATED
FINANCIAL POSITION OR RESULTS OF OPERATIONS. ACCORDINGLY, THE DEBTORS (INCLUDING
THE REORGANIZED DEBTORS) DO NOT ANTICIPATE THAT THEY WILL, AND DISCLAIM ANY
OBLIGATION TO, FURNISH UPDATED BUSINESS PLANS OR PROJECTIONS TO HOLDERS OF
CLAIMS OR INTERESTS OR OTHER SECURITY HOLDERS, PRIOR TO OR AFTER THE EFFECTIVE
DATE, OR TO INCLUDE SUCH INFORMATION IN DOCUMENTS REQUIRED TO BE FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR OTHER AGENCIES OR OTHERWISE TO MAKE SUCH
INFORMATION PUBLIC. NO PERSON SHOULD RELY ON THE CONTINUED ACCURACY OF ANY
PROJECTIONS OR FORECASTS CONTAINED HEREIN FOR THE PURPOSE OF TRADING IN ANY
SECURITIES OF THE DEBTORS OR THE REORGANIZED DEBTORS.

         The financial projections discussed in this section include
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21G of the Securities Exchange Act of 1934,
as amended. The Projections are based on, and assume the successful
implementation of, the Reorganized Debtors' business strategy. The Projections
reflect numerous assumptions, including various assumptions regarding the
anticipated future performance of the Reorganized Debtors, industry performance,
general business and economic conditions, competition in

                                    AP4 - 1

<PAGE>

the industry, complex tax issues and other matters, most of which are beyond the
control of the Debtors. Therefore, although the Projections are necessarily
presented with numerical specificity, the actual results of operations achieved
during the Projection Period may vary from projected results. These variations
may be material. Accordingly, no representation can be or is being made with
respect to the accuracy of the Projections or the ability of the Reorganized
Debtors to achieve the Projections. Although the Debtors believe that the
assumptions underlying the Projections, when considered on an overall basis, are
reasonable in light of current circumstances, no assurance can be or is being
given that the Projections will be realized. In deciding whether or not to
accept or reject the Plan, holders of Claims and Interests must make their own
determinations as to the reasonableness of such assumptions and the reliability
of the Projections. See "Risk Factors" for a discussion of certain factors that
may affect the future financial performance of the Reorganized Debtors and of
various risks associated with the Plan.

         The Projections should be read in conjunction with the assumptions,
qualifications and explanations set forth herein and AMERCO's publicly filed
audited financial statements, including associated notes.

         The projections were not prepared with a view towards complying with
the guidelines for prospective financial statements published by the American
Institute of Certified Public Accountants. The Debtors' independent accountant
has neither compiled nor examined the accompanying prospective financial
information to determine the reasonableness thereof and, accordingly, has not
expressed an opinion or any other form of assurance with respect thereto.

B.       BASIS OF FINANCIAL PRESENTATION.

         The historic financial information of the Debtors is presented on the
following consolidated basis ("Consolidated"), as follows:

         (i)      The financial results of AMERCO, AREC and U-Haul are
Consolidated and reflect the elimination of all significant inter-company items;

         (ii)     The financial results of SAC Holding are included to the
extent of: (a) interest income earned on the SAC Holding Notes owned by the
Debtors or their Subsidiaries; (b) management fees earned by the Debtors or
their Subsidiaries related to properties they manage that are owned by SAC
Holding; and (c) the Debtors' investment accounts in and accounts receivable due
from SAC Holding. The Debtors do not hold equity ownership positions in SAC
Holding. SAC Holding's debt obligations are: (i) not legal obligations of the
Debtors; (ii) without recourse to the Debtors; and (iii) contain no cross-
default provisions with respect to the Debtors' indebtedness;

         (iii)    The financial results of Oxford and RepWest are treated as
unconsolidated investments, accounted for under the equity method of accounting,
and as such their financial results are included to the extent of: (a) the
pre-tax income earned by Oxford and RepWest; and (b) the after-tax earnings
from Oxford and RepWest which serve to increase the Debtors' investment account
in their unconsolidated Subsidiaries; and

         (iv)     Any and all references to AMERCO's financial statements for
the fiscal years ended March 31, 2001 and March 31,2002, are to those financial
statements as recently restated.

C.       PRINCIPAL ASSUMPTIONS FOR THE PROJECTIONS.

         The Projections include a number of fundamental underlying assumptions,
including the following:

                                    AP4 - 2

<PAGE>

         (i)      The Debtors emerge from Chapter 11 bankruptcy protection on
January 31, 2004 (the "Effective Date"), to form the Reorganized Debtors, with
Allowed Claims treated in accordance with the treatment provided for in the
Plan;

         (ii)     Properties subject to the Citibank Master Lease and the BMO
Master Lease are assumed and Restated in accordance with the alternative
treatment of Class 3 and Class 4 claims, respectively;

         (iii)    The Debtors close a $550 million Exit Financing Facility,
obtained from a lending syndicate led by Wells Fargo Foothill, Inc., on the
Effective Date. The Exit Financing Facility bears annual interest at a variable
rate equivalent to LIBOR plus 400 basis points and is subject to the terms and
conditions set forth in the Exit Financing Facility Commitment Letter;

         (iv)     The Debtors raise $30 million of the Term B Loan Notes from
third party institution(s) on the Effective Date. The aggregate amount of the
Term B Loan Notes is $200 million, inclusive of the $30 million raised from
third party institution(s). The Term Loan B Notes bear annual interest at a
fixed rate equivalent to 9.00%;

         (v)      Certain tax benefits and attributes will be available and used
to off-set taxable income;

         (vi)     The Reorganized Debtors have sufficient capital resources to
implement the business strategy underlying the Projections;

         (vii)    Rental equipment currently subject to operating leases are
assumed with no alteration of existing contractual terms; and

         (viii)   SAC Holding issues $200 million of SAC Holding Senior Notes to
AMERCO general unsecured creditors.

D.       THE PROJECTIONS.

         The projected Consolidated financial information of the Debtors set
forth below has been prepared based on the assumption that the Effective Date is
January 31, 2004. Although the Debtors presently intend to cause the Effective
Date to occur as soon as practicable, there can be no assurance as to when the
Effective Date will actually occur.

         The projected Consolidated statements of operations for the Debtors set
forth below presents the Consolidated results of operations as follows: (i) for
the Debtors, actual results for the fiscal year ended March 31, 2003 and
projected results for the ten month period ending January 31, 2004; and (ii) for
the Reorganized Debtors, projected results for the two month period ending March
31, 2004 and for each subsequent fiscal year in the Projection Period. The
projected Consolidated statements of operations for the fiscal years ending
March 31, 2004 through 2007 are based on the actual results for the fiscal year
ended March 31, 2003 and are adjusted for assumptions that impact, among other
things, pricing, utilization and changes in certain expenses.

         The pro forma Consolidated balance sheet for the Debtors as of January
31, 2004, set forth below, presents the following: (i) the projected
Consolidated financial position of the Debtors prior to the Effective Date of
the Plan; (ii) the adjustments to such Consolidated financial position required
to reflect the implementation of the Plan and consummation of the financing
transactions contemplated by the Plan; and (iii) the projected Consolidated
financial position of the Debtors, after giving effect to the reorganization and
financing transactions adjustments. The adjustments set forth in the columns
bearing the heading "Plan Adjustments" reflect the assumed effect of
implementations of the Plan and the

                                    AP4 - 3

<PAGE>

consummation of the financing transactions contemplated by the Plan, including
the settlement of various liabilities and related issuance of securities, cash
payments and borrowings. The adjustments are described in greater detail in the
notes that follow the pro-forma Consolidated balance sheet. The projected
Consolidated balance sheets for the fiscal years ending March 31, 2004 through
2007 are based on actual results for the fiscal year ended March 31, 2003, and
are adjusted for assumptions that impact, among other things, the level of
capital expenditures and working capital investments.

         The projected Consolidated statements of cash flows for the Debtors set
forth below presents the Consolidated cash flows as follows: (i) for the
Debtors, projected cash flows for the ten month period ended January 31, 2003;
and (ii) for the Reorganized Debtors, projected cash flows for the two month
period ending March 31, 2004 and for each subsequent fiscal year in the
Projection Period.

E.       REVENUE PROJECTIONS.

         Revenue growth assumptions have been developed for the major lines of
business of the Reorganized Debtors. Revenue growth assumptions were developed
through a detailed budgeting approach, taking into account individual business
strategies, historical trends and general economic and industry conditions.
Overall revenue is expected to grow at a rate consistent with historic
performance, after adjusting historic results for the sale of select assets to
SAC Holdings.

(i)      Rental Revenue:

U-Move Revenue.

         This category includes revenue generated from renting (on a one-way and
in-town basis) trucks, trailers and other supporting rental items ("SRI"),
including tow dollies and auto transports. U-Move truck rental revenue is
projected to increase as a result of the following: (i) the leasing by the
Debtors of new box trucks under their fleet rotation program, which are rented
to customers, as new trucks have historically earned higher gross revenue per
unit ("GRPU") compared to the average for the existing fleet; and (ii)
improvements with respect to the pricing and utilization of the existing,
retained fleet. The Debtors plan the sale of select, old box trucks in an
aggregate number approximately equal to the number of new box trucks leased, as
old box trucks typically realize lower than average GRPU. Revenue growth
associated with (i) and (ii) are expected to more than off-set the losses in
revenue associated with the sale of select box trucks. U-Move trailer and SRI
rental revenue is projected to increase as a result of the following: (i) the
purchase of new trailers and SRI equipment and resulting increase in the size of
the trailer and SRI fleets; (ii) improvements in the number of transactions and
utilization executed by the trailer and SRI fleets; and (iii) improvements in
pricing. All assumptions underlying the projections are consistent with historic
experience, industry trends and the Debtors' current and expected market
position.

U-Store Revenue.

         This category includes revenue generated from owned self-storage
facilities, management fees earned (based on revenue managed) from the
management of non-owned self-storage properties and other rental revenue
received on U-Haul owned properties leased to dealers. U-Store revenue is
projected to increase as a result of the following: (i) increases in occupancy
rates and pricing at owned self-storage facilities; and (ii) growth in
management fees earned as a result of the growth in projected revenue at non-
owned self-storage properties.

Other Revenue.

                                    AP4 - 4

<PAGE>

         This category includes revenue associated with commissions earned on
the sale of select retail sales items to the dealer network, service / cleaning
fee income, sale of rebuilt parts and other miscellaneous income.

(ii)     Retail Sales Revenue.

         This category includes revenue generated from the retail sale of moving
and storage supplies, including: (i) hitches; (ii) propane; and (iii) boxes,
rope and sealing tape (collectively, "SSI"). Retail sales revenue is expected to
increase due to general growth in the U-Move and U-Store businesses, which drive
retail sales revenue, and improvements in product mix and customer service.

(iii)    Interest Income

         This category is comprised principally of revenue generated from
interest income earnings from the Restated SAC Holding Notes owned by the
Debtors. Projected interest income from the Restated SAC Holding Notes is based
on the expected financial performance, net operating income and free cash flow
(after senior secured and senior unsecured debt service) of SAC Holding.

F.       EXPENSE PROJECTIONS.

         Expense growth assumptions have been developed for the major
expenditures of the Reorganized Debtors. Expense growth assumptions were
developed through a detailed budgeting approach, taking into account historical
trends, the level of projected revenue growth and contractual obligations.
Overall, expenses are expected to grow as the Debtors increase expenditures due
to inflation and in order to support projected revenue growth.

(i)      Commission Expense.

         This category includes commissions paid to members of the Debtors'
non-owned distributor network related to the rental of moving equipment (i.e.,
trucks and trailers). Commission expense is projected to grow due to the
expected increase in U-Move revenue. Commission expense as a percentage of
U-Move sales is projected at a constant rate of 13% of U-Move revenue, which is
consistent with recent financial results.

(ii)     Cost of Retail Sales.

