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<SEC-DOCUMENT>0000950124-04-003987.txt : 20040824
<SEC-HEADER>0000950124-04-003987.hdr.sgml : 20040824
<ACCEPTANCE-DATETIME>20040824061114
ACCESSION NUMBER:		0000950124-04-003987
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040924
FILED AS OF DATE:		20040824
DATE AS OF CHANGE:		20040824
EFFECTIVENESS DATE:		20040824

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		04993022

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>p69549def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>UNITED STATES SECURITIES<BR>
AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><B>SCHEDULE 14A</B>


<DIV align="center" style="font-size: 10pt"><B>(RULE 14a-101)</B></DIV>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>SCHEDULE 14A INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proxy Statement Pursuant to </B><B>Section 14(a)</B><B> of the Securities Exchange Act
of 1934 (Amendment No. </B><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><B>)</B>


<P align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Filed by the Registrant <FONT face="Wingdings">&#120;</FONT><BR>
Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Check the appropriate box:<BR>
<FONT face="Wingdings">&#111;</FONT> Preliminary Proxy Statement


<P align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> Confidential, for Use of the<BR>
Commission Only (as permitted<BR>
by Rule&nbsp;14a-6(e)(2))


<P align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#120;</FONT> Definitive Proxy Statement<BR>
<FONT face="Wingdings">&#111;</FONT> Definitive Additional Materials<BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting Material Pursuant to &#167;240.14a-12

<P align="center" style="font-size: 14pt"><B>AMERCO</B>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center"></DIV>


<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center">


<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)</DIV>


<P align="left" style="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):



<P align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt"><FONT face="Wingdings">&#120;</FONT> No fee required.<BR>
<FONT face="Wingdings">&#111;</FONT> Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Title of each class of securities to which transaction applies:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Aggregate number of securities to which transaction applies:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4) Proposed maximum aggregate value of transaction:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5) Total fee paid:

<P align="left" style="font-size: 10pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;Fee paid previously with preliminary materials:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount previously paid:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="right">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="center" style="font-size: 10pt"><B>PROXY</B>



<P align="center" style="font-size: 10pt"><B>AMERCO</B>



<P align="center" style="font-size: 10pt"><B>ANNUAL MEETING DATE:</B>



<P align="center" style="font-size: 10pt"><B>September&nbsp;24, 2004</B>



<P align="center" style="font-size: 10pt"><B>THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY&#146;S</B>


<DIV align="center" style="font-size: 10pt"><B>BOARD OF DIRECTORS</B></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John M. Dodds is hereby appointed proxy, with full power of substitution,
to vote all shares of stock which I am (we are) entitled to vote at the AMERCO
2004 Annual Meeting of Stockholders, and at any adjournment thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Election of Directors:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> For all Nominees listed below except as marked to the contrary
below


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Withhold Authority to vote for all Nominees listed below

<P align="left" style="font-size: 10pt"><B>(INSTRUCTIONS: To withhold authority to vote for any individual nominee,
strike line through the nominee&#146;s name below.)</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLASS II (term expires 2008) Edward J. Shoen, M. Frank Lyons


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Shareholder Proposal:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> For the Shareholder Proposal Regarding Independent Directors


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Against the Shareholder Proposal Regarding Independent Directors


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This proxy, when properly executed, will be voted as specified above. IF
NO SPECIFIC DIRECTIONS ARE GIVEN, THIS PROXY WILL BE VOTED FOR THE NOMINEES
LISTED ABOVE AND, WITH RESPECT TO SUCH OTHER BUSINESS AS MAY PROPERLY COME
BEFORE THE MEETING, IN ACCORDANCE WITH THE DISCRETION OF THE APPOINTED PROXY.
PLEASE SIGN, DATE AND RETURN THIS PROXY PROMPTLY.

<P align="left" style="font-size: 10pt">Signature(s) <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Dated <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please sign exactly as your name appears. Joint owners should both sign.
Fiduciaries, attorneys, corporate officers, etc., should state their
capacities.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">ELECTION OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">DIRECTOR NOMINATION PROCESS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">COMMUNICATIONS WITH THE BOARD OF DIRECTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">BOARD REPORT ON EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">PERFORMANCE GRAPH</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXECUTIVE OFFICERS OF THE COMPANY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">EMERGENCE FROM CHAPTER 11</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">DERIVATIVE ACTION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">SHAREHOLDER PROPOSAL</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">RELATIONSHIP WITH INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">OTHER MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">EXHIBIT A</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">EXHIBIT B</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center" style="font-size: 10pt"><B>AMERCO</B>



<P align="center" style="font-size: 10pt">1325 AIRMOTIVE WAY, SUITE 100


<DIV align="center" style="font-size: 10pt">RENO, NEVADA 89502-3239</DIV>



<P align="center" style="font-size: 10pt"><B>NOTICE AND PROXY STATEMENT*<BR>
FOR THE 2004 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON FRIDAY, SEPTEMBER 24, 2004</B>


<P align="left" style="font-size: 10pt">TO THE STOCKHOLDERS:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2004 Annual Meeting of the Stockholders of AMERCO (the &#147;Company&#148;) will
be held at the Airport Plaza Hotel, 1981 Terminal Way, Reno, Nevada 89502, on
Friday, September&nbsp;24, 2004, at 11:00&nbsp;a.m. (local time) to (1)&nbsp;elect two Class
II Directors to serve until the 2008 Annual Meeting of Stockholders; (2)&nbsp;vote
on one shareholder proposal; and (3)&nbsp;consider and act upon any other business
that may properly come before the meeting or any adjournment(s) thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has fixed the close of business on July&nbsp;29, 2004 as
the record date for the determination of stockholders entitled to receive
notice of and to vote at the meeting or any adjournment(s) thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report for the year ended March&nbsp;31, 2004 is
enclosed, but is not deemed to be part of the official proxy soliciting
materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the
meeting, the person named in the enclosed proxy will vote thereon in accordance
with his judgment. The Company&#146;s management cordially invites you to attend
the meeting. In fairness to all stockholders, and in the interest of an orderly
meeting, we ask all stockholders attending the meeting to observe the annual
meeting procedures attached hereto as Exhibit&nbsp;A.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gary V. Klinefelter<br>
Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>STOCKHOLDERS ARE URGED TO SIGN, DATE, AND PROMPTLY MAIL THE PROXY CARD IN
THE ENCLOSED POSTAGE-PAID ENVELOPE. YOUR PROMPT RESPONSE WILL BE APPRECIATED.</B>

<P align="left" style="font-size: 10pt">*Approximate date of mailing to stockholders: August&nbsp;26, 2004



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>AMERCO</B>



<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT</B>



<P align="center" style="font-size: 10pt"><B>2004 ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>TO BE HELD ON SEPTEMBER 24, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation of
proxies on behalf of the Board of Directors of AMERCO, a Nevada corporation
(the &#147;Company&#148;), for use at the 2004 Annual Meeting of Stockholders to be held
on Friday, September&nbsp;24, 2004 at 11:00&nbsp;a.m. at the Airport Plaza Hotel, 1981
Terminal Way, Reno, Nevada 89502 (the &#147;Meeting&#148;), and at any adjournment or
adjournments thereof. <B>The AMERCO Board of Directors is soliciting proxies.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record at the close of business on July&nbsp;29, 2004 (the
&#147;Record Date&#148;) are entitled to notice of and to vote at the Meeting. At the
close of business on the Record Date, the Company had outstanding 21,284,604
shares of its Common Stock, $0.25 par value, and 5,662,496 shares of its Series
A Common Stock, $0.25 par value (collectively, the &#147;Common Stock&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third of the outstanding shares entitled to vote and to be represented
in person or by proxy at the Meeting will constitute a quorum for the conduct
of business. Abstentions and broker non-votes will be treated as shares that
are present and entitled to vote for purposes of determining the presence of a
quorum but as unvoted for purposes of determining the approval of any matter
submitted to the stockholders for a vote. Except as otherwise stated herein,
provided a quorum is present, the affirmative vote of the holders of a majority
of the shares entitled to vote on the matter is required to approve any matter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each stockholder is entitled to one vote per share of Common Stock for the
election of directors and on all other matters that may properly be brought
before the Meeting. If the accompanying proxy is signed and returned, the
shares represented thereby will be voted in accordance with any directions on
the proxy. If a proxy does not specify how the shares represented thereby are
to be voted, the proxy will be voted for the director nominees named herein.
Any stockholder giving the enclosed form of proxy may revoke it at any time
before it is voted at the Meeting by filing with the Secretary of the Company a
document revoking the proxy or by submitting a proxy bearing a later date. The
revocation of the proxy will not affect any vote taken prior to such
revocation. This Proxy Statement and the enclosed proxy are first being mailed
to stockholders on or about August&nbsp;26, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The solicitation of all proxies will be made primarily by mail and the
cost of such solicitation will be borne by the Company. The Company will
reimburse fiduciaries, nominees, and others for their out-of-pocket expenses in
forwarding proxy materials to beneficial owners. Proxies may be solicited by
telephone, telegraph, facsimile transmission, and in person by employees of the
Company.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the
Meeting, the person named in the enclosed proxy will vote thereon in accordance
with his judgment.