         This category includes the cost of materials related to retail sales
items, non-inclusive of labor cost allocations. Cost of retail sales, for each
main category (i.e., hitches, propane and SSI), is projected as a fixed percent
of retail sales based on historic experience and expectations with regard to
sales mix within each main category.

(iii)    Other Operating Expense.

Insurance Expense.

         This category includes expenses incurred by the Debtors that are
covered under high deductible insurance policies written by RepWest. Insurance
expense includes, among other things, expenses related to: (i) the accrual of
claims, incurred but not reported claims and legal fees as estimated by
actuaries; (ii) premiums on excess insurance policies written by third party
insurers; (iii) claims administration fees; and (iv) minimum financial
responsibility policy fees. Insurance expense projections rely on actuarial

                                    AP4 - 5

<PAGE>

determined accruals and historic experience with respect to other expense
amounts, as adjusted to reflect the assumed growth in the number of U-Move
rental transactions and insurance cost inflation.

Other Operating Expense.

         This category includes personnel, rental equipment maintenance and
other operating expenses. Personnel expense consists of amounts paid in the form
of wages and benefits for employees. Personnel expense is projected to grow
based on historic experience after factoring in expectations with respect to the
achievement of operating leverage. Rental equipment maintenance expense is
primarily related to repair and maintenance costs on the U-Move truck fleet.
Rental equipment maintenance expense is projected based on a historic baseline
and adjusted to reflect assumptions, based on historic experience, with respect
to the average miles driven and maintenance costs per mile driven for newly
leased trucks, sold trucks and retained trucks. Other operating expense also
includes selling, general, administrative and other costs. Selling, general,
administrative and other costs are projected to increase based on historic
experience and expectations of revenue growth.

Restructuring Expense.

         This category includes the payment of professional fees, including
legal counsel and financial advisors, to the Debtors and the Creditors'
Committee, the Equity Committee, the Pre-Petition Lenders and the AREC
Noteholders. Restructuring expenses are projected based on historic results
adjusted for expectation with respect to the length of the Bankruptcy process.

(iv)     Rental Equipment Lease Expense.

         This category includes rental equipment lease expense associated with
the Debtors' existing and new operating leases. Existing operating leases are
expected to be assumed with no alteration of contractual terms; thus rental
equipment lease expense under existing leases is projected based on the
contractual requirements under each lease. The Debtors are expected to enter
into new operating lease arrangements to fund the acquisition of new rental
trucks and trailers. Projected rental equipment lease expense under new
operating leases is based on the following: (i) expectations with respect to the
value of new truck and trailer equipment leased annually, which is based on the
Debtors' projected fleet rotation program; and (ii) the expected terms of the
leases executed, which is based on historic experience.

(v)      Rental Costs Land and Buildings.

         This category includes rental expense related to the properties subject
to the BMO Master Lease and Citibank Master Lease. The BMO Master Lease and
Citibank Master Lease rental costs are projected based on the terms of the
Restated BMO Master Lease and Restated Citibank Master Lease, as follows: (i)
the amount owed under the respective lease agreements is estimated by adjusting
current balances outstanding for payments contemplated to be paid under the Plan
of $5.1 million and $3.5 million for the BMO Master Lease and Citibank Master
Lease, respectively; (ii) the estimated amount owed under the respective leases
is then incorporated into a lease schedule that calculates the rent expense
associated with each lease agreement after considering the treatment provided
for under the Plan; such treatment is as follows: seven year extension to
existing lease term, 7.5% weighted average interest rate and 30 year
amortization.

         To the extent that the Debtors execute the Carey Sale Transaction, the
effect would be to reduce projected rental costs land and buildings by the
amount of the rent associated with the Restated BMO Master Lease and Restated
Citibank Master Lease. However, the positive impact on operating profits
associated with the aforementioned expense reduction would be off-set, nearly
equivalently, by a

                                    AP4 - 6

<PAGE>

reduction in operating profits associated with the sale of the properties
subject to the BMO Master Lease and Citibank Master Lease. Therefore it is
projected that there are no material changes to projected operating profits as a
result of the treatment of the BMO Master Lease and Citibank Master Lease under
the alternative scenarios outlined above.

         Rental Costs Land and Buildings also includes rent payments related to
other rental arrangements, including intercompany payments, which are projected
to grow slightly from historic levels after adjusting historic results for the
conclusion of the Royal Bank of Canada lease agreement.

                                    AP4 - 7

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
            PROJECTED "CONSOLIDATED" RENTAL COSTS LAND AND BUILDINGS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                     AMERCO and AREC                 Reorganized AMERCO and AREC
                                                 ----------------------    -------------------------------------------------
                                                   Twelve        Ten          Two         Twelve       Twelve      Twelve
                                                   Months       Months       Months       Months       Months      Months
      Rental Costs Land and Buildings            31-Mar-03    31-Jan-04    31-Mar-04    31-Mar-05    31-Mar-06    31-Mar-O7
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                              <C>          <C>          <C>          <C>          <C>          <C>
BMO Master Lease                                 $     8.1    $     5.0    $     2.0    $    12.0    $    12.0    $    12.0
Citibank Master Lease                                  6.2          4.0          1.4          8.2          8.2          8.2
Other Rental Costs                                    18.8         16.1          3.2         17.9         18.4         18.9
- ---------------------------------------------------------------------------------------------------------------------------
   Total Rental Costs Land and Buildings         $    33.1    $    25.1    $     6.6    $    38.1    $    38.6    $    39.1

===========================================================================================================================
</TABLE>

(vi)     Depreciation and Amortization.

         This category includes depreciation expense associated with owned fixed
assets, principally the truck and trailer rental fleet. Depreciation expense
projections assume that rental equipment subject to operating leases are
purchased at the conclusion of the lease term and accounted for as owned
equipment thereafter. The owned rental fleet is assumed to be depreciated over
its useful life to an average estimated salvage value at disposition of 15%
using the straight-line method of depreciation. Depreciation expense is also
projected based on assumptions with respect to the following: (i) the
acquisition of new pick-up trucks and vans which are depreciated based on a five
year useful life using the straight-line method of depreciation until sold; (ii)
the capitalization and depreciation of truck fleet betterments based on a four
year useful life using the straight-line method of depreciation; and (iii) the
depreciation of purchased trailer and other rental equipment and furniture and
fixtures over their useful lives using the straight-line method of depreciation.

(vii)    Gain / (Loss) on PP&E Dispositions.

         This category includes the book gain / (loss) incurred due to the sale
of rental equipment, including pickups, vans and box trucks, in the normal
course of the Debtors' fleet rotation program. Gain / (loss) on PP&E
dispositions is projected based on assumptions (derived from historic
experience) related to the type and number of vehicles sold and the proceeds
realized from such sales.

(viii)   Pre-Tax Earnings / (Loss) - Insurance Subsidiaries.

         This category includes the pre-tax earnings / loss of RepWest and
Oxford which is projected based on the expected financial performance of
RepWest and Oxford. With respect to RepWest, pre-tax earnings are expected to
improve as the projected decline in revenue is more than off-set by the
projected decline in expenses. With respect to Oxford, pre-tax earnings are
expected to improve as the projected increase in revenue off-sets the projected
increase in expenses.

                                    AP4 - 8

<PAGE>

(ix)     Income Tax Expense.

         This category includes income taxes related to federal and state income
taxes. A blended, effective income tax rate of 36% is assumed in calculating
income tax expense.

(x)      Dividends to Preferred Stockholders.

         This category includes dividends to the holders of existing Series A
8.50% preferred stock which are projected based on the stated dividend rate.

G.       ASSET PROJECTIONS.

(i)      Cash.

         Cash balances are based on the March 31, 2003 beginning balance
adjusted for the sources and uses of cash.

(ii)     Accounts Receivable.

         Accounts receivable, which include trade receivables from customers and
dealers and credit card receivables, is projected to change based on assumed
U-Move, U-Store and retail sales revenue and historic collection rates.

(iii)    Inventory.

         Inventory consists of truck and trailer parts and accessories, hitches
and towing components and moving supplies. Inventory is projected to change
based on an assumed level of inventory turnover consistent with historic
experience.

(iv)     Prepaid and Other Current Assets.

         Prepaid and other current assets include prepaid items as well as
receivables owed to the Debtors by SAC Holding. All such amounts are not
expected to fluctuate materially.

(v)      PP&E. Net.

         PP&E, net, reflects the book value, net of accumulated depreciation, of
owned real property, including among other things, owned rental equipment and
associated capitalized maintenance expense, real estate, and furniture and
fixtures. PP&E, net, is project to change based on the expected level of capital
expenditures, net of disposition, and off-set by projected depreciation expense.
Capital expenditures, net of disposition, during the fiscal years ending March
31, 2004 through March 31, 2007, is projected to be $141.4 million, $136.3
million, $198.0 million and $145.7 million, respectively.

(vi)     Investments in Unconsolidated Subsidiaries.

         Investment in unconsolidated Subsidiaries, which represent investments
in RepWest and Oxford, is projected to increase based on the pre-tax earnings
of RepWest and Oxford, taxed at an assumed blended, effective income tax rate of
36%. No dividends are assumed to flow from RepWest or Oxford to the Reorganized
Debtors.

                                    AP4 - 9
<PAGE>

(vii)    SAC Holding Notes and LT Receivables.

         SAC Holding Notes and LT receivables, which are comprised mainly of the
Restated SAC Holding Notes owned by the Debtors, are projected to change based
on the expected level of interest expense accrued but not paid related to the
SAC Holding Notes.

(viii)   Other Assets.

         Other assets include a receivable owed to the Debtors from PMSR arising
from the Debtors' non- enforced support party agreement with respect to PMSR
indebtedness, which is not expected to fluctuate materially. Other assets are
also comprised of deferred financing costs, including arrangement and closing
fees and legal and other expenses projected to be paid in connection with the
closing of the Exit Financing Facility and the Term Loan B offering. Deferred
financing costs are projected to amortize on a straight-line basis over the term
of the Exit Financing Facility and Term Loan B offering.

H.       LIABILITY PROJECTIONS.

(i)      Accounts Payable.

         Accounts payable is comprised of mainly vendor payables and is
projected to change based on assumed operating expenses (non-inclusive of
depreciation and amortization and lease expense) and historic vendor terms and
payment frequency.

(ii)     Accrued Expenses and Other Current Liabilities.

         Accrued expenses and other current liabilities include accrued employee
expenses, accrued commissions payable, accrued dividends, accrued interest
payable and other accrued expenses, all of which are not expected to fluctuate
materially. Accrued expenses and other current liabilities also include
insurance reserves. Insurance reserves represent the actuarial estimates with
respect to the liquidated and non-liquidated insurance claims owed by the
Debtors to RepWest. Insurance reserves are projected to change based on
actuarial estimates and historic experience with respect to the timing of cash
payments on insurance claims.

(iii)    Total Debt.

         Total debt is comprised of the securities issued pursuant to the Plan.
Total debt fluctuates based on the mandatory and optional payment and the
required drawdown of the Exit Financing Facility.

(iv)     Other Long Term Liabilities.

PMSR Support Party Agreement Contingent Obligation

         PMSR Support Agreement contingent obligations are comprised of
obligations under the terms of the PMSR Support Agreement entered into by the
Debtors in February of 2003 on behalf of PMSR that could require, following
certain events of default, the Debtors to assume responsibility for $70 million
of PMSR's obligations under the existing $225,000,000 PMSR Facility. PMSR
Support Agreement contingent obligations are not expected to fluctuate nor are
any monies expected to be actually assumed or paid by the Debtors under the PMSR
Support Agreement contingent obligation.

                                    AP4 - 10

<PAGE>

Long-Term Deferred Credits

         Long-term deferred credits, which are comprised of deferred gains on
sale-lease back transactions related to TRAC leas financings, is not expected to
fluctuate materially.

(v)      Long-Term Deferred Taxes.