<!-- link1 "ELECTION OF DIRECTORS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors consists of eight directors. The
Company&#146;s Articles of Incorporation provide for the division of the Board of
Directors into four classes, designated Class&nbsp;I, Class&nbsp;II, Class&nbsp;III, and Class
IV. Subject to applicable law, each class shall consist, as nearly as may be
possible, of one-fourth of the total number of directors constituting the
entire Board of Directors. The term of each directorship is four years and the
terms of the four classes are staggered in a manner so that in most cases only
one class is elected by the stockholders annually.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Meeting, two Class&nbsp;II directors will be elected to serve until the
2008 Annual Meeting of Stockholders. It is the intention of the individual
named in the enclosed form of proxy to vote for the two nominees named below
unless instructed to the contrary. However, if any nominee named herein
becomes unavailable to serve at the time of election (which is not
anticipated), and, as a consequence, other nominees are designated, the person
named in the proxy or other substitutes shall have the discretion or authority
to vote or refrain from voting in accordance with his judgment with respect to
other nominees. The two Class&nbsp;II director nominees receiving the largest
number of votes in favor of their election will be elected as Class&nbsp;II
directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are elected by a plurality of the shares represented at the
meeting, in person or by proxy, and entitled to vote at the Annual Meeting,
provided that a quorum is present. Votes may be cast FOR all nominees, WITHHOLD
for all nominees, or WITHHOLD as to specific nominees. The two Class&nbsp;II
nominees who receive the greatest number of votes cast FOR the election of such
nominees shall be elected as directors. As a result, any vote other than a
vote FOR the nominee will have the practical effect of voting AGAINST the
nominee. An abstention will have the same effect as voting WITHHELD for
election of directors, and a broker non-vote will not be treated as voting in
person or by proxy on the proposal.


<P align="center" style="font-size: 10pt"><B>Nominees For Election As Class&nbsp;II Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors have approved the nomination of the following
individuals to serve until the 2008 Annual Meeting:


<P align="center" style="font-size: 10pt"><B>Edward J. Shoen<BR>
M. Frank Lyons</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EDWARD J. SHOEN</B>, 55, has served as a Director and Chairman of the Board of
the Company since 1986, as President since 1987, as a Director of U-Haul
International, Inc. (&#147;U-Haul&#148;) since 1990, and as the President of U-Haul since
1991. Mr.&nbsp;Shoen has been associated with the Company since 1971.


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>M.&nbsp;FRANK LYONS, </B>68, was elected to the Board in 2002. Mr.&nbsp;Lyons served in
various positions with the Company from 1959 until 1991, including 25&nbsp;years as
the president of Warrington Manufacturing. From 1991 until his retirement in
2000 he was president of Evergreen Realty, Inc.


<P align="center" style="font-size: 10pt"><B>Directors Continuing In Office</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Class</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Term Expires</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">John M. Dodds</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">James P. Shoen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;IV.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">William E. Carty</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;IV.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Charles J. Bayer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">John P. Brogan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">James J. Grogan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN M. DODDS</B>, 67, has served as a Director of the Company since 1987 and
Director of U-Haul since 1990. Mr.&nbsp;Dodds has been associated with the Company
since 1963. He served in regional field operations until 1986 and served in
national field operations until 1994. Mr.&nbsp;Dodds retired from the Company in
1994.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JAMES P. SHOEN</B>, 44, has served as a director of the Company since 1986 and
was Vice President of the Company from 1989 to November&nbsp;2000. Mr.&nbsp;Shoen has
been associated with the Company since 1976. He served from 1990 to November
2000 as Executive Vice President of U-Haul. He is currently Vice President of
Amerco Business Consultants, a subsidiary of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WILLIAM E. CARTY</B>, 77, has served as a Director of the Company since 1987
and as a Director of U-Haul since 1986. He has been associated with the
Company since 1946. He has served in various executive positions in most areas
of the Company. Mr.&nbsp;Carty retired from the Company in 1987.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CHARLES J. BAYER</B>, 64, has served as a Director of the Company since 1990
and has been associated with the Company since 1967. He has served in various
executive positions and served as President of Amerco Real Estate Company until
his retirement in October&nbsp;2000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN P. BROGAN</B>, 60, 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JAMES J. GROGAN</B>, 50, has served as a Director of the Company since August
1998 and is the CEO of Loreto Bay Company. He was President of G.W. Holdings,
a diversified investment company, from 2001 to 2002. Throughout 1999 and 2000,
he served as President and CEO of Sterling Financial Corporation, a Toronto
Stock Exchange company focused on real estate investments.


<P align="center" style="font-size: 10pt">3
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<P align="center" style="font-size: 10pt"><B>Director Qualification and Independence</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent Governance Committee has evaluated each director&#146;s
independence. Nasdaq requires that at least a majority of the Board of
Directors be independent. In order to be considered independent, a director
cannot be an officer or employee of the Company or its subsidiaries or any
other person that in the opinion of the Board of Directors has a relationship
with the Company which would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on its evaluation, the Independent Governance Committee has
recommended to the Board of Directors that M. Frank Lyons, John M. Dodds,
William E. Carty, Charles J. Bayer, John P. Brogan and James J. Grogan are
independent. The full Board of Directors, based in part on the recommendation
of the Independent Governance Committee, has determined that the directors
listed in this paragraph are independent pursuant to Nasdaq&#146;s independence
requirements.


<P align="center" style="font-size: 10pt">4
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<!-- link1 "OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS" -->
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<P align="center" style="font-size: 10pt"><B>OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full Board of Directors of the Company met 13 times during the fiscal
year ended March&nbsp;31, 2004. Each director attended at least 75% of the meetings
of the full Board of Directors and of the committees on which he served. One
or more of the directors are expected to attend the Meeting. All directors
attended our 2003 annual meeting, which was held on November&nbsp;7, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual fee for all services as a director of the Company prior to June
4, 2003 was $26,400. Effective on that date, the annual fee was increased to
$50,000. Audit Committee members receive a $50,000 annual fee, Executive
Finance Committee and Compensation Committee members receive a $20,000 annual
fee, and Independent Governance Committee members receive a $50,000 annual fee.
These amounts are paid in equal monthly installments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has appointed the following standing committees:
Audit Committee, Compensation Committee, Executive Finance Committee, and
Independent Governance Committee. The Company does not have a nominating
committee. The responsibility for director nominations is vested in the
independent members of the board. The Board does not believe that a nominating
committee is necessary because every independent director (as determined by
Nasdaq&#146;s rules) participates in the nominating process. The Board of Directors
has adopted a resolution addressing the nominations process and related
matters. Our process is described in this Proxy Statement under the heading
&#147;Director Nomination Process.&#148; Listed below is a summary of the Company&#146;s four
committees and the membership of those committees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee</I>. The Audit Committee assists the Board of Directors in
fulfilling its oversight responsibilities as to financial reporting, audit
functions and risk management. The Audit Committee monitors the financial
information that is provided to stockholders and others, the independence and
performance of the Company&#146;s independent auditors and internal audit department
and the systems of internal control established by management and the Board of
Directors. The Audit Committee operates pursuant to a written charter approved
by the Board of Directors. The Audit Committee is composed of John P. Brogan,
James J. Grogan and John M. Dodds and met seven times during the fiscal year
ended March&nbsp;31, 2004. Messrs.&nbsp;Brogan, Grogan and Dodds are considered
&#147;independent&#148; pursuant to the Nasdaq listing standards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive Finance Committee</I>. The Executive Finance Committee is
authorized to act on behalf of the Board of Directors in approving any
transaction involving the finances of the Company. The Committee has the
authority to give final approval for the borrowing of funds on behalf of the
Company without further action or approval of the Board of Directors. The
Executive Finance Committee is comprised of Edward J. Shoen, John P. Brogan and
Charles J. Bayer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Committee</I>. The Compensation Committee reviews the Company&#146;s
executive compensation plans and policies, including benefits and incentives,
to ensure that they are consistent with the goals and objectives of the
Company. The Committee reviews and makes recommendations to the Board of
Directors regarding