         Long-term deferred taxes represent deferred tax liabilities as off-set
by deferred tax assets. It is assumed that the Reorganized Debtors will realize
the benefits of net operation losses and other tax attributes, as legally
limited by the alternative minimum tax, etc.

I.       SHAREHOLDERS' EQUITY PROJECTIONS.

(i)      Preferred Stock.

         It is assumed that dividends are paid in cash with respect to the
existing Series A 8.50% preferred stock beginning on March 1, 2004.

(ii)     Common Equity.

         Common equity is projected to change to reflect the net income to
common shareholders.

J.       OFF-BALANCE SHEET FINANCING - RESTATED BMO MASTER LEASE AND CITIBANK
MASTER LEASE.

         Based on the current interpretation of standards under the Financial
Accounting Standards Board, the Debtors' synthetic leases are assumed to remain
off-balance sheet; thus, obligations resulting from the Restated BMO Master
Lease and the Restated Citibank Master Lease are not reflected in the projected
balance sheets. Lease expense related to such obligations, however, is projected
as part of rental costs land and buildings.

                                    AP4 - 11

<PAGE>

                            REORGANIZED AMERCO & AREC
               PROJECTED PRO FORMA "CONSOLIDATED" BALANCE SHEET
                                 JANUARY 31,2004
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                                            Plan Adjustments
                                                      Projected       ----------------------------       Reorganized
                                                   Pre-Confirmation    Financing        Settlement      Balance Sheet
                 Balance Sheet                         31-Jan-04      Transactions       of Claims        31-Jan-04
- ---------------------------------------------------------------------------------------------------------------------
<S>                                                <C>                <C>            <C>                <C>
Assets
Cash                                                  $     91.5                     ($      66.5)(a)     $     25.0
Accounts Receivable                                         32.2                                                32.2
Inventories                                                 56.8                                                56.8
Prepaid and Other Current Assets                            62.8                                                62.8
- --------------------------------------------------------------------------------------------------------------------
              Total Current Assets                    $    243.3       $      0.0    ($      66.5)        $    176.8

PP&E, Net                                             $  1,287.1                                          $  1,287.1
Investments in Unconsolidated Subsidiaries                 311.6                                               311.6
SAC Holdings Notes and Other LT Receivables                401.9                           (200.0)(c)          201.9
Other Assets                                               155.5             27.4(b)                           182.9
- --------------------------------------------------------------------------------------------------------------------
              Total Assets                            $  2,399.3       $     27.4    ($     266.5)        $  2,160.2

Liabilities and Shareholders' Equity
Accounts Payable                                      $     39.6                                          $     39.6
Accrued Expenses & Other Current Liabilities               460.8                            (23.5)(d)          437.3
- --------------------------------------------------------------------------------------------------------------------
              Total Current Liabilities               $    500.4       $      0.0    ($      23.5)        $    476.9

Total Debt                                            $  1,103.1       $    837.6(e) ($   1,045.8)(f)     $    894.9
Other Long-Term Liabilities                                 94.1                                                94.1
Long-Term Deferred Taxes                                   141.0                             (2.7)(g)          138.3
- --------------------------------------------------------------------------------------------------------------------
              Total Liabilities                       $  1,838.6       $    837.6    ($   1,071.9)        $  1,604.3

Shareholders' Equity                                       560.6                             (4.7)(g)          555.9
- --------------------------------------------------------------------------------------------------------------------
              Total Liabilities and
                 Shareholders' Equity                 $  2,399.3       $    837.6    ($   1,076.7)        $  2,160.2

====================================================================================================================
</TABLE>

(a)      Reflects the settlement of claims in connection with the Plan through
         the disbursement of excess cash expected to be on hand at the Effective
         Date.

(b)      Reflects the capitalization of arrangement and closing fees and legal
         and other expenses projected to be paid in connection with the closing
         of the Exit Financing Facility and the New Term Loan B Note offering
         and payments made in connection with the treatment of Class 3 and Class
         4 Claims in accordance with the Plan.

(c)      Reflects the issuance of the non-recourse SAC Holding Senior Notes in
         connection with the Plan.

(d)      Reflects the payment of certain accrued obligations.

                                    AP4 - 12

<PAGE>

(e)      Reflects the issuance of new debt, to existing and new investors, as
         provided for in the Plan, including the Exit Financing Facility, New
         Term Loan B Note offering and New AMERCO Notes.

(f)      Reflects the settlement, in accordance with the provisions for
         treatment of claims and interests as described in the Plan, of the
         following claims: the DIP Facility Claim, the AREC Note Claims, the
         JPMorgan Claims, the AMERCO Unsecured Claims and the Oxford Claim.

(g)      Reflects the impact on equity and long-term deferred taxes, on a tax
         adjusted basis, of restructuring payments expected to be paid at the
         Effective Date.

                                    AP4 - 13

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                    PROJECTED CAPITALIZED COSTS AND PAYMENTS
                                 ($ IN MILLIONS)

<TABLE>
<S>                                                   <C>
- ----------------------------------------------------------------
Fees Related to New Financing                         $     14.2
Financing Expenses (Legal and Other)                         4.6
Payments to Class 3 and Class 4 Claimants                    8.6
- ----------------------------------------------------------------
   Total Financing
Costs                                                 $     27.4
- ----------------------------------------------------------------
</TABLE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                        PROJECTED RESTRUCTURING PAYMENTS
                                 ($ IN MILLIONS)

<TABLE>
<S>                                                   <C>
- ----------------------------------------------------------------
Debtor Advisor Success Fee                            $      4.9
Creditor Advisors Success Fees                               2.5
- ----------------------------------------------------------------
  Total Restructuring Payments                        $      7.4
- ----------------------------------------------------------------
</TABLE>

                                    AP4 - 14

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                     PROJECTED "CONSOLIDATED" BALANCE SHEETS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                               AMERCO and AREC                         Reorganized AMERCO and AREC
                                           -----------------------   ---------------------------------------------------------------
            Balance Sheet                   31-Mar-03    31-Jan-04    31-Jan-04    31-Mar-04    31-Mar-05    31-Mar-06    31-Mar-07
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>          <C>          <C>          <C>          <C>          <C>          <C>
Assets
Cash                                       $     48.7   $     91.5   $     25.0   $     25.0   $     25.0   $     25.0   $     25.0
Accounts Receivable                              20.4         32.2         32.2         37.7         43.4         42.8         44.6
Inventories                                      49.2         56.8         56.8         71.3         67.7         74.9         77.7
Prepaid and Other Current Assets                 62.8         62.8         62.8         62.8         62.8         62.8         62.8
- -----------------------------------------------------------------------------------------------------------------------------------
            Total Current Assets           $    181.2   $    243.3   $    176.8   $    196.8   $    199.0   $    205.5   $    210.1

PP&E, Net                                  $  1,242.1   $  1,287.1   $  1,287.1   $  1,275.9   $  1,305.3   $  1,391.7   $  1,425.4
Investments in Unconsolidated
    Subsidiaries                                310.2        311.6        311.6        311.9        317.1        322.8        329.4
SAC Holdings Notes and
     Other LT Receivables                       396.4        401.9        201.9        202.9        206.6        208.6        209.2
Other Assets                                    155.5        155.5        182.9        182.2        178.5        174.7        171.0
- -----------------------------------------------------------------------------------------------------------------------------------
            Total Assets                   $  2,285.4   $  2,399.3   $  2,160.2   $  2,169.9   $  2,206.4   $  2,303.4   $  2,345.1

Liabilities and Shareholders' Equity
Accounts Payable                           $     29.8   $     39.6   $     39.6   $     41.3   $     48.2   $     48.4   $     50.0
Accrued Expenses &
     Other Current Liabilities                  463.6        460.8        437.3        438.7        446.2        452.4        458.8
- -----------------------------------------------------------------------------------------------------------------------------------
            Total Current Liabilities      $    493.4   $    500.4   $    476.9   $    480.0   $    494.4   $    500.8   $    508.8

Total Debt                                 $  1,053.8   $  1,103.1   $    894.9   $    919.1   $    874.5   $    873.2   $    802.9
Other Long-Term Liabilities                      94.1         94.1         94.1         94.1         94.1         94.1         94.1
Long-Term Deferred Taxes                        117.9        141.0        138.3        132.3        154.8        182.9        208.7
- -----------------------------------------------------------------------------------------------------------------------------------
            Total Liabilities              $  1,759.2   $  1,838.6   $  1,604.3   $  1,625.5   $  1,617.9   $  1,651.1   $  1,614.5

Shareholders' Equity                            526.2        560.6        555.9        544.3        588.6        652.3        730.6
- -----------------------------------------------------------------------------------------------------------------------------------
            Total Liabilities and
                Shareholders' Equity       $  2,285.4   $  2,399.3   $  2,160.2   $  2,169.9   $  2,206.4   $  2,303.4   $  2,345.1
===================================================================================================================================
</TABLE>

                                    AP4 - 15

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                       PROJECTED "CONSOLIDATED" LIQUIDITY
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                                          Reorganized AMERCO and AREC
                                                        --------------------------------------------------------------
                    Liquidity                            31-Jan-04    31-Mar-04    31-Mar-05    31-Mar-06    31-Mar-07
- ----------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>          <C>          <C>          <C>          <C>
Cash                                                    $     25.0   $     25.0   $     25.0   $     25.0   $     25.0
Maximum Draw on Revolving Credit Facility               $    200.0   $    200.0   $    200.0   $    200.0   $    200.0
Borrowing Under Revolving Credit Facility                    143.1        167.9        126.8        129.0         62.1
- ----------------------------------------------------------------------------------------------------------------------
   Availability Under Revolving Credit Facility         $     56.9   $     32.1   $     73.2   $     71.0   $    137.9

Total Liquidity (Cash + Revolver Available)             $     81.9   $     57.1   $     98.2   $     96.0   $    162.9
======================================================================================================================
</TABLE>

                                    AP4 - 16

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                PROJECTED "CONSOLIDATED" STATEMENT OF OPERATIONS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                               AMERCO and AREC                    Reorganized AMERCO and AREC
                                           -----------------------     -------------------------------------------------
                                             Twelve        Ten             Two        Twelve       Twelve       Twelve
                                             Months       Months          Months      Months       Months       Months
         Income Statement                   31-Mar-03    31-Jan-04      31-Mar-04    31-Mar-05    31-Mar-06    31-Mar-07
- ------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>          <C>            <C>          <C>          <C>          <C>
Revenue
   Rental Revenue                          $  1,435.3   $  1,276.5     $    212.5   $  1,562.1   $  1,629.7   $  1,700.5
   Retail Sales                                 177.8        159.2           27.0        193.5        201.1        208.9
   Interest Income                               41.2         34.8            3.2         22.7         25.2         28.0
   Commission Expense                          (166.4)      (150.0)         (24.5)      (183.0)      (191.1)      (199.6)
- ------------------------------------------------------------------------------------------------------------------------
     Net Revenue                           $  1,487.9   $  1,320.5     $    218.2   $  1,595.4   $  1,664.9   $  1,737.9

Cost of Retail Sales                       $     97.3   $     89.4     $     15.2   $    108.4   $    112.4   $    116.6
Other Operating Expenses                      1,007.7        882.5          159.7      1,058.7      1,103.3      1,145.0
Rental Equipment Lease Expense                  147.1        106.8           21.4        127.6        113.9        116.5
Rental Costs Land and Buildings                  33.1         25.1(a)         6.6         38.1         38.6         39.1
Depreciation & Amortization                     128.5         85.8           17.6        102.8        107.5        107.8
(Gain) / Loss PP&E Dispositions                 (10.5)         3.4            0.7          4.1          4.1          4.1
- ------------------------------------------------------------------------------------------------------------------------
   Earnings from Operations                $     84.8   $    127.5    ($      3.0)  $    155.6   $    185.1   $    208.8

Pre-Tax (Earnings) / Loss -
     Insurance Subs                        $      6.2  ($      2.2)   ($      0.5) ($      8.1) ($      8.9) ($     10.2)
Net Interest Expense                            102.9         59.0           12.2         74.3         74.1         76.4
- ------------------------------------------------------------------------------------------------------------------------
   Pre-Tax Net Income                     ($     24.3)  $     70.7    ($     14.7)  $     89.5   $    119.9   $    142.6
Income Tax Expense                               (7.1)        25.4           (5.3)        32.2         43.2         51.3
- ------------------------------------------------------------------------------------------------------------------------
   Net Income                             ($     17.3)  $     45.2    ($      9.4)  $     57.3   $     76.7   $     91.3
Dividends to Preferred Stockholders        $     13.0         10.8            2.2         13.0         13.0         13.0
- ------------------------------------------------------------------------------------------------------------------------
   Net Income Available to
      Common Stockholders                 ($     30.2)  $     34.4    ($     11.6)  $     44.3   $     63.7   $     78.3
========================================================================================================================
</TABLE>

                                    AP4 - 17

<PAGE>

(a)  To the extent that the Debtors execute the Carey Sale Transaction, the
     effect would be to reduce projected rental costs land and buildings by the
     amount of the rent associated with the Restated BMO Master Lease and
     Restated Citibank Master Lease. However, the positive impact on operating
     profits associated with the aforementioned expense reduction would be
     off-set, nearly equivalently, by a reduction in operating profits
     associated with the sale of the properties subject to the BMO Master Lease
     and Citibank Master Lease. Therefore, it is projected that there is no
     material change to project operating profit as a result of the treatment of
     the BMO Master Lease and Citibank Master Lease under the alternative
     scenarios outlined above.