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">management recommendations for changes in executive compensation and
monitors management plans and programs for the retention, motivation and
development of senior management. The Compensation Committee met three times
during the fiscal year ending March&nbsp;31, 2004. The Compensation Committee is
comprised of John P. Brogan and James J. Grogan, independent directors of the
Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Governance Committee</I>. In 2003, the Company&#146;s Board of
Directors approved the formation of an Independent Governance Committee. The
Independent Governance Committee is co-chaired by two independent members of
the Board, James J. Grogan and John P. Brogan. Thomas W. Hayes, the former
State Treasurer of California, and Paul A. Bible, a partner in the Reno-based
law firm of Bible, Hoy &#038; Trachok, are also members of this committee. Neither
Mr.&nbsp;Hayes nor Mr.&nbsp;Bible is a member of the Company&#146;s Board of Directors. The
Independent Governance Committee monitors and evaluates the Company&#146;s corporate
governance principles and standards and proposes to the Board any modifications
which are deemed appropriate for sound corporate governance. In addition, this
committee reviews potential candidates for Board membership. The committee may
review other matters as referred to it by the Board. The committee has the
authority to and a budget from which to retain professionals. Committee
membership is for a term of one year and each member is determined by the Board
to be free of any relationship that would interfere with his exercise of
independent judgment as member of this committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hayes was president of Metropolitan West Financial Inc, a diversified
financial management company with over $60&nbsp;billion in managed funds. He has
also served as the State Treasurer of California, California&#146;s Director of
Finance, and was responsible for overseeing the successful restructuring of
Orange County&#146;s investment pool, following that county&#146;s Chapter&nbsp;11 filing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Bible currently serves as the Chairman of the Compliance Committee for
H Group Holding, Inc., the holding company of Hyatt Corporation. He also
serves as Chairman of the Compliance Committee for Jacobs Entertainment, Inc.,
the holding company of Black Hawk Gaming &#038; Development Company, Inc. He is the
former Chairman of the Board of Trustees of the University of Nevada, Reno
Foundation, and is the former Chairman of the Nevada Gaming Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advisory Board Members</I>. In addition to the four committees described
above, in 2003, the Board of Directors authorized the inclusion of &#147;advisory&#148;
Board members. Advisory Board members do not officially vote, but are given
full and complete access to the affairs of the Board, including all meetings
and votes of the Board and are treated in all other respects as a Board member.
The Board has authorized up to two advisory Board members who shall serve at
the will of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Board of Directors appointed Michael L. Gallagher as a member
of the Advisory Board. Mr.&nbsp;Gallagher is a senior partner in the law firm
Gallagher &#038; Kennedy. Mr.&nbsp;Gallagher is also a director of Pinnacle West Capital
Corporation and the Omaha World Herald Company.


<P align="center" style="font-size: 10pt">6
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2004, the Board of Directors appointed Dan Mullen as a member of the
Advisory Board. Mr.&nbsp;Mullen was Vice President, Treasurer and Principle
Financial Officer of Talley Industries, Inc., a multi-industry conglomerate.
He also served as Vice President of Finance for Southwest Pipe and Supply
Company. Mr.&nbsp;Mullen was associated with U-Haul from 1968-1982.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Security Ownership of Certain Beneficial Owners and Management&#148; and
&#147;Certain Relationships and Related Transactions&#148; for additional information
relating to the directors.


<!-- link1 "DIRECTOR NOMINATION PROCESS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>DIRECTOR NOMINATION PROCESS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Director Qualifications</I>. Persons nominated to the Board should have
personal integrity and high ethical character. Candidates should not have any
interests that would materially impair his or her ability to exercise
independent judgment or otherwise discharge the fiduciary duties owed by a
director to the Company and its stockholders. Candidates must be able to
represent fairly and equally all stockholders of the Company without favoring
any particular stockholder group or other constituency of the Company and must
be prepared to devote adequate time to the Board and its committees. In
selecting nominees for director, the Board will assure that:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least three of the directors satisfy the financial literacy
requirements required for service on the Audit Committee; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least one of the directors qualifies as an audit committee financial
expert under the rules of the Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Identifying Director Candidates</I>. The Board utilizes a variety of methods
for identifying and evaluating nominees to serve as directors. The Board has a
policy of re-nominating incumbent directors who continue to satisfy the Board&#146;s
criteria for membership and whom the independent directors believe continue to
make important contributions to the Board and who consent to continue their
service on the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In filing vacancies of the Board, the independent directors will solicit
recommendations for nominees from the persons the independent directors believe
are likely to be familiar with (i)&nbsp;the needs of the Company and (ii)&nbsp;qualified
candidates. These persons may include members of the Board and management of
the Company. The independent directors may also engage a professional search
firm to assist in identifying qualified candidates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating potential nominees, the independent directors will oversee
the collection of information concerning the background and qualifications of
the candidate and determine whether the candidate satisfies the minimum
qualifications required by the Board for election as director and whether the
candidate possesses any of the specific skills or qualities that under the
Board&#146;s policies must be possessed by one or more members of the Board.


<P align="center" style="font-size: 10pt">7
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors may interview any proposed candidate and may
solicit the views about the candidate&#146;s qualifications and suitability from the
Company&#146;s chief executive officer and other senior members of management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors will make its selections based on all the
available information and relevant considerations. The independent directors&#146;
selection will be based on who, in the view of the independent directors, will
be best suited for membership on the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making its selection, the independent directors will evaluate
candidates proposed by stockholders under criteria similar to other candidates,
except that the independent directors may consider, as one of the factors in
their evaluation, the size and duration of the interest of the recommending
stockholder in the stock of the Company. The independent directors may also
consider the extent to which the recommending stockholder intends to continue
to hold its interest in the Company, including whether the recommending
stockholder intends to continue holding its interest at least through the time
of the meeting at which the candidate is to be elected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stockholder Nominees</I>. The policy of the Board of Directors is to consider
properly submitted stockholder recommendations for candidates for membership on
the Board of Directors as described below. The evaluation process for such
nominations is overseen by our independent directors. In evaluating such
nominations, the independent directors seek to achieve qualified directors that
can represent fairly and equally all stockholders of the Company and based on
the membership qualifications and criteria described above. Any stockholder
nominations for consideration by the independent directors should be mailed or
delivered to the Company&#146;s Secretary at 2727 N. Central Avenue, Phoenix,
Arizona 85004. Email submissions will not be considered. The recommendation
must be accompanied by the following information about the stockholder:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the stockholder&#146;s name and address, including telephone number;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the number of shares of the Company&#146;s stock owned by the recommending
stockholder and the time period for which such shares have been held;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the recommending stockholder is not a shareholder of record, a
statement from the record holder of the shares (usually a broker or bank)
verifying the holdings of the stockholder and a statement from the recommending
stockholder of the length of time the that the shares have been held; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement from the stockholder as to whether the stockholder has a
good faith intention to continue to hold the reported shares through the date
of the next annual meeting at which the candidate would be elected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the recommendation is submitted by a group of two or more stockholders,
the above information must be submitted with respect to each stockholder in the
group. The recommendation must be received by the Company not later than 120
days prior to the first anniversary of the date of the proxy statement for
prior annual meeting, except in the


<P align="center" style="font-size: 10pt">8
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">event that the date of the annual meeting for the current year is more than 30
days following the anniversary date of the annual meeting for the prior year,
the submission will be considered timely if it is submitted a reasonable time
in advance of the mailing of the Company&#146;s proxy statement for the annual
meeting for the current year. The recommendation must be accompanied by a
consent of the proposed nominee to be interviewed by the independent directors
and other Board members and to serve as director of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recommendation must also contain information about the proposed
nominee, including:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the proposed nominee&#146;s name and address;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information required by Items 401, 403 and 404 of SEC Regulation&nbsp;S-K
(generally providing for disclosure of arrangements or understandings regarding
the nomination, the business experience of the proposed nominee, legal
proceedings involving the proposed nominee, the proposed nominee&#146;s ownership of
securities of the Company, and transactions and relationships between the
proposed nominee and the Company);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a description of all relationships between the proposed nominee and any
of the Company&#146;s competitors, customers, supplies, labor unions or other
persons with special interests regarding the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the qualifications of the proposed nominee;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement from the recommending stockholder that in his or her view,
the nominee, if elected, would represent all the stockholders and not serve for
the purpose of advancing or favoring any particular stockholder or other
constituency of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary will forward all recommendations to the independent
directors. The acceptance a recommendation from a stockholder does not imply
that the independent directors will recommend to the Board of Directors the
nomination of the stockholder recommended candidate. In addition, the Company&#146;s
bylaws permit stockholders to nominate directors at an annual meeting and
nothing in the above procedures is intended to conflict with the provisions of
our bylaws governing nominations by stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This information contained in this proxy about our nominations process is
just a summary. A complete copy of the policies and procedures with respect to
stockholder director nominations can be obtained from the Company, free of
charge, by writing to our Secretary at the address listed above.


<P align="center" style="font-size: 10pt">9
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<P align="center" style="font-size: 10pt"><B>COMMUNICATIONS WITH THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested persons may communicate with the Board of Directors, by writing
to our corporate Secretary at 2727 N. Central Avenue, Phoenix, Arizona 85004.
All such communications, or summaries thereof, will be relayed to the Board.