     The Debtors measure operating results using earnings from operations
adjusted to add-back depreciation and amortization and to exclude a
restructuring expenses and certain unusual and non-recurring items.

                                    AP4 - 18

<PAGE>

                 AMERCO & AREC AND REORGANIZED AMERCO & AREC
                   PROJECTED "CONSOLIDATED" ADJUSTED EBITDA
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                               AMERCO and AREC                    Reorganized AMERCO and AREC
                                           -----------------------    --------------------------------------------------
                                             Twelve         Ten           Two          Twelve      Twelve       Twelve
                                             Months        Months        Months        Months      Months       Months
  Adjusted EBITDA Calculation               31-Mar-03    31-Jan-04      31-Mar-04    31-Mar-05    31-Mar-06    31-Mar-07
- ------------------------------------------------------------------------------------------------------------------------
<S>                                        <C>          <C>           <C>           <C>          <C>          <C>
Earnings from Operations                   $     84.8   $    127.5    ($      3.0)  $    155.6   $    185.1   $    208.8
Depreciation and Amortization                   128.5         85.8           17.6        102.8        107.5        107.8
- ------------------------------------------------------------------------------------------------------------------------
   EBITDA                                  $    213.3   $    213.3     $     14.6   $    258.4   $    292.6   $    316.6
Restructuring Expenses /
    Other Non-Recurring Items                    26.3         21.0(a)         0.0          0.0          0.0          0.0
- ------------------------------------------------------------------------------------------------------------------------
   Adjusted EBITDA                         $    239.5   $    234.3     $     14.6   $    258.4   $    292.6   $    316.6
========================================================================================================================
</TABLE>

(b) Restructuring Expenses / Other Non-Recurring Items include the following:
    $21.0 million of expenses related to restructuring professionals.

                                    AP4 - 19

<PAGE>

                   AMERCO & AREC AND REORGANIZED AMERCO & AREC
                PROJECTED "CONSOLIDATED" STATEMENT OF CASH FLOWS
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                        AMERCO
                                                       and AREC                  Reorganized AMERCO and AREC
                                                      ----------   -------------------------------------------------------
                                                                                                     Twelve      Twelve
                                                         Ten            Two          Twelve          Months      Months
                                                        Months         Months        Months          31-Mar-     31-Mar-
         Statement of Cash Flow                        31-Jan-04     31-Mar-04      31-Mar-05          06           07
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                   <C>           <C>           <C>              <C>          <C>
Net Income Available to Common
Stockholders                                          $     34.4   ($     11.6)   $       44.3     $     63.7   $     78.3
Depreciation and Amortization                               85.8          17.6           102.8          107.5        107.8
(Gain) / Loss on Equipment Dispositions                      3.4           0.7             4.1            4.1          4.1
Changes in Working Capital                                  37.0         (16.9)           12.2           (0.1)         3.4
Change in Other Assets                                       0.0           0.6             3.8            3.8          3.8
Change in Long-Term Deferred Taxes                          23.1          (6.1)           22.5           28.2         25.8
- --------------------------------------------------------------------------------------------------------------------------
   Cash Flow from Operating Activities                $    183.7   ($     15.6)   $      189.7     $    207.1   $    223.2

Change in Investment in Unconsolidated
Subsidiary                                           ($      1.4)  ($      0.3)  ($        5.2)   ($      5.7) ($      6.6)
Change in SAC Holdings Notes and
Other LT Receivables                                        (5.4)         (1.1)           (3.6)          (2.1)        (0.6)
Capital Expenditures, Net of Dispositions                 (134.2)         (7.2)         (136.3)        (198.0)      (145.7)
- --------------------------------------------------------------------------------------------------------------------------
   Cash Flow from Investing Activities               ($    141.0)  ($      8.7)  ($      145.1)   ($    205.8) ($    152.8)

Cash Flow before Financing Activities                 $     42.7   ($     24.2)   $       44.6     $      1.3   $     70.3

Cash Flow from Financing Activities                   $      0.0    $     24.2   ($       44.6)   ($      1.3) ($     70.3)

Change in Cash                                        $     42.7    $      0.0    $        0.0     $      0.0   $      0.0
Cash at the Beginning of Period                             48.7          25.0            25.0           25.0         25.0
- --------------------------------------------------------------------------------------------------------------------------
   Cash at End of Period                              $     91.5    $     25.0    $       25.0     $     25.0   $     25.0
==========================================================================================================================
</TABLE>

                                    AP4 - 20

<PAGE>

                                   APPENDIX 5

                      FINANCIAL PROJECTIONS - SAC HOLDING

                                 [SEE ATTACHED]

<PAGE>
                      (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 5

                       FINANCIAL PROJECTIONS - SAC HOLDING

THESE FINANCIAL PROJECTIONS HAVE BEEN PREPARED BASED ON HISTORICAL PERFORMANCE
FOR FISCAL YEAR 2003. THESE PROJECTIONS DO NOT REFLECT ACTUAL FINANCIAL
PERFORMANCE FOR FISCAL YEAR 2004. FOR ADDITIONAL INFORMATION WHICH REFLECTS
ACTUAL RESULTS FOR FISCAL YEAR 2004, PLEASE CONSULT AMERCO'S MOST RECENT PUBLIC
FILINGS, INCLUDING THE FISCAL SECOND QUARTER RESULTS FOR 2004

A.       INTRODUCTION.

         As a condition to confirmation of the Plan, the Bankruptcy Code
requires, among other things, that the Bankruptcy Court determine that
confirmation is not likely to be followed by the liquidation of or the need for
further financial reorganization of, the Debtors. See "Voting on and
Confirmation of, the Plan" - "Confirmation" and - "Feasibility". In connection
with the development of the Plan, and for purposes of determining whether the
Plan satisfies this feasibility standard, the Debtors' management analyzed the
ability of the Reorganized Debtors, together with the Non-Debtor Subsidiaries
they control, to meet their obligations under the Plan with sufficient liquidity
and capital resources to conduct their businesses.

         In addition, SAC Holding's management has prepared certain projections
of SAC Holding operating profit, free cash flow and certain other items, on a
stand alone basis, for the four fiscal years ending March 31, 2007 (the
"Projection Period"). Such projections are presented on a stand alone basis, and
reflect: (a) the economic, competitive and general business conditions currently
prevailing: (b) the terms of the Plan; and (c) various additional assumptions,
including those set forth below (the "Projections"). Although, as of the date
of the Disclosure Statement, such conditions have not materially changed, any
future changes in these conditions may materially impact SAC Holding's ability
to achieve the Projections.

         THE DEBTORS AND SAC HOLDING DO NOT, AS A MATTER OF COURSE, PUBLISH
THEIR BUSINESS PLANS AND STRATEGIES OR MAKE EXTERNAL PROJECTIONS OR FORECASTS OF
THEIR ANTICIPATED FINANCIAL POSITION OR RESULTS OF OPERATIONS. ACCORDINGLY, THE
DEBTORS (INCLUDING THE REORGANIZED DEBTORS) AND SAC HOLDING (INCLUDING POST
CONFIRMATION SAC HOLDING) DO NOT ANTICIPATE THAT THEY WILL, AND DISCLAIM ANY
OBLIGATION TO, FURNISH UPDATED BUSINESS PLANS OR PROJECTIONS TO HOLDERS OF
CLAIMS OR INTERESTS PRIOR TO THE EFFECTIVE DATE OR TO STOCKHOLDERS, OR OTHER
SECURITY HOLDERS, AFTER THE EFFECTIVE DATE, OR TO INCLUDE SUCH INFORMATION IN
DOCUMENTS REQUIRED TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
OTHER AGENCIES OR OTHERWISE TO MAKE SUCH INFORMATION PUBLIC. NO PERSON SHOULD
RELY ON THE CONTINUED ACCURACY OF ANY PROJECTIONS OR FORECASTS CONTAINED HEREIN
FOR THE PURPOSE OF TRADING IN ANY SECURITIES OF THE DEBTORS, THE REORGANIZED
DEBTORS OR SAC HOLDING.

         The financial projections discussed in this section include
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21G of the Securities

                                     AP5 - 1
<PAGE>

Exchange Act of 1934, as amended. The Projections are based on, and assume the
successful implementation of, the Reorganized Debtors' and SAC Holding's
business strategies. The Projections reflect numerous assumptions, including
various assumptions regarding the anticipated future performance of
post-confirmation SAC Holding, industry performance, general business and
economic conditions, competition in the industry, complex tax issues and other
matters, most of which are beyond the control of the Debtors and SAC Holding.
Therefore, although the Projections are necessarily presented with numerical
specificity, the actual results of operations achieved during the Projection
Period may vary from projected results. These variations may be material.
Accordingly, no representation can be or is being made with respect to the
accuracy of the Projections or the ability of SAC Holding to achieve the
Projections. Although the Debtors and SAC Holding believe that the assumptions
underlying the Projections, when considered on an overall basis, are reasonable
in light of current circumstances, no assurance can be or is being given that
the Projections will be realized. In deciding whether or not to accept or reject
the Plan, holders of Claims and Interests must make their own determinations as
to the reasonableness of such assumptions and the reliability of the
Projections. See "Risk Factors" for a discussion of certain factors that may
affect the future financial performance of the Reorganized Debtors and SAC
Holding and of various risks associated with the Plan.

         The Projections should be read in conjunction with the assumptions,
qualifications, and explanations set forth herein and in AMERCO's publicly filed
audited financial statements, including associated notes.

         The projections were not prepared with a view towards complying with
the guidelines for prospective financial statements published by the American
Institute of Certified Public Accountants. The Debtors' and SAC Holding's
independent accountants have neither compiled nor examined the accompanying
prospective financial information to determine the reasonableness thereof and,
accordingly, have not expressed an opinion or any other form of assurance with
respect thereto.

B.       BASIS OF FINANCIAL PRESENTATION.

         The historic and projected financial information of SAC Holding is
presented on a basis that differs from the presentation of SAC Holding
Corporation and its consolidating subsidiaries (the "Consolidated Subsidiaries")
and SAC Holding Corporation II and its Consolidating Subsidiaries, which were
filed as part of AMERCO's audited financial statements. Specifically, non-SAC
Holding assets, liabilities, and associated income statement amounts related to
properties owned by AMERCO and subject to synthetic lease agreements are not
included in the following presentation of financial information. Any and all
references to AMERCO's financial statements for the fiscal years ended March 31,
2001 and March 31, 2002, are to those financial statements as recently restated.