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<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</B>


<DIV align="center" style="font-size: 10pt"><B>AND MANAGEMENT</B></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, the following table lists, as of
July&nbsp;31, 2004 the beneficial ownership of the Company&#146;s equity securities and
the percentage of net payments received by such persons during the 2004 fiscal
year in respect of fleet-owner contracts issued by U-Haul of (1)&nbsp;each director
and director nominee of the Company, of each executive officer named on page 9,
and of all directors and executive officers of the Company as a group; and (2)
those persons who beneficially own more than five percent (5%) of the Company&#146;s
Common Stock.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Net</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fleet Owner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock Class</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contract Payments</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Edward J. Shoen (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,487,722</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.001</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Chairman of the Board,<BR>
President, Director<BR>
and Director Nominee<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Mark V. Shoen (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3,352,248</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">President, U-Haul<BR>
Phoenix Operations<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">James P. Shoen (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,950,008</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
1325 Airmotive Way<BR>
Reno, NV 89502</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Sophia M. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1,346,668</TD>
    <TD nowrap>(2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">5104 N. 32nd Street<BR>
Phoenix, AZ 85018</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">The ESOP Trust (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,203,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">2727 N. Central Ave<BR>
Phoenix, AZ 85004<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">10
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Net</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fleet Owner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock Class</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contract Payments</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John M. Dodds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">William E. Carty (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Charles J. Bayer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,186</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.001</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">John P. Brogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">James J. Grogan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">M. Frank Lyons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Director and Director<BR>
Nominee<BR>
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Gary V. Klinefelter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Secretary and General<BR>
Counsel
2727 N. Central Ave<BR>
Phoenix, AZ 85004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Gary B. Horton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Treasurer of AMERCO<BR>
and Assistant Treasurer
of U-Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">11
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of Net</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Address of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fleet Owner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Beneficial Owner</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Owned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock Class</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contract Payments</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Ronald C. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">*</TD>
    <TD nowrap>*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.002</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Officers and Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,720,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.004</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">as a group (17
persons) (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">**The percentage of the referenced class beneficially owned is less than one
percent.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Edward J. Shoen, Mark V. Shoen, James P. Shoen, and William E. Carty
beneficially own 16,300 shares (0.26&nbsp;percent), 16,700 shares (0.27
percent), 31,611 shares (0.51&nbsp;percent), and 12,000 shares (0.19&nbsp;percent)
of the Company&#146;s Series&nbsp;A 8&#189;% Preferred Stock, respectively. The
executive officers and directors as a group beneficially own 77,611 shares
(1.27&nbsp;percent) of the Company&#146;s Series&nbsp;A 8&#189;% Preferred Stock.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The complete name of the ESOP Trust is the ESOP Trust Fund for the AMERCO
Employee Savings and Employee Stock Ownership Trust. The ESOP Trustee,
which consists of three individuals without a past or present employment
history or business relationship with the Company, is appointed by the
Company&#146;s Board of Directors. Under the ESOP, each participant (or such
participant&#146;s beneficiary) in the ESOP directs the ESOP Trustee with
respect to the voting of all Common Stock allocated to the participant&#146;s
account. All shares in the ESOP Trust not allocated to participants are
voted by the ESOP Trustee. As of March&nbsp;31, 2004, of the 2,303,681 shares
of Common Stock held by the ESOP Trust, 1,577,101 shares were allocated to
participants and 726,580 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 3,694, 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.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, there are no arrangements giving
any stockholder the right to acquire the beneficial ownership of any shares
owned by any other stockholder.


<P align="center" style="font-size: 10pt">12
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Summary Compensation Table shows the annual compensation
paid to (1)&nbsp;the Company&#146;s chief executive officer; and (2)&nbsp;the four most highly
compensated executive officers of the Company, other than the chief executive
officer.


<P align="center" style="font-size: 10pt"><B>Summary Compensation Table</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Annual Compensation</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name and Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B> Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)(2)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Edward J. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Chairman of the</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Board and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">President of
AMERCO and U-
Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Mark V. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">President of U-Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Phoenix Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Ronald C. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Executive V.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">U-Haul Field</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gary B. Horton</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Treasurer of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">AMERCO and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Assistant Treasurer
of U-Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Gary V. Klinefelter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Secretary and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">General Counsel of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">AMERCO and U-
Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes annual fees paid to Directors of the Company and U-Haul.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents the value of Common Stock allocated under the AMERCO Employee
Savings, Profit Sharing and Employee Stock Ownership Plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- link1 "BOARD REPORT ON EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center" style="font-size: 10pt"><B>BOARD REPORT ON EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the Company has established a Compensation Committee, the entire
Board of Directors reviewed and determined the amount of compensation paid to
the Chairman of the Board and President for fiscal 2004. The determination was
subjective and not subject to a specific criteria. Although the Board of
Directors had primary authority with respect to compensation decisions for the
Company&#146;s other executive officers during fiscal 2004, the Chairman of the
Board and President has historically and continued to make these decisions with
the counsel of individual Board members, subject to the ability of the full
Board to revise or override these decisions. Executive compensation was set at
levels designed to retain the Company&#146;s executive officers and was based on
subjective factors such as his perception of each officer&#146;s performance and
changes in functional responsibility.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its involvement in executive compensation matters as
described above, the Board of Directors determines the amount, if any, of the
Company&#146;s contribution pursuant to the AMERCO Employee Savings, Profit Sharing
and Employee Stock Ownership Plan.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John P. Brogan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James J. Grogan</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center" style="font-size: 10pt"><B>AUDIT COMMITTEE REPORT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors (&#147;Audit Committee&#148;) is
composed of three independent directors and operates under a written charter
adopted by the Board of Directors, a copy of which is attached to this Proxy at
Exhibit&nbsp;B. Each member of the Audit Committee meets the independence
requirements of Nasdaq and the Securities Exchange Act of 1934.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the Company&#146;s internal controls and the
financial reporting process. The independent accountants are responsible for
performing an independent audit of the Company&#146;s consolidated financial
statements in accordance with generally accepted auditing standards and to
issue a report thereon. The Audit Committee&#146;s responsibility is to monitor and
oversee these processes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this context, the Audit Committee has met and held discussions with
management and the independent accountants. Management represented to the
Audit Committee that the Company&#146;s consolidated financial statements were
prepared in accordance with generally accepted accounting principles, and the
Audit Committee has reviewed and discussed the consolidated financial
statements with management and the independent accountants. The Audit
Committee reviewed and discussed with the independent accountants the matters
required to be discussed by Statement on Auditing Standards No.&nbsp;61
(Communication with Audit Committees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s independent accountants also provided to the Audit Committee
the written disclosures and the letter required by Independence Standards Board
Standard No.&nbsp;1 (Independence Discussions with Audit Committees), and the Audit
Committee discussed with the independent accountants that firm&#146;s independence.


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the Audit Committee&#146;s discussions with management and the
independent accountants and its review of the representation of management and
the report of the independent accountants to the Audit Committee, the Audit
Committee recommended that the Board of Directors include the audited
consolidated financial statements in the Company&#146;s Annual Report on Form 10-K
for the year ended March&nbsp;31, 2004 filed with the Securities and Exchange
Commission.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John P. Brogan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James J. Grogan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John M. Dodds</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "PERFORMANCE GRAPH" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PERFORMANCE GRAPH</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total stockholder return on
the Company&#146;s Common Stock for the period March&nbsp;31, 1999 through March&nbsp;31, 2004
with the cumulative total return on the Dow Jones Composite Average and the Dow
Jones Transportation Average. The comparison assumes that $100 was invested on
March&nbsp;31, 1999 in the Company&#146;s Common Stock and in each of the comparison
indices. The graph reflects the closing price of the Common Stock trading on
Nasdaq on March&nbsp;31, 2000, 2001, 2002, 2003, and 2004.


<P align="center" style="font-size: 10pt"><IMG src="p69549p6954900.gif" alt="(PERFORMANCE GRAPH)">




<P align="center" style="font-size: 10pt">15
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link1 "EXECUTIVE OFFICERS OF THE COMPANY" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXECUTIVE OFFICERS OF THE COMPANY</B>


<P align="left" style="font-size: 10pt">The Company&#146;s executive
officers as of June&nbsp;30, 2003, were:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Age *</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Office</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward J. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President, and Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William E. Carty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">77</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Dodds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles J. Bayer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Brogan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James J. Grogan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M. Frank Lyons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James P. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary B. Horton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer of AMERCO and Asst. Treasurer of U-Haul</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary V. Klinefelter
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary &#038; General Counsel of AMERCO and U-Haul</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack A. Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer of AMERCO and U-Haul</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rocky D. Wardrip
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Treasurer of AMERCO</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark V. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of U-Haul Phoenix Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John C. Taylor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and Executive V.P. of U-Haul</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald C. Frank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive V.P. of U-Haul Field Operations</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark A. Haydukovich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Oxford Life Insurance Company</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carlos Vizcarra
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Amerco Real Estate Company</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard M. Amoroso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President of Republic Western Insurance Company</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Ages are as of June&nbsp;30, 2004.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Election of Directors&#148; for information regarding Edward J. Shoen,
William E. Carty, Charles J. Bayer, James P. Shoen, John M. Dodds, John P.
Brogan, James J. Grogan and M. Frank Lyons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary B. Horton has served as Treasurer of the Company since 1982 and
Assistant Treasurer of U-Haul since 1990. He has been associated with the
Company since 1969.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary V. Klinefelter, Secretary of the Company since 1988 and Secretary of
U-Haul since 1990, is licensed as an attorney in Arizona and has served as
General Counsel of the Company and U-Haul since June&nbsp;1988. He has been
associated with the Company since 1978.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack A. Peterson has served as Chief Financial Officer of AMERCO and
U-Haul since June&nbsp;2004. Prior to joining AMERCO, he was Executive Vice
President and Chief Financial Officer of Alliant Foodservice, Inc. (formerly
Kraft Foodservice, Inc.) from April&nbsp;1989 until May&nbsp;1998. During 2002, Mr.
Peterson was Executive Vice President and Chief Financial Officer of
Johnston-Keay Laboratories. During 2003 and until joining AMERCO in 2004, he
was Vice President and Chief Financial Officer of Lee Food Service, Inc.


<P align="center" style="font-size: 10pt">16
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky D. Wardrip, Assistant Treasurer of the Company since 1990, has been
associated with the Company since 1978 in various capacities within accounting
and treasury operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark V. Shoen has served as a Director of the Company from 1990 until
February&nbsp;1997. He has served as a Director of U-Haul from 1990 until November
1997 and as President, Phoenix Operations, from 1994 to present.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John C. Taylor, Director of U-Haul since 1990, has been associated with
the Company since 1981. He is presently an Executive Vice President of U-Haul.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald C. Frank has been associated with the Company since 1959. He is
presently Executive Vice President of U-Haul Field Operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark A. Haydukovich has served as President of Oxford Life Insurance
Company (&#147;Oxford&#148;) since June&nbsp;1997. From 1980 to 1997 he served as Vice
President of Oxford.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos Vizcarra has served as President of Amerco Real Estate Company
since September&nbsp;2000. He began his previous position as Vice President/Storage
Product Group for U-Haul in 1988.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard M. Amoroso has served as President of Republic Western Insurance
Company (&#147;RepWest&#148;) since August&nbsp;2000. He was Assistant General Counsel of
U-Haul from 1993 until February&nbsp;2000. He served as Assistant General Counsel
of ON Semiconductor Corporation from February to August&nbsp;2000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edward J., Mark V., and James P. Shoen are brothers. William E. Carty is
the uncle of Edward J. and Mark V. Shoen. M. Frank Lyons was married to
William E. Carty&#146;s sister and the aunt of Edward J. and Mark V. Shoen until her
death in 1992.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to &#147;Emergence from Chapter&nbsp;11.&#148;


<P align="center" style="font-size: 10pt">17
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERCO has engaged in related party transactions, and has continuing
related party interests, with certain major stockholders, directors and
officers of the consolidated group. Management believes that the transactions
described below and in the related notes were consummated on terms equivalent
to those that would prevail in arm&#146;s-length transactions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004, AMERCO purchased $121,608 of refinishing supplies from
Space Age Auto Paint Store Inc. E.J. Shoen, a major stockholder, officer and
director of AMERCO, owns Space Age Auto Paint Store Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel J. Shoen, the son of Edward J. Shoen, is employed by U-Haul as
project group supervisor. Mr.&nbsp;Shoen was paid an aggregate salary and bonus of
$86,532 for his services during the fiscal year 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;James P. Shoen, the brother of Edward J. Shoen and Mark V. Shoen, is Vice
President of AMERCO Business Consultants, a subsidiary of the Company. Mr.
Shoen was paid an aggregate of $228,003 for his services during the fiscal year
2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2004 a subsidiary of the Company held various senior and
junior unsecured notes of SAC Holdings. Substantially all of the equity
interest of SAC Holdings is controlled by Mark V. Shoen, a significant
shareholder and executive officer of the Company. The Company does not have an
equity ownership interest in SAC Holdings, except for minority investments made
by RepWest and Oxford in a SAC Holdings-controlled limited partnership which
holds Canadian self-storage properties. The senior unsecured notes of SAC
Holdings that the Company holds rank equal in right of payment with the notes
of certain senior mortgage holders, but junior to the extent of the collateral
securing the applicable mortgages and junior to the extent of the cash flow
waterfalls that favor the senior mortgage holders. Interest on the notes
accrue at rates varying from 7.5% to 9.0%. The Company received cash interest
payments of $26.5&nbsp;million from SAC Holdings during fiscal year 2004. The notes
receivable balance outstanding at March&nbsp;31, 2004 was, in the aggregate, $203.8
million. The largest aggregate amount outstanding during the fiscal year ended
March&nbsp;31, 2004 was $403.5&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrues on the outstanding principal balance of junior notes of
SAC Holdings that the Company holds at a stated rate of basic interest. A
fixed portion of that basic interest is paid on a monthly basis.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional interest is paid on the same payment date based on the amount
of remaining basic interest and the cash flow generated by the underlying
property. This amount is referred to as the &#147;cash flow-based calculation.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that this cash flow-based calculation exceeds the amount of
remaining basic interest, contingent interest is paid on the same monthly date
as the fixed portion of basic interest. To the extent that the cash flow-based
calculation is less than the amount of remaining basic interest, the additional
interest payable on the applicable


<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">monthly date is limited to the amount of that cash flow-based calculation.
In such a case, the excess of the remaining basic interest over the cash
flow-based calculation is deferred and all amounts so deferred bear interest
until maturity of the junior note. In addition, subject to certain
contingencies, the junior notes provide that the holder of the note is entitled
to receive payments upon, among other things, the sale of such property by SAC
Holdings. This is called Capital Proceeds Contingent Interest. As of March
31, 2004 interest on the notes accrues interest at rates ranging from 7.5% to
9.0%.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company currently manages the self-storage properties owned by SAC
Holdings pursuant to a standard form of management agreement with each SAC
Holdings subsidiary, under which the Company receives a management fee equal to
6% of the gross receipts. The Company received management fees of $12.7
million during fiscal year 2004. This management fee is consistent with the
fees received for other properties the Company manages for third parties.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, the Company entered into arrangements to manage properties
leased by Mercury Partners, L.P. (&#147;Mercury&#148;). Mercury is controlled by Mark V.
Shoen. The property management agreement we entered into with Mercury will pay
U-Haul a fee equal to 4% of the gross self-storage revenues generated by the
properties, plus a bonus of up to 6% of the gross self-storage rental revenues
based on specified performance levels.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RepWest and Oxford currently hold a 46% limited partnership interest in
Securespace Limited Partnership (&#147;Securespace&#148;), a Nevada limited partnership.
A SAC Holdings subsidiary serves as the general partner of Securespace and owns
a 1% interest. Another SAC Holdings subsidiary owns the remaining 53% limited
partnership interest in Securespace. Securespace was formed by SAC Holdings to
be the owner of various Canadian self-storage properties.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2004, the Company leased space for marketing company
offices, vehicle repair shops and hitch installation centers owned by
subsidiaries of SAC Holdings. Total lease payments pursuant to such leases
were $2.6&nbsp;million, during fiscal year 2004. The terms of the leases are
similar to the terms of leases for other properties owned by unrelated parties
that are leased to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2004, subsidiaries of SAC Holdings acted as U-Haul
independent dealers. The financial and other terms of the dealership contracts
with subsidiaries of SAC Holdings are substantially identical to the terms of
those with the Company&#146;s other independent dealers. During fiscal 2004, the
Company paid subsidiaries of SAC Holdings $29.1&nbsp;million in commissions pursuant
to such dealership contracts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAC Holdings was established in order to acquire self-storage properties
which are being managed by the Company pursuant to management agreements. The
sale of self-storage properties by the Company to SAC Holdings has in the past
provided significant cash flows to the Company and the Company&#146;s outstanding
loans to SAC Holdings entitle the Company to participate in SAC Holdings&#146;
excess cash flows (after senior debt service). However, in connection with SAC
Holdings&#146; issuance of the New SAC Holdings Notes to AMERCO&#146;s creditors in
AMERCO&#146;s Chapter&nbsp;11 proceeding,


<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">certain SAC Holdings notes payable to the Company were satisfied thereby
extinguishing the &#147;cash flow-based calculation.&#148;



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that its sales of self-storage properties to SAC
Holdings over the past several years provided a unique structure for the
Company to earn rental revenues at the SAC Holdings self-storage properties
that the Company manages and participate in SAC Holdings&#146; excess cash flows as
described above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No real estate transactions with SAC Holdings that involve the Company or
any of its subsidiaries are expected in the foreseeable future.

<!-- link1 "EMERGENCE FROM CHAPTER 11" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EMERGENCE FROM CHAPTER 11</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;20, 2003, AMERCO filed a voluntary petition for relief under
Chapter&nbsp;11 of the United States Bankruptcy Code. Amerco Real Estate Company
also filed a voluntary petition for relief under Chapter&nbsp;11 on August&nbsp;13, 2003.
The other subsidiaries of AMERCO were not included in either of the filings.
On March&nbsp;15, 2004, we emerged from Chapter&nbsp;11 (less than nine months from our
petition date) with full payment to our creditors while preserving the
interests of our stockholders.

<!-- link1 "DERIVATIVE ACTION" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>DERIVATIVE ACTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure in this section is required by the federal securities laws
because the plaintiff, Paul F. Shoen, is the brother of one or more directors,
officers and 5% stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;24, 2002, Paul F. Shoen filed a derivative action in the
Second Judicial District Court of the State of Nevada, Washoe County, captioned
Paul F. Shoen vs. SAC Holding Corporation et al, CV02-05602, seeking damages
and equitable relief on behalf of the Company from SAC Holdings and certain
current and former members of the Company&#146;s Board of Directors, including
Edward J. Shoen, Mark V. Shoen and James P. Shoen as defendants. The Company
is named a nominal defendant for purposes of the derivative action. The
complaint alleges breach of fiduciary duty, self-dealing, usurpation of
corporate opportunities, wrongful interference with prospective economic
advantage and unjust enrichment and seeks the unwinding of sales of
self-storage properties by subsidiaries of the Company to SAC Holdings over the
last several years. The complaint seeks a declaration that such transfers are
void as well as unspecified damages. On October&nbsp;28, 2002, the Company, the
Shoen directors, the non-Shoen directors and SAC Holdings filed Motions to
Dismiss the complaint. In addition, on October&nbsp;28, 2002, Ron Belec filed a
derivative action in the Second Judicial District Court of the State of Nevada,
Washoe County, captioned Ron Belec vs. William E. Carty, et al, CV 02-06331
and on January&nbsp;16, 2003, M.S. Management Company, Inc. filed a derivative
action in the Second Judicial District Court of the State of Nevada, Washoe
County, captioned M.S. Management Company, Inc. vs. William E. Carty, et. al,
CV 03-00386. Two additional derivative suits also were filed against these
parties. These additional suits are substantially similar to the Paul F. Shoen
derivative action. The five suits assert virtually identical claims. In fact,
three of the five plaintiffs are parties who are working closely together and
chose to file the same claims multiple


<P align="center" style="font-size: 10pt">20
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">times. The court consolidated all five complaints before dismissing them
on May&nbsp;28, 2003. Plaintiffs have filed a notice of appeal. These lawsuits
falsely alleged that the Company&#146;s Board lacked independence. In reaching its
decision to dismiss these claims, the court determined that the Company&#146;s Board
of Directors had the requisite level of independence required in order to have
these claims resolved by the Board.