C.       PRINCIPAL ASSUMPTIONS FOR THE PROJECTIONS.

         The Projections include a number of fundamental underlying assumptions,
including the following:

         (i)      The Debtors emerge from Chapter 11 bankruptcy protection on
January 31, 2004 (the "Effective Date"), to form the Reorganized Debtors, with
Allowed Claims treated in accordance with the treatment provided for in the
Plan;

         (ii)     SAC Holding is a co-proponent of the Plan and issues the SAC
Holding Senior Notes in the amount of $200 million in accordance with the Plan
to the holders of AMERCO Unsecured Claims. The Existing SAC Holding Notes owned
by the Debtors and related accrued interest owed to the Debtors are reduced by
the amount of $200 million;

                                     AP5 - 2

<PAGE>

         (iii)    SAC Holding enters into the SAC Holding Participation and
Subordination Agreement which governs the cash distributions to the stakeholders
of SAC Holdings and allows for the payment of interest due on the SAC Holding
Senior Notes; and

         (iv)     Non-SAC Holding assets, liabilities and associated income
statement amounts related to properties owned by AMERCO and subject to synthetic
lease agreements are not included in the following presentation of financial
information.

D.       THE PROJECTIONS.

         The projected financial information of SAC Holding set forth below has
been prepared based on the assumption that the Effective Date is January 31,
2004. Although the Debtors presently intend to cause the Effective Date to occur
as soon as practicable, there can be no assurance as to when the Effective Date
actually will occur.

         The projected Consolidated statements of operations for SAC Holding set
forth below presents the results of operations as follows: (i) for SAC Holding,
actual results for the fiscal year ended March 31, 2003 and projected results
for the ten month period ending January 31, 2004; and (ii) for post-confirmation
SAC Holding, projected results for the two month period ending March 31, 2004
and for each subsequent fiscal year in the Projection Period. The projected
statements of operations for the fiscal years ending March 31, 2004 through 2007
are based on the actual results for the fiscal year ended March 31, 2003 and are
adjusted for assumptions that impact, among other things, pricing, occupancy and
changes in certain expenses.

         The pro forma SAC Holding balance sheet as of January 31, 2004 set
forth below presents the following: (i) the projected financial position of SAC
Holding prior to the Effective Date of the Plan; (ii) the adjustments to SAC
Holding's financial position required to reflect the implementation of the Plan
and consummation of the financing transactions contemplated by the Plan; and
(iii) the projected financial position of SAC Holding, after giving effect to
the reorganization and financing transaction adjustments. The adjustments set
forth in the columns bearing the heading "Plan Adjustments" reflect the assumed
effect of implementations of the Plan and the consummation of the financing
transactions contemplated by the Plan, including the settlement of liabilities
and related issuance of securities. The adjustments are described in greater
detail in the notes that follow the pro-forma SAC Holding balance sheet. The
projected SAC Holding balance sheets for the fiscal years ending March 31, 2004
through 2007 are based on actual results for the fiscal year ended March 31,
2003, and are adjusted for assumptions that impact, among other things, the
level of capital expenditures and working capital investments.

         The projected statements of cash flows for SAC Holding set forth below
present the cash flows as follows: (i) for SAC Holding, projected cash flows for
the ten month period ended January 31, 2003; and (ii) for post confirmation SAC
Holding, projected cash flows for the two month period ending March 31, 2004 and
for each subsequent fiscal year in the Projection Period.

E.       REVENUE PROJECTIONS.

         Revenue growth assumptions have been developed for each of the major
business lines of SAC Holding. Growth assumptions were developed using a
detailed build-up of individual operating subsidiaries. Consideration was given
to property maturity, historical trends, company operating strategy, and
industry expectations.

(i)      Rental Revenue.

                                     AP5 - 3

<PAGE>

Storage Revenue.

         Storage revenue is projected to grow due primarily to the following
factors: increasing storage space capacity, increasing prices and increasing
occupancy rates.

U-Move Commission and Miscellaneous Revenue.

         SAC Holding operates as a dealer location for U-Haul, renting equipment
such as trucks and trailers, as well as ancillary items such as hand trucks.
Revenue is projected to grow in this area on a basis that is consistent with the
revenue growth projections for storage revenue, as there is a high level of
correlation among these business lines.

(ii)     Retail Sales Revenue.

         This category includes revenue generated from the retail sale of moving
and storage related supplies, including boxes, rope, tape, hitches, propane and
others. Sales revenue growth is projected based on the expected growth in self
storage and self moving revenue.

F.       EXPENSE PROJECTIONS.

         Expense growth assumptions have been developed based on a detailed
build up of operating subsidiaries. Forecasting has been done based on observed
historical trends, industry expectations, inflation estimates and as required to
support projected revenue growth levels.

(i)      Operating Expense.

         This line item includes personnel, property taxes, management fees,
insurance, utilities, advertising, and other expenses. With the exception of
management fees and SAC Holding expenses, operating expenses are projected to
grow yearly at approximately 3% based on historical trends, expected inflation,
company operating strategy and self storage business characteristics. Management
fees are projected as 6% of total revenue, a standard commission for property
management companies in this industry that is consistent with historic
experience.

         SAC Holding Expenses include filing fees, professional fees, certain
taxes and other miscellaneous expense items, incurred at the holding company
level within SAC Holding. These have been projected based on management
expectations and historical trends.

(ii)     Cost of Retail Sales.

         This category includes the cost of materials relating to retail sales
items, non-inclusive of allocations related to labor costs. Cost of sales is
projected as a percent of retail sales, by product line, using historical
trends. It is assumed that sales mix remains constant from year to year.

(iii)    Depreciation Expense.

         Depreciation expense for SAC Holding is principally driven by buildings
and improvements, and partially by equipment and furniture. PP&E is rolled
forward based on assumptions for capital improvement, acquisitions, and
divestitures. Buildings and associated improvement are depreciated over 39 years
and make up the bulk of the PP&E.

                                     AP5 - 4

<PAGE>

G.       Asset PROJECTIONS.

(i)      Cash.

         Cash balances are rolled forward from March 31, 2003 actual levels
based on sources and uses of Cash.

(ii)     Receivables.

         SAC Holding has not carried an account receivable balance historically;
it is projected that this trend will continue.

(iii)    Inventories, Net.

         Inventory consists primarily of items held for retail sale, including
rope, tape, boxes, hitches, propane, etc. Inventory levels are projected based
on inventory turnover levels consistent with historic data.

(iv)     Prepaid Expenses.

         Pre-paid expenses are not expected to fluctuate materially. This
category has been projected based on historic relationship to total revenue.

(v)      Other Assets.

         This category is primarily composed of deferred loss associated with
the PMSR transaction occurring in the first quarter of fiscal year 2004. It is
projected that the balance in Other Assets will not change over the projections
horizon.

         For purposes of cash flow projections, the change in Other Assets in
the first quarter of 2004 associated with the PMSR transaction is captured in
Cash Flow from Investing Activities along with the change in PP&E from the PMSR
transaction.

(vi)     PP&E, Net.

         This line item reflects the book value, net of accumulated
depreciation, of owned real property, including land, buildings and
improvements, and furniture and equipment. PP&E is projected on a rolling basis
based on assumed levels of capital improvements and depreciation expense. It is
assumed that there will be no acquisitions or divestitures by SAC Holding over
the projection horizon.

H.       LIABILITY AND EQUITY PROJECTIONS.

(i)      Accounts Payable and Accrued Expenses.

         This line item largely reflects vendor payables, which are projected to
change based on historic and expected vendor terms and payment frequency.

         Also included in this category are payables to AMERCO relating to the
Existing SAC Holding Notes held by the Debtor, which are not expected to
fluctuate materially over the projections horizon.

                                     AP5 - 5

<PAGE>

(ii)     Senior Mortgage Notes.

         This line item relates to first position secured mortgage loans owed by
the SAC Holding operating subsidiaries to third parties. Such mortgage loans
bear interest between 5.5% and 8.5%. These loans are amortizing (except for 19
SAC, which is interest only), and have been forecast based on contracted
principle and interest payments scheduled in the loan documents. It is assumed
that any Senior Mortgage Note that matures during the projection horizon will be
replaced by a new mortgage loan under substantially similar terms to those
precedent.

(iii)    SAC Holding Senior Notes.

         This will be non-amortizing debt, so principle balances are not
projected to fluctuate. This bond will bear interest at 8.5%.

(iv)     SAC Holding Junior Notes Held by the Debtors, et al.

         This line item relates to subordinated debt payable to AMERCO by SAC
Holding. These notes resulted from funds provided by AMERCO for the purchase of
properties by SAC Holding. The plan provides that there will be a $200 million
principle reduction in these notes on consummation of the Plan as a result of
the $200 million issuance of the SAC Holding Senior Notes. The Existing SAC
Holding Junior Notes accrue interest into the principle balance if stated rates
are not paid; accordingly, the balance of the Existing SAC Holding Junior Notes
are projected to increase slightly as a result of the accrual of forecasted
unpaid interest owed on said notes.

(v)      Deferred Income.

         Deferred Income primarily relates to pre-paid storage revenue. This is
forecast based on a historical actual relationship to storage revenue.

(vi)     Deferred Income Taxes.

         This category represents the accrual of income tax benefits generated
by SAC Holding, but not used due to insufficient income before taxes. It is
projected to change based on an assumed effective tax rate of 28%.

(vii)    Minority Interest.

         This line item represents the investment of RepWest and Oxford in
Canadian SAC Holding operations via the entity known as 7 SAC. It is projected
that this will decrease by $1.1 million per year, based on actual payments made
to RepWest and Oxford by SAC Holding.

(viii)   Stockholder's Equity.

         Stockholder's Equity fluctuates based on Net Income's effect on
Retained Earnings.

                                     AP5 - 6

<PAGE>

                                   SAC HOLDING
                             PROJECTED BALANCE SHEET
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                      Projected                        Pro Forma
                                                      ---------                        ---------
Balance Sheet                                         31-Jan-04      Adjustments       31-Jan-04
- ------------------------------------------------------------------------------------------------
<S>                                                   <C>            <C>               <C>
Assets
Cash and Equiv.                                       $     8.0                        $    8.0
Receivables                                                   -                               -
Inventories, Net                                            4.2                             4.2
Prepaid Expenses                                            0.7                             0.7
Other Assets                                               57.3                            57.3
- -----------------------------------------------------------------------------------------------
  Short Term Assets                                        70.3                            70.3

Net PP&E                                                  785.3                           785.3

- -----------------------------------------------------------------------------------------------
  Total Assets                                        $   855.6                        $  855.6
===============================================================================================

Liabilities and Shareholder's Equity
Accounts Payable and Accrued Exp.                     $    50.7                        $   50.7
Sr. Mortgage Notes                                        459.3                           459.3
SACH Senior Notes                                             -        200.0 (a)          200.0
SAC Jr. Notes Held by the Debtors, et al.                 400.5       (200.0)(b)          200.5
Deferred Income                                             5.5                             5.5
Deferred Income Taxes                                     (22.9)                          (22.9)
- -----------------------------------------------------------------------------------------------
  Total Liabilities                                       893.1                           893.1

Minority Interest                                          11.0                            11.0

Total Stockholders' Equity                                (48.5)                          (48.5)

- -----------------------------------------------------------------------------------------------
Total Liabilities and Equity                          $   855.6                        $  855.6
===============================================================================================
</TABLE>

Notes:

(a) Represents the issuance of the SACH Senior Debt as described in the Plan of
Reorganization

(b) Balance decrease equal to principle amount of SACH Senior Note issued in
accordance with the Plan.