<!-- link1 "SHAREHOLDER PROPOSAL" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SHAREHOLDER PROPOSAL</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has been advised that one of its stockholders intends to
present a proposal at the annual meeting. Following SEC rules, other than
minor formatting changes, we are reprinting the proposal and supporting
statement as they were submitted to us. We take no responsibility for them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, address and stock ownership of the proponent will be furnished
by the Company promptly upon receiving an oral or written request to the
Company&#146;s Secretary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Resolved</B>: Shareholders of AMERCO (the &#147;Company&#148;) urge the Board of
Directors (the &#147;Board&#148;) to adopt a policy of nominating independent directors
who, if elected by the shareholders, would constitute two-thirds of the Board.
For purposes of this proposal, the term &#147;Independent Director&#148; shall mean a
director who:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has not been employed by the Company in an executive
capacity;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not affiliated with a company that is, an advisor or
consultant to the Company, or a significant customer or supplier of
the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has no personal service contract(s) with the Company or the
Company&#146;s senior management;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not affiliated with a not-for-profit entity that
receives significant contributions from the Company;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within the last five years, has not had any business
relationship with the Company that the Company has been required to
disclose under the Securities and Exchange Commission disclosure
regulations;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not employed by a public company at which an executive
officer of the Company serves as a director;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>has not had a relationship of the sort described above with
any affiliate of the Company; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is not a member of the family of any person described
above.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Supporting Statement</B>: This proposal seeks to establish a level of
independence that we believe will promote clear and objective decision-making
in the best interest of all shareholders. The above resolution is based on a
definition of director independence that was developed by the Council of
Institutional Investors, an organization of more than


<P align="center" style="font-size: 10pt">21
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">130 pension funds with over $2 trillion in assets. The Council of
Institutional Investors believes that &#147;an independent director is someone whose
only nontrivial professional, familial or financial connection to the
corporation, its chairman, CEO or any other executive officer is his or her
directorship.&#148;



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, fewer than half of the Company&#146;s directors meet the
proposed standard of independence. Five of AMERCO&#146;s eight directors (two of
whom are related) are current or former executives of the Company or its
predecessors and a sixth served in national field operations for the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leading business organizations such as the National Association of
Corporate Directors&#146; Blue Ribbon Commission on Director Professionalism have
supported requiring a substantial majority of independent directors. According
to the Business Roundtable&#146;s Principles of Corporate Governance, &#147;a substantial
majority of directors of the board of a publicly owned corporation should be
independent of management.&#148; The Conference Board&#146;s Commission on Public Trust
and Private Enterprise states: &#147;Boards must be composed of qualified
individuals, a substantial majority of whom are free from disqualifying
conflicts of interest.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For these reasons, please vote FOR this proposal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board Recommendation: </B>The Board of Directors is making no recommendation
regarding this proposal.

<!-- link1 "RELATIONSHIP WITH INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center" style="font-size: 10pt"><B>RELATIONSHIP WITH INDEPENDENT AUDITORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO Seidman, LLP served as our principal independent accountants for the
fiscal years ended March&nbsp;31, 2003 and 2004 and the Audit Committee has selected
BDO Seidman, LLP to audit AMERCO&#146;s financial statements for fiscal 2005. We
expect that representatives of BDO Seidman, LLP will not be present at the
Meeting. The following table shows the fees that AMERCO and its consolidated
entities paid or accrued for the audit and other services provided by BDO
Seidman, LLP for fiscal years 2004 and 2003.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>March 31,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(In thousands)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,190</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit-related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">22
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees</I>. This category includes the audit of AMERCO&#146;s annual financial
statements, review of financial statements included in AMERCO&#146;s Form 10-Q
quarterly reports, and services that are normally provided by the independent
auditors in connection with statutory and regulatory filings or engagements for
those fiscal years. This category also includes advice on accounting matters
that arose during, or as a result of, the audit or the review of interim
financial statements, statutory audits required by U.S. jurisdictions and the
preparation of an annual &#147;management letter&#148; on internal control matters.
Fiscal year 2003 includes the cost of re-auditing all consolidated entities for
the fiscal years ended March&nbsp;31, 2002 and 2001.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees</I>. This category consists of assurance and related
services provided by BDO Seidman, LLP that are reasonably related to the
performance of the audit or review of AMERCO&#146;s financial statements and are not
reported above under &#147;Audit Fees.&#148; The services for the fees disclosed under
this category include benefit plan audits and other accounting consulting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Fees</I>. This category consists of professional services rendered by BDO
Seidman, LLP, primarily in connection with AMERCO&#146;s tax compliance activities,
including the preparation of tax returns in certain jurisdictions and technical
tax advice related to the preparation of tax returns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All Other Fees</I>. This category consists of fees for other miscellaneous
items. This includes fees associated with various litigation and regulatory
inquiries occurring during the current and prior fiscal years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each year, the Audit Committee approves the annual audit engagement in
advance. The Audit Committee also has established procedures to pre-approve
all non-audit services provided by the independent accountants. All 2004
non-audit services listed above were pre-approved. The Audit Committee has
determined that the provision of services by BDO described in the preceding
paragraphs were compatible with maintaining BDO&#146;s independence as the Company&#146;s
principal accountant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;17, 2002, the Company dismissed PricewaterhouseCoopers LLP (&#147;PwC&#148;)
as the Company&#146;s independent auditors. On August&nbsp;8, 2002, the Company engaged
BDO as the Company&#146;s independent auditing firm.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On July&nbsp;23, 2002, the Company disclosed the following:


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the reports of PwC on the financial statements of the
Company for the fiscal years ended March&nbsp;31, 2002 and 2001 did not
contain an adverse opinion or a disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope or accounting
principles.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the decision to dismiss PwC was recommended by the
Company&#146;s audit committee and authorized by the Board of Directors
of the Company.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That for the Company&#146;s fiscal years ended March&nbsp;31, 2002 and
2001 and through July&nbsp;17, 2002, there were no disagreements with PwC
on any matter</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>



<P align="left" style="margin-left:5%; font-size: 10pt">of accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of PwC would have caused it to make reference to
the subject matter of the disagreements in its report.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That for the Company&#146;s fiscal years ended March&nbsp;31, 2002 and
2001 and through July&nbsp;17, 2002, there had occurred none of the
&#147;reportable events&#148; listed in Item&nbsp;304 (a)(1)(v)(A-D) of Regulation
S-K.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That PwC indicated to the Company that material weaknesses
exist in certain aspects of the Company&#146;s internal controls that
were noted during PwC&#146;s audits of the Company&#146;s financial statements
for the fiscal years ended March&nbsp;31, 2001 and 2002.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That PwC recommended examination and augmentation, as
appropriate, of certain aspects of the Company&#146;s internal control
procedures, including the following: (1)&nbsp;Responsibility for each
general ledger account should be assigned to an appropriate person,
reconciliations (particularly with respect to intercompany accounts
with SAC Holdings, inventory, and fixed assets) should be performed
on a monthly basis, and the financial reporting manager should
ensure that all accounts with variances at month-end are
investigated and corrected within an appropriate timeframe; (2)&nbsp;The
internal control structure and monitoring process of management
should be strengthened to help detect misstated account balances on
a timely basis. Corrections of items should be made on a timely
basis, as well, to ensure proper quarterly and annual reporting; (3)
Access to the general ledger should be limited to a few select
individuals, with the appropriate level of authority, who do not
possess incompatible job responsibilities. Further, journal entries
should be reviewed and approved to ensure that each adjustment is
supported by appropriate documentation and that each entry has been
reflected on the subsidiary ledger, if applicable; (4)&nbsp;Controls
relating to inventory costing, including LIFO reserve calculations,
manufacturing and overhead costs, and retention of records should be
improved; and (5)&nbsp;Position vacancies should be filled in a timely
manner with competent personnel. Documentation of job
responsibilities, processes, etc. should be prepared to ensure
efficient and accurate knowledge transfer. In addition, cross
training of employees and functions should occur to strengthen the
control environment and to minimize disruptions in the event of
employee turnover.</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the Audit Committee had discussed these matters with PwC
and the Company had begun addressing these matters.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the Company had authorized PwC to respond fully to any
inquiries concerning these matters from the auditor selected to
replace PwC.</TD>
</TR>

</TABLE>


<P>
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That the Company had received a letter from PwC stating that
PwC agreed with the statements reported above.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">24
</DIV>

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<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequently, the Report of Independent Accountants on the financial
statements of the Company for the year ended March&nbsp;31, 2002 issued by PwC on
January&nbsp;6, 2003 included a going concern explanatory paragraph. Such
explanatory paragraph expressed substantial doubt about the Company&#146;s ability
to continue as a going concern due, in part, to AMERCO&#146;s default (either
directly or indirectly as a result of cross-default) of approximately $1,175.4
million in current obligations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;7, 2003 PwC notified the Company that the report referred to in the
preceding paragraph, that is dual dated September&nbsp;23, 2002, except notes 1, 21,
and 22, which are dated January&nbsp;6, 2003, should no longer be associated with
the financial statements (a)&nbsp;of AMERCO and its subsidiaries, SAC Holding
Corporation and its subsidiaries, and SAC Holding Corporation II and its
subsidiaries at March&nbsp;31, 2002, and the results of their operations and their
cash flows for the year then ended and (b)&nbsp;of AMERCO and its subsidiaries and
SAC Holding Corporation and its subsidiaries at March&nbsp;31, 2001, and the results
of their operations and their cash flows for each of the two years in the
period ended March&nbsp;31, 2001.