                                     AP5 - 7

<PAGE>

                                   SAC HOLDING
                             PROJECTED BALANCE SHEET
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                               Projected                                    Pro Forma
                                               ---------      ---------------------------------------------------------------------
Balance Sheet                                  31-Jan-04      31-Jan-04      31-Mar-04      31-Mar-05      31-Mar-06      31-Mar-07
- -----------------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>            <C>            <C>            <C>            <C>            <C>
Assets
Cash and Equiv.                                $    8.0       $    8.0       $    7.6        $  11.1       $   14.7       $   18.4
Receivables                                           -              -              -              -              -              -
Inventories, Net                                    4.2            4.2            4.3            4.4            4.6            4.8
Prepaid Expenses                                    0.7            0.7            0.8            0.9            0.9            0.9
Other Assets                                       57.3           57.3           57.3           57.3           57.3           57.3
- ----------------------------------------------------------------------------------------------------------------------------------
  Short Term Assets                                70.3           70.3           70.0           73.7           77.5           81.4

Net PP&E                                          785.3          785.3          782.3          764.4          746.5          728.6

- ----------------------------------------------------------------------------------------------------------------------------------
  Total Assets                                 $  855.6       $  855.6       $  852.3        $ 838.1       $  824.0       $  810.0
==================================================================================================================================

Liabilities and Shareholders Equity
Accounts Payable and Accrued Exp.              $   50.7       $   50.7       $   51.3        $  53.3       $   55.5       $   57.7
Sr. Mortgage Notes                                459.3          459.3          457.8          448.0          437.4          425.9
SACH Senior Notes                                     -          200.0          200.0          200.0          200.0          200.0
SAC Jr. Notes Held by the Debtors, et
al.                                               400.5          200.5          201.8          205.4          207.5          208.1
Deferred Income                                     5.5            5.5            5.5            5.8            6.0            6.2
Deferred Income Taxes                             (22.9)         (22.9)         (23.9)         (26.5)         (28.4)         (29.7)
- ----------------------------------------------------------------------------------------------------------------------------------
  Total Liabilities                               893.1          893.1          892.5          886.0          877.9          868.2

Minority Interest                                  11.0           11.0           10.8            9.7            8.6            7.6

Total Stockholders' Equity                        (48.5)         (48.5)         (51.0)         (57.6)         (62.5)         (65.7)

- ----------------------------------------------------------------------------------------------------------------------------------
Total Liabilities and Equity                   $  855.6       $  855.6       $  852.3        $ 838.1       $  824.0       $  810.0
==================================================================================================================================
</TABLE>

                                     AP5 - 8

<PAGE>

                                  SAC HOLDING
                       PROJECTED STATEMENT OF OPERATIONS
                                ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                         SAC                                  Pro Forma SAC
                                               -----------------------     ---------------------------------------------------
                                                 Twelve         Ten           Two         Twelve        Twelve        Twelve
                                                 Months        Months        Months       Months        Months        Months
- ------------------------------------------------------------------------------------------------------------------------------
Income Statement                               31-Mar-03     31-Jan-04     31-Mar-04     31-Mar-05     31-Mar-06     31-Mar-07
- ------------------------------------------------------------------------------------------------------------------------------
<S>                                            <C>           <C>           <C>           <C>           <C>           <C>
Rental Revenue                                  $ 156.9       $ 141.7       $  20.2       $ 169.4       $ 176.3       $ 183.3
Net Sales                                          48.8          43.9           6.3          52.1          54.2          56.4
- -----------------------------------------------------------------------------------------------------------------------------
   Total Revenue                                  205.7         185.6          26.5         221.5         230.5         239.7

Operating Expenses                                105.3          96.6          13.8         115.9         119.9         123.9
Cost of Sales                                      21.4          19.7           2.8          23.5          24.4          25.4
Depreciation Expense                               17.9          14.9           3.0          17.9          17.9          17.9
- -----------------------------------------------------------------------------------------------------------------------------
   Total Costs and Expenses                       144.6         131.3          19.6         157.3         162.2         167.2

Earnings from Operations                           61.1          54.3           6.9          64.2          68.2          72.5

Jr. Note Int. Exp.                                               33.1           2.9          20.7          23.2          26.0
Mortgage Note Int. Exp.                                          31.9           4.6          35.7          34.9          34.0
SACH Senior Notes                                                   -           2.8          17.0          17.0          17.0
- -----------------------------------------------------------------------------------------------------------------------------
Total Int. Exp.                                    75.1          65.0          10.3          73.4          75.1          77.0

Pretax Earnings (Loss)                            (13.9)        (10.7)         (3.4)         (9.2)         (6.9)         (4.5)

Income Tax (Expense) Benefit                        3.7           3.0           1.0           2.6           1.9           1.3
- -----------------------------------------------------------------------------------------------------------------------------
   Net Earnings (Loss)                         ($  10.2)     ($   7.7)     ($   2.4)     ($   6.6)     ($   4.9)     ($   3.2)
=============================================================================================================================
</TABLE>

                                   SAC HOLDING
                            PROJECTED ADJUSTED EBITDA
                                 ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                               SAC                                  Pro Forma SAC
                                     ------------------------     ---------------------------------------------------
                                       Twelve                        Two         Twelve         Twelve       Twelve
                                       Months      Ten Months       Months       Months         Months       Months
Adjusted EBITDA                      31-Mar-03     31-Jan-04      31-Mar-04     31-Mar-05     31-Mar-06     31-Mar-07
- ---------------------------------------------------------------------------------------------------------------------
<S>                                  <C>           <C>            <C>           <C>           <C>           <C>
Earnings from Operations             $   61.1      $    54.3      $    6.9      $   64.2      $   68.2      $   72.5

(Less) NOI From Excluded Subs
(4,5,19)                                 (5.3)          (5.0)         (0.7)         (6.9)         (7.4)         (7.8)

Add Depreciation                         17.9           14.9           3.0          17.9          17.9          17.9
Add SACH Expenses                         5.7            6.6           0.9           9.8          10.5          11.1
- --------------------------------------------------------------------------------------------------------------------
   Adjusted EBITDA                   $   79.5      $    70.8      $   10.1      $   85.0      $   89.2      $   93.7
====================================================================================================================
</TABLE>

                                     AP5 - 9

<PAGE>

                                  SAC HOLDING
                       PROJECTED STATEMENT OF CASH FLOWS
                                ($ IN MILLIONS)

<TABLE>
<CAPTION>
                                                                 SAC
                                                               Holding                       Pro Forma SAC Holding
                                                              ---------      ---------------------------------------------------
                                                                 Ten            Two         Twelve         Twelve       Twelve
                                                                Months         Months       Months         Months       Months
- --------------------------------------------------------------------------------------------------------------------------------
Statement of Cash Flow                                        31-Jan-04      31-Mar-04     31-Mar-05     31-Mar-06     31-Mar-07
- --------------------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>            <C>           <C>           <C>           <C>
Net Income                                                    ($   7.7)      ($   2.4)     ($   6.6)     ($   4.9)     ($   3.2)
Depreciation                                                      14.9            3.0          17.9          17.9          17.9
Decrease (Increase) in Inventory                                  (0.2)          (0.0)         (0.2)         (0.2)         (0.2)
Decrease (Increase) in Prepaid and Other Current
Assets                                                             0.1           (0.1)         (0.0)         (0.0)         (0.0)
(Decrease) Increase in AP and Accrued Exp.                         2.7            0.5           2.1           2.1           2.2
(Decrease) Increase in Deferred Income                            (0.1)             -           0.3           0.2           0.2
(Decrease) Increase in Deferred Taxes                             (3.0)          (1.0)         (2.6)         (1.9)         (1.3)
- -------------------------------------------------------------------------------------------------------------------------------
   Total Cash Flows from Operating Activities                      6.7            0.0          10.8          13.2          15.6

Capital Expenditures, Net of Dispositions                         (2.9)             -             -             -             -
- -------------------------------------------------------------------------------------------------------------------------------
   Total Cash Flow from Investing Activities                      (2.9)             -             -             -             -

Accumulated Other Comp. Loss - SACH                                1.5              -             -             -             -
Minority Interest Increase (Decrease)                             (0.8)          (0.2)         (1.1)         (1.1)         (1.1)
Proceeds from Notes                                                  -              -             -             -             -
Net Principle (Payments) Increases                                (1.1)          (0.2)         (6.2)         (8.5)        (10.9)
- -------------------------------------------------------------------------------------------------------------------------------
   Total Cash Flow from Financing Activities                      (0.5)          (0.4)         (7.3)         (9.6)        (12.0)

Change in Cash                                                 $   3.4       ($   0.4)      $   3.5       $   3.6       $   3.7
Cash at Beginning of Period                                        4.7            8.0           7.6          11.1          14.7
- -------------------------------------------------------------------------------------------------------------------------------
Cash at End of Period                                          $   8.0        $   7.6       $  11.1       $  14.7       $  18.4
</TABLE>

                                    AP5 - 10

<PAGE>

                                   APPENDIX 6

                              LIQUIDATION ANALYSIS

                                 [SEE ATTACHED]

<PAGE>

                      (This page intentionally left blank.)

<PAGE>

                                   APPENDIX 6

                         DEBTORS - LIQUIDATION ANALYSIS

         As part of the development of the Plan, the following liquidation
analysis was performed to address the "Best Interests of Creditors Test"
pursuant to Section 1129(a)(7) of the Bankruptcy Code. The basis of this
analysis assumes an orderly liquidation of assets under the supervision of a
Chapter 7 Trustee over a period of six to twelve months. This analysis
encompasses both the Debtors and their Subsidiaries, as it is possible that a
Chapter 7 conversion would result in the insolvency of certain related entities
that are highly interdependent with the Debtor entities. An analysis of
potential liquidation recoveries was conducted at a consolidated AMERCO level,
reflecting consolidated U-Haul, AREC, and AMERCO Subsidiaries. It is assumed
that RepWest, Oxford and SAC Holding would not be forced into liquidation but
would likely undergo transactions as outlined below.

         This analysis represents a best estimate of potential claims and
recovery on assets. However, this analysis has not been audited, and values are
subject to economic and financial uncertainties that cannot be foreseen. The
Debtors and their Subsidiaries continue to operate, and their asset and
liability balances are dynamic, therefore balances will assuredly change between
the preparation of this analysis and any possible future liquidation. As a
result, there can be no assurances that the results forecast herein would be
attained if the Debtors liquidate as contemplated in this analysis. In addition,
strategies and decisions reflected in this analysis may change at the time of an
actual liquidation, which could materially effect recovery. This analysis is
predicated on the specific chain of events outlined herein, and, should the
course of an actual liquidation diverge at any step, recovery would be
significantly altered.

         Values used in this analysis are based on the audited book values from
the Debtors' June 30, 2003 balance sheet (except as noted). These values are
fairly representative of the Debtors' assets and liabilities at the time of a
theoretical liquidation. However, the actual value of Allowed Claims and assets
available for liquidation may vary materially. This analysis does not
incorporate any claim avoidance or preference recovery actions on the part of
the Debtors. Such recoveries may be material, but cannot reliably be estimated
or anticipated at this point in time. The divestiture of the individual business
units that comprise consolidated AMERCO on a going concern basis is not
considered in this analysis.

         Consolidated AMERCO has significant net operating losses, and although
transactions contemplated in this analysis may result in taxable events, it
assumes that on a consolidated basis a liquidation will result in a net zero
cash impact from a taxing perspective.

         Certain liabilities may arise as a result of the events put forth in
this analysis that are not possible to estimate at this point in time. Such
events have the potential to be significant and to materially reduce recovery to
existing claimholders. Potential sources of these liabilities include tax
obligations, litigation, and the allowance of miscellaneous, additional
unscheduled claims.