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<DIV align="left"><A NAME="015"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires the
Company&#146;s directors and executive officers, and persons who own more than 10%
of a registered class of the Company&#146;s equity securities, to file reports of
ownership of, and transactions in, the Company&#146;s securities with the Securities
and Exchange Commission. Such directors, executive officers and 10%
stockholders are also required to furnish the Company with copies of all
Section 16(a) forms they file.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on a review of the copies of such forms received by it, the
Company believes that during fiscal 2004, all Section 16(a) filing requirements
applicable to its directors, officers and 10% stockholders were complied with.

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<DIV align="left"><A NAME="016"></A></DIV>

<P align="center" style="font-size: 10pt"><B>STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For inclusion in the proxy statement and form of proxy relating to the
2005 Annual Meeting of Stockholders, a proposal intended for presentation at
that meeting must be submitted in accordance with the applicable rules of the
Securities and Exchange Commission and received by the Secretary of AMERCO, c/o
U-Haul International, Inc., 2721 North Central Avenue, Phoenix, Arizona 85004,
on or before April&nbsp;25, 2005. Proposals to be presented at the 2005 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.


<P align="center" style="font-size: 10pt">25
</DIV>

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<P align="center" style="font-size: 10pt"><B>OTHER MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report for the fiscal year ended March&nbsp;31,
2004 is enclosed with this Proxy Statement. The Annual Report is not to be
regarded as proxy solicitation material.

<P align="left" style="font-size: 10pt">THE COMPANY WILL PROVIDE TO EACH STOCKHOLDER OF RECORD ON THE RECORD DATE,
WITHOUT CHARGE, A COPY OF ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR
ENDED MARCH 31, 2004, INCLUDING THE REQUIRED FINANCIAL STATEMENTS AND FINANCIAL
STATEMENT SCHEDULES. WRITTEN REQUESTS FOR THIS INFORMATION SHOULD BE DIRECTED
TO: MANAGER, FINANCIAL REPORTING, U-HAUL INTERNATIONAL, INC., P.O. BOX 21502,
PHOENIX, ARIZONA 85036-1502.



<P align="center" style="font-size: 10pt">26
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


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<DIV align="left"><A NAME="018"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><B>AMERCO 2004 ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>September&nbsp;24, 2004</B>



<P align="center" style="font-size: 10pt"><B>Reno, Nevada</B>



<P align="center" style="font-size: 10pt"><B>MEETING PROCEDURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fairness to all stockholders attending the 2004 Annual Meeting, and in
the interest of an orderly meeting, we ask you to honor the following:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Admission to the meeting is limited to stockholders of record or their
proxies. Stockholders of record voting by proxy will not be admitted to the
meeting unless their proxies are revoked, in which case the holders of the
revoked proxies will not be permitted to attend the meeting. The meeting will
not be open to the public. The media will not be given access to the meeting
through the proxy process.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Cameras and recording devices of all kinds (including stenographic) are
prohibited in the meeting room.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;After calling the meeting to order, the Chairman will require the
registration of all stockholders intending to vote in person, and the filing of
all proxies with the teller. After the announced time for such filing of
proxies has ended, no further proxies or changes, substitutions, or revocations
of proxies will be accepted. (Bylaws, Article&nbsp;II, Section&nbsp;9)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;The Chairman of the meeting has absolute authority to determine the
order of business to be conducted at the meeting and to establish rules for,
and appoint personnel to assist in, preserving the orderly conduct of the
business of the meeting (including any informal, or question-and-answer,
portions thereof). (Bylaws, Article&nbsp;II, Section&nbsp;9)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;When an item is before the meeting for consideration, questions and
comments are to be confined to that item only.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;Pursuant to Article&nbsp;II, Section&nbsp;5 of the Company&#146;s Bylaws, only such
business (including director nominations) as shall have been properly brought
before the meeting shall be conducted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Company&#146;s Bylaws, in order to be properly brought before
the meeting, such business must have either been (1)&nbsp;specified in the written
notice of the meeting given to stockholders on the record date for such meeting
by or at the direction of the Board of Directors, (2)&nbsp;brought before the
meeting at the direction of the Board of Directors or the Chairman of the
meeting, or (3)&nbsp;specified in a written notice given by or on behalf of a
stockholder on the record date for such meeting entitled to vote thereat or a
duly authorized proxy for such stockholder, in accordance with all of the
following requirements.


<P align="center" style="font-size: 10pt">A-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Such notice must have been delivered personally to, or mailed to and
received at, the principal executive office of the corporation, addressed to
the attention of the Secretary no later than June&nbsp;3, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Such notice must have set forth:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;a full description of each such item of business proposed to be
brought before the meeting and the reasons for conducting such business at such
meeting,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the name and address of the person proposing to bring such business
before the meeting,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the class and number of shares held of record, held beneficially,
and represented by proxy by such person as of the record date for the meeting,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;if any item of such business involves a nomination for director, all
information regarding each such nominee that would be required to be set forth
in a definitive proxy statement filed with the Securities and Exchange
Commission (&#147;SEC&#148;) pursuant to Section&nbsp;14 of the Securities Exchange Act of
1934, as amended, or any successor thereto (the &#147;Exchange Act&#148;), and the
written consent of each such nominee to serve if elected,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;any material interest of such stockholder in the specified business,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;whether or not such stockholder is a member of any partnership,
limited partnership, syndicate, or other group pursuant to any agreement,
arrangement, relationship, understanding, or otherwise, whether or not in
writing, organized in whole or in part for the purpose of acquiring, owning, or
voting shares of the corporation, and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;all other information that would be required to be filed with the
SEC if, with respect to the business proposed to be brought before the meeting,
the person proposing such business was a participant in a solicitation subject
to Section&nbsp;14 of the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No business shall be brought before any meeting of the Company&#146;s
stockholders otherwise than as provided in this Section. The Chairman of the
meeting may, if the facts warrant, determine that any proposed item of business
or nomination as director was not brought before the meeting in accordance with
the foregoing procedure, and if he should so determine, he shall so declare to
the meeting and the improper item of business or nomination shall be
disregarded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;At the appropriate time, any stockholder who wishes to address the
meeting should do so only upon being recognized by the Chairman of the meeting.
After such recognition, please state your name, whether you are a stockholder
or a proxy for a


<P align="center" style="font-size: 10pt">A-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">stockholder, and, if you are a proxy, name the stockholder you represent.
All matters should be concisely presented.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;A person otherwise entitled to attend the meeting will cease to be so
entitled if, in the judgment of the Chairman of the meeting, such person
engages in disorderly conduct impeding the proper conduct of the meeting
against the interests of all stockholders as a group. (Bylaws, Article&nbsp;II,
Section&nbsp;6)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;If there are any questions remaining after the meeting is adjourned,
please take them up with the representatives of the Company at the Secretary&#146;s
desk. Also, any matters of a personal nature that concern you as a stockholder
should be referred to these representatives after the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;The views, constructive comments and criticisms from stockholders are
welcome. However, it is requested that no matter be brought up that is
irrelevant to the business of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;It is requested that common courtesy be observed at all times.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objective is to encourage open communication and the free expression
of ideas, and to conduct an informative and meaningful meeting in a fair and
orderly manner. Your cooperation will be sincerely appreciated.


<P align="center" style="font-size: 10pt">A-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="center" style="font-size: 10pt"><B>EXHIBIT B</B>



<P align="center" style="font-size: 10pt"><B>AMERCO AUDIT COMMITTEE CHARTER</B>



<P align="left" style="font-size: 10pt"><B>I. PURPOSE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audit committee is established by and among the Board of Directors of
AMERCO (the &#147;Company&#148;) for the primary purpose of assisting the Board in:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the integrity of the Company&#146;s financial statements;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the independent auditor&#146;s qualifications and independence;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the performance of the Company&#146;s independent auditor; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing the Company&#146;s systems of disclosure controls and
procedures and internal controls over financial reporting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with this function, the Audit Committee should encourage
continuous improvement of, and should foster adherence to, the Company&#146;s
policies, procedures, and practices at all levels. The Audit Committee should
also provide for open communication among the independent auditor, financial
and senior management, the internal audit department, and the Board of
Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has the authority to obtain advice and assistance from
outside legal, accounting, and other advisors as deemed appropriate to perform
its duties and responsibilities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will provide appropriate funding, as determined by the Audit
Committee, for compensation to the independent auditor, to any advisors that
the Audit Committee chooses to engage, and for payment of ordinary
administrative expenses of the Audit Committee that are necessary or
appropriate in carrying out its duties.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee will primarily fulfill its responsibilities by
carrying out the activities enumerated in Section&nbsp;III of this charter.


<P align="left" style="font-size: 10pt"><B>II. COMPOSITION AND MEETINGS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee will comprise three or more directors as determined by
the Board. Each Audit Committee member will be a person other than an officer
or employee of the Company or its subsidiaries or any other individual having a
relationship which, in the opinion of the Board, would interfere with the
exercise of his or her independent judgment in carrying out the
responsibilities of a director. All Audit Committee members must be
independent, including being free of disallowed compensation agreements under
all other applicable rules and regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All members of the Audit Committee must comply with all financial literacy
requirements of Nasdaq. The Board will determine whether at least one member
of the


<P align="center" style="font-size: 10pt">B-1
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">committee qualifies as an &#147;audit committee financial expert&#148; in compliance
with the criteria established by the SEC. The existence of such a member,
including his or her name and whether or not he or she is independent, will be
disclosed in periodic filings as required by the SEC. Committee members are
encouraged to enhance their familiarity with finance and accounting by
participating in educational programs, including those conducted by the Company
or outside consultants.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit Committee will be elected by the Board to serve
until their successors are elected.


<P align="left" style="font-size: 10pt"><B>III. RESPONSIBILITIES AND DUTIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To fulfill its responsibilities and duties, the Audit Committee will:


<P align="left" style="font-size: 10pt"><B>Documents/Reports/Accounting Information Review</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Review this charter periodically, at least annually, and recommend to
the Board of Directors any necessary amendments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Review and discuss with management and the independent auditor the
Company&#146;s annual financial statements, quarterly financial statement (prior to
the Company&#146;s 10-Q filings or release of earnings) and all internal controls
reports (or summaries thereof).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Review other relevant reports or financial information submitted by the
Company to any governmental body or the public, including management
certifications as required by the Sarbanes-Oxley Act of 2002 and relevant
reports rendered by the independent auditor (or summaries thereof).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Recommend to the Board whether the financial statements should be
included in the annual report on Form 10-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Review the regular internal reports to management (or summaries
thereof) prepared by the internal auditing department, as well as management&#146;s
response.


<P align="left" style="font-size: 10pt"><B>Independent Auditor</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Appoint, compensate, retain, and oversee the work performed by the
independent auditor for the purpose of preparing or issuing an audit report or
related work.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Review the performance of the independent auditor and remove the
independent auditor if circumstances warrant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Oversee the resolution of disagreements between management and the
independent auditor if they arise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Consider whether the auditor&#146;s performance of permissible non-audit
services is compatible with the auditor&#146;s independence.


<P align="center" style="font-size: 10pt">B-2
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Discuss with the independent auditor the matters required to be
discussed under Statement on Auditing Standards (SAS)&nbsp;No.&nbsp;61, as amended by SAS
No.&nbsp;84 and SAS No.&nbsp;90.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Review the independent auditor&#146;s attestation and report on management&#146;s
internal control report, and hold timely discussions with the independent
auditor regarding the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>critical accounting policies and practices;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>alternative treatments of financial information
within generally accepted accounting principles that have been
discussed with management, ramifications of the use of such
alternative disclosures and treatments, and the treatment
preferred by the independent auditor; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other important written communications between
the independent auditor and management, including, but not
limited to, the management letter and schedule of unadjusted
differences.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;At least annually, obtain and review a report by the independent
auditor describing:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the firm&#146;s internal quality-control procedures;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material issues raised by the most recent
internal quality-control review or peer review, or by any
inquiry or investigation conducted by governmental or
professional authorities during the preceding five years with
respect to independent audits carried out by the firm, and any
steps taken to deal with any such issues; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the matters set forth in Independence Standards
Board Standard No.&nbsp;1.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This report should be used to evaluate the independent auditor&#146;s
qualifications, performance, and independence. Further, the Audit Committee
will review the experience and qualifications of the lead partner and other
senior members of the independent audit team each year and determine that all
partner rotation requirements as promulgated by applicable rules and
regulations are executed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Actively engage in dialogue with the independent auditor with respect
to any disclosed relationships or services that may affect the independence and
objectivity of the auditor and take, or recommend that the full Board take,
appropriate actions to oversee the independence of the outside auditor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Review and pre-approve (which may be pursuant to pre-approval policies
and procedures) both audit and nonaudit services to be provided by the
independent auditor. The authority to grant pre-approvals may be delegated to
one or more designated members of the Audit Committee whose decisions will be
presented to the full Audit Committee at its next regularly scheduled meeting.
Approval of nonaudit services will be disclosed to investors in periodic
reports required by Section 13(a) of the Securities Exchange Act of 1934.


<P align="center" style="font-size: 10pt">B-3
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Financial Reporting Processes, Accounting Policies, and Internal Control
Structure</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;In consultation with the independent auditor and the internal audit
department review the integrity of the Company&#146;s financial reporting processes
(both internal and external), and the internal control structure (including
disclosure controls and procedures and internal control over financial
reporting).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Receive and review any disclosure from the Company&#146;s CEO or CFO made in
connection with the certification of the Company&#146;s quarterly and annual reports
filed with the SEC of: a) 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 Company&#146;s ability to record,
process, summarize, and report financial data; and b) any fraud, whether or not
material, that involves management or other employees who have a significant
role in the Company&#146;s internal controls.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;In conjunction with the Independent Governance Committee, review and
approve all related-party transactions, defined as those transactions required
to be disclosed under Item&nbsp;404 of Regulation&nbsp;S-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Establish procedures for the receipt, retention, and treatment of
complaints regarding accounting, internal accounting controls, or auditing
matters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Establish procedures for the confidential, anonymous submission by
Company employees regarding questionable accounting or auditing matters.


<P align="left" style="font-size: 10pt"><B>Internal Audit</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review activities, organizational structure, and qualifications of the
internal audit department.


<P align="left" style="font-size: 10pt"><B>Other Responsibilities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Review with the independent auditor, the internal auditing department,
and management the extent to which changes or improvements in financial or
accounting practices have been implemented.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Prepare the report that the SEC requires be included in the company&#146;s
annual proxy statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Perform any other activities consistent with this charter the Company&#146;s
bylaws, and governing law, as the Board deems necessary or appropriate.



<P align="center" style="font-size: 10pt">B-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Please mark<BR>
your vote as<BR>
indicated in<BR>
this example.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="middle" style="font-size: 10pt"><FONT face="Wingdings">&#120;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>FOR ALL NOMINEES</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(listed below except
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap><B>WITHHOLD AUTHORITY</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>as marked to the
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>(to vote for all nominees</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>contrary below)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>listed below)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">1. ELECTION OF DIRECTORS:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">(Instructions: To withhold authority to vote for</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">any individual nominee, strike line through the</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">nominee&#146;s name below.)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">CLASS II&nbsp;&nbsp;&nbsp;(term expires 2008)&nbsp;&nbsp;&nbsp;01) Edward J. Shoen<br>
CLASS II&nbsp;&nbsp;&nbsp;(term expires 2008)&nbsp;&nbsp;&nbsp;02) M. Frank Lyons


<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This proxy, when properly executed, will be voted as specified above. If no
specific directions are given, this proxy will be voted for the nominees listed
above, and, with respect to such other business as may properly come before the
meeting, in accordance with the discretion of the appointed proxy. PLEASE SIGN,
DATE AND RETURN THIS PROXY PROMPTLY.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Signature(s)_______________________________________________________________Dated _____________________



<P align="left" style="font-size: 10pt">Please sign exactly as your
name appears. Joint owners should both sign,
Fiduciaries, attorneys, corporate officers, etc., should state their
capacities.



<P align="center" style="font-size: 10pt"><FONT face="webdings">&#053;</FONT> <B>FOLD AND DETACH HERE </B><FONT face="webdings">&#053;</FONT>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>PROXY</B>



<P align="center" style="font-size: 10pt"><B>AMERCO<SUB>&#174;</SUB> <BR><BR>ANNUAL MEETING DATE:</B>



<P align="center" style="font-size: 10pt">September&nbsp;24, 2004



<P align="center" style="font-size: 10pt"><B>THIS PROXY SOLICITED ON BEHALF OF<BR>
THE COMPANY&#146;S BOARD OF DIRECTORS</B>


<P align="left" style="font-size: 10pt">John M. Dodds is hereby appointed proxy, with full power of substitution, to
vote all shares of stock which I am (we are) entitled to vote at the AMERCO
2004 Annual Meeting of Stockholders, and at any adjournament thereof.



<P align="center" style="font-size: 10pt"><FONT face="webdings">&#053;</FONT> <B>FOLD AND DETACH HERE </B><FONT face="webdings">&#053;</FONT>




<P align="center" style="font-size: 10pt">&nbsp;
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