                                     AP6 - 1

<PAGE>

                               CONSOLIDATED AMERCO
                              LIQUIDATION ANALYSIS
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                       Low                        High
                                                            ------------------------    ------------------------
                                              6/30/2003      Recovery      Estimated     Recovery      Estimated
                                              Book Value    Percentage       Value      Percentage       Value
                                              ----------    ------------------------    ------------------------
<S>                                   <C>     <C>           <C>           <C>           <C>           <C>
ASSET SALE PROCEEDS

    Cash                              [1]     $   74,258        98%       $   72,758       100%       $   74,258
    Receivables Net                   [2]         62,361        62%           38,503        80%           50,008
    PMSR Receivable                   [3]        125,000         4%            5,000         6%            7,500
    Inventory                         [4]         49,948        13%            6,583        23%           11,604
    Prepaid Expenses                  [5]         24,607         1%              151         1%              298
    Investments in
      Unconsolidated
      Subsidiaries                    [6]        319,104         6%           20,546        14%           46,066
    SACH Receivables                  [7]        386,384        66%          256,790        78%          300,868
    Other Assets & Long
      Term Prepaid
      Expenses                        [8]         41,653         5%            1,927         8%            3,204
    Real Estate                       [9]        625,180       127%          795,666       141%          879,421
    Rental Trucks,
      Equipment and Other             [10]       569,961        38%          214,320        47%          268,912
    Furniture & Equipment             [11]        68,510        12%            8,517        16%           11,285

                                               ---------                  ----------                  ----------
TOTAL ASSET SALE PROCEEDS                      2,346,965        61%        1,420,762        70%        1,653,423

CHAPTER 7 ADMINISTRATIVE CLAIMS

    Trustee Fees                      [12]                                    38,048                      45,848
    Real Estate Transaction
    Fees                              [13]                                    23,479                      25,951
    Other Professional Fees           [14]                                    18,000                      12,000
    Wind-Down Expenses                [15]                                    75,900                      67,300
                                                                          ----------                  ----------
    TOTAL CHAPTER 7 ADMINISTRATIVE
      CLAIMS                                                                 155,427                     151,099

                                                                          ----------                  ----------
    Net Proceeds Available to
      Creditors                                                            1,265,335                   1,502,324
                                                                          ----------                  ----------

RECOVERY TO CREDITORS                         ESTIMATED
                                               ALLOWED
                                                CLAIMS
                                              ---------
SECURED CLAIMS                        [16]
    DIP Facility                                  51,250                      51,250                      51,250
    Revolver                                     153,750                     153,750                     153,750
    RepWest Mortgage                              18,399                      18,399                      18,399
                                              ----------                  ----------                  ----------
    TOTAL SECURED CLAIMS                         223,399       100%          223,399       100%          223,399

    Remaining Proceeds for
      Distribution                                                         1,041,936                   1,278,925
</TABLE>

                                     AP6 - 2

<PAGE>

                               CONSOLIDATED AMERCO
                              LIQUIDATION ANALYSIS
                                    UNAUDITED

<TABLE>
<S>                                   <C>     <C>              <C>        <C>              <C>        <C>
CHAPTER 11 ADMINISTRATIVE
CLAIMS                                [17]
   Post Petition Liabilities                       1,000                       1,000                       1,000
   Insurance Claims                              212,254                     212,254                     212,254
   Insurance Administration                       16,980                      16,980                      16,980
                                              ----------                  ----------                  ----------
   TOTAL ADMINISTRATIVE
   CLAIMS                                        230,234       100%          230,234       100%          230,234

   Remaining Proceeds for                                                    787,702                   1,024,691
     Distribution

PRIORITY CLAIMS                       [18]
   Employee Accrued
   Payroll & Benefits                             14,465                      14,465                      14,465
   Tax Claims                                     19,719                      19,719                      19,719
   Customer Deposits                               1,630                       1,630                       1,630
                                                                                   -
                                              ----------                  ----------                  ----------
   TOTAL PRIORITY CLAIMS                          35,813       100%           35,813       100%           35,813

   Remaining Proceeds for                                                    755,889                   1,012,878
   Distribution

SENIOR UNSECURED CLAIMS               [19]
   AREC Notes                                    100,000                     100,000                     100,000
                                              ----------                  ----------                  ----------
   TOTAL ADMINISTRATIVE
   CLAIMS                                        100,000       100%          100,000       100%          100,000

   Remaining Proceeds for                                                    675,889                     912,878
     Distribution

GENERAL UNSECURED CLAIMS              [20]
   Accounts Payable &
     Accrued Expenses                            358,145                     212,054                     286,407
   Unconsolidated Affiliates                      82,845                      49,052                      66,251
   Long Term Debt                                653,170                     386,735                     522,337
   Lease Rejection Claims                         47,373                      28,049                      37,884
                                              ----------                  ----------                  ----------
   TOTAL GENERAL
   UNSECURED CLAIMS                            1,141,533        59%          675,889        80%          912,878

   Remaining Proceeds for
     Distribution                                                                  -                           -

REMAINING INTERESTS                   [21]
   Preferred Equity                              169,867                           -                           -
   Common Equity                                 402,309                           -                           -
                                              ----------                  ----------                  ----------
                                              $  572,176                  $        -                  $        -
</TABLE>

                                     AP6 - 3

<PAGE>

NOTES TO LIQUIDATION ANALYSIS

1.       Cash and Cash Equivalents.

         Cash and Cash Equivalents are considered recoverable at full value,
with the exception of a portion of cash at the dealer level, which may not be
fully recoverable once a shut-down is initiated. An allowance of $1,500,000 for
Cash at the field level is taken in a low recovery projection. It is important
to note that any scenario in which the Debtors convert to a Chapter 7 may likely
involve the considerable depletion of Cash by the time of an actual liquidation.

2.       Receivables Net.

         Net Receivables include amounts owed to the Debtors by third parties,
net of reserves taken to adjust for amounts believed to be uncollectable. It is
believed that adequate reserves for receivables are maintained on a going
concern basis, however, an additional discount must be taken (estimated here at
25%-40%), along with certain specific adjustments, to account for a liquidation
scenario. Specific adjustments include the write-off of independent dealer and
employee receivables and certain construction related receivables which are
believed to be unrecoverable due to the potential for off-setting claims.

3.       PMSR Receivable.

         AMERCO has guaranteed certain obligations of PMSR for which it has
booked both a potential liability and a receivable to reflect recourse to PMSR.
Currently only $55,000,000 of the total $125,000,000 receivable balance reflects
an actual recourse obligation. It is assumed that the remaining $70,000,000
would not come due during the pendency of the liquidation and therefore is
excluded from consideration. Recovery on this receivable would likely be
realized through a monetization of the obligation. Given the uncertainty of
recovery from PMSR, it is expected that a monetization of this receivable would
yield a recovery of $5,000,000 to $7,500,000.

4.       Inventory.

         Inventory is held primarily by U-Haul and consists of goods held for
resale, recorded at cost. Recovery on inventory is decreased by the geographic
distribution of such inventory across the dealer network. It is also anticipated
that shrinkage may result in a material reduction to recovery given the
distribution and generally portable nature of the Inventory. Certain categories
of inventory, including fuel, hitches and propane accessories are expected to
have a higher recovery as a percentage of cost than other categories such as
repair parts and cores. Existing reserves are believed to be adequate to account
for obsolete and impaired inventory. Recovery as a percentage of cost is
estimated at between 10%-75% depending on category of inventory and recovery
scenario (high vs. low).

5.       Prepaid Expenses.

         Prepaid expenses consist primarily of accrued expenses associated with
the DIP Facility and with the BMO and Citibank synthetic lease facilities. No
Cash recovery is forecast on these balances, however, a direct offset is taken
against the anticipated synthetic lease obligations in determining their allowed
claim. Prepaid Expenses also include vehicle and business license fees, which
are generally nonrefundable. Vehicle license fees are paid based on the number
of miles traveled in each licensing jurisdiction and few jurisdictions provide a
refund of prepaid fees. As a result, only 3% to 5% recovery is projected for
these items. Also included are prepayments on equipment leases, which are
expected to be offset in full against corresponding lease rejection claims.

                                     AP6 - 4

<PAGE>

6.       Investment in Unconsolidated Subsidiaries.

         Investments in RepWest and Oxford are expected to have minimal
recovery value to the Debtors. In regard to RepWest, due to a significant
dependence on U-Haul, an assumption is made that RepWest will fall under state
receivership should U-Haul liquidate. AMERCO's investment in RepWest is off-set
by a significant payable owing to RepWest, and such liquidation proceeds may be
sufficient to repay in full. As a result, AMERCO is unlikely to recover any net
value from RepWest.

         With respect to Oxford, value generated from a sale of the business
will likely be offset by a pending litigation judgment of $39,000,000 against
Oxford which may reduce the value available to equity.

         Because the implications of a liquidation at Amerco on the operational
performance of Oxford are unclear, it is difficult to value Oxford based on
forecast operating results. Instead, a suitable measure of value is derived by
taking the multiple of market capitalization (share price multiplied by shares
outstanding) to book value of equity for comparable public insurance companies,
and applying this multiple to Oxford's book value of equity. A survey of public
life insurance companies defines a range of trading multiples from 0.7x to 2.2x.
A valuation multiple range of 0.7x to l.0x was selected to value Oxford in a
liquidation, in an effort to further account for the uncertainty of Oxford's
ongoing operating results as a result of the liquidation. In addition, a 20%
deduction is taken against Oxford's book value of equity as reported in its GAAP
financial statements to account for the potential impairment of certain AMERCO
related assets. When the identified multiple range is applied to Oxford's
adjusted book value of equity, the resulting value range is approximately
$59,500,000 to $85,000,000. However, this value is off-set by the outstanding
judgment against OLIC for $39,000,000 resulting in a net value to AMERCO for its
investment in Oxford of between $20,500,000 and $46,000,000. It should be noted
that to the extent an appeal of the judgment liability is favorably resolved,
there may be a material increase in the recovery to AMERCO on its investment in
Oxford.

7.       SACH Receivables.

         This account represents the Existing SAC Holding Notes, as such term is
defined in the Plan. Additional receivables that arise from management and
construction activity are captured under Accounts Receivable. The recovery to
AMERCO could be realized by monetizing the projected cash flow stream to the
Existing SAC Holding Notes.

         To value the proceeds of a potential monetization, projected cash flow
available to the Existing SAC Holding Notes is adjusted to reflect the impact of
the liquidation of the Debtors. Adjustments include the reduction of truck
rental commissions and a reduction in retail sales, off-set by a reduction in
corresponding personnel costs, cost of sales, and management fees. The revised
cash flow available to the Existing SAC Holding Notes, along with the redemption
at maturity are then discounted back to arrive at a net present value. The
resulting analysis indicates that the proceeds from a liquidation adjusted
monetization would only provide for a partial recovery on the notes.

8.       Other Assets & Long Term Prepaid Expenses.

         This account consists primarily of deferred charges, intangible assets,
cash surrender value of life insurance policies, deposits and miscellaneous
other investments. AMERCO has already fully borrowed against the value of the
life insurance polices, so these assets are used to off-set the corresponding
liability. Deferred Charges are accounting entries that have zero cash recovery
value to the debtors in a liquidation. Miscellaneous deposits are estimated to
be recoverable in a range between 15% and 30%.

                                     AP6 - 5

<PAGE>

9.       Real Estate.

         The liquidation of real estate in a Chapter 7 case would likely result
in a lower recovery than could be obtained if adequate time was available to
fully market the properties. Recent going concern valuations, obtained by the
Debtors in support of their debtor-in-possession borrowing activities, served as
the basis for real estate recovery estimates. Adjustments were then taken to
reflect the limitations of a liquidation sale and to account for transaction
costs. The Debtors' real estate portfolio includes a wide range of properties,
some of which are special purpose facilities. The individual factors affecting
each category of property were taken into consideration in preparing the
projected liquidation recovery estimates. Additionally, Leasehold Improvements
are forecast to have zero recovery value to the Debtors as leased properties
would be abandoned to their lessors.

10.      Rental Trucks, Equipment and Other.

         Owned primarily by U-Haul, this can be categorized as trucks, trailers,
and other equipment held for rent and support of rental equipment.

         Trucks: Because the Debtors' regularly resell vehicles from their
fleet, a preliminary estimation of fair market value is available from past
sales history. Given the unprecedented number of trucks and trailers to be
liquidated in a relatively short period of time, it is anticipated that a
discount must be applied to past sales values to appropriately determine a
liquidation recovery. Although little precedent is available, this discount is
believed to be between 10% and 50%, depending on the particular class of asset
and recovery scenario (high or low). Pickup Trucks and Vans are expected to have
the highest recovery, as they are on average the newest vehicles in the fleet,
and the secondary market is believed to be larger for these vehicles than for
box trucks. The resulting recovery on trucks is expected to be approximately 40%
to 50% of book value.

         Trailers: Trailers are "over-built" to withstand the rigors of rental
usage, and as such are significantly more expensive to build than comparable
units available in the market. However, given that potential acquirers may not
be submitting the trailers to the same use, it is unlikely that the additional
investment will be recovered in a liquidation sale. As a result, recovery is
estimated at 35% to 45% of book value (which reflects depreciated replacement
cost).

         Other Equipment: Comprises various tow/furniture/refrigerator dollies,
and miscellaneous moving materials. This equipment is regularly lost or consumed
in operations and, as a result, most items reflected on the balance sheet are
relatively new (1-2 years old). This results in lower recovery to book value due
to the equipment having taken an initial decline in market value without a
corresponding accrual in depreciation. Certain categories of equipment are
manufactured in-house to an "over-built" standard at a cost that exceeds that of
comparable items available in the market, resulting in a low recovery as a
percentage of replacement cost. As a result, recovery is estimated at 10% to 15%
of book value.

11.      Furniture and Equipment.

         Recovery on Furniture and Equipment is based on general rates realized
in the liquidation marketplace. Based on the relative age and condition of the
items, which are generally characterized as ageing, recovery is estimated at 3%
to 5% of book value. The exception in this category is Service Vehicles, which
are believed to have a recovery value comparable to the rental fleet vehicles
(recovery of 40% to 50% of book value).

                                     AP6 - 6

<PAGE>

12.      Trustee Fees.

         Trustee Fees are estimated in accordance with Section 326 of the
Bankruptcy Code.

13.      Real Estate Transaction Fees.

         Real Estate transaction fees are estimated at 3% of gross real estate
proceeds and are in addition to any Trustee fees.

14.      Other Professional Fees.

         It is assumed that Professional Fees in liquidation will average
$1,000,000 to $2,000,000 per month over the duration of the proceedings based on
the run-rate to date and anticipated liquidation activities.

15.      Wind-Down Expenses.

         Expenses during the Wind-Down period are projected to reflect the
progress of asset disposals and include facility, personnel, and insurance
expenses. It is assumed that revenue from truck rentals will cease immediately
upon liquidation, as all equipment rental business is assumed to be halted.
Passive revenue streams from storage rental and management commissions from SAC
Holding will continue until all of the Debtors' real estate is divested and
replacement management is arranged.

16.      Secured Claims.

         Secured claims comprise the Debtors' DIP Facility, and pre-petition
revolver balances owing under the JPMorgan Chase Credit Facility and an
$18,000,000 mortgage obligation to Oxford.

17.      Administrative Claims.

         Certain accruals that arise subsequent to the Chapter 11 filing are
entitled to administrative priority under Section 503(b) of the Bankruptcy Code.
These claims are minimized by the expectation that U-Haul does not file Chapter
11 but instead files Chapter 7 directly. As a result, only accrued expenses at
the debtor entities (AREC and AMERCO) are eligible for administrative treatment.
It is estimated that approximately $ 1,000,000 of the Accounts Payable and
Accrued Expense balances will be eligible for administrative treatment. Claims
arising from post-conversion operations are captured in the forecast wind-down
expense.

         Also included in administrative claims is $212,000,000 in insurance
claims that are granted administrative priority under first day bankruptcy
orders. An allowance for the administration of these claims is estimated at 8%
of the claim balance and is included as an administrative expense.

18.      Priority Claims.

         Under Section 503(a) of the Bankruptcy Code, certain pre-petition
employee, tax, and customer deposit claims are entitled to priority. It is
assumed that customer deposits do no exceed the $1,800 limit per individual, and
that employee claims do not exceed the $4,650 limit per individual. This is
based on average transaction value and total accrued payroll balances. Accrued
vacation is assumed to represent less than one year's accrual on average, of
which 25% is estimated to have accrued in the 90-days preceding the bankruptcy.

                                     AP6 - 7

<PAGE>

19.      Senior Unsecured Claims.

         It is assumed that the AREC Notes would request and be granted a senior
unsecured status based on their structurally senior position in the corporate
structure. The AREC Notes are in effect structurally secured due to their
proximity to the unencumbered real estate assets of AREC.

20.      General Unsecured Claims.

         This includes an estimate for all General Unsecured Claims, including
the Debtors' outstanding notes and projected lease rejection claims. Claims from
Unconsolidated Affiliates reflect amounts owed to RepWest and Oxford. Long Term
Debt includes the Debtors' unsecured notes. Lease Rejection claims pertain
primarily to the TRAC equipment leases. These claims reflect the total present
value of remaining lease obligations, off-set by the estimated value of the
early return of collateral as it is assumed the leases would be rejected and the
equipment returned to the lessors. Lease present values are calculated using the
Internal Rate of Return (IRR) built into the lease. Synthetic lease obligations
are expected to be settled in full by the abandonment of the leased property to
the lessor.

21.      Equity Interests.

         Equity interests are included for illustrative purposes. Common and
preferred equity values reflect additional paid in capital as of June 30, 2003.
It is anticipated that there will be no recovery to equity interests in a
liquidation.

                                     AP6 - 8

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>p68793exv31w1.htm
<DESCRIPTION>EX-31.1
<TEXT>
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<HEAD>
<TITLE>exv31w1</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT 31.1</FONT></B>

<P align="center">
<B><FONT size="2">RULE&nbsp;13a-14(a)/15d-14(a)
CERTIFICATION</FONT></B>

<P align="left">
<FONT size="2">I, Edward J. Shoen, certify that:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have
reviewed this quarterly report on Form&nbsp;10-Q of AMERCO and
U-Haul International, Inc.;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my
knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to
the period covered by this report;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all
material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods
presented in this report;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) for the registrant and have:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Designed such disclosure controls and
    procedures, or caused such disclosure controls and procedures to
    be designed under our supervision, to ensure that material
    information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within
    those entities, particularly during the period in which this
    report is being prepared;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Evaluated the effectiveness of the
    registrant&#146;s disclosure controls and procedures and
    presented in this report our conclusions about the effectiveness
    of the disclosure controls and procedures, as of the end of the
    period covered by this report based on such evaluation; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Disclosed in this report any change in
    the registrant&#146;s internal control over financial reporting
    that occurred during the registrant&#146;s most recent fiscal
    quarter (the registrant&#146;s fourth fiscal quarter in the case
    of an annual report) that has materially affected, or is
    reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting; and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board
of directors (or persons performing the equivalent functions):
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;All significant deficiencies and
    material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to
    adversely affect the registrant&#146;s ability to record,
    process, summarize and report financial information; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Any fraud, whether or not material, that
    involves management or other employees who have a significant
    role in the registrant&#146;s internal control over financial
    reporting.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">/s/ EDWARD J. SHOEN <BR>
     _______________________________________ <BR>
     Edward J. Shoen <BR>
     President and Chairman of the <BR>
     Board of AMERCO and U-Haul <BR>
     International, Inc.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>6
<FILENAME>p68793exv31w2.htm
<DESCRIPTION>EX-31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv31w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT 31.2</FONT></B>

<P align="center">
<B><FONT size="2">RULE&nbsp;13a-14(a)/15d-14(a)
CERTIFICATION</FONT></B>

<P align="left">
<FONT size="2">I, Gary B. Horton, certify that:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have
reviewed this quarterly report on Form&nbsp;10-Q of AMERCO and
U-Haul International, Inc.;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my
knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to
the period covered by this report;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all
material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods
presented in this report;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)
and 15d-15(e)) for the registrant and have:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;Designed such disclosure controls and
    procedures, or caused such disclosure controls and procedures to
    be designed under our supervision, to ensure that material
    information relating to the registrant, including its
    consolidated subsidiaries, is made known to us by others within
    those entities, particularly during the period in which this
    report is being prepared;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Evaluated the effectiveness of the
    registrant&#146;s disclosure controls and procedures and
    presented in this report our conclusions about the effectiveness
    of the disclosure controls and procedures, as of the end of the
    period covered by this report based on such evaluation; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Disclosed in this report any change in
    the registrant&#146;s internal control over financial reporting
    that occurred during the registrant&#146;s most recent fiscal
    quarter (the registrant&#146;s fourth fiscal quarter in the case
    of an annual report) that has materially affected, or is
    reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting; and
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s other certifying officer(s) and I have
disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board
of directors (or persons performing the equivalent functions):
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;All significant deficiencies and
    material weaknesses in the design or operation of internal
    control over financial reporting which are reasonably likely to
    adversely affect the registrant&#146;s ability to record,
    process, summarize and report financial information; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Any fraud, whether or not material, that
    involves management or other employees who have a significant
    role in the registrant&#146;s internal control over financial
    reporting.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">/s/ GARY B. HORTON <BR>
     _______________________________________ <BR>
     Gary B. Horton <BR>
     Treasurer of AMERCO and <BR>
     Assistant Treasurer of <BR>
     U-Haul International, Inc.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>p68793exv32w1.htm
<DESCRIPTION>EX-32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT 32.1</FONT></B>

<P align="center">
<B><FONT size="2">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,</FONT></B>

<DIV align="center">
<B><FONT size="2">AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the Quarterly Report of AMERCO
and U-Haul International, Inc. (together, the
&#147;Registrant&#148;) on Form&nbsp;10-Q for the period ending
December&nbsp;31, 2003, as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Edward J. Shoen, President and Chairman of the Board of
AMERCO and U-Haul International, Inc. certify, to the best of my
knowledge, that:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;The Report fully complies with the
    requirements of Section&nbsp;13(a) or 15(d) of the Securities
    Exchange Act of 1934; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;The information contained in the Report
    fairly presents, in all material respects, the financial
    condition and results of operations of the Registrant.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President and Chairman of the Board</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL INTERNATIONAL, INC.,
    </FONT></TD>
</TR>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ EDWARD J. SHOEN
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Edward J. Shoen
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">President and Chairman of the Board</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>8
<FILENAME>p68793exv32w2.htm
<DESCRIPTION>EX-32.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv32w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right">
<B><FONT size="2">EXHIBIT 32.2</FONT></B>

<P align="center">
<B><FONT size="2">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION
1350,</FONT></B>

<DIV align="center">
<B><FONT size="2">AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the Quarterly Report of AMERCO
and U-Haul International, Inc. (together, the
&#147;Registrant&#148;) on Form&nbsp;10-Q for the period ending
December&nbsp;31, 2003, as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;),
I, Gary B. Horton, Treasurer of AMERCO and Assistant Treasurer
of U-Haul International, Inc. certify, to the best of my
knowledge, that:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(1)&nbsp;The Report fully complies with the
    requirements of Section&nbsp;13(a) or 15(d) of the Securities
    Exchange Act of 1934; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(2)&nbsp;The information contained in the Report
    fairly presents, in all material respects, the financial
    condition and results of operations of the Registrant.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ GARY B. HORTON
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Gary B. Horton
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Treasurer</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">U-HAUL INTERNATIONAL, INC.,
    </FONT></TD>
</TR>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">/s/ GARY B. HORTON
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <FONT size="2">Gary B. Horton
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="center">
    <I><FONT size="2">Assistant Treasurer</FONT></I></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Date: February&nbsp;17, 2004
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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